Telford National Bank, Telford, PA (Charter 9257)
Telford National Bank, Telford, PA (Chartered 1908 - Open past 1935)
Town History
Telford is a borough in Bucks and Montgomery counties in the U.S. state of Pennsylvania. The population was 4,872 at the time of the 2010 census. Of this, 2,665 were in Montgomery County, and 2,207 were in Bucks County.
Originally inhabited by the Lenape people, the area surrounding Telford began to be settled in 1719 by Mennonites from the Palatinate of the Rhine. In 1857, the town known as County Line (the area had previously been known as Hendrick's Blacksmith) changed its name to Telford after the North Pennsylvania Railroad Company (later absorbed into the Reading Railroad) named its new station there after civil engineer Thomas Telford.
Telford had one National Bank (located in Montgomery County) chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized May 11, 1908
- Chartered October 16, 1908
- Opened for business December 1, 1908
- Bank was Open past 1935
- Merged in 1955 with the Union National Bank of Souderton (Charter 2333)
In May 1906, the application to organize a national bank was approved for the Telford National Bank, capital $25,000. John M. Kuhn, Edwin B. Freed, Warren H. Fenstermacher, Josiah M. Landis and others were the applicants. The Correspondent was John R. Baer of Telford.[1]
In September 1908, the directors of the new Telford National Bank elected James Fravel of Philadelphia as cashier. Mr. Fravel was a native of Hilltown Township and previously was a teller in the Franklin Trust Company's banking house, Philadelphia.[2] On October 16th, a certificate was issued authorizing the bank to begin business. Edwin C. Leidy was president; Josiah M. Landis, Jacob C. Wismer, and Henry B. Freed, vice presidents; and James L. Fravel, cashier.[3]
On Tuesday, December 1st, 1908, the Telford National Bank opened for business in the new building. Although the interior and exterior finishing were not quite completed, everything was in order to warrant the start of business. The Manganese was was installed in a fire and burglar proof vault and the books, desks, etc., were also ready. In conjunction with transacting a regular and general banking business, a Savings Fund Department would be opened paying 3% interest. The discount day was Tuesdays. President Edwin C. Leidy was the Justice of the Peace with a wide reputation as a thorough businessman and was regarded as one of the most stable men in Montgomery and Bucks Counties; vice presidents Josiah M. Landis, Merchant, Elroy; Jacob C. Wismer, clothing manufacturer, Silverdale; Henry B. Freed, ex-County Treasurer, hosiery manufacturer, building and interested in various enterprises, Souderton; directors Oswin M. Nase, merchant, Almont; Harry Z. Wampole, postmaster, Telford; John M. Kahn, proprietor, Telford Hotel; A. Paul Gerhard, merchant, Telford; Morris Muehlbauser, foreman of Cressman's Sons' Cigar factory, Tylersport; Samuel R. Swartley, farmer, Colmar; Chas. H. Price, brick manufacturer, Telford; Jesse Keller, farmer and marketman, Kulpsville; Noah M. Moyer, farmer and marketman, Morwood; and Edwin B. Freed, merchant, Franconia.[4]
In January 1910, Vincent B. Kulp was elected cashier to fill the vacancy caused by the resignation of cashier James L. Fravel who removed to Philadelphia. Mr. Kulp was a son of the late M.S. Kulp and was always popular in town and the vicinity. He was employed by the Rittenhouse Trust Co., Philadelphia, where had gained considerable knowledge of the banking business over the course of a number of years.[5]
On Tuesday, January 17, 1911, stockholders elected the following directors: Edwin C. Leidy, Esq., Telford; Jacob C. Wismer, Silverdale; Henry B. Freed, Souderton; Harry Z. Wampole, John M. Kuhn, A. Paul Gerhart, Chas. H. Price, Telford; Oswin M. Nase, Almont; Noah M. Moyer, Morwood; Joseph S. Ruth, Line Lexington; Morris Muehlhauser, Tylersport; Joseph B. Anders, Hatfield; Andrew G. Derstine, Derstines. The board re-organized by electing the following officers: E.C. Leidy, president; Henry B. Freed and J.C. Wismer, vice presidents; Harry Z. Wampole, secretary; Vincent B. Kulp, cashier; and Warren Crouthamel, clerk.[6]
In January 1948, the stockholders elected the following directors: Herbert W. Kuhn, Harry Z. Wampole, Oswin M. Nase, A. Paul Gerhart, Reuben R. Landis, Harry F. Musselman, Eugene M. Moyer, George S. Hellerick, Jr. The officers elected were Harry Z. Wampole, president; A. Paul Gerhart, secretary; J. Harold Wolf, vice president and cashier; Harry F. Musselman, assistant secretary.[7]
R.M. Hillegas, president of the Union National Bank and Trust Company of Souderton, and Harry M. Detweiler, cashier, announced last week the approval of the board of directors of a resolution passed earlier by the Telford National Bank in favor of merging the two institutions. The Telford bank, organized in 1908, would become the Telford Branch of the Souderton institution established in 1876 upon approval by stockholders. Harry Z. Wampole was president of the Telford bank and John Shepley of Sellersville was its cashier. He replaced Harold Wolf when it was discovered the former cashier had embezzled nearly $150,000 of the banks funds. The combined assets of the two banks at the close of 1953 were $11,844,494.32, deposits of $10,234,484.49 and capital and surplus of $1,667,013.93. One of the added services for Telford would be the trust powers held by the Souderton institution.[8]
On Tuesday, November 30, 1954, J. Harold Wolf, former vice president and cashier of the Telford National Bank who admitted to stealing $146,000 from the bank over more than 30 years was sentenced to a year and a day in prison and fined $2,500 in the U.S. District Court, Philadelphia. The 58 year old former banker was arrested last March 5th by the Federal Bureau of Investigation for embezzlement from the small Montgomery County community's bank. Wolf pleaded no defense in court to an indictment charging him with stealing only $23,631. The statute of limitations prevented the Government from trying him for the full amount.[9]
On Tuesday, November 27, 1962, Harry Z. Wampole, 85, husband of Elura (Gerhart) Wampole, died at his home, 182 West Broad Street, Telford. In 1905, he was one of the organizers and charter directors of the Telford Savings and Loan Association which he also served as Secretary until his retirement in 1951. In 1907, he was one of the organizers and charter directors of the Telford National Bank. He served as its president for 20 years until his retirement in 1955 when the bank merged with the Union National Bank of Souderton. Mr. Wampole served as a Telford Postmaster for four terms. He served two terms as a state representative in the legislature from 1937 to 1941.[10]
Official Bank Title(s)
1: The Telford National Bank, Telford, PA
Bank Note Types Issued
A total of $963,960 in National Bank Notes was issued by this bank between 1908 and 1935. This consisted of a total of 88,115 notes (57,892 large size and 30,223 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Date Back 3x10-20 1 - 5500 1902 Plain Back 3x10-20 5501 - 14473 1929 Type 1 6x5 1 - 1966 1929 Type 1 6x10 1 - 1070 1929 Type 1 6x20 1 - 294 1929 Type 2 5 1 - 6092 1929 Type 2 10 1 - 3163 1929 Type 2 20 1 - 988
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1936):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Telford (Wikipedia)
- General information on Montgomery County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Telford, PA, on Wikipedia
- Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
- Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
- Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
- ↑ The Wall Street Journal, New York, NY, Wed., May 6, 1908.
- ↑ North Penn Reporter, Lansdale, PA, Thu., Sep. 17, 1908.
- ↑ The Pittsburgh Post, Pittsburgh, PA, Tue., Oct. 20, 1908.
- ↑ News Herald, Perkasie, PA, Thu., Dec. 3, 1908.
- ↑ News Herald, Perkasie, PA, Thu., Jan. 20, 1910.
- ↑ News Herald, Perkasie, PA, Wed., Jan. 18, 1911.
- ↑ News Herald, Perkasie, PA, Thu., Jan. 15, 1948.
- ↑ News Herald, Perkasie, PA, Thu., Apr. 22, 1954.
- ↑ The Morning Call, Allentown, PA, Wed., Dec. 1, 1954.
- ↑ News Herald, Perkasie, PA, Thu., Nov. 29, 1962.