Centennial NB of the City of Philadelphia, PA (Charter 2317)

Centennial National Bank located on Thirty-second & Market Streets, Philadelphia, Pennsylvania. The building has undergone a series of renovations and restorations, most recently in 2002 when it became a part of the Drexel University campus. Library of Congress Prints and Photographs Division, Washington, DC 20540

Centennial NB of the City of Philadelphia, PA (Chartered 1876 - Closed 1925)

Town History

Centennial International Exposition of 1876 held in Philadelphia. Ticket was printed by the Philadelphia Bank Note Company with blue serial number 85729. Courtesy of Heritage Auctions, www.ha.com

Philadelphia is located in Philadelphia County, in the southeast corner of Pennsylvania. It is currently the sixth-most-populous city in the United States and the most populous city in the state of Pennsylvania. It is also the second-most populous city in the Northeastern United States, behind New York City.

Philadelphia is one of the oldest municipalities in the United States. William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. It grew on the steep banks of the Delaware River into a hub of international trade and monetary influence. The royal post-office was established in this city by Franklin. Mail would pass uninterrupted from Crown to Republic, the one royal department which did so. The Colonies used the old expresses and mail routes leading up to and through the revolution. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 in Carpenters' Hall, and the Constitution at the Philadelphia Convention of 1787 in Independence Hall.

Philadelphia was the second Capitol after New York City during George Washington's presidency. On April 2, 1792, the United States Mint opened its doors here with David Rittenhouse, former treasurer of Pennsylvania, the first director. The American Philosophical Society was the first scientific society in the land and still meets in the hall Franklin secured for it. Former townships and boroughs of Bristol, Richmond, Kensington, Germantown, Manayunk, Northern Liberties, Southwark, to name a few, were consolidated into Philadelphia in 1854 which then occupied all of Philadelphia County.

During the National Bank Note Era (1863-1935), the population of Philadelphia was 674,022 in 1870, growing to 1,950,961 in 1930. Its highest population was 2,071,605 in 1950, and the current population is estimated at 1,584,064 (2019).

Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes. Philadelphia also had 27 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

Organized November 27, 1875
Chartered January 19, 1876
Closed October 3, 1925
Consolidated October 3, 1925 with The First National Bank, Philadelphia, PA (Charter 1)
Circulation assumed by The First National Bank, Philadelphia, PA (Charter 1)

In December 1875, arrangements underway for the Centennial National Bank to open a branch office on the Centennial grounds in Fairmount Park. The purposes of the institution were to take charge of the entrance fees to the exhibition grounds, and, in the matter of bills of exchange, etc., to present special financial facilities to foreigners and those from distant parts of the United States. The project was in the hands of Clarence H. Clark and E.A. Rollins.

On January 20, 1876, the Comptroller of the Currency authorized the Centennial National Bank to commence business. E.A. Rollins, Esq., was president and had been with the National Life Insurance Company and an ex-Commissioner of Internal Revenue of Philadelphia. Its capital was $200,000. Mr. H.M. Lutz, for many years paying teller of the First National Bank, became the cashier of the new institution and Mr. Willard B. Moore, first receiving teller was promoted to paying teller of the First National. The directors were E.A. Rollins, George F. Tyler, Clarence H. Clark, John D. Taylor, and Charles E. Pugh. On the 21st, the bank paid the Board of Finance the sum of $5,000 for the concession to act as the exclusive financial agent of the board at the Exhibition, receiving and accounting for the daily receipts, changing foreign moneys, etc.

Advertisement from 1925 by the First National Bank of Philadelphia after its merger with the Centennial National Bank. The main office was on 315 Chestnut Street with a Branch at Broad & Sansom Streets and the new Centennial Office at 32nd & Market Streets.

The bank was located in temporary quarters at 3126 Market Street directly opposite the Pennsylvania Central Depot for departing trains. A lot had been purchased at the southwest corner of Thirty-second and market streets for the erection of a new banking house. On Saturday, November 25, the bank moved into its new quarters and commenced business. The location served the rapidly increasing needs of West Philadelphia and of the eastern portion of the city near the Schuylkill River, including the manufacturing, cattle, railroad, and mercantile interests.

In January 1877, the same board of directors was elected with the addition of Joseph J. Martin.

In January 1883, the officers were E.A. Rollins, president; C.H. Clark, vice president, H.M. Lutz, cashier. The directors were E.A. Rollins, C.H. Clark, George F. Tyler, Charles E. Pugh, Joseph J. Martin, and James P. Scott.

On May 20, 1925, after negotiations covering a period of several months, the Franklin National Bank made a definite offer to the Centennial National Bank to take over its stock and operate it as a branch of the former institution. The offer would be considered by the Centennial Bank directors within the next few days, and according to those in close touch with the situation, indications were it would be accepted. For several months the Franklin National has been bidding back and forth against the First National Bank for the Centennial holdings. According to Jay Cooke, who, with J. Rutherford McAllister, president of the Franklin National, and Henry Tatnall comprised the negotiations committee of the bank, the offer of the Franklin National was $500 for every share of Centennial stock. The First National offer, it was understood, was one-and-a-half shares of its stock for every share of Centennial. Edward M. Malpass, president of the Centennial National said the matter would be put to shareholders of the bank within a few days. He refused to say whether he believed either of the offers would be accepted. It was given that rail development drove the desires of both the Franklin National and First National to have a branch bank in full operation in West Philadelphia in readiness for the expected increase of business when the projected Pennsylvania Railroad developments west of the Schuylkill were completed. The Centennial Bank was almost opposite the site of the proposed new terminal station and in the very heart of the expected rail developments.

The Centennial National Bank, established in 1876 at the time of the Centennial Exposition, had always been regarded as one of the more "solid" of the smaller banks. Returns of December 31, 1924, showed paid-up capital of $300,000, surplus of $700,000, and undivided profits of $200.000. For a number of years it paid dividends of 10%. The fact that Centennial's shares were selling on the open market for $400 and more for some time explains the "one-and-a-half for one" offer of the First National Bank, whose shares were selling for $256. The Franklin Bank's offer topped the First National's by approximated $71 a share. Officers and directors of the Centennial Bank were: E.M. Malpass, president; Henry E. Gerhard, vice president: Irwin Fisher, cashier: Alfred W. Wright, assistant cashier, and William Thompson, John Scott, Jr., S.W. Colton, Jr., C.H. Clark, 3d, and Joseph M. Harlan, directors.

On June 18, 1925, the offer of the First National Bank to merge with the Centennial National was formally accepted at a meeting of the Centennial National Bank's stockholders. The basis of the mergers was a one and one-half shares of First National stock with a market value of $330/share for each share of Centennial National stock. The management and personnel would be absorbed by the First National which planned to use the bank as a West Philadelphia office of the First National Bank.

Official Bank Title(s)

1: The Centennial National Bank of the City of Philadelphia, PA

Bank Note Types Issued

Series of 1875 $10 bank note with blue-stained paper and pen signatures of H.M. Lutz, Cashier and E.A Rollins, President. Courtesy of Heritage Auctions, www.ha.com

1882 Date Back $10 bank note with stamped signatures of E.M. Malpass, Cashier and C.H. Clark, Jr., President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1902 Plain Back $10 bank note with printed signatures of Irwin Fisher, Cashier and E.M. Malpass, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,625,830 in National Bank Notes was issued by this bank between 1876 and 1925. This consisted of a total of 304,888 notes (304,888 large size and No small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Series 1875	4x10	1 - 18527
1882 Brown Back	3x10-20	1 - 13320
1882 Date Back	3x10-20	1 - 16114
1902 Plain Back	3x10-20	1 - 28261

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1876 - 1925):

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

Philadelphia, PA, Wikipedia, https://en.wikipedia.org/wiki/Philadelphia,_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
Castner, Samuel, Jr., 1843-1929 - Compiler, Burk & McFetridge. Castner Scrapbook v.8, Financial, page 1A. Scrapbooks. Free Library of Philadelphia: Philadelphia, PA, (accessed Aug 21, 2022)
The Philadelphia Times, Philadelphia, PA, Sat., Dec. 25, 1875.
The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 21, 1876.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 22, 1876.
The Philadelphia Times, Philadelphia, PA, Sat., Jan. 22, 1876.
The Philadelphia Times, Philadelphia, PA, Mon., Jan. 24, 1876.
The Philadelphia Inquirer, Philadelphia, PA, Fri., May 5, 1876.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Nov. 25, 1876.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1877.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1883.
The Philadelphia Inquirer, Philadelphia, PA, Thu., May 21, 1925.
The Philadelphia Inquirer, Philadelphia, PA, Fri., June 19, 1925.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Dec. 8, 1925.