Bolivar National Bank, Bolivar, PA (Charter 6135)
Bolivar National Bank, Bolivar, PA (Chartered 1902 - Open past 1935)
Town History
Bolivar (/ˈbɒlɪvər/, rhymes with "Oliver") is a borough in Westmoreland County, Pennsylvania, United States. The population was 465 at the 2010 census. In 1900 the population was 486 and it peaked at 828 in 1950.
The first settlers arrived in Bolivar about the year 1829 and settled between Tubmill Creek and the Conemaugh River. Most of the men were employed by the Pennsylvania Canal. The canal was located on the south side of the Conemaugh River. Some of the locks still may be seen west of town.
The Pennsylvania Railroad replaced the canal in 1846. Brickyards No. 1, and No. 2, and No. 3 were constructed between the Conemaugh River and the railroad. Bolivar was beginning to grow and prosper and was known as a "Brick Town". In 1863 Bolivar withdrew from Fairfield Township and became a borough, and was incorporated November 25, 1863.
The north side of the Conemaugh was a very desirable location for new construction of brickyards due to the completion of the Western Pennsylvania Railroad from Blairsville to Bolivar, and the close proximity to coal and clay. No. 4 Brickyard at the time of its first operation was the largest brickyard in the North American continent, having a capacity of 100,000 paving blocks each day. The Robinson Brothers also constructed a brickyard, and it is the only one in existence at the present time, being known as Garfield Refractories Co. The Enamel Works started in 1899 with a large government contract. The Bolivar School was constructed of brick made from the Enamel Works.
J.B. Hammond controlled five brickyards in Bolivar and several in Clearfield County just before the start of the 20th century, and a rapid expansion took place. A large hotel was started near the station and a large department store was planned for Washington and Second Streets. Pipes were laid under the streets for central heating, but the dream was never realized. A panic took place in 1902, the bank failed (the depositors were paid in full later) and the brickyards were forced into receivership.
Bolivar had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized October 16, 1901
- Chartered February 24, 1902
- Opened for business April 21, 1902
- Receivership October 1, 1903
- Restored to solvency October 15, 1906
- Absorbed 12355 February 26, 1932 (Citizens National Bank, Bolivar, PA)
- Conservatorship March 28, 1933
- Licensed March 5, 1934
- Bank was Open past 1935
- Voluntary liquidation January 10, 1939
On July 28, 1919, a Monday afternoon about 2 PM, four men riding in a Cadillac stopped in front of the Bolivar National Bank and entered the bank intending to rob it. One of the bandits covered W.D. Hammond, the president, with a revolver and another stood guard at the door while the other two attempted to hold up the cashier, F.J. Sutton. Instead of holding up his hands, Sutton dropped behind the counter and securing a revolver shot through the glass front twice, reportedly wounding one of the bandits. After several shots were exchanged, the robbers rushed out of the bank, jumped into the automobile, the engine having been left running and made their escape toward Ligonier.
The state police headquarters at Greensburg were notified. Constable J.L. Rugh of Bolivar and posse including Cashier Sutton started in pursuit. The robbers, rushing at a tremendous rate of speed, were reported heading east on the Lincoln Highway east of Ligonier headed toward the mountains. State police and the Bolivar posse went into Somerset County, but failed to find the robbers or the machine. Vice President F.R. Hammond and Cashier F.J. Sutton of the Bolivar National Bank bravely defended the institution, preventing the theft of a $15,000 payroll of the coal company operating in the vicinity. This was the first attempt at a bank holdup in Westmoreland County.
In November, traveling to Pittsburgh, bank officials positively identified Arthur “Art” Olson, leader of the bandit gang that was charged with holding up and robbing various institutions as well as the shooting of a Pittsburgh policeman and the killing of two bank officials at Beaver Falls while attempting to rob a bank. The bandits were also charged with several robberies on the Northside of Pittsburgh, at Crafton and other towns.
The Bolivar bank officials also identified Frank Andrews, who after having been brought face to face with them, acknowledged that he was a member of the gang and also that he had shot at Cashier Sutton when the latter refused to hand over the money. He told Sutton that his revolver caught in his shirt, giving the bank official time to dodge behind his window and secure his revolver, with which he opened fire on the bandits, putting them to flight. George Meyers, another bandit under arrest, is supposed to have figured in the Bolivar affair, but was not positively identified by the bankers. Young Olson, who is only 18 years of age, was arrested in Philadelphia last week and taken to Pittsburgh. It was claimed that he confessed to a series of crimes and bank robberies and implicated others who were later arrested and are now in custody in Pittsburgh. The looting of the Bolivar Bank was saved by the bravery of Messrs. Hammond and Sutton who so heroically defended the funds of the Bolivar institution and drove the bandits away, wounding one of them.
Frank Moore, alias Frank Watkins, alleged to have been the leader of a gang of safe crackers and holdup men operating in the Pittsburgh area was captured in Philadelphia. He was apprehended in an attempt to hold up a jewelry store in the Philly suburbs. He was taken to Pittsburgh and Motorcycle Lieutenant Harry Mellon reported the prisoner admitted to taking part in robbing several safes on the Northside and to stealing a number of automobiles. He also admitted complicity in the Bolivar bank holdup along with Art Olson and George Andrews, both already serving prison terms.
In January 1924, shareholders elected the following directors: D. Kline, Frank R. Hammond, Graham Cunningham, A.G. Hammond and W.F. Gibson. Officers elected were W.F. Gibson, president; Frank R. Hammond and Graham Cunningham, vice presidents; F.R. Hammond, cashier; Ruth McHail and Gladys Hammond, Bookkeepers. The bank had capital of $30,000, Surplus of $50,000, Undivided Profits of $12,000 and paid 12% to its shareholders in 1923.
The directors of the Citizens National Bank of Bolivar and the Bolivar National Bank decided to merge the two banks. The change became effective December 1, 1931 and the business of the two banks was being transacted at the Bolivar National Bank. The Treasury Department approved the absorption of the Citizens National Bank in March 1932.
In August 1933, the reorganization plans of several Western Pennsylvania banks were approved by the Comptroller of the Currency. The banks were Blairsville National Bank, Bolivar National Bank, First National of Dayton, New Florence National Bank, and Rural Valley National Bank.
On Tuesday, January 10, 1939, at the annual meeting of stockholders, it was decided to place the bank into voluntary liquidation. Funds were available to pay the depositors in full immediately with interest continuing until February 1st. Bank officials announced that shareholders would receive more than the purchase price, which was $60 per share, for their stock. F.J. Sutton, cashier, published the notice to creditors and note holders to present claims for payment.
Official Bank Title(s)
1: The Bolivar National Bank, Bolivar, PA
Bank Note Types Issued
A total of $510,690 in National Bank Notes was issued by this bank between 1902 and 1935. This consisted of a total of 40,943 notes (33,208 large size and 7,735 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 3x10-20 1 - 540 1902 Date Back 3x10-20 1 - 2180 1902 Plain Back 3x10-20 2181 - 4097 Plate dated 1901 1902 Plain Back 3x10-20 1 - 3665 Plate dated 1921 1929 Type 1 6x10 1 - 866 1929 Type 1 6x20 1 - 262 1929 Type 2 10 1 - 715 1929 Type 2 20 1 - 252
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1936):
Presidents:
- Elliott Robinson Hammond, 1902-1903
- William B. Hammond, 1907-1922
- W. F. Gibson, 1924-1932
- John Lawrence Rugh, 1934-1935
Cashiers:
- Samuel H. Hughes, 1902-1902
- Harry Lewis George, 1903-1903
- Francis Elliott Robinson, 1907-1909
- W. F. Gibson, 1910-1911
- Joseph Mack Stewart, 1912-1912
- Frank Jay Sutton, 1913-1922
- Frank R. Hammond, 1923-1932
- Frank Jay Sutton, 1934-1935
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 Bolivar (Wikipedia)
- General information on Westmoreland County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Bolivar, PA, Wikipedia, https://en.wikipedia.org/wiki/Bolivar,_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 Ligonier Echo, Ligonier, PA, Wed., July 30, 1919.
- The Ligonier Echo, Ligonier, PA, Wed., Nov. 12, 1919.
- Pittsburgh Daily Post, Pittsburgh, PA, Sat., June 19, 1920.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., June 23, 1920.
- The Ligonier Echo, Ligonier, PA, Wed., Jan. 16, 1924.
- The Indiana Progress, Indiana, PA, Wed., Dec. 9, 1931.
- The Indiana Progress, Indiana, PA, Wed., Aug. 30, 1933.