First National Bank, Orbisonia, PA (Charter 8985)
First National Bank, Orbisonia, PA (Chartered 1908 - Receivership 1931)
Town History
Orbisonia is a borough in Huntingdon County, Pennsylvania. The population was 428 at the 2010 census. In 1910 the population was 618, growing to 741 by 1930.
Orbisonia is located in southeastern Huntingdon County on the northeastern side of Blacklog Creek, a tributary of Aughwick Creek and part of the Juniata River watershed. Orbisonia is bordered to the southwest by Rockhill, across Blacklog Creek. Blacklog Mountain overlooks the borough to the east. U.S. Route 522 passes through Orbisonia, leading north 10 miles to Mount Union and south 5 miles to Shade Gap.
Orbisonia had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized January 2, 1908
- Chartered January 7, 1908
- Opened for business January 18, 1908
- Receivership October 5, 1931
The First National Bank of Orbisonia was opened for business on Saturday, January 18th, 1908, in the James Building which was purchased by the banking company a month earlier. The room used as a drug store by Dr. G.W.C. James during the past 27 years was fitted up for the banking room and after the painters and paper hangers completed their work and the furniture and fixtures installed, it would be one of the finest banking rooms in the county. The room in the rear formerly used for storage was divided into a directors' room and vault space. The vault was of concrete with twenty-inch walls and after installation of the heavy steel doors recently purchased would be both fire- and burglar-proof. One of the latest improved manganese steel burglar and fire-proof safes had been installed, the only one of the kind used in the lower end of the county. The 70 stockholders were some of the leading businessmen of Mt. Union, Shirleysburg, Orbisonia, Shade Gap, Three Springs, Saltillo, and Robertsdale. The directors were B.F. Garver of Shirleysburg; Dr. W.T. Browning, Dr. C.B. Bush, T.J.C. Ripple, and S.O. Fraker of Orbisonia; R.S. Seibert of Rockhill; Allen Cutshall of Three Springs; H.T. Weaver of Saltillo; and A.E. Bachert of Robertsdale. The officers were R.S. Seibert, president; S.O. Fraker, vice president. The cashier, Mr. H.A. Guepner, came highly recommended and had been for many years in the banking business having been identified with the banks of Pittsburgh for 24 years and during the past three years as cashier of the First National Bank of Gallitzin.[2] Mr. Seibert was president of the East Broad Top Railroad, and was the first ticket agent for that company at Mount Union in 1874.
The officers in September 1923 were S.O. Fraker, president; and H.T. Weaver, vice president. The members of the board of directors were S.O. Fraker, H.T. Weaver, Hon. John C. Taylor, B.F. Garver, H.B. Locke, Dr. J.A. Puckey, J.M. Harper, and L.S. Etnier.[3]
In January 1928, stockholders elected the following directors: L. Cloyd Taylor, B.F. Garver, S.O. Fraker, H.T. Weaver, H.B. Locke, Dr. J.A. Puckey, J.M. Harper, and L.S. Etnier. The officers were S.O. Fraker, president; H.T. Weaver, vice president; L.S. Etnier, cashier; and A. Ward Chilcoat, teller.[4]
At the close of business, September 24, 1930, the First National Bank reported Capital $50,000, surplus $70,000, undivided profits $11,891.38 and deposits of over $503,000. The total resources were $657,858.13.[5]
In June 1932, a second payment of 20% to depositors with proven claims was announced by Edwin H. Ridgway, receiver of the First National Bank of Orbisonia. The payment was made from funds acquired by the receiver in the ordinary course of liquidation supplemented by a loan from the Reconstruction Finance Corporation. This loan, secured by a lien on the remaining assets of the bank, would have to be retired before further disbursements could be made.[6]
In April 1933, a third dividend of 18% was declared payable on April 28th.[7]
On Tuesday evening, May 29, 1934, Samuel Orville Fraker, a prominent resident of Orbisonia, died at his home at 8 o'clock after being in failing health for the past several years. Mr. Fraker was born at Burnt Cabins, September 23, 1860, a son of Elias Fraker and Mary (Brown) Fraker. He was united in marriage with Miss Clara Adeline McGowan of Burnt Cabins, the wedding taking place at McConnellsburg. For many years he was owner and proprietor of the Eagle Hotel in Orbisonia. Mr. Fraker devoted much of his time to farming and the growing of blooded stock. He was interested in politics, and twice represented his party at the Democratic National Conventions. He served as president of the First National Bank in Orbisonia and 25 years ago was one of three to start the water works for the town. He was a public-spirited man and was active in the welfare of the town and community, and was widely and respected.[8]
In March 1936, a fourth payment of 10% was announced by Elmer Ellis, receiver of the First National Bank. Depositors could pick up checks from the receiver or his representative at the First National bank of Mount Union.[9]
Official Bank Title
1: The First National Bank of Orbisonia, PA
Bank Note Types Issued
A total of $335,050 in National Bank Notes was issued by this bank between 1908 and 1931. This consisted of a total of 26,804 notes (26,804 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 - 187 1902 Date Back 3x10-20 1 - 2040 1902 Plain Back 3x10-20 2041 - 6514
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1931):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Orbisonia, 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
- ↑ Mount Union Times, Mount Union, PA, Fri., Sep. 7, 1923.
- ↑ Mount Union Times, Mount Union, PA, Fri., Jan. 24, 1908.
- ↑ Mount Union Times, Mount Union, PA, Fri., Sep. 7, 1923.
- ↑ Mount Union Times, Mount Union, PA, Fri., Jan. 20, 1928.
- ↑ Mount Union Times, Mount Union, PA, Fri., Oct. 10, 1930.
- ↑ Mount Union Times, Mount Union, PA, Fri., June 24, 1932.
- ↑ Mount Union Times, Mount Union, PA, Fri., Apr. 28, 1933.
- ↑ Mount Union Times, Mount Union, PA, Fri., June 1, 1934.
- ↑ Harrisburg Telegraph, Harrisburg, PA, Sat. Mar. 7, 1936.