First National Bank, McAdoo, PA (Charter 8619)
First National Bank, McAdoo, PA (Chartered 1907 - Open past 1935)
Town History
McAdoo is a borough and coal town in Schuylkill County, Pennsylvania, 5 miles south of Hazleton and 7 miles north of Tamaqua. McAdoo contains the picturesque Silver Brook Meadow. In the past, anthracite coal mining and a shirt factory, the McAdoo Manufacturing Company, provided gainful employment to the populace. The population was 2,300 at the 2010 census. In 1900 the population was 2,122 and it peaked in 1930 at 5,239.
McAdoo had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized January 30, 1907
- Chartered March 30, 1907
- Opened for business June 3, 1907
- Bank was Open past 1935
- Merged into American Bank and Trust Co. of Pa., March 18, 1968
On Monday, June 3, 1907, The First National Bank of McAdoo opened for business. The bank was owned and managed by McAdoo and South Side people with John H. Burnard, president; E.J. Dailey, vice president; and Howard I. Smith, cashier. Matthew Muldowney of McAdoo was chosen by the directors to serve as clerk.
On January 11, 1910, the following directors were elected: John H. Burnard, Edward J. Dailey, Wm. H. Helfrich, Gmitro Kapitula, Thos. L. Kearns, James J. McDonald, Stephen F. Payer, Gabriel L. Schincke, Howard I. Smith, L.G. Wetterau, Con. J. O'Donnell. The officers were John H. Burnard, president; Ed. J. Dailey, vice president; and Howard I. Smith, cashier.
Proposals for the erection of a one-story bank building were due September 15, 1911 a 8 o'clock PM. Plans and specifications could be had from the cashier of F.X. Reilly, Architect of Pottsville. A certified check for 20% of the amount bid had to accompany proposals to ensure the faithful performance of the contract. Proposals were again solicited and were due June 25, 1912.
In July 1918, Stephen F. Payer of McAdoo was appointed clerk, succeeding Matthew Muldouney who resigned. Mr. Payer was a well-known linguist, a valuable skill for the position.
On January 10, 1922, stockholders re-elected the old board for the ensuing year. The directors were: John H. Burnard, Edward J. Dailey, Dr. L.G. Wetterau, James J. McDonald, Stephen F. Payer, Howard I. Smith, Joseph Garrahan and Con. J. O'Donnell. The officers elected were John H. Burnard, president; Edward J. Dailey, vice president; and Howard I. Smith, cashier.
In April, 1923, Anthony Midash who had been employed as a clerk for five years resigned to accept a more lucrative position in the new City Bank and Trust Co. at Hazleton in a similar capacity. Tony, as he was called, having been developed under the practical direction of Howard I. Smith, will be a valuable asset to any banking institution. In July, James M. Brogan, assistant cashier of the Citizens National Bank of Freeland was elected cashier. The directors resolved to increase the capital stock from $25,000 to $75,000, present stockholders of record with a dividend of 100%, payable in stock of the bank, and the other $5,00 to be sold at a fixed price fixed by the board. Deposits in the bank aggregated $1,250,000 and assets were approximately $1,500,000.
On January 13, 1925, the stockholder elected the following directors: John H. Burnard, Edward J. Dailey, James J. O'Donnell, Con J. O'Donnell, Dr. L.G. Wetterau, Michael Petsuh, Myer Roman, Joseph J. Bruno, August J. Bunsa, John C. Haddock and James S. Brogan. The directors reorganized by electing John H. Burnard, president; Edward J. Dailey, vice president and James S. Brogan, secretary.
On Monday, March 18, 1968, the merger of The First National Bank of McAdoo into American Bank and Trust Co. of Pa. was effective. The McAdoo Office of American Bank was the fourth office in Schuylkill County and the 24th in a four-county area that included Berks, Lancaster and Lebanon Counties. Anthony B. Midash was chief executive officer of The First National Bank of McAdoo was selected as American Bank's vice president and manager of the McAdoo office. Mr. Midash had over 50 years in banking experience. Sidney D. Kline was the president of American Bank. Fred. G. Wetterau was cashier of the McAdoo bank and became the assistant treasurer of American Bank and Miss Olga A. Payer, the assistant cashier of the McAdoo Bank, became an assistant secretary. Deposits of the combined banks was in excess of $333,230,000, including $4,213,000 of the McAdoo bank.
Official Bank Title(s)
1: The First National Bank of McAdoo, PA
Bank Note Types Issued
A total of $660,950 in National Bank Notes was issued by this bank between 1907 and 1935. This consisted of a total of 53,477 notes (33,836 large size and 19,641 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 - 288 1902 Date Back 3x10-20 1 - 2860 1902 Plain Back 3x10-20 2861 - 8171 1929 Type 1 6x10 1 - 1474 1929 Type 1 6x20 1 - 392 1929 Type 2 10 1 - 6638 1929 Type 2 20 1 - 1807
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1936):
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 McAdoo (Wikipedia)
- General information on Schuylkill County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- McAdoo, PA, Wikipedia, https://en.wikipedia.org/wiki/McAdoo,_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
- Standard-Speaker, Hazleton, PA, Thu., May 23, 1907.
- Standard-Speaker, Hazleton, PA, Mon. June 3, 1907.
- Pottsville Republican, Pottsville, PA, Wed., Jan. 12, 1910.
- Wilkes-Barre-Times Leader, The Evening News, Wilkes-Barre, PA, Wed., Aug. 30, 1911.
- Pottsville Republican, Pottsville, PA, Thu., June 13, 1912.
- The Plain Speaker, Hazleton, PA, Sat., July 20, 1918.
- Standard-Speaker, Hazleton, PA, Wed., Jan. 11, 1922.
- Standard-Speaker, Hazleton, PA, Sat., Apr. 21, 1923.
- Republican and Herald, Pottsville, PA, Tue., July 24, 1923.
- Standard-Speaker, Hazleton, PA, Fri., Mar. 15, 1968.