First National Bank, Cherry Tree, PA (Charter 7000)
First National Bank, Cherry Tree, PA (Chartered 1903 - Receivership 1933)
Town History
Cherry Tree is a borough in Indiana County, Pennsylvania. Cherry Tree was a center of the lumber industry in the later half of the 19th century. The population was 338 at the 2020 census.
Cherry Tree was originally known as "Canoe Place" because its location marked the spot where the West Branch of the Susquehanna River was no longer navigable and canoes would have to portage. The latter settlement was known as "Newman's Mills" and later "Grant Post Office". The current name was officially adopted in 1907, but had been in use informally by local residents for many years before that time. Cherry Tree was named for a large cherry tree that stood at the confluence of Cush Cushion Creek and the West Branch of the Susquehanna River. The tree marked the eastern boundary of the territory acquired by the Penn family from the Six Nations of the Iroquois at the Treaty of Fort Stanwix on November 5, 1768. The boundary, called the "purchase line", extended from the cherry tree westward to the current site of Kittanning, Pennsylvania on the Allegheny River.
Cherry Tree had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized September 8, 1903
- Chartered October 15, 1903
- Conservatorship March 21, 1933
- Receivership October 13, 1933
On October 15, 1903, the Comptroller of the Currency authorized The First National Bank of Cherry Tree to commence the business of banking as provided in Section 5169 of the Revised Statutes of the United States.
The officers in 1904 were Porter Kinports, president; Vincent Tonkin, vice president; and Frank Finsthwait, cashier. The directors were William McKeage, D.E. Notley, R.F. Pitcairn, Vincent Tonkin, J.C. Leasure, E.W. Smith, W.T. Mahaffey, and Porter Kinports.
In April 1905, Architects Robinson & Winkler were taking estimates on a brick and stone office building for the First National Bank of Cherry Tree to cost $20,000.
In January 1916, the following directors were elected: Wm. McKeage, W.T. Mahaffey, B.W. Kinports, B.W. Hawes, J.C. Leasure, E.W. Smith, and F. Finsthwait. The officers were E.W. Smith, president; J.C. Leasure, vice president; F. Finsthwait, cashier; and [https://www.findagrave.com/memorial/214185492/john-c-mahaffeyJ.C. Mahaffey[, assistant cashier.
In January 1932, T.W. Munroe, cashier of the First National Bank was elected vice president and treasurer of the First Savings and Trust Company of Derry. He started his banking career in 1910 in Johnstown. In 1916 is became affiliated with the Northern Trust Company of Pittsburgh until the start of the war when he enlisted in the Army, serving with the 26th division overseas. On his return in 1919 he was employed by the First National Bank of Cherry Tree. He served as Secretary of the Indiana County Bankers' Association.
In March 1933, Mr. John S. Menosky, cashier, was appointed Conservator by the Comptroller of the Currency for the purpose of safeguarding and protecting the assets of the bank in the interest of the depositors, stockholders and others concerned. The bank was open, accepting new deposits held in separate accounts. Deposits made prior to March 20, 1933 were not available until further notice.
Frank D. Tate, receiver for the First National Bank was authorized to pay a dividend of 40%, or approximately $375,000, to the creditors. This was the first dividend paid as the assets were liquidated.
In July 1934, The Farmers and Merchants Bank of Cherry Tree which acquired the building formerly owned by the First National Bank, moved into its new quarters on the 9th of July. Organized in 1923, the Farmers and Merchants Bank was authorized to resume business immediately after the bank holiday. It became a member of the Federal Deposit Insurance Corporation when it became effective in January 1934.
Official Bank Title(s)
1: The First National Bank of Cherry Tree, PA
Bank Note Types Issued
A total of $1,295,470 in National Bank Notes was issued by this bank between 1903 and 1933. This consisted of a total of 161,960 notes (123,476 large size and 38,484 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 2530 1902 Red Seal 3x10-20 1 - 2094 1902 Date Back 4x5 1 - 4750 1902 Date Back 3x10-20 1 - 3340 1902 Plain Back 4x5 4751 - 15824 1902 Plain Back 3x10-20 3341 - 10421 1929 Type 1 6x5 1 - 3834 1929 Type 1 6x10 1 - 1970 1929 Type 1 6x20 1 - 548 1929 Type 2 5 1 - 192 1929 Type 2 10 1 - 90 1929 Type 2 20 1 - 90
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1933):
Presidents:
- Porter Kinports, 1904-1911
- Ebenezer Walker Smith, 1912-1916
- John Calvin Leasure, 1917-1923
- Frank Finsthwait, 1924-1932
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Cherry Tree (Wikipedia)
- General information on Indiana County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Cherry Tree, PA, Wikipedia, https://en.wikipedia.org/wiki/Cherry_Tree,_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 Indiana Gazette, Indiana, PA, Tue., Jan. 19, 1932.
- The Indiana Progress, Indiana, PA, Wed., Oct. 28, 1903.
- The Indiana Progress, Indiana, PA, Wed., Aug. 10, 1904.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Apr. 26, 1905.
- The Indiana Progress, Indiana, PA, Wed., Jan. 16, 1916.
- The Indiana Gazette, Indiana, PA, Sat., Mar. 25, 1933.
- The Indiana Gazette, Indiana, PA, Fri., June 29, 1934.
- The Indiana Progress, Indiana, PA, Wed., July 4, 1934.