Elk County National Bank, Ridgway, PA (Charter 5014)

From Bank Note History
Jump to navigation Jump to search
Engraved image from letterhead of the Ridgway Bank that failed in 1893. The building was used by the Elk County National Bank when it opened in 1895
Engraved image from letterhead of the Ridgway Bank that failed in 1893. The building was used by the Elk County National Bank when it opened in 1895.

Elk County National Bank, Ridgway, PA (Chartered 1895 - Open past 1935)

Town History

Needed: a recent photo of the bank or postcard.
Needed: a recent photo of the bank or postcard.

Ridgway is a borough in and the county seat of Elk County, Pennsylvania. It is named for the Philadelphia shipping merchant, Jacob Ridgway. Ridgway was founded by Philadelphian shipping merchant Jacob Ridgway and James Gillis. Jacob Ridgway earned substantial wealth both in Philadelphia and abroad in London. He constantly sent sums of money back to be invested in property. In the early 19th century as part of a larger land purchase, Ridgway acquired 40,000 acres that became Elk County. One of Jacob Ridgway's nephews by marriage, James Gillis, convinced Ridgway that the area could become a very lucrative spot for a lumber camp due to the proximity of Elk Creek and the Clarion River, a tributary of the Allegheny River. Coal and natural gas abound in the district. In the past, the industrial interests were manufacturing leather, iron, clay, and lumber products, silk goods, railroad snow plows, dynamos, and machine tools. In 1900, the people living here numbered 3,515; in 1910, 5,408; in 1940, 6,253, and in 2020, 4,039.

Ridgway had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes. The first was the Elk County National Bank, Charter 5014, and the second was the Ridgway National Bank, Charter 5945.

Bank History

  • Organized Aug 9, 1895
  • Chartered Aug 22, 1895
  • Bank was Open past 1935

In August 1874, a new banking house was started in Ridgway by Jerome Powell, C.R. Earley, Chas. R. Kline and John G. Hall with Charles R. Kline as cashier. The bank was located in Hall's new brick building and was styled the Elk County Bank.

In June 1881, Mr. Charles R. Kline, for years past cashier of the Elk County Bank retired due to ill health. He returned to Reading, Pa., where he took up permanent residence.

On Sunday night, March 2, 1890, burglars attempted to rob the Elk County Bank. They cut through the walls of the building and were working on the vault when they were evidently frightened away as they left a number of tools. The vault contained $50,000 and was found safe and undisturbed when the bank opened on Monday.

On Thursday, June 22, 1893, the Ridgway Bank suspended.  The bank posted a statement showing assets to be $106,000 in excess of its liabilities, so it was believed no depositor would lose money.  Failure to realize on outstanding paper was believed to be the cause of the suspension. W.H. Osterhout and O.B. Grant of Ridgway were appointed receivers by the court.  The stockholders of the bank were D.C. Oyster (Eyster?), Alfred Short and Hezekiah Horton's heirs. Not many people in Ridgway were caught in the failure as most business had been transferred to the Brockwayville bank since its opening.  The stockholders said they would pay dollar for dollar, but it was expected to take a long time before the affairs could finally be settled. 

In July 1895, the comptroller of the currency authorized the organization of the Elk County National Bank of Ridgway, Pennsylvania. The Elk County Bank would be merged into the Elk County National Bank with a capital of $100,000. The directors of the new bank were W.H. Hyde, H.S. Thayer, J.K. Gardner, W.H. Osterhout, C.H. McCauley, M.T. Hammond, and J. Powell. M.S. Kline, cashier and T.J. Maxwell, teller, were expected to retain their positions. It was thought the new bank would take the rooms of the defunct Ridgway Bank. On August 22, the Elk County National Bank was authorized to begin business with capital of $100,000, Jerome Powell, president; and M.S. Kline, cashier.

In April 1897, Senator W.H. Hyde was elected president of the Elk County National Bank in place of Jerome Powell, deceased.

On Tuesday, January 13, 1914, both Ridgway banking institutions held their annual meeting of stockholders with no changes made in either bank with the exception that Clyde T. Lesser was made assistant cashier at the Ridgway National. Directors at both banks decided their banks should become a part of the federal banking system as provided by the new currency act. Directors of the Elk County National elected were: G.W. Childs, J.K. Gardner, H.R. Hyde, Geo. H. Hyde, Vinton Liddell, E.C. Powell, and H.S. Thayer. The officer re-elected were H.S. Thayer, president; E.C. Powell, vice president; A.D. Swift, cashier; and S.F. Anderson, assistant cashier.

On Tuesday, January 11, 1916, stockholders elected the following directors: G.W. Childs, J.K. Gardner, H.R. Hyde, George H. Hyde, E.C. Powell, A.D. Swift, H.S. Thayer, and Harry Alvin Hall. In October 1916, A.D. Swift, cashier for the past 10 and 1/2 years, resigned to go to Philadelphia on December 1st to take up duties as assistant cashier of the Central National Bank.

In July 1964, the merger of the St. Marys Trust Company and the Elk County National Bank of Ridgway became effective. State and national banking authorities gave final approval and the new combined bank started operation on Monday morning, July 20th. The new bank, known as the Elk County National Bank and Trust Company, had offices in both St. Marys and Ridgway, using the facilities of the previous banks. Dan S. Dickinson was president of the Elk County National. All employees of the St. Marys Trust Co. would continue as employees of the combined bank. The new bank would have assets of over $14,000,000. A trust department with representatives at both St. Marys and Ridgway would be available for all trust functions. Assets of the trust department were more than $5,000,000.

In September 1968, The St. Marys National Bank and Elk County Bank and Trust Company announced merger plans. Officials said the merger would be effective in the first quarter of 1969 if approved by shareholders and federal authorities.

On Tuesday, March 4, 1969, the Federal Deposit Insurance Corp. announced its approval of the merger of the St. Marys National Bank into the Elk County Bank and Trust Company of St. Marys effective April 1st. The total resources were over $37 million.

Official Bank Title

1: The Elk County National Bank of Ridgway, PA

Bank Note Types Issued

1882 Brown Back $10 bank note with SN 1 and pen signatures of M.S. Kline, Cashier and J. Powell, President
1882 Brown Back $10 bank note with SN 1 and pen signatures of M.S. Kline, Cashier and J. Powell, President. Courtesy of Heritage Auctions, www.ha.com
1882 Date Back $5 bank note with printed signatures of A.D. Swift, Cashier and H.S. Thayer, President
1882 Date Back $5 bank note with printed signatures of A.D. Swift, Cashier and H.S. Thayer, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with printed signatures of C.E. Lockhart, Cashier and H.S. Thayer, President
1902 Plain Back $5 bank note with printed signatures of C.E. Lockhart, Cashier and H.S. Thayer, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $10 bank note with printed signatures of C.E. Lockhart, Cashier and Harry R. Hyde, President.
1929 Type 1 $10 bank note with printed signatures of C.E. Lockhart, Cashier and Harry R. Hyde, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,069,090 in National Bank Notes was issued by this bank between 1895 and 1935. This consisted of a total of 257,176 notes (209,296 large size and 47,880 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1882 Brown Back 4x5 1 - 4215
1882 Brown Back 3x10-20 1 - 3614
1882 Date Back 4x5 1 - 8661
1882 Date Back 3x10-20 1 - 6064
1902 Plain Back 4x5 1 - 17739
1902 Plain Back 3x10-20 1 - 12031
1929 Type 1 6x5 1 - 3982
1929 Type 1 6x10 1 - 1850
1929 Type 1 6x20 1 - 516
1929 Type 2 5 1 - 5808
1929 Type 2 10 1 - 2976
1929 Type 2 20 1 - 1008

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1895 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Ridgway, 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
  • Clearfield Republican, Clearfield, PA, Wed., Aug. 26, 1874.
  • The Kane Weekly Blade, Kane, PA, Thu., June 30, 1881.
  • Wilkes-Barre Times Leader, Wilkes-Barre, PA, Tue., Mar. 4, 1890.
  • The Brockway Record, Brockway, PA, Fri., June 23, 1893.
  • The Brockway Record, Brockway, PA, Fri., July 7, 1893.
  • The Evening Democrat, Warren, PA, Wed., July 3, 1895.
  • The Jeffersonian-Democrat, Brookville, PA, Thu., Aug. 8, 1895.
  • The Pittsburgh Post, Pittsburgh, PA, Fri., Aug. 23, 1895.
  • The Jeffersonian-Democrat, Brookville, PA, Thu., Apr. 29, 1897.
  • The Brockway Record, Brockway, PA, Fri., Jan. 16, 1914.
  • The Pittsburgh Press, Pittsburgh, PA, Wed., Jan. 12, 1916.
  • The Kane Republican, Kane, PA, Sat., Oct. 28, 1916.
  • The Kane Republican, Kane, PA, Fri., July 24, 1964.
  • The Indiana Gazette, Indiana, PA, Thu., Sep. 26, 1968.
  • The Progress, Clearfield, PA, Wed., Mar. 5, 1969.
  • The Progress, Clearfield, PA, Thu., Apr. 3, 1969.