First National Bank, Canton, PA (Charter 2505)

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Postcard of the First National Bank of Canton, Pennsylvania, Ca1910s.
Postcard of the First National Bank of Canton, Pennsylvania, Ca1910s. Courtesy of Heritage Auctions, www.ha.com

First National Bank, Canton, PA (Chartered 1881 - Closed (Merger) 2009)

Town History

Canton is a borough in Bradford County, Pennsylvania. The population was 1,976 at the 2010 census.

Canton is located in southwestern Bradford County in the valley of Towanda Creek. It is surrounded by Canton Township but is a separate municipality. Pennsylvania Route 14 passes through the borough, leading north 10 miles to U.S. Route 6 in Troy and south 25 miles to U.S. Route 15 at Trout Run.

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

Bank History

  • Organized January 24, 1881
  • Chartered February 16, 1881
  • Succeeded Bank of Canton
  • Absorbed 9317 November 1, 1932 (Farmers National Bank, Canton, PA)
  • Assumed circulation of 9317
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into Chemung Canal Trust Co., Elmira, NY, May 30, 2009

In February 1881, the First National Bank of Canton planned to open for business on March 1st. The Bank of Canton converted to a national charter on March 1, 1881, with capital stock of $50,000, surplus of $23,000, undivided profits of $5,672.44, individual deposits $69,086.97, and demand certificates $48,693.35. The officers were: Adam Innes, president; B.S. Dartt, vice president; G.A. Guernsey, cashier. The directors were A.D. Foss, G.E. Bullock, Keleon Packard, B.S. Dartt, LeRoy Gleason and Daniel Innes.

On Tuesday, January 8, 1889, stockholder elected the following directors: Daniel Innes, A.D. Foss, Geo. A. Guernsey, G.E. Bullock, L.R. Gleason, John A. Innes, Keleon Packard. The officers were Daniel Innes, president; A.D. Foss, vice president; and Geo A. Guernsey, cashier.

On Tuesday, January 13, 1925, stockholders elected the following directors: L.T. McFadden, Charles E. Bullock, Charles A. Innes, E. Lloyd Lewis, G.F. Krise, Edward R. Innes, Martin L. Rockwell. The board organized and elected L.T. McFadden, president; Charles E. Bullock, vice president; Charles A. Innes, cashier; Herrick T. Owen, first assistant cashier; Floyd C. Griswold, second assistant cashier; and Florence H. Bennett, assistant to the president. 

Louis T. McFadden was born at Troy, Pa., July 25, 1876. He was educated in the public schools of that city and Warner's Commercial College, Elmira, New York. Beginning as an office boy in the First National Bank of Canton at the age of sixteen, he gradually rose to the office of president in 1916. He was elected to congress in 1915 and had been re-elected every term since, representing the Fifteenth district.  He chaired the Committee on Banking and Currency. He was a Republican and his home was in Canton.

On January 12, 1932, The First National Bank of Canton elected the following directors: Charles A. Innes, Charles E. Bullock, E. Lloyd Lewis, G.F. Krise, Edward R. Innes, Martin L. Rockwell, Frank S. Stull. The officers chosen were Charles A. Innes, president; Charles E. Bullock, chairman of the board; E. Lloyd Lewis, vice president; H.T. Owen, cashier; and F.C. Griswold, assistant cashier. Adam Innis was the proprietor of the Scotia Tannery in Granville and one of the most successful businessmen in western Bradford County.

On July 1, 1932, formal announcement was made of the merger of the Farmers National Bank of Canton and the First National Bank, the new institution to be known as the First National Bank of Canton. The merger gave the new bank capital stock of $150,000 and surplus of $30,000, with total assets well over $1.5 million. The bank occupied the quarters of the First National Bank and no announcement was made as to what use would be made of the Farmers National Bank Building.

In 1941, the officers were Charles A. Innes, chairman of the board; C. Arthur Bullock, president; D.S. Guthrie executive vice president; E. Lloyd Lewis, vice president; H.T. Owen, cashier; F.C. Griswold, assistant cashier. The directors were Charles A. Innes, E. Lloyd Lewis, C.F. Biddle, E.R. Innes, M.L. Rockwell, C. Arthur Bullock, and H.A. Spalding. The institution was housed in their own building purchased a number of years earlier from the late Mrs. E.M. Lewis. Tenants in the building included the post office, Krotzer and Perry sporting goods, C. Arthur Bullock, attorney, Floyd Taylor insurance, Girl Scouts and Canton Chapter, Order of the Eastern Star.

Official Bank Title(s)

1: The First National Bank of Canton, PA

Bank Note Types Issued

Series of 1875 $5 bank note with pen signatures of George A. Guernsey, Cashier and Adam Innes, President.
Series of 1875 $5 bank note with pen signatures of George A. Guernsey, Cashier and Adam Innes, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $10 bank note with pen signatures of L.T. McFadden, Cashier and Daniel Innes, President.
1882 Brown Back $10 bank note with pen signatures of L.T. McFadden, Cashier and Daniel Innes, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with a radar treasury SN and printed signatures of Charles A. Innes, Cashier and L.T. McFadden, President.
1902 Plain Back $10 bank note with a radar treasury SN and printed signatures of Charles A. Innes, Cashier and L.T. McFadden, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of Charles A. Innes, Cashier and Charles E. Bullock, President.
1929 Type 1 $20 bank note with printed signatures of Charles A. Innes, Cashier and Charles E. Bullock, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 2 $10 bank note with printed signatures of H.T. Owen, Cashier and Charles A. Innes, President.
1929 Type 2 $10 bank note with printed signatures of H.T. Owen, Cashier and Charles A. Innes, President. Courtesy of Heritage Auctions, www.ha.com

A total of $2,218,900 in National Bank Notes was issued by this bank between 1881 and 1935. This consisted of a total of 200,042 notes (165,524 large size and 34,518 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
Series 1875 4x5 1 - 13382
Series 1875 50-100 1 - 274
1882 Brown Back 3x10-20 1 - 1700
1882 Brown Back 50-100 1 - 630
1882 Date Back 3x10-20 1 - 9000
1882 Date Back 50-100 1 - 172
1882 Value Back 3x10-20 9001 - 13287
1902 Plain Back 3x10-20 1 - 12474
1929 Type 1 6x10 1 - 3442
1929 Type 1 6x20 1 - 884
1929 Type 2 10 1 - 6703
1929 Type 2 20 1 - 1859

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1881 - 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

  • Canton, PA, Wikipedia, https://en.wikipedia.org/wiki/Canton,_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://spmc.org/bank-note-history-project
  • The Canton Independent-Sentinel, Canton, PA, Fri., Feb. 18, 1881.
  • Towanda Daily Review, Towanda, PA, Thu., Apr. 21, 1881.
  • The Canton Independent-Sentinel, Canton, PA, Thu., Jan. 10, 1889.
  • The Canton Independent-Sentinel, Canton, PA, Thu., Jan. 15, 1925.
  • The Canton Independent-Sentinel, Canton, PA, Thu., Jan. 14, 1932.
  • The Evening Times, Sayre, PA, Fri., July 1, 1932.
  • The Evening Times, Sayre, PA, Tue., May 20, 1941.
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