First National Bank, Altoona, PA (Charter 247)

The old First National Bank building at 11th Avenue and 12th Street, Altoona, Pennsylvania, ca2023. Courtesy of Google Maps

First National Bank, Altoona, PA (Chartered 1864 - Closed (Merger) 1975)

Town History

The First National Bank at 1208 Eleventh Avenue opened in January 1926.

Altoona is a city in Blair County, Pennsylvania. The population was 43,963 at the time of the 2020 census, making it the 18th-most populous city in Pennsylvania. It is the principal city of the Altoona metropolitan area, which includes all of Blair County, the area having a population of 122,822 at the 2020 census.

Altoona was established in 1849 by the Pennsylvania Railroad. Having grown around the railroad industry, the city has worked to recover from industrial decline and urban decentralization experienced in recent decades. The city is home to the Altoona Curve baseball team of the Eastern League, which is the AA affiliate of the Pittsburgh Pirates Major League Baseball team. They play at Peoples Natural Gas Field in Altoona. The Altoona Symphony Orchestra has called Altoona home since 1928. Prominent landmarks include the Horseshoe Curve, the Railroaders Memorial Museum, the Juniata Shops of the Altoona Works, the Mishler Theatre, the Cathedral of the Blessed Sacrament, and the Jaffa Shrine Center.

There is debate over the origin of the name Altoona. In 1849, David Robinson sold his farm to Archibald Wright of Philadelphia, who transferred the property to his son, John A. Wright, who laid it out in building lots, became one of the founders of Altoona. According to his own statement, he had spent considerable time in the Cherokee country of Georgia. Here he had been attracted to the name Allatoona, which he believed meant "the high lands of great worth." An 1883 publication favored the Cherokee derivation, stating that "Its name is not derived from the Latin word altus nor from the French word alto, as has frequently been asserted and published, but from the beautiful, liquid, and expressive Cherokee word Allatoona."

Altoona had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

Chartered February 10, 1864
Absorbed 8238 May 25, 1931 (First National Bank, Juniata, PA)
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Absorbed 6874 Citizens National Bank of Hollidaysburg on November 1, 1960
Merged into Central Counties Bank in State College, PA, January 2, 1975

In December 1863, the requisite stock for the establishment of a National Bank at Altoona had been subscribed and the institution would be opened as soon as the necessary arrangements could be made. Wm. M. Lloyd, Esq., of the banking house of Wm. M. Lloyd & Co. on Julia Street, was elected president.

In January 1866, the First National Bank of Altoona, on the corner of Virginia and Annie Streets, opposite the Superintendent's office of the Pennsylvania Railroad, had authorized capital of $300,000 with $150,000 paid in. The officers were Wm. M. Lloyd and D.T. Caldwell, cashier.

In February 1866, Wm. M. Lloyd & Co. of Altoona established a branch banking house in Ebensburg and in December 1869, a banking house in Bedford was opened. In April 1870, the bank moved from Pitt Street to the middle room in the Inquirer building on Juliana Street, Bedford.

On January 19, 1887, the stockholders elected the following directors: Joseph B. Hileman, David McK. Lloyd, John F. Bowman, A.M. Lloyd, and John Lloyd. The board met the same day and unanimously re-elected A.M. Lloyd as president. John Lloyd was the cashier.

On January 21, 1919, at the annual election, stockholders elected to following directors: Finley H. Lloyd, Wm. F. Gable, Alfred L. Anderson, M.H. Canan, Harry Slutzker, John Lloyd, Jr., and John Lloyd. The directors unanimously re-elected John Lloyd, president; J.M. Skyles, cashier and secretary of the board; and Robert C. Wilson, assistant cashier.

On July 15, 1919, Cassatt & Co. of Philadelphia, one of the best known investment banking houses of the country, opened an office in New York at 56 Wall Street.  Cassatt & Co. was founded by Robert S. Cassatt, one of the first mayors of Allegheny, who removed to Philadelphia before the close of the Civil War and in 1872 established the banking house, having as partners his son, J.G. Gardner Cassatt, and John Lloyd of Altoona, president of the First National Bank of Altoona. Alexander J. Cassatt, president of the Pennsylvania Railroad from 1899 to 1906, was a son of Robert S. Cassatt and through him this house was always closely identified with the Pennsylvania Railroad.  In addition to the Philadelphia and New York offices, Cassatt & Co. also had offices in Baltimore and Pittsburgh.

The First National Bank of Altoona merged with Central Counties Bank at the close of business, December 31, 1974.

On Tuesday, January 16, 1923, the following were elected directors for the ensuing year: Finley H. Lloyd, M.H. Canan, Harry Slutzker, A.L. Anderson, J. Foster Meck, Robert B. Gable, John Lloyd, J.M. Skyles. The board unanimously re-elected John Lloyd, president; J.M. Skyles, vice president; R.C. Wilson, cashier.

In February 1924, Architect J.A. Dempwolf of York was employed to design and supervise the construction of the new First National Bank of Altoona. The structure would be 60 by 120 feet and have a banking room 56 feet wide, 100 feet long, and 50 feet high. The design would be Roman of the period of Augustus carried out in all details including a bronze banking screen. The exterior of the building would be of granite and Indiana limestone. The banking room would be lighted by large arch windows in front and rear and by a skylight. The approximate cost was $400,000.

On Wednesday, July 15, 1925, the bank announced the opening of the 24th Street office of the bank located at the intersection of Eighth and Union Avenues.

On January 16, 1926, the massive bronze doors of Altoona's newest business structure swung open at 9 o'clock at 1208 Eleventh Avenue. The First national Bank had the entire building except for two suites on the top floor. The building practically covered the entire lot except for the set-backs at each side of the entrance portico, so as to make the ends of the building line with the adjacent Silverman and Brett buildings. The entire front was of a pink-ish toned artificial granite. This was selected by the building committee after careful inspection of a number of recent bank buildings in the larger cities and was selected as it seemed well-suited to the climate as well as the soot-laden atmosphere of Altoona. Entrance to the bank was through a pair of double acting bronze doors. The doors were protected by sliding bronze grilles of an interesting design, an ornamental cartouche with a locomotive in low relief, symbolic of the industry of Altoona. The side walls of the banking room were covered with St. Genevieve Rose Art Marble and above were treated in French Caen stone. On the east and west walls were three large arches where from time to time mural painting depicting scenes of labor, industry and commerce would be introduced. Two murals were completed, one called "The Pioneer" or Early Transportation 1825, and the one on the opposite wall was called "Modern Transportation 1925." These paintings were executed from the sketches by Gustave Ketterer of Philadelphia. There were seventeen wickets included in the banking screen. Two of the wickets, enclosed in a cage, were devoted to notes and discounts, three were for savings accounts, one to foreign exchange, one to statements and new accounts and the balance to paying and receiving tellers.

On April 20, 1931, the First National Bank of Juniata opened for business as a branch of the First National Bank of Altoona. The First National Bank of Altoona and First National Bank of Juniata consolidated with combined resources in excess of $7 million. The comptroller of the currency already approved the operation by the First National Bank of Altoona of the banking house at Fifth Avenue and Seventh Street in Juniata as a branch. A second branch operated by the First National of Altoona was located at Eighth Avenue and Twenty-fourth Street. Officers of the First National Bank of Altoona were John Lloyd, president; John M. Skyles, vice president; Robert C. Wilson, cashier; F.C. Wray and D.E. France, assistant cashier; and N.F. Lane, assistant cashier and trust officer.

Central Counties Bank was formed in 1971 by two grand old banks, First National Bank of State College, serving Centre County, and Lock Haven Trust Company, serving Clinton County. On December 31, 1974, The First National Bank of Altoona after 111 years joined Central Counties Bank, giving it 18 locations in Centre, Clinton and Blair Counties. The merger gave Central Counties total assets of nearly $200 million.

Official Bank Title(s)

1: The First National Bank of Altoona, PA

Bank Note Types Issued

Series of 1875 $5 bank note with pen signatures of John Lloyd, Cashier and A.M. Lloyd, President. Courtesy of NBNCensus

1882 Brown Back $10 bank note with pen signatures of Henry Cryder, Cashier and unknown President. Courtesy of Heritage Auctions, www.ha.com

1902 Date Back $5 bank note with printed signatures of J.M. Skyles, Cashier and John Lloyd, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $5 bank note with printed signatures of R.C. Wilson, Cashier and John Lloyd, President. This is a Replacement note. Courtesy of Heritage Auctions, www.ha.com

A total of $3,675,230 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 434,078 notes (364,376 large size and 69,702 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Original Series	4x5	1 - 14750
Series 1875	4x5	1 - 10680
1882 Brown Back	3x10-20	1 - 6548
1902 Red Seal	3x10-20	1 - 6500
1902 Date Back	4x5	1 - 12500
1902 Date Back	3x10-20	1 - 8200
1902 Plain Back	4x5	12501 - 21750
1902 Plain Back	3x10-20	8201 - 30866
1929 Type 1	6x5	1 - 6020
1929 Type 1	6x10	1 - 2856
1929 Type 1	6x20	1 - 808
1929 Type 2	5	1 - 7278
1929 Type 2	10	1 - 3578
1929 Type 2	20	1 - 742

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1935):

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

Altoona, 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
Raftsman's Journal, Clearfield, PA, Wed., Dec. 30, 1863.
Altoona Tribune, Altoona, PA, Sat., Jan. 27, 1866.
Altoona Tribune, Altoona, PA, Sat., Feb. 17, 1866.
The Cambria Freeman, Ebensburg, PA, Thu., Dec. 2, 1869.
The Bedford Inquirer, Bedford, PA, Fri., Apr. 8, 1870.
Altoona Times, Altoona, PA, Wed., Jan. 19, 1887.
Altoona Tribune, Altoona, PA, Thu., Jan. 23, 1919.
Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., July 16, 1919.
Altoona Tribune, Altoona, PA, Wed., Jan. 17, 1923.
The York Dispatch, York, PA, Wed., Feb. 13, 1924.
Altoona Tribune, Altoona, PA, Wed., June 24, 1925.
Altoona Tribune, Altoona, PA, Sat., Jan. 16, 1926.
Altoona Tribune, Altoona, PA, Mon. Apr. 20, 1931.
Tyrone Daily Herald, Tyrone, PA, Thu., Jan. 9, 1975.
Centre Daily Times, State College, PA, Thu., Jan. 2, 1975.