First National Bank, Bellefonte, PA (Charter 459)
First National Bank, Bellefonte, PA (Chartered 1864 - Open past 1935)
Town History
Bellefonte is a borough in and the county seat of Centre County, Pennsylvania. It is approximately 12 miles northeast of State College and is part of the State College, Pennsylvania metropolitan statistical area. It houses the Centre County Courthouse, located downtown on the diamond. Bellefonte has also been home to five of Pennsylvania's governors, as well as two other governors. All seven are commemorated in a monument located at Talleyrand Park. Bellefonte is located in the Nittany Valley of the Ridge and Valley Appalachians. The borough population was 6,105 at the 2020 census. In 1860 the population was 1,477, growing to 4,804 by 1930.
The town features many examples of Victorian architecture. It is also home to the natural spring, "la belle fonte", bestowed by Charles Maurice de Talleyrand-Périgord during a land-speculation visit to central Pennsylvania in the 1790s, from which the town derives its name. The spring, which serves as the town's water supply, has since been covered to comply with DEP water purity laws.
William Lamb sold his mill to John Dunlop in 1794. The following year, John’s father James Dunlop and John’s son-in-law James Harris (1756-1841) laid out the town that would become known as Bellefonte.
On June 13, 1871, the following, penned by "H.G.S." was written about Bellefonte on the occasion of its hosting the Democratic Editorial Convention. "Bellefonte is a romantic and beautiful town, containing about 3,000 inhabitants. It is surrounded by mountains, and has but one outlet into the great world of trade, namely, the Bald Eagle Valley Railroad, a branch of the Pennsylvania Central, which runs from Tyrone to Lock Haven, making connections at the former with the Central, and at the latter with the Philadelphia and Erie. It is the seat of Centre County and is beautified with many elegant public and private buildings. There are three fine large hotels here, the "Bush" [later the Penn Belle] the "Brokerhoff" and the "Earman," besides others of lesser note. The Bush House is one of the largest Hotels in the State, is handsomely furnished throughout, and is well kept. The present proprietor, Mr. Frank McClain, is a polite and accommodating host. The other hotels, we believe, are also managed well. There are likewise three first-class banking institutions here, one of which is owned principally by Major W. F. Reynolds, brother of Samuel H. Reynolds, Esq., of [Lancaster]. Major Reynolds is a man of great business tact and a gentleman of taste and culture. The First National Bank is presided over by Mr. Edward Humes, with John P. Harris, Esq., as cashier, and the Centre County Bank, by Mr. Henry Brokerhoff, with J. Dunlap Shugert as cashier. Each of these banks do [sic] a heavy business, and each is regarded as altogether reliable and trustworthy. The glass manufactory at this point is one of the best in the country, and turns out glass that is not excelled anywhere. This institution is now operated by Mr. Jacob V. Thomas, and gives employment to a large number of hands. There are also several planing mills and foundries in the place, and just beyond the limits of the borough are the celebrated iron-works of the Messrs. Valentine, and, further on, the far famed axe manufactory of Mr. Harvey Mann. There are three papers published here, the Democratic Watchman, the Bellefonte Republican, and The Christian Union Work, a monthly. Bellefonte received its name from a beautiful spring of clear cold water, which supplies the town, and which is really worth seeing. It gushes out of the ground in bubbles, and is always clear and cold as ice. It is said that the great French minister, Talleyrand, during his visit to this country, once came here and spent several weeks, and the natural chair or seat that he occupied, near this spring, is still pointed out to strangers. There ought to be large manufactories here of all kinds. The water-power is magnificent, and could be so easily utilized. Capitalists might here find highly profitable investments for money. Spring Creek, which flows through the town of Bellefonte and furnishes such superior water power, is full of fine trout, but the speckled beauties in it are capricious, and they can only be lured from their native element by the most cunning wiles of artistic anglers."[3]
Bellefonte Historic District is a national historic district located at Bellefonte, Centre County, Pennsylvania. The district encompasses 296 contributing buildings in the central business district and surrounding residential area of Bellefonte. The oldest building in the district is the Col. James Dunlop House dated to 1795. Notable non-residential buildings include the St. John's Roman Catholic Church, Crider Exchange (1889), Temple Court Building (1894), First National Bank Building, W.F. Reynolds and Co. Bank Building, and Pennsylvania Railroad Station. Located in the district and listed separately are the Brockerhoff Hotel, Centre County Courthouse, Gamble Mill, McAllister-Beaver House, and Miles-Humes House. The Bellefonte Academy and the Bush House Hotel were previously listed on the register until they burned to the ground in 2004 and 2006, respectively.
Bellefonte had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Chartered June 8, 1864
- Bank was Open past 1935
- Merged with Bellefonte Trust Company on December 31, 1959, with new institution title First Bellefonte Bank and Trust Company
In April 1854, the co-partnership between John Tonner and H. Humes and E.C. Humes was dissolved. The business in the future would be conducted at the old stand by E.C. Humes and W.H. Humes under the style of E.C. Humes & Bro. The renewal of patronage of the old customers was sought with promises to endeavor to sell goods at as low rates and quality and at the same time satisfy them in all other respects. Grain purchases for cash would continue.[4]
In 1856 Andrew G. Curtin, H.N. McAllister, Edward C. Humes and James T. Hale organized a private bank in the names of "Humes, McAllister, Hale & Co." They erected a small stone building on north Allegheny street, presumably on what became the northwestern corner of the Dr. P.H. Corman lot. At that time a small brick building immediately to the north of the bank contained the law office of Judge Hale. The bank grew rapidly and continued to do business at that spot until it became merged into the First National Bank. In March of that year, the borough installed a town clock in the cupola of the courthouse, costing $700.[5] It was composed of men who took an active interest in the origin and growth of a school to teach boys the best methods of farming. They continued their interest in the "Farmers' High School," the "Agricultural College of Pennsylvania," the "Pennsylvania State College," and the "Pennsylvania State University." McAllister, well-known as the originator of the first named school, prepared the first Act of Assembly of 1854, superseded by the Act of 1855 and spent a large portion of his life in keeping the early school alive.[6]
In July 1858, John P. Harris, formerly clerk, became the cashier of the deposit bank of Hale, Hume, McAllister & Co., Bellefonte. Mr. Murry retired.[7]
The banking house of Humes, McAllister, Hale & Co., Bellefonte received deposits, discounted notes, made collections, and made exchange on the East. Interest paid on deposits for 90 days and under six months was at the rate of 4% while deposits for six months and longer were paid 5% per annum. The officers were E.C. Humes, Jas. T. Hale, H.N. McAllister, and A.G. Curtin.[8]
In January 1862, Governor A.G. Curtin reported the appointment of Hon. Edgar Cowan, Thomas E. Franklin and E.C. Humes, Esqs., commissioners to visit the camps of Pennsylvania soldiers on and south of the Potomac to facilitate the making of allotments of pay for the volunteers in the field for the support of their families at home. James Park and M.W. Belthzoover, Esqs., were appointed commissioners to visit soldiers in Kentucky and elsewhere in the western country also to call attention of the troops to the system of allotment.T[9]
On Monday, December 5, 1864, the First National Bank of Bellefonte commenced operations when the first notes were issued. E.C. Humes was its president and J.P. Harris, cashier.[10]
The Centre County Banking Co. was started in 1868 at first under the name of Millikin, Hoover & Co., by John T. Hoover, James Millikin, Henry Brockerhoff, H.N. McAllister, James A. Beaver, Andrew G. Curtin, Edward C. Humes, John P. Harris, P. Benner Wilson, and J. Dunlop Shugert. By the end of that first year Henry Brockerhoff was president and J. Dunlop Shugert, cashier.[11]
In July 1896, the comptroller of the currency announced the following changes in national bank officers: First National Bank of Bellefonte, James P. Coburn elected president in place of George F. Harris and George F. Harris elected vice president in place of James P. Coburn.[12]
In January 1898, Charles M. McCurdy, Esq., of Gettysburg, was appointed cashier of the First National Bank of Bellefonte.[13] Mr. McCurdy had been connected with the Gettysburg National Bank for the past 22 years first as bookkeeper and later as assistant cashier.[14]
On Sunday, September 10, 1911, Dr. George Fairlamb Harris, son-in-law of war governor Andrew G. Curtin and one of the best-known physicians in Central Pennsylvania died at his apartments in the Bush House. He was the last surviving member of the family of William Harris, a prominent politician of Bellefonte 50 years ago. Dr. Harris served during the Civil War and for a number of years had been a director and vice president of the First National Bank of Bellefonte.[15]
In October 1919, the Bellefonte Trust Co. purchased the Reynolds building in which they had their banking offices for many years. This was a fine brick building, trimmed in brownstone, located on the southeast corner of the Bellefonte Square or "Diamond." The consideration was $40,000. The first floor was occupied by the Bellefonte Trust Co., the Index stationery store, and Carpeneto's pool room. The second floor was occupied by the offices of Col. W. Fred Reynolds and by the Smith tailor establishment and the third floor was used by the K. of C. order. The trust company planned to remodel the building to take the entire first floor while building a new vault and safety deposit vault. They would also add special rooms for the convenience of lady patrons and for the public to transact business other than banking business. The second and third floors would be fitted as first-class apartments.[16]
On Sunday evening, February 15, 1925, John P. Harris, one of the best known bankers in Central Pennsylvania, died at his home in Bellefonte at the age of 92 years. He was cashier of the First National Bank of Bellefonte for many years and through his connection with the bank became widely known all over the state. When the Bellefonte Trust Company was organized, he was elected treasurer and continued in that capacity until he retired in 1919.[17]
On Tuesday, January 8, 1929, stockholders re-elected all the old directors as follows: Charles M. McCurdy, W. Fred Reynolds, Charles C. Shuey, James C. Furst, Henry S. Linn, Thomas B. Beaver, Dr. David Dale, and Frank L. Mayes. the board organized by electing Charles M. McCurdy, president; W. Fred Reynolds, vice president; Jamec C. Furst, secretary; and reappointed James K. Barnhart, cashier; C.E. Robb and Louis Schad, assistant cashiers.[18]
In October 1939, James K. Barnhart retired after 55 years of service with the First National Bank, having entered the bank's employ when he graduated from high school, rising to the position of cashier. Louis S. Schad was named his successor.[19]
In January 1941, Newell B. Long was re-elected president of the First National Bank of Bellefonte at the annual stockholders' meeting. Others re-elected were Col. W. Fred Reynolds, vice president; Louis S. Schad, cashier; Charles McC. Scott, trust officer and J. Jackson Spangler, assistant trust officer. The following members of the old board were re-elected: Col. W. Fred Reynolds, Dr. Paul M. Corman, Henry S. Linn, L. Frank Mayes, C.C. Shuey, James C. Furst, Thomas B. Beaver and Newell B. Long. The bank had capital $200,000, surplus $200,000, undivided profits and reserves $89,365.[20]
In late September 1959, the boards of directors of the Bellefonte Trust Company and the First National Bank of Bellefonte voted to merge their banks. The name of the new institution would be the First Bellefonte Bank and Trust Co.[21]
The private banking firm of William F. Reynolds and Company formed in 1859. It was sold in 1893 to George W. Jackson who organized a private company with Daniel H. Hastings, governor from 1895 to 1899, and Fountain W. Crider: Jackson Crider and Hastings, which became Jackson, Hastings and Company, bankers. In 1904 it was purchased by J.L. Spangler, Ross A. Hickok, Claude Cook, John P. Harris, A.C. Mingle, C.T. Gerberich and J. Henry Cochran who formed a state bank, Bellefonte Trust Company.[22] The Bellefonte Trust Company began business on December 1, 1904. The directors were Col. J.L. Spangler, C.T. Gerberich, J. Henry Cochran, A.C. Mingle, Claude Cooke, Ross A. Hickok, and John P. Harris. The officers were Col. J.L. Spangler, president; C.T. Gerberich, vice president; John P. Harris, Treasurer; and Isaac Mitchell, assistant treasurer and secretary.[23]
William Frederick Reynolds, a son of Samuel Reynolds, a prominent banker of Lancaster, moved to Bellefonte about 1841 with some money. He was one of the few persons in Centre County who did not owe his wealth to the iron business. His bank was started in 1859 in what was known as the Reynolds Arcade, a three-story building erected on two lots south of what became the Katz Store on Allegheny Street. On the second floor of the building was a small showroom known as the opera house. A fire swept away the entire block of buildings bounded by Cherry Alley, Allegheny and Bishop Streets, and Perry Alley. Reynolds purchased the northern portion of the lot on Allegheny Street where the present bank stands and erected a brick building with the banking room on the Diamond corner and two store-rooms south of that space. The William F. Reynolds and Company bank was really started with its first employee, George W. Jackson, a former Girard College boy. The "and Company" was purely superfluous since Reynolds never sold any portion of the bank stock. Mr. Jackson remained with the bank during its later changes until his death. His second employee was Isaac Mitchell, another Girard College boy. Later, two of the Lane boys, John and James were employed. The Lanes were nephews of President Buchanan. Governor Pattison appointed Reynolds as a major on the Governor's staff. Shortly before his death, the Major determined to make an appraisal of his belongings was stunned when he found out that the total estate would run over $1 million. The Major died in 1883 and after several bequests and trusts aggregating about $200,000, left the remainder of his estate to his nephew, William Frederick. W. Frederick Reynolds, as he afterwards signed his name, had little interest in the banking business and soon sold it to Daniel H. Hastings, Fountain W. Crider and George W. Jackson.[24]
On Monday, November 2, 1959, the new Altoona Central Bank and Trust Company formed by the merger of the Altoona Trust Company and Central Trust Company, both of Altoona, opened for business. Stockholders of the Bellefonte Trust Company and the First National Bank of Bellefonte would vote on a merger November 17th.[25] The two Bellefonte banks would merge on the last day of the year and begin operation as one institution on Monday, January 4. The consolidation left Bellefonte with only one bank in the borough. Until a few years ago there had been three. Mahlon K. Robb, trust company president was the new president.[26]
Officers of the Altoona Central Bank and Trust Co. were: Mahlon K. Robb, president; Harford W. Pearce, vice president and secretary: and Dr. Paul M. Corman and C.Y. Wagner, vice presidents. D. Betz, treasurer; Charles MacC. Scott, trust officer and assistant treasurer; William Monsell, Jr., assistant trust officer; R.L. Krape, assistant treasurer; Louis S. Schad, assistant treasurer; Hays W. Mattern, Jr., assistant secretary and assistant trust officer, and Mrs. Margaret V. Norris, assistant secretary. The 17 directors of the two banks would continue and all employees would be retained. Total assets of the new bank with two buildings in Bellefonte and a branch in Pleasant Gap, would be $16.5 million.[27]
In May 1965, the Altoona Central Bank and Trust Co. and the First Bellefonte Bank and Trust Co. announced plans to merge. The proposed name for the new institution was Mid-State Bank and Trust Co. with main offices at Altoona. Edward B. Felty, Altoona, would be chairman of the board; Mahlon K. Robb, Bellefonte, vice chairman of the board and chairman of the executive committee; and Frank Marsh, Altoona, president.[28] On Tuesday, June 22, 1965, stockholders approved the consolidation. The merger would be effected through stock exchange. Shareholders would receive 1.3 shares of stock for each Altoona share and 1.125 shares for each Bellefonte share. Scrip certificates would be issued in lieu of fractional shares. The merged bank would have 12 branches located in Altoona, Bellwood, Bellefonte, Martinsburg, Pleasant Gap, Roaring Spring, and State College.[29] Edward B. Felty was chairman and Frank Marsh, president, overseeing the 12 offices.[30]
In May 1986, Keystone Financial Inc. of State College had total assets of $1.39 billion and deposits of 1.26 billion at the end of 1985. Keystone Financial, a bank holding company, was composed of Mid State Bank and Trust Co. of Altoona; Northern Central Bank of Williamsport; and NCB Bank in Middleburg. Non-banking subsidiaries were Keystone Brokerage Inc., Keystone Data Services Inc., Mid-State Investment Corp. Inc., and Northern Central Life Insurance Co.[31]
In October 2000, M&T Bank acquired Keystone Financial of Central Pennsylvania.
Official Bank Title
1: The First National Bank of Bellefonte, PA
Bank Note Types Issued
A total of $2,637,820 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 298,600 notes (272,516 large size and 26,084 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 - 3650 Original Series 3x10-20 1 - 2340 Series 1875 3x10-20 1 - 1708 1882 Brown Back 4x5 1 - 2165 1882 Brown Back 3x10-20 1 - 7038 1902 Red Seal 4x5 1 - 5300 1902 Red Seal 3x10-20 1 - 3980 1902 Date Back 4x5 1 - 8050 1902 Date Back 3x10-20 1 - 5580 1902 Plain Back 4x5 8051 - 25004 1902 Plain Back 3x10-20 5581 - 16994 1929 Type 1 6x10 1 - 2854 1929 Type 1 6x20 1 - 748 1929 Type 2 10 1 - 3550 1929 Type 2 20 1 - 922
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1935):
Presidents:
- Edward Crouch Humes, 1864-1894
- Dr. George Fairlamb Harris, 1895-1895
- James P. Coburn, 1896-1908
- Charles M. McCurdy, 1909-1935
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Bellefonte, 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
- ↑ Centre Daily Times, State College, PA, Thu., Apr. 20, 1978.
- ↑ Centre Democrat, Bellefonte, PA, Thu., Oct. 4, 1860.
- ↑ Lancaster Daily Intelligencer, Lancaster, PA, Wed., June 14, 1871.
- ↑ Centre Democrat, Bellefonte, PA, Thu., Apr. 27, 1854.
- ↑ Centre Daily Times, State College, PA, Thu., Dec. 29, 1949.
- ↑ Centre Daily Times, State College, PA, Mon., Oct 26, 1959.
- ↑ Lewisburg Chronicle, Lewisburg, PA, Fri., July 9, 1858.
- ↑ Centre Democrat, Bellefonte, PA, Thu., Oct. 4, 1860.
- ↑ he Sunbury Gazette, Sunbury, PA, Sat., Jan. 18, 1862.
- ↑ Lewisburg Chronicle, Lewisburg, PA, Tue., Dec. 13, 1864.
- ↑ Centre Daily Times, State College, PA, Thu. Jan. 19, 1950.
- ↑ The Star, Reynoldsville, PA, Wed., July 22, 1896.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Sun., Jan. 9, 1898.
- ↑ The Franklin Repository, Chambersburg, PA, Wed., Jan. 12, 1898.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Mon., Sep. 11, 1911.
- ↑ Altoona Tribune, Altoona, PA, Thu., Oct. 2, 1919.
- ↑ Tyrone Daily Herald, Tyrone, PA, Mon., Feb. 16, 1925.
- ↑ Daily Gazette and Bulletin, Williamsport, PA, Sat., Jan. 12, 1929.
- ↑ The Daily Item, Sunbury, PA, Fri., Oct. 20, 1939.
- ↑ Centre Daily Times, State College, PA, Thu., Jan. 16, 1941.
- ↑ The Progress, Clearfield, PA, Fri., Oct. 2, 1959.
- ↑ Centre Daily Times, State College, PA, Thu., Apr. 20, 1978.
- ↑ Centre Daily Times, State College, PA, Fri., Oct. 28, 1904.
- ↑ Centre Daily Times, State College, PA, Wed., Oct. 7, 1959.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Tue., Nov. 3, 1959.
- ↑ The Express, Lock Haven, PA, Thu., Dec. 24, 1959.
- ↑ The Express, Lock Haven, PA, Fri., Oct 16, 1959.
- ↑ The Express, Lock Haven, PA, Sat., May 22, 1965.
- ↑ The Express, Lock Haven, PA, Sat., June 26, 1965.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Thu., July 1, 1965.
- ↑ Centre Daily Times, State College, PA, Sat., May 10, 1986.