First National Bank, Perryopolis, PA (Charter 6344)

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The First National Bank of Perryopolis decked out for July 4th, 1914 which was also the Centennial of the town's original charter.
The First National Bank of Perryopolis decked out for July 4th, 1914 which was also the Centennial of the town's original charter.  Courtesy of Gerald Dzara

First National Bank, Perryopolis, PA (Chartered 1902 - Open past 1935)

Town History

The First National Bank of Perryopolis in 1972 before being torn down. 
The First National Bank of Perryopolis in 1972 before being torn down.  Courtesy of Gerald Dzara

Perryopolis is a borough in Fayette County, Pennsylvania, part of the Pittsburgh metropolitan area. The population was 1,784 at the 2010 census.

George Washington purchased 1,644 acres here when land first became available. He visited in 1770 and said, "as fine a land as I have ever seen, a great deal of rich meadow; it is well watered and has a valuable mill seat." The mill would eventually be completed in 1776. Once the mill was finished, it encouraged other businesses to come to the area to support and augment the business of the mill.

Washington hoped to develop the remainder of Perryopolis, drawing up plans for the streets to be laid out in the shape of a wagon-wheel. Washington's estate sold the land after his death; in 1814 Perryopolis, previously known as "New Boston", was officially laid out using Washington's plans and named for Oliver Hazard Perry for his victory on Lake Erie during the War of 1812.

In the late 19th century, the area around Perryopolis was first mined for coal. Until the 1950s, coal industries would be the area's primary economic activity. However, Perryopolis developed differently from other nearby mining towns. Instead of housing laborers, Perryopolis was mainly inhabited by foremen and white collar workers who were associated with the mining industry.

Perryopolis had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

  • Organized July 12, 1902
  • Chartered July 19, 1902
  • Opened for business August 9, 1902
  • Succeeded Perryopolis Banking Company
  • Bank was Open past 1935

The origin of this bank is closely tied to the Cochran family and Cochran & Brothers Co. The company was a supplier of coke to the iron industry, but also operated the Washington Run railroad and built a bridge over the Youghiogheny to connect with the Baltimore & Ohio railroad. The bridge and rail enabled the company to ship coal, coke, sand and firebrick all over the East. Mark Mordecai Cochran expanded the financial interests of the family by organizing and leading the First National Bank of Perryopolis in 1902 as its first president.

In 1911, the officers were M.M. Cochran, president; M.E. Strawn, vice president; Howard Adams, cashier; H.H. Slocum, assistant cashier & teller; and Bente S. Luce, bookkeeper.  The bank had capital of $50,000 and surplus and undivided profits of $50,000.

The First National Bank of Perryopolis survived the Great Depression. In 1953, the Second National Bank of Uniontown (the largest city and county seat of Fayette County) bought this bank along with most of the small town banks in Fayette County and formed The Gallatin National Bank, which became the largest bank in the county.

The Gallatin National was absorbed by Integra of Pennsylvania in 1991. Integra was bought by the National City Bank of Ohio in 1995 and PNC bought National City in 2018 and closed their Perryopolis branch.

Official Bank Title(s)

1: The First National Bank of Perryopolis, PA

Bank Note Types Issued

1902 Red Seal $20 bank note with pen signatures of Howard Adams, Cashier and J.H. D., Vice President.
1902 Red Seal $20 bank note with pen signatures of Howard Adams, Cashier and Dr. John Henry Davidson, Vice President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of Howard Adams, Cashier and M.M Cochran, President.
1929 Type 1 $10 bank note with printed signatures of Howard Adams, Cashier and M.M Cochran, President. Courtesy of Heritage Auctions, www.ha.com

A total of $958,420 in National Bank Notes was issued by this bank between 1902 and 1935. This consisted of a total of 77,101 notes (64,356 large size and 12,745 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 - 1600
1902 Date Back 3x10-20 1 - 4840
1902 Plain Back 3x10-20 4841 - 14489
1929 Type 1 6x10 1 - 1444
1929 Type 1 6x20 1 - 360
1929 Type 2 10 1 - 1429
1929 Type 2 20 1 - 492

Bank Presidents and Cashiers

First National Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

1929 Type 1 $10 bank note with printed signatuA 1911 Calendar with bank officers for the First National Bank of Perryopolis, Pennsylvania.res of Howard Adams, Cashier and M.M Cochran, President. The bank officers may be found in the bank history section on this page.
A 1911 Calendar with bank officers for the First National Bank of Perryopolis, Pennsylvania. Courtesy of Jerry Dzara

Wiki Links

Sources

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