Central National Bank, Philadelphia, PA (Charter 723)

The Central National Bank at 109 South Fourth Street, Philadelphia, Pennsylvania, ca1902. To the right of the bank is the Forrest Building and the Bullitt Building.

Central National Bank, Philadelphia, PA (Chartered 1865 - Open past 1935)

Town History

The Lafayette building at Fifth and Chestnut Streets, Philadelphia, Pennsylvania, ca2022. This building was constructed by the Girard Estate in 1927-1928 and The Central National Bank moved its headquarters here in December 1928. Courtesy of Google Maps

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 December 14, 1864
Chartered January 17, 1865
1: Assumed American Bank and Trust Company, Philadelphia by consolidation August 23, 1929
2: Assumed 540 and its circulation by consolidation July 12, 1930 with title change (Penn National Bank, Philadelphia, PA)
Bank was Open past 1935
Merged with Peoples National Bank, Langhorne, PA, (Charter 3063) on September 8, 1958
Merged with South Philadelphia NB, Philadelphia, PA, (Charter 14171) in 1952

On February 13, 1865, The Central National Bank of Philadelphia, with a capital stock of $750,000, commenced business under the National banking system at No. 109 South Fourth Street, one door south of Chestnut. George M. Troutman, Esq., was the president, and Alex. Ervin, Jr., was the Cashier. Mr. Troutman was formerly the cashier of the Western Bank of Philadelphia. The following gentlemen composed the board of directors: George M. Troutman, Thomas T. Tasker. Jr., Charles Wheeler, M.W. Baldwin, Percival Roberts, John E. Graeff, Charles F. Norton, John Milnes, Joseph Esherick, Samuel R. Snipley and David B. Ervin.

In January 1871, the directors were George M. Troutman, Charles Wheeler, John E. Graeff, Joseph Esherick, Samuel R. Shipley, Charles Smith, Matthew Baird, George S. Repplier, Andrew Wheeler, Kirk B. Wells, and T. Wistar Brown.

In January 1877, the directors were George M. Troutman, Charles Wheeler, John E. Graeff, John Esherick, Samuel R. Shipley, Charles Smith, Matthew Baird, Andrew Wheeler, Charles H. Grant, Samuel S. Scattergood and T. Wistar Brown.

On January 14, 1879, the stockholders elected the following directors: George M. Troutman, Charles Wheeler, John E. Graeff, Andrew Wheeler, Samuel R. Shipley, Joseph Esherick, Charles Smith, Thomas Clyde, Samuel S. Scattergood and T. Wistar Brown. On the 17th the officers elected were George M. Troutman, president; Charles Wheeler, vice president; and Theo. Kitchen, cashier.

On January 11, 1887, the stockholders elected the following directors: George M. Troutman, John E. Graeff, Andrew Wheeler, Samuel R. Shipley, Joseph Esherick, Charles Smith, Wm. M. Sinclair, James Moore, Joseph K. Wheeler, T. Wistar Brown, and Theodore Kitchen.

On January 10, 1893, the stockholders elected the following directors: George M. Troutman, John E. Graeff, Andrew Wheeler, Samuel R. Shipley, Charles Smith, James Moore, Joseph K. Wheeler, T. Wistar Brown, B. Frank Clyde, Theodore Kitchen, and Louis I. Smith.

On January 11, 1898, the stockholders elected the following directors: George M. Troutman, John E. Graeff, Andrew Wheeler, Samuel R. Shipley, Charles Smith, T. Wistar Brown, B. Frank Clyde, Theodore Kitchen, and Louis I. Smith, George Burnham, Jr., and William Wood.

A 1928 map of The Central National Bank's three locations with the main office at Chestnut and Fifth Streets. Capital was $1.5 million and Surplus and Undivided Profits of $6 million.

In January 1907, negotiations were closed by the Central National Bank whereby that institution secured the first floor offices of the Girard Estate Building to be erected on the northeast corner of Fifth and Chestnut Streets. The Central National Bank had been located in its present quarters at 109 Fourth Street for more than 40 years. The bank opened for business on Monday, December 28, 1908 in its new quarters in the Lafayette Building on Fifth and Chestnut Streets. The move was completed Saturday afternoon before opening day.

In November 1927, The Central National Bank announced its intention to establish another branch office at 134 South Fifteenth Street. In addition to the main office at Fifth and Chestnut Streets, the bank was operating a North Philadelphia branch at the corner of Broad and Cambria Streets.

Sketches of the bank's offices from 1929

In January 1929, the directors were William Wood, Charles Wheeler, Charles E. Ingersoll, A.A. Jackson, Samuel M. Curwen, Clarence M. Brown, Stevens Heckscher, Avery D. Andrews, Benjamin Rush, Harry F. Baker, John Way, Archie D. Swift, Elisha Lee, A. Atwater Kent, George S. Patterson, Orville H. Bullitt, William H. Taylor, Gilbert Mather, and Parker S. Williams. The officers were Charles E. Ingersoll, chairman of the board, Archie D. Swift, president; William Post, chairman of the executive committee; Stanley E. Wilson and David R. Carson, vice presidents; Albert H. Ashby, cashier; Albert B. Roop and Thomas G. Conklin, assistant cashiers.

On July 19, 1929, the board of directors of the Central National Bank and the American Bank and Trust Company voted to recommend to their stockholders the merger of the two institutions under the name of the Central National Bank of Philadelphia. The basis would be two shares of Central stock, par value $10 for 2 shares of Trust Co. stock. The property adjoining the American Bank and Trust Co. on Fifteenth Street would be acquired with frontage on Fifteenth, Ionic, and Sansom Streets in one of the most centrally located and valuable pieces of real estate in the city. The merger secured for the Central National a branch in the growing southern section of the city at Broad Street and Passyunk Ave. where the American Bank had built a substantial and profitable business. The total resources of the two institutions as of June 29 were $49,084,429. The sale price was $750,000.

On May 26, 1930, it was announced that the Central National Bank and the Penn National Bank would be merged under the name Central-Penn National Bank. Archie D. Swift, President of the Central National and slated for the presidency of the new bank, announced to stockholders that the merger would be based on a share for share basis. The four offices of the Central National Bank at Fifth and Chestnut Streets (the main office off Independence Square), Fifteenth and Sansom Streets, Broad and Passyunk Avenue and Broad and Cambria Streets and the offices of the Penn National Bank at Seventh and Market Streets would be maintained.

Members of the two boards would be retained and constitute the board of directors of the merged bank as follows: Avery D. Andrews, Harry F. Baker, Edwin L. Blabon, William Boyd, Thomas S. Boyle, Clarence M. Brown, Orville H. Bullitt, Grellet Collins, Samuel M. Curwen, Stevens Heckscher, Charles E. Ingersoll, Albert A. Jackson, A. Atwater Kent, Charles F. Kint, Irvin Kohn, Elisha Lee, Gilbert Mather, William J. McGlinn, E. Clarence Miller, Ralph H. North, George Stuart Patterson, William S. Pilling, William Post, Benjamin Rush, Claude A. Simpler, Winthrop Smith, Archie D. Swift, William H. Taylor, Charles Wheeler, Ira Jewell Williams, and Parker S. Williams. All of the officers and the complete personnel of both banks were retained. Officers of the Central National Bank were: Archie D. Swift, president; Stanley E. Wilson, Elwell Whalen, and David R. Carson, vice presidents; Albert H. Ashby, vice president and cashier; Thomas G. Conklin, Leo M. Kelly, Albert B. Roop, Walter S. Chittick, Walter C. Brooks, assistant cashiers; and William Post, chairman of the executive committee. Officers of the Penn National Bank were: Horace C. Beitzel, vice president and cashier; Charles B. Calliman, Ellwood K, Acker, O.H. Clawson and E.M. Maser, assistant cashiers. Combining two important commercial banks of Philadelphia, the enlarged institution would have capital, surplus and profits of approximately $15 million, and deposits in excess of $30 million, with greater facilities to take care of increasing business.

On February 2, 1983, the merger of Philadelphia's Central-Penn National Corp., parent of The Central-Penn National Bank and American Bancorp, Inc. of Reading was approved by shareholders of both companies. Subject to approval by the Federal Reserve Board and the U.S. Justice Department for antitrust implications the merger was expected to be completed by June. After the merger, the combined company would have a new name and about $3.5 billion in assets. The company headquarters in Reading would be the largest bank-holding company outside of Philadelphia and Pittsburgh. American's main subsidiary, American Bank & Trust had 83 offices and was the ninth largest commercial bank in Pennsylvania. Central Penn had 34 offices and was the eighth largest commercial bank in Philadelphia and the 15th largest in the state. The two would operate as separate subsidiaries after the merger. Samuel A. McCullough, American's chairman, would take charge of the new company as president and chief executive officer. In April, the name chosen for the new holding company was Meridian Bancorp, Inc. The merger was approved by regulatory authorities, but delayed to do an investigation of an alleged multimillion dollar lending fraud at Reading's American Bank & Trust Co.

On June 30, 1983, Meridian Bancorp, Inc. became a corporation through the consolidation of American Bancorp, Inc. and Central Penn National Corp. Meridian Bancorp became the sixth largest bank holding company in Pennsylvania with operations in Philadelphia and southeastern Pennsylvania, with corporate headquarters in Reading.

In the fall of 1995, CoreStates acquired its regional rival, Meridian Bancorp, at $3.2 billion, their largest acquisition up to that time.

Official Bank Title(s)

1: The Central National Bank of Philadelphia, PA

2: 2nd title not used on notes: Central-Penn National Bank of (7/12/1930) , Philadelphia, PA

Bank Note Types Issued

Original Series $10 bank note with pen signatures of W.H. Rhawn, Cashier and Alexander Ervin, Jr., Vice President. Courtesy of Heritage Auctions, www.ha.com

1941 advertisement for the Central National Bank with headquarters on Seventh and Chestnut Streets.

A total of $4,913,350 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 269,962 notes (269,962 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
1: Original Series	3x1-2	1 - 6000
1: Original Series	4x5	1 - 9750
1: Original Series	4x10	1 - 7500
1: Original Series	3x20-50	1 - 1900
1: Original Series	100-100	1 - 1950
1: Series 1875	4x5	1 - 3750
1: Series 1875	4x10	1 - 4250
1: Series 1875	3x20-50	1 - 4300
1: Series 1875	100-100	1 - 1367
1: 1882 Brown Back	50-100	1 - 3440
1: 1902 Red Seal	4x5	1 - 4220
1: 1902 Red Seal	3x10-20	1 - 1387
1: 1902 Red Seal	50-100	1 - 3128
1: 1902 Date Back	4x5	1 - 9435
1: 1902 Date Back	3x10-20	1 - 5606
1: 1902 Date Back	50-100	1 - 3100
1: 1902 Date Back	3x50-100	1 - 2900

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

Alexander Ervin, Jr., signed notes as Vice President.
There are currently no known Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Philadelphia, 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 Philadelphia Inquirer, Philadelphia, PA, Sat., Feb. 11, 1865.
The Philadelphia Inquirer, Philadelphia, PA, Mon., Feb. 13, 1865.
The Evening Telegraph, Philadelphia, PA, Tue., Jan. 10, 1871.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1877.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Jan. 21, 1879.
The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 17, 1887.
The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 16, 1893.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Jan. 29, 1907.
The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 17, 1898.
The Philadelphia Inquirer, Philadelphia, PA, Fri., Dec. 25, 1908.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Nov. 1, 1927.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Dec. 19, 1928.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Jan. 5, 1929.
The Philadelphia Inquirer, Philadelphia, PA, Fri., July 19, 1929.
The Philadelphia Inquirer, Philadelphia, PA, Tue., May 27, 1930.
The Philadelphia Inquirer, Philadelphia, PA, Sat., June 7, 1930.
The Philadelphia Inquirer, Philadelphia, PA, Sat., Sep. 6, 1941.
The Philadelphia Inquirer, Philadelphia, PA, Thu., Feb. 3, 1983.
The Philadelphia Inquirer, Philadelphia, PA, Wed., Apr. 20, 1983.
The Philadelphia Inquirer, Philadelphia, PA, Fri., July 1, 1983.