Yough National Bank, Connellsville, PA (Charter 4861)

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Advertisement from 1911 with bank, officers and directors pictured. The directors are listed in the Bank History. The bank moved in 1911, so the Ad reads "Yough National In New Home; Now oldest bank in newest home with splendid record behind it. Began business on Water Street in 1871, was organized as National Bank in 1893 has paid out over $200,000 in dividends, has $75,000 surplus, $10,000 undivided profits and a bright future. Rapid strides have been made under present directorate.
Advertisement from 1911 with bank, officers and directors pictured.

Yough National Bank, Connellsville, PA (Chartered 1893 - Liquidated 1913)

Town History

Advertisement from 1903 with a home savings bank, called The Branch Bank, the Yough National Bank would loan. The bank was at 118 W. Main Street, Connellsville, Pennsylvania. The ad states The Branch Bank is open 24 hours in a day for 365 days in a year. We will loan you one when the saving impulse comes the bank is there to serve you. A bank account is always your friend. The Yough National Bank pays interest on savings accounts.
Advertisement from 1903 with a home savings bank, called The Branch Bank, the Yough National Bank would loan to customers. The bank was at 118 W. Main Street, Connellsville, Pennsylvania.

Connellsville is a city in Fayette County, Pennsylvania, 50 miles southeast of Pittsburgh on the Youghiogheny River, a tributary of the Monongahela River. It is part of the Pittsburgh Metro Area. The population was 7,637 at the 2010 census, down from 9,146 at the 2000 census.

During the French and Indian War, a British army commanded by General Edward Braddock approached Fort Duquesne and crossed the Youghiogheny River at Stewart's Crossing, which is situated in the middle of what is now the city of Connellsville.

Connellsville was officially founded as a township in 1793 then as a borough on March 1, 1806, by Zachariah Connell, a militia captain during the American Revolution. In February 1909, balloting in New Haven and Connellsville resulted in these two boroughs joining and becoming the first city in Fayette County on May 12, 1911.

Due to the city's location in the center of the Connellsville Coalfield, coal mining, coke production, and other accompanying industries became the major sources of employment and revenue during the late 19th and early 20th centuries. Connellsville became known at the "Coke Capital of the World" due to the amount and quality of coke produced in the city's many beehive ovens.

Connellsville has the distinction of having been served at one time by five railroads: the Baltimore and Ohio Railroad, the Pennsylvania Railroad, the Western Maryland Railroad, the Pittsburgh and Lake Erie Railroad, and the Norfolk and Western Railroad.

Connellsville had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.

Bank History

On May 9, 1871, the Youghiogheny Bank was chartered as a state bank and began business in the Snyder building on Water Street [later the Central Hotel]. The first officers were M.O. Tinstman, president and A.C. Knox, cashier. The directors were M.O. Tintsman, Daniel Kaine, Josiah Kurtz, James Allen, J.M. DuShane, and Isaac W. Rutter. In November 1871, the water street location was abandoned in favor of the Michael Hurley property on Main Street and the bank rented from Mr. Hurley until the spring of 1888 when it moved into the room at 113 West Main Street. The death of M.O. Tintsman on February 15, 1873 made vacant the presidency which the directors filled by electing J.M. DuShane. Captain DuShane headed the bank until he retired on January 8, 1880 in favor of John Newcomer. Mr. Newcomer was president until 1893 when the directors voted to organize a National Bank and changed the name to the Yough National Bank. Joseph Soisson was elected the first president under the new charter. Mr. Newcomer remained a director until his death in 1902.

The directors of the new national bank in 1893 were John Newcomer, Joseph Soisson, Joseph R. Stauffer, B.F. Boyts, P.S. Newmyer, Joseph T. McCormick, and James Allen. Mr. Soisson was elected president and B.F. Boyts continued as vice president having been elected to that office in 1891, holding it continuously since that time. The bank began business February 23, 1893 with 40 stockholders. The first cashier of the Youghiogheny bank was A.C. Knox who held the position for 15 years, retiring in 1886 to become cashier of the Fifth National Bank of Pittsburgh and later a Vice President of the Mellon National Bank. He was succeeded by J.C. Kurtz who entered the bank in 1878 as a clerk. Mr. Kurtz remained as cashier until 1898 when he retired because of ill health. Mr. Kurtz was followed by George T. Griffin whose health failed him in 1906 and he gave way to Eugene R. Floto.

In January 1911, the officers and directors were: Joseph Soisson, president; B. F. Boyts, vice president; Eugene R. Floto, cashier; W.F. Soisson, Dr. M.B. Shupe, H.M. Kephart, S.J. Harry, Dr. H.C. Hoffmann, and W.F. Stauffer, directors. On March 14, the oldest bank in Connellsville began business in the newest building at 126 W Main Street. The Yough National moved from its old quarters at No. 113 West Main Street to the new building erected adjoining the Soisson theatre. The bank was erected at an approximate cost of $66,500.

On February 1, 1913, The Yough Trust Company, formerly the Yough National Bank, merged with the First National Bank and organized with capital of $200,000. The officers of the reorganized Yough Trust Company were Joseph Scisson was president, W.F. Soisson was first vice president; H.M. Kephart, second vice president; and E.R. Floto, secretary, treasurer and trust officer. The directors were: Joseph Scisson, E.T. Norton, W.F. Stauffer, Jacob. L. Kendall, Robert Norris, E.R. Floto, H.M. Kephart, W.D. McGinnis, Dr. H.C. Hoffman, S.J. Barry, E.C. Higbee, and T.J. Hooper. The Yough Trust Company would operate until February 26, 1927, when the Title & Trust Company of Western Pennsylvania absorbed all of its property and assets.

Official Bank Title(s)

1: The Yough National Bank of Connellsville, PA

Bank Note Types Issued

1882 Brown Back $20 bank note with pen signatures of George T. Griffin, Cashier and Joseph Soisson, President.
1882 Brown Back $20 bank note with pen signatures of George T. Griffin, Cashier and Joseph Soisson, President. Courtesy of Heritage Auctions, www.ha.com

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 3x10-20 1 - 7155
1882 Date Back 3x10-20 1 - 3838

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1893 - 1913):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Connellsville, PA, Wikipedia, https://en.wikipedia.org/wiki/Connellsville,_Pennsylvania
  • 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 Weekly Courier, Connellsville, PA, Fri., Jan. 30, 1903.
  • The Daily Courier, Connellsville, PA, Tue., Mar. 14, 1911.
  • The Pittsburgh Press, Pittsburgh, PA, Sun., Feb. 2, 1913.
  • The Daily Courier, Connellsville, PA, Mon., Mar. 21, 1927.
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