First National Bank, Cherry Tree, PA (Charter 7000)

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Postcard of the First National Bank of Cherry Tree, Pennsylvania, ca.1910.
Postcard of the First National Bank of Cherry Tree, Pennsylvania, ca.1910. Courtesy of Mark Hotz

First National Bank, Cherry Tree, PA (Chartered 1903 - Receivership 1933)

Town History

Photo of the old First National Bank, ca2019.
Photo of the old First National Bank, ca2019. Courtesy of Google Maps

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

1902 Plain Back $5 bank note with stamped signatures of T.W. Munroe, Cashier and F. Finsthwait, President.
1902 Plain Back $5 bank note with stamped signatures of T.W. Munroe, Cashier and F. Finsthwait, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $20 bank note with printed signatures of John Doe, Cashier and Jill Smith, President.
1929 Type 1 $20 bank note with printed signatures of John Doe, Cashier and Jill Smith, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

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:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

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.