Colonial National Bank, Connellsville, PA (Charter 7445)

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Colonial National Bank, Connellsville, PA (Chartered 1904 - Liquidated 1927)

Town History

A recent picture, ca2020, of The Colonial National Bank of Connellsville, PA. Courtesy of Gerald Dzara

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

Organized October 7, 1904
Chartered October 18, 1904
Opened for business November 1, 1904
Liquidated April 30, 1927
Absorbed by Title & Trust Co. of Western Pennsylvania, Connellsville

The Colonial National Bank Building, also known as the Grant Myers Building, is an historic bank building located in Connellsville. It was added to the National Register of Historic Places in 2002. It was located on the corner of Main and Pittsburgh Streets (now Crawford Avenue and Pittsburgh Street).

On January 9, 1917, directors elected were P.H. Beighley, E.K. Dick, Harry Dunn, W.N. Leche, L.F. Ruth, A.G.C. Sherbondy and H.E. Schenck. Officers elected were L.F. Ruth, president; E.K. Dick, first vice president; Harry Dunn, second vice president; H.E. Schenck, cashier; and R.S. Trenberth, assistant cashier.

In January 1927, all directors were re-elected and they were: L.F. Ruth, E.K. Dick, Harry Dunn, G. Corrado, D.H. Horton, J.J. Dougherty, P.H. Beighley, A.G.C. Sherbondy, Philip Gallardi, Dr. J.C. Dixon and H.E. Mason.

Effective March 21, 1927, The Title & Trust Company of Western Pennsylvania and the Colonial National Bank consolidated into one institution in the second merger in Connellsville in 3 weeks. The first transaction took place February 26, 1927, when the Title & Trust Co. absorbed all of the property and assets of the Yough Trust Company. The second was the purchase on March 18 of the Scottdale Trust Company by the First National Bank of Scottdale. The Title & Trust Co. and the Colonial National had always been closely affiliated, a number of the directors serving on both boards. The merger will eliminated overhead expenses and furnish increased facilities for an up to date banking service. The agreement provided for the continuance of the business as the Title & Trust Co. Since a national bank and a trust company were involved, it was necessary to gain approval of both the Federal (Comptroller of the Currency) and State Banking Department and this was done. The combined resources of the new bank exceed $5 million. Plans for enlargement of the banking room of the Title & Trust Co. were under consideration.

The Colonial National Bank was chartered October 18, 1904, opening for business November 1, 1904 with capital of $100,000 and a paid in surplus of $25,000. The officers and directors at the time of its incorporation were L.F. Ruth, president; Rockwell Marietta, first vice president; E.K. Dick, second vice president; H.E. Schenck, cashier; R.W. Singer, assistant cashier; T.N. Ruth, teller. In addition to the president and vice presidents, the board of directors consisted of W.H. Hugus, Harry Dunn, Clair Stillwagon, A.D. Soisson, T.B. Palmer, and J.C. Detwiler. The Colonial was the first to erect a building devoted exclusively to banking, having occupied temporary quarters in the Masonic (later Odd Fellows) building next door south on Pittsburgh Street. The new building of granite was completed and occupied on January 15, 1906. The site was previously occupied by the borough building erected in 1888 taking the place of the Old Market House which had been built during the late years in the life of Zachariah Connell, founder of the town.

In March 1927, the foreign departments of the Yough Trust Company and the Colonial National were moved into the Colonial National Bank building with A. Basilone as manager. He was manager of the Colonial Department and R. De-Angelis, who was head of the Yough Trust's foreign Department, became the assistant manager. The office of the Postal Telegraph Company also moved into the Colonial quarters. The former banking rooms of the Yough Trust Company were being remodeled for business purposes. The permanent quarters of the Title & Trust Company had not been decided.

Official Bank Title(s)

1: The Colonial National Bank of Connellsville, PA

Bank Note Types Issued

1902 Plain Back $20 bank note with stamped signatures of R.S. Trenberth, Cashier and L.F. Ruth, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,435,800 in National Bank Notes was issued by this bank between 1904 and 1927. This consisted of a total of 114,864 notes (114,864 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
1902 Red Seal	3x10-20	1 - 4700
1902 Date Back	3x10-20	1 - 9300
1902 Plain Back	3x10-20	9301 - 24016

Bank Presidents and Cashiers

The Colonial National Bank of Connellsville Presidents and Cashiers during the National Bank Note Era (1904 - 1927):

Presidents:

Linford Fitch Ruth, 1905-1927

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://bbdata.banknotehistory.com
The Morning Herald, Uniontown, PA, Wed., Jan. 10, 1917.
The Daily Courier, Connellsville, PA, Tue., Jan. 11, 1927.
The Daily Courier, Connellsville, PA, Mon., Mar. 21, 1927.
The Daily Courier, Connellsville, PA, Fri., Mar. 25, 1927.