First National Bank, Beaver, PA (Charter 3850)

From Bank Note History
Jump to navigation Jump to search
1882 Brown Back $20 proof
1882 Brown Back $20 proof with a plate date of Feb. 29, 1888, approved June 8, 1900. Courtesy of the Smithsonian Institution Archives

First National Bank, Beaver, PA (Chartered 1888 - Receivership 1921)

Town History

Beaver is a borough in and the county seat of Beaver County, Pennsylvania. It is located at the confluence of the Beaver and Ohio Rivers, approximately 30 miles northwest of Pittsburgh. As of the 2020 census, the borough's population was 4,838.

Beaver became the site of Fort McIntosh, a Revolutionary War era Patriot frontier fort. General Lachlan McIntosh, sent north from Virginia by General Washington, built a fort there in 1788. The fort was constructed of hewn logs and had four bastions. The inclosure was about 30 yards square. McIntosh was a Scot from Inverness. In 1777 he had fought a duel over the failed invasion of British-controlled East Florida with Button Guinett, a signer of the Declaration of Independence. Both contestants were wounded and Guinnett died. McIntosh recovered and he was tried for murder and acquitted. As a result of the incident he was sent north to build the fort. After the war, the fort was the home of the First American Regiment, the oldest active unit in the US Army. It was abandoned in the winter of 1790-91. By then, the frontier had moved westward and there was no further need for a permanent garrison to protect the area.

The community was laid out in 1792. In 1800, it became the county seat of the newly formed Beaver County. The first county court was established in Beaver in 1804 with Judge Daniel Agnew who later became chief justice of the Pennsylvania supreme court. Growth was steady until 1879 when the arrival of the Pittsburgh and Lake Erie Railroad caused a major growth spurt. In February 1884 a massive flood caused extensive damage.

Beaver had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.

Bank History

  • Organized February 10, 1888
  • Chartered February 29, 1888
  • Receivership March 26, 1921

In April 1888, the officers and directors of the new First National Bank of Beaver were as follows: E.B. Dougherty, president; John M. Buchannon, vice president; Jefferson H. Wilson, Alfred S. Moore, John F. Reed, James H. Cunningham, Alfred C. Hurst, Alexander W. McCoy, and Robert S. Sterling. Dr. Wilson was a physician residing there; Hurst a merchant at Bridgewater; Sterling a farmer and ex-member of the legislature of Independence Township; McCoy an attorney of Rochester. All the others were Beaver Lawyers. The capital stock was $50,000.[1]

In November 1898, the new Rochester National Bank would soon open for business in the new brick Mitchell block. Among those interested in the institution were James G. Mitchell, John Linnenbrink, Charles P. Brobeck, Joseph C. Campbell of Rochester, and Charles R. Eckert of Monaca. Their application to organize the bank with a capital of $50,000 had been approved by the Comptroller of the Currency. James G. Mitchell would be president and Joseph C. Campbell, cashier. The latter for the past eight years had been teller of the First National Bank of Beaver.[2]

In January 1900, the following gentlemen were elected directors: J.M. Buchanan, A.S. Moore, D.A. Nelson, J.I. Martin, J.T. Taylor, A.C. Hurst, J.H. Wilson, J.L. Holmes and Samuel Moody.[3]

In February 1908, the officers were John M. Buchanan, president; Jefferson H. Wilson, vice president; Edward J. Allison, cashier; Wm. R. Hurst, assistant cashier; Daniel M. Reisinger, teller; and James D. Dowdell, bookkeeper. The directors were John M. Buchanan, Jefferson H. Wilson, David A. Nelson, J. Alfred C. Hurst, John I. Martin, John T. Taylor, Samuel Moody, Joseph L. Holmes, and Edward J. Allison. The bank had surplus of $123,000 an had paid an average yearly dividend since its organization of 11 2/3%.[4]

On November 11, 1911, Edward James Allison, aged 60, cashier of the First National Bank of Beaver, died in that town. Mr. Allison was born in Bridgewater and reared in Beaver. He became the first cashier of the First National Bank of Beaver in 1888 and retained that position until the time of his death. He was president of the First National Bank of Midland and secretary of the Beaver Sand Company, Beaver Manufacturing Company, Greater Aliquippa Land Company and the Beaver Land Company.[5]

On November 28, 1915, William Raymond Hurst, aged 33, cashier of the First National Bank of Beaver, died in the home of his parents, Mr. and Mrs. A.C. Hurst. Mr. Hurst was born in West Bridgewater and was graduated from the Park Institute, Pittsburgh. He also had attended the University of Pittsburgh. In 1902 Mr. Hurst was employed as a clerk in the First National Bank of Beaver and nine years later he was appointed cashier, at that time being one of the youngest bank cashiers in the state.[6]

In October 1916, Daniel Reisinger, cashier of the First National Bank of Beaver was thought fatally injured when he was pinned between his automobile and one driven by Mrs. W.A. McConnell, wife of a Rochester lawyer. Reisinger suffered a fractured collar bone, several fractured ribs and internal injuries.[7] 

In July 1918, a matter before the court was the preliminary hearing on the suit institution several months ago by John Skelton Williams against J.V. Thompson and against the First National Bank of Uniontown, the Western National Bank of Pittsburgh, the Columbia National Bank of Pittsburgh, the Citizens National Bank of Pittsburgh, the Second National Bank of Uniontown, the First National Bank of Bedford, the First National Bank of Beaver, John H. Strawn, receiver for the First National Bank of Uniontown and the trustees of the bankrupt estate of J.V. Thompson to compel the sale of various stocks to satisfy Thompsons' indebtedness to the bank.[8]

On March 13, 1921, notice of the closing of the First National Bank of Beaver was posted on the bank's door. The bank, considered one of the strongest in Beaver County, and for years listed as one of the "honor roll" national banks, was besieged by depositors. More than 150 automobiles were parked about the building while their owners stood at the bank's doors waiting in vain for them to open. State Bank Examiner Frank Miller was in charge and refused to make any statements as to the closing of the bank. Later the board of directors issued the following statement: "At the close of business, March 12, certain irregularities in the First National Bank of Beaver were reported to its board of directors by the national bank examiner. This board in order to protect the interests of the depositors decided to close the bank. It is expected and believed the depositors will be paid in full."[9] Fred Wilson, vice president of the bank, said that an examination of the bank's books disclosed an irregularity and the bank was closed for an investigation.[10] In June John H. Strawn, receiver of the First National Bank of Beaver and Theodore D. Bliss, Mr. Strawn's assistant, were home for the weekend from Beaver County.[11]

By Thursday, March 17, 1921, Daniel M. Reisinger, cashier, had made partial admission of shortages according to the directors. Expert accountants were working on the books to determine the exact shortage.[12]

On November 2, 1922, D.M. Reisinger, former cashier of the defunct First National Bank of Beaver, was sentenced to serve two and a half years in the federal penitentiary at Atlanta, Georgia. Reisinger pleaded guilty in federal court in Pittsburgh to abstracting and misapplying funds of a national banking association. The sum involved was $98,000.[13]

On Thursday morning, October 30, 1924, after nearly a year's illness John Strawn, a former resident of Waynesburg, died at his home in Uniontown. Mr. Strawn was born in Albion, Illinois, April 27, 1878. His parents were Halbert J. and Cassandra Harris Strawn. He was a graduate of the University of Illinois and of the law department of the Chicago University. Later he was associated with his father in the practice of law in Albion. Upon the solicitation of W.B. Ridgely of Chicago, U.S. Comptroller of the Currency, Mr. Strawn became interested in banking and made phenomenal strides to success. In 1908 he was named receiver of the Farmers and Drovers National Bank of Waynesburg. Later he was sent to Pittsburgh as assistant receiver of the First National Bank which had suspended operations. On April 15, 1915, he was made permanent receiver of the First National Bank of Uniontown, which had been closed shortly before. To his duties of receiver was added another bank On March 26, 1921, when the First National bank of Beaver suspended. He was in charge of the affairs of these three banks at the time of his death.[14]

Official Bank Title

1: The First National Bank of Beaver, PA

Bank Note Types Issued

1902 Date Back $10 bank note
1902 Date Back $10 bank note with stamped signature of D.M. Reisinger, Cashier and pen signature of Jefferson Wilson, President. Courtesy of Heritage Auctions, www.ha.com

A total of $606,340 in National Bank Notes was issued by this bank between 1888 and 1921. This consisted of a total of 61,016 notes (61,016 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
1882 Brown Back 4x5 1 - 5212 plate date Feb. 29, 1888, approved March 16, 1888
1882 Brown Back 3x10-20 1 - 2093 plate date Feb. 29, 1888, approved June 8, 1900
1902 Red Seal 3x10-20 1 - 500 plate date Feb. 11, 1908, approved January 24, 1900
1902 Date Back 3x10-20 1 - 4740 plate date Feb. 11, 1908, approved August 20, 1908
1902 Plain Back 3x10-20 4741 - 7449

Huntoon, Peter, Leap Year Plate Dates, Chapter I07, U.S. National Bank Note Encyclopedia. Nine banks had leap year day as their plate date on National Bank Notes. Two were Pennsylvania banks, The First National Bank of Irwin (Charter 4698) and the First National Bank of Beaver (Charter 3850).

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1888 - 1921):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Beaver, 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
  1. ↑ The Pittsburgh Post, Pittsburgh, PA, Mon. Apr. 2, 1888.
  2. ↑ The Pittsburgh Press, Pittsburgh, PA, Wed., Nov. 30, 1898.
  3. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Wed., Jan. 10, 1900.
  4. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Sun., Feb. 23, 1908.
  5. ↑ The Fulton Democrat, McConnellsburg, PA, Thu., Nov. 16, 1911.
  6. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Mon., Nov. 29, 1915.
  7. ↑ The Pittsburgh Post, Pittsburgh, PA, Sun., Oct. 15, 1916.
  8. ↑ The Pittsburgh Post, Pittsburgh, PA, Fri., July 12, 1918.
  9. ↑ New Castle News, New Castle, PA, Mon., Mar.14, 1921.
  10. ↑ The Patriot-News, Harrisburg, PA, Tue., Mar. 15, 1921.
  11. ↑ The Evening Standard, Uniontown, PA, Mon., June 27, 1921.
  12. ↑ The Daily Notes, Canonsburg, PA, Thu., Mar. 17, 1921.
  13. ↑ The News-Journal, Lancaster, PA, Fri., Nov 3, 1922.
  14. ↑ The Waynesburg Republican, Waynesburg, PA, Thu., Nov. 6, 1924.
Retrieved from "https://banknotehistory.mywikis.wiki/w/index.php?title=First_National_Bank,_Beaver,_PA_(Charter_3850)&oldid=65040"