First National Bank, Dunbar, PA (Charter 7576)
First National Bank, Dunbar, PA (Chartered 1905 - Receivership 1927)
Town History
Dunbar is a borough in Fayette County, Pennsylvania. The population was 1,042 at the 2010 census, down from 1,219 at the 2000 census. The population in 1910 was 1,970.
Dunbar is named for Colonel Thomas Dunbar, who commanded an English force at nearby Jumonville and retreated to Philadelphia after Braddock was defeated by the French and Indians.
Dunbar is located in north-central Fayette County in the valley of Dunbar Creek, a tributary of the Youghiogheny River. It is 5 miles south of Connellsville via Woodvale Street and U.S. Route 119. Uniontown, the county seat, is 8 miles to the southwest.
Dunbar had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized January 20, 1905
- Chartered January 24, 1905
- Opened for business February 1, 1905
- Receivership March 7, 1927
On December 19, 1904, T.B. Dunbar filed application for permission to organize the First National Bank of Dunbar, Pennsylvania with $25,000 in capital.
On January 9, 1906, the following directors were elected: T.B. Palmer, Sidney H. Patterson, John Wishart, Dr. S.G. Valentine, J.S. Carroll, C.E. Wilson, and C.D. Kimball. Officers elected were T.B. Palmer, president; Dr. S.G. Valentine, vice president; C.D. Kimball, cashier; and J. Hall Spear, teller. All were reelected in 1907.
In January 1927, T.B. Palmer was re-elected president, C.E. Wilson is vice president and Ray G. Holsing, cashier. The board of directors was reduced from seven to six, there being no successor named to the vacancy cased by the death of William C. Smith. The board members were T.B. Palmer, C.E. Wilson, John Wishart, Ray G. Holsing, John S. Carroll and F.J. McFarland.
On February 21, 1927, The Fist National Bank of Dunbar failed to open after a meeting of directors. National Bank Examiner Addison A. Clark was placed in charge by the Comptroller of the Currency. In 1926 the bank had capital stock of $50,000, surplus and undivided profits of $45,351.44; deposits of $265,597.22, and total assets of $511,663.11.
H.E. Hackney was appointed receiver; by November 1927, 65% of funds were made available to depositors of the First National Bank of Dunbar. In March 1929, receiver J.A. Gamble was granted permission by the court to dispose of the remaining assets of the bank and make judgements necessary on stockholders. Only 75% of funds had been made available to depositors by this time.
In December 1927, John M. Core bought the palatial mansion of T.B. Palmer in Uniontown for $300; the sale was made subject to a $35,000 mortgage held by members of the Core family.
The bank building was purchased in July 1928 by James I. Feather, Vice President of the Citizens Title and Trust Co. of Uniontown.
Official Bank Title(s)
1: The First National Bank of Dunbar, PA
Bank Note Types Issued
A total of $747,900 in National Bank Notes was issued by this bank between 1905 and 1927. This consisted of a total of 59,832 notes (59,832 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 1902 Red Seal 3x10-20 1 - 2613 1902 Date Back 3x10-20 1 - 4840 1902 Plain Back 3x10-20 4841 - 12345
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1927):
Presidents:
Cashiers:
Other Bank Note Signers
- Sidney H. Patterson, Vice President, 1908 Signature
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Dunbar (Wikipedia)
- General information on Fayette County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Dunbar, PA, Wikipedia, https://en.wikipedia.org/wiki/Dunbar,_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://bbdata.banknotehistory.com
- Pittsburgh Daily Post, Pittsburgh, PA, Mon. Dec. 19, 1904.
- The Weekly Courier, Connellsville, PA, Wed., Jan. 10, 1906.
- The Morning Herald, Uniontown, PA, Wed., Jan. 9, 1907.
- The Daily Courier, Connellsville, PA, Tue., Jan. 11, 1927.
- Pittsburgh Daily Post, Pittsburgh, PA, Tue., Feb. 22, 1927.
- The Daily Republican, Monongahela, PA, Tue., Dec. 6, 1927.
- The Pittsburgh Press, Pittsburgh, PA, Tue., July 24, 1928.