First National Bank, Masontown, PA (Charter 5441)
First National Bank, Masontown, PA (Chartered 1900 - Receivership 1931)
Town History
Masontown is a borough in Fayette County, Pennsylvania. It is part of the Pittsburgh Metro Area. The population of the borough was 3,450 at the 2010 census. Masontown is a small crossroads in a rural section of western Fayette County. The borough's western border is the Monongahela River, which forms the Greene County line, but the main settled part of the borough is 1 mile east of and 200 feet higher than the river.
Fort Mason was built as a blockhouse from 1774 to 1778 by John Mason, also known as Johannes Phillip Maurer (1730-1812). Masontown became a town in 1798. He later moved to Ohio and is buried on a family farm in Columbiana County.
Pennsylvania Route 21 passes through the northern and western part of the borough, leading east 12 miles to Uniontown, the Fayette county seat, and west across the Monongahela 16 miles to Waynesburg. Pennsylvania Route 166 passes through the center of Masontown as Main Street and leads south 10 miles to Point Marion at the confluence of the Monongahela and Cheat Rivers.
Masontown had three National Banks chartered during the Bank Note Era, and two of those banks issued National Bank Notes.
Bank History
- Organized May 10, 1900
- Chartered June 19, 1900
- Absorbed 6528 January 22, 1931 (Masontown National Bank, Masontown, PA)
- Receivership April 18, 1931
The First National Bank of Masontown began business on July 16, 1900. In July 1901, the bank purchased property from William G. Sharpnack consisting of a lot 66 X 165 feet with a dwelling and storeroom for $11,000. The plan was to remodel the storeroom as a banking room 15 X 40 feet with a vault 15 X 12 feet in the rear while the dwelling part would be fitted up as offices.
Cashier D. Ross Robinson of the First National Bank of Masontown was arrested on the charge of embezzling the bank's funds. The complaint was made by bank examiner Charles W. Robinson and an investigation of Anderson's books showed a shortage of $36,000. Officers of the bank were the first to discover that something was wrong and Anderson allegedly confessed to a shortage of $19,000 and offered his resignation which took effect October 1, 1906. Anderson was one of the best-known men of Fayette County and was elected register and recorder in 1890. The discrepancies were committed over the previous three years.
Two indictments were returned by the Grand Jury against Anderson charging him with 17 counts, seven for alleged false entries, one for an alleged false report to the comptroller of the currency, and five with unlawfully abstracting funds amounting to $4,185 from the bank. The other indictment was upon an alleged false entry to the credit of G.W. Neff, president of the bank, for $1,500. The indictment against Edward H. Anderson, son of the cashier and a clerk in the bank had 14 counts. Trial would be postponed until the October term of the United States District Court in Pittsburgh. Anderson plead guilty and his son nolo contendere on October 23, 1907. Judge Nathaniel Ewing sentenced Anderson to the minimum of five years in the western penitentiary. His son, Edward H. Anderson, had his sentence suspended as his father had assumed all the responsibility. D. Ross Anderson died in the Western Penitentiary less than a year later on September 9, 1908.
Directors for 1907 were Dr. George W. Neff, John C. Neff, Chas. G. Hempstead, David Gans, Wm. G. Sharpnack, John Sterling, Wm. M. Sterling, W.J. Parshall, and J.A. Sterling. Officers elected were Dr. G.W. Neff, president; John Sterling, vice president; and Charles H. Harbison, cashier.
In 1913 the directors were George W. Neff, John C. Neff, David Gans, W.G. Sharpnack, Joseph G. Cover, Chas. S. Hempstead, and S.B. Rothermel. The officers were George W. Neff, president; Chas. S. Hempstead, vice president; Chas. H. Harbison, cashier and W.G. Sharpnack, teller. The bank had capital of $25,000, surplus and undivided profits $38,000.
On Monday, June 2, 1919, upon opening the vault of the First National Bank which had been closed since Thursday, Friday being a legal holiday, Mrs. Pearl Martin, 33 years old, assistant cashier at the bank was met by a terrific explosion of gas. A gas jet had been left burning and when the doors of the vault were closed Thursday evening, the interior was sealed and the gas jet soon burned itself out allowing gas to build up. Arthur Young, superintendent of the Bessemer plant was burned about the head, shoulders and hands and H. Allen Fast, another bookkeeper at the bank was burned in giving first aid to Mrs. Martin. Mrs. Martin was taken to Uniontown hospital, but died 12 hours later. She was the widow of Clarence Martin who was killed several years prior when a train struck the automobile they were riding.
In 1921, directors were R.B. Hays, Thos. A. Hoover, Joseph G. Cover, Ihaiah Cover, Frank J. Connell, R.K. Wright, and Chas. H. Harbison. Officers were R.B. Hays, president; Thomas A. Hoover, vice president; Charles H. Harbison, cashier; Martin J. Berish, Teller; and Joseph C. Cover and W.G. Sharpnack, bookkeepers.
On Monday, October 15, 1923, J. Carmen Cover, 22 years old of the First National Bank of Masontown where he was formerly employed as a bookkeeper was arrested for embezzlement. The loss to the bank was reported to have been made good by Cover's father, a director in the bank. J. Carman Cover was indicted by the Federal Grand Jury on November 16, 1923 and charged with abstracting $18,741.87 between November 29, 1921 and February 8, 1923. He would be convicted and sentenced to one year and a day in the Atlanta penitentiary by Judge F.P. Schoonmaker on November 8, 1924.
In January 1928, directors elected were: R.B. Hays, Joseph G. Cover, Charles H. Harbison, Frank J. Connell, Dr. John L. Messmore, R.K. Wright with officers R.B. Hays, president; Joseph G. Cover, vice president; Charles H. Harbison, cashier and secretary. The regular semi-annual 6% dividend was declared.
On Saturday, December 6, 1930, The First National Bank acquired all the assets of the Masontown National Bank. The consolidated institution will conduct business in the quarters of the First National Bank with officers and directors of R.B. Hays, president; Joseph G. Cover, vice president; Charles H. Harbison, cashier. Mr. Hays, Mr. Cover and Mr. Harbison along with Dr. John L. Messmore and Frank J Connell constituted the board of directors. Directors of the Masontown National bank were W.L. Graham, Dr. E.R. Ingraham, Dr. S.E. Peters, and Orin Johnson. The new bank had total assets of approximately $2.8 million.
On April 17, 1931, the bank was in the hands of National Bank Examiner C.E. Underwood. The board of directors voted the day prior to close the doors because of heavy withdrawals. The statement issued said the step was taken to "conserve the assets for benefits of the loyal depositors." The bank would soon be in the hands of receiver Jesse R. Scott and would not reopen.
On November 3, 1933, Edward W. McShane was made receiver of the First National Bank and Masontown National Bank. He tendered his resignation in May 1935 to the comptroller of the currency, the affairs of the two closed banks reaching the point where the policies of the Comptroller necessitated consolidation with other closed national banks in the vicinity.
Official Bank Title(s)
1: The First National Bank of Masontown, PA
Bank Note Types Issued
A total of $1,235,140 in National Bank Notes was issued by this bank between 1900 and 1931. This consisted of a total of 134,588 notes (121,736 large size and 12,852 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 2150 1882 Date Back 3x10-20 1 - 2450 1882 Value Back 3x10-20 2451 - 3244 1902 Plain Back 4x5 1 - 14792 1902 Plain Back 3x10-20 1 - 10248 1929 Type 1 6x10 1 - 1664 1929 Type 1 6x20 1 - 478
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1931):
Presidents:
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 Masontown (Wikipedia)
- General information on Fayette County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Masontown, 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://bbdata.banknotehistory.com
- The Pittsburgh Press, Pittsburgh, PA, Sat., July 20, 1901.
- The Pittsburgh Press, Pittsburgh, PA, Thu., Oct. 25, 1906.
- The Morning Herald, Uniontown, PA, Tue., Feb. 26, 1907.
- The Pittsburgh Press, Pittsburgh, PA, Wed., Oct. 16, 1907.
- The Morning Herald, Uniontown, PA, Fri., Oct. 25, 1907.
- The Pittsburgh Press, Pittsburgh, PA, Sun., Nov. 10, 1907.
- The Daily Courier, Connellsville, PA, Wed., Sep. 9, 1908.
- The Evening Standard, Uniontown, PA, Tue., Oct. 21, 1913.
- The Daily Courier, Connellsville, PA, Mon. June 2, 1919.
- The Evening Standard, Uniontown, PA, Tue., Feb. 1, 1921.
- The Pittsburgh Daily Post, Pittsburgh, PA, Tue., Oct. 16, 1923.
- The Pittsburgh Daily Post, Pittsburgh, PA, Sun., Nov. 9, 1924.
- The Morning Herald, Uniontown, PA, Wed., Jan. 11, 1928.
- The Evening Herald, Pottsville, PA, Fri., Apr. 17, 1931.
- The Evening Standard, Uniontown, PA, Wed., May 8, 1935.