First National Bank, Newfoundland, PA (Charter 12911)
First National Bank, Newfoundland, PA (Chartered 1926 - Closed (Merger) 1975)
Town History
Newfoundland (/njuːˈfaʊndlənd/ new-FOWND-lənd) is a village in Dreher Township, Wayne County, Pennsylvania. It is most famously known as host to the Greene-Dreher-Sterling Fair every Labor Day weekend. Newfoundland is also host to an annual fireman's picnic and parade every 4th of July weekend. Promised Land State Park is close to the village. Newfoundland is located along the East Branch of the Wallenpaupack Creek, which feeds into Lake Wallenpaupack to the north. It is about 25 miles southeast of Scranton, Pennsylvania.
Newfoundland had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized January 15, 1926
- Chartered April 7, 1926
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into [Northeastern Bank of Pennsylvania] in Scranton, PA, March 31, 1975
On Saturday, April 17, 1926, the First National Bank of Newfoundland, Wayne County, was formally opened for business with deposits for the first day amounting to $101,475. H.R. Megargel was president and Roger G. Fahringer, cashier.[2]
In January 1931, all directors were re-elected at the stockholders' annual meeting. They were C.F. Ehrhardt, A.H. Frey, J.J. Gillner, F.A. Madden, H.R. Megargel, L.R. Smith, and P.E. Vuille.[3]
On Monday, October 26, 1931, directors of the First National Bank of Moscow elected H.R. Megargel as president succeeding the late J.E. Loveland. Mr. Megargel was advanced from the first vice presidency. Dr. J.W. Knedler was advanced from second to first vice president and F.J. Doherty, a director, was elected second vice president. Mr. Megargel was a resident of Sterling and was a prominent lumber dealer. He was also president of the First National Bank of Newfoundland.[4]
In February 1975, the Northeastern Bank of Pennsylvania received authorization to merge with the First National Bank of Newfoundland. Carl A. Propes, president and chief executive officer of Northeastern said the official order for the merger was dated January 29 and was issued by Alan R. Miller, executive secretary of the Federal Deposit Insurance Corp. The order stipulated the proposed merger could not be consummated before the 30th calendar day after the date of the order.[5] The sole office of the First National Bank of Newfoundland would operate as a branch of the resulting bank. On December 31st, Northeastern bank reported total deposits of $457,91,497 and total assets of $523,057,986. On that same date, the Newfoundland bank listed total deposits of $9,247,492and total assets of $10,162,156. The merger afforded Northeastern an opportunity to enter a banking market where it was unrepresented.[6]
Official Bank Title
1: The First National Bank of Newfoundland, PA
Bank Note Types Issued
A total of $113,040 in National Bank Notes was issued by this bank between 1926 and 1935. This consisted of a total of 14,064 notes (No large size and 14,064 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 1 6x5 1 - 450 1929 Type 1 6x10 1 - 232 1929 Type 1 6x20 1 - 108 1929 Type 2 5 1 - 5556 1929 Type 2 10 1 - 3048 1929 Type 2 20 1 - 720
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1926 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Newfoundland, 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://spmc.org/bank-note-history-project
- ↑ The Times-Tribune, Scranton, PA, Mon., Aug. 20, 1962.
- ↑ Pittston Gazette, Pittston, PA, Mon., Apr. 19, 1926.
- ↑ The Times-Tribune, Scranton, PA, Thu., Jan. 15, 1931.
- ↑ The Times-Tribune, Scranton, PA, Tue., Oct. 27, 1931.
- ↑ The Times Leader, Wilkes-Barre, PA, Mon., Feb. 3, 1975.
- ↑ The Times Leader, Wilkes-Barre, PA, Mon., Feb. 3, 1975.