First National Bank, Somerset, PA (Charter 4100)
First National Bank, Somerset, PA (Chartered 1889 - Open past 1935)
Town History
Somerset is a borough in and the county seat of Somerset County, Pennsylvania. The borough is surrounded by Somerset Township. Somerset is just off Exit 110 of the Pennsylvania Turnpike (I-70 and I-76). The population was 6,046 at the 2020 census. In 1880 the population was 1,197 increasing to 4,395 by 1930.
Somerset was a central stage for the Whiskey Rebellion of 1794. Several rebellion leaders, including Harmon Husband, lived in Somerset. The federal militia sent to put down the rebellion worked from its headquarters in the nearby town of Berlin. The Whiskey Rebellion was the first major test of the federal authority under the newly adopted U.S. Constitution and under President George Washington.
A major fire on the afternoon of May 9, 1872, destroyed a significant portion of the town within just a few hours.
Somerset had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. The national banks were the First National Bank (Charter 4100), The Somerset County National Bank (Charter 4227), the Farmers National Bank, (Charter 5452), and the Peoples National Bank (Charter 13900).
Bank History
- Organized July 29, 1889
- Chartered August 26, 1889
- Bank was Open past 1935
- Merged with the Somerset Trust Company March 17, 1952
On July 30, 1889, the First National Bank of Somerset organized with a capital of $50,000. Hon. Edward Scull was elected president and Valentine Hay, vice president. The bank planned to open its doors for business on September 1st.
In June 1899, the directors were Chas. O. Scull, James L. Pugh, John R. Scott, George R. Scull, W.H. Miller, Robt. S. Scull, and Fred W. Biesbecker. The officers were Edward Scull, president; Valentine Hay, vice president; and Harvey M. Berkley, cashier.
Hon. Edward Scull died at his residence at Somerset Monday morning, July 9, 1900, after a long illness. Mr. Scull was born in Pittsburgh in 1818 and went to Somerset in 1846. He was the eldest member of the Somerset bar, and editor and proprietor of the Somerset Herald for more than half a century. He represented this district in the Fiftieth, Fifty-first, and Fifty-second congress. He served as collector of internal revenue for eighteen years. He was the oldest son of John Irwin Scull and a grandson of John Scull founder of the Pittsburgh Gazette. He was the father of Charles O. Scull, of Baltimore, E. B. Scull, a member of the Pittsburgh bar, and George and Robert S. Scull, of Somerset, who, with five sisters and their mother survived him. He studied law with John Beaver, Esq., and was admitted to the Greensburg bar.
On March 6, 1901, the Somerset Trust Company was incorporated, and Somerset was named as its principal place of business. It started out with a capital of $125,000. The officers and incorporators of the new concern were: president, George R. Scull; 1st vice-president, Henry C. Beerits; 2nd vice-president, James L. Pugh; secretary and treasurer, Josiah Swank; Directors, George R. Scull, Henry C. Beerits, James McKelvey, George J. Krebs, Frederick W. Biesecker, A.F. John, Edward B. Scull, John O. Rauch, J.H. Gardner, and E.M. Beachley.
On August 6, 1926, Edward Scull, 35, an overseas veteran of the World War and prominent in local banking circles, died unexpectedly at 5 o'clock in the morning at his home a short distance west of Somerset. He had been ill but one week, having suffered a severe attack of quinsy. His death came as a great shock to his relatives and many friends. During the World War, Mr. Scull served in the Supply Company of the 110th Regiment, 28th Division. He was overseas about one year. The deceased was a Vice President of the First National Bank of Somerset. He also was a Director of the bank and a Director of the Somerset Trust Company, of which institution his father, George R. Scull, was President. His father and his grandfather were the two presidents of the First National Bank. Mr. Scull was a member of Somerset Post, Veterans of Foreign Wars, and the Reformed Church. Frederick W. Biesecker, president of the Somerset County Bar Association, would succeed him as vice president.
On Tuesday, January 14, 1930, the following were elected directors: George R. Scull, Fred W. Biesecker, Edward B. Scull, Robert S. Scull, John I. Scull, Wm. H. Miller, J.S. Picking, Jr., Charles C. Barchfield, and E.V. Cook. The officers elected were George R. Scull, president; F.W. Biesecker, E.K. Gallagher, and John I. Scull, vice presidents; E.V. Cook, cashier; and Miss Ruth Glessner, assistant cashier. George R. Scull and W.H. Miller had served continuously as members of the board since the bank was organized 41 years ago.
On Monday, January 7, 1935, at a meeting of the shareholders the Somerset Trust Company, all of the directors and officers were re-elected as follows: Directors, George. R. Scull, George J. Krebs, Fred W. Biesecker, Edward B. Scull, Robert S. Scull, John I. Scull, Robert E. Beerits, and E.V. Cook; Officers: President, George R. Scull; vice presidents, George J. Krebs and John I. Scull; secretary and treasurer, Ralph C. Dickey; assistant secretary and treasurer, Miss Rose Fluck. There were no changes to the directors and officers of the First National Bank since 1930.
On Tuesday, January 14, 1941, the following were elected directors: Charles C. Barchfield, M.D., L.C. Berkey. E.V. Cook, C.B. Kotns, M.D., J.S. Picking, Jr., Anna C. Scull. Ed. B. Scull, John I. Scull, and Robert S. Scull. Officers elected were: John I. Scull, chairman of the board; E.V. Cook, president; Anna C. Scull, vice president; Ruth L. Glessner, cashier; Thomas B. Hitchman and Clifford B. Trent, assistant cashiers. Annual 1940 dividends totaled six per cent.
On Monday, March 17, 1952, stockholders of the Somerset Trust Co. and the First National Bank of Somerset met and approved a proposed merger of the two institutions. The directors of both banks had approved the plan for merger. The new institution would occupy the quarters of the Somerset Trust Co. by which name the merged banks would apply for a state charter. John I. Scull was president of both banks. Mr. Scull was a great-great grandson of John Scull, who organized and served in 1815 as president of the Merchants and Mechanics Bank in Pittsburgh and in 1786, founded the Pittsburgh Gazette, first newspaper west of the Alleghenies. The merger, subject to approval by the state, gave the new bank resources of about $7,500,000. It was planned to make the capital $350,000 and surplus $350,000.
In March 1953, the new Somerset Trust Co., formed recently under a state charter was headed by John I. Scull, president and chairman of the board of directors. George Scull Cook, executive vice-president of The First National Bank, was elected to the same position in the new Trust Company. Ralph E. Dickey, who was vice president and treasurer of the Somerset Trust Co. continued to serve in both capacities. The new bank was capitalized at $350,000. undivided profits were $105,421 and reserves, $34,074.41. Total resources as of February 26 were in excess of $8 million.
In March 2001, G. Henry Cook, president of the Somerset Trust Co., announced it had purchased the former Somerset Trust Co. building at the corner of Union Street and North Center Avenue because they had outgrown their old building. The former Somerset Trust building, which had stood empty for a number of years and was owned by the county, had been the home of Somerset Trust Company from 1906 until 1975 when it moved to its present location at the corner of West Main Street and Edgewood Avenue. "We are pleased to be reacquiring our longtime former headquarters. The building is symbolic of our long and proud tradition of serving this community since 1889," said G. Henry Cook. It was built with the same types of stone used at the courthouse. It was erected at the same time as the courthouse and was designed by the same architect. During the past two years, the bank experienced a period of expansion. The bank's asset size as of Dec. 31, 2000 was $322.2 million compared to $279.6 million in 1999. Additionally, the Trust Department of the bank grew from managing assets of $295 million in 1999 to $326 million in 2000. Somerset Trust Co. had 11 offices and a network of 36 ATMs in Somerset County and the greater Johnstown area.
Official Bank Title(s)
1: The First National Bank of Somerset, PA
Bank Note Types Issued
A total of $1,081,420 in National Bank Notes was issued by this bank between 1889 and 1935. This consisted of a total of 137,921 notes (98,804 large size and 39,117 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 4x5 1 - 4652 1882 Brown Back 3x10-20 1 - 1644 1902 Date Back 4x5 1 - 2050 1902 Date Back 3x10-20 1 - 1640 1902 Plain Back 4x5 2051 - 10847 1902 Plain Back 3x10-20 1641 - 7558 1929 Type 1 6x5 1 - 2826 1929 Type 1 6x10 1 - 1672 1929 Type 1 6x20 1 - 442 1929 Type 2 5 1 - 5782 1929 Type 2 10 1 - 2961 1929 Type 2 20 1 - 734
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1936):
Presidents:
Cashiers:
- Andrew Parker, 1889-1891
- Harvey M. Berkley, 1892-1905
- Edmund K. Gallagher, 1906-1927
- Ernest Vincent Cook, 1928-1935
Other Bank Note Signers
- Valentine Hay, Vice President 1889...1899
- John I. Scull, Vice President 1929...1935
- Edmund K. Gallagher signed notes as Vice President
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Somerset (Wikipedia)
- General information on Somerset County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Somerset, 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
- Pittsburgh Daily Post, Pittsburgh, Pennsylvania, Wed., July 31, 1889.
- The Somerset Herald, Somerset, PA, Wed., June 7, 1899.
- The Ligonier Echo, Ligonier, PA, Wed., July 18, 1900.
- The Republic, Meyersdale, PA, Thu., Feb. 28, 1901.
- The Republic, Meyersdale, PA, Thu., Aug. 12, 1926.
- The Republic, Meyersdale, PA, Thu., July 4, 1929.
- The Daily American, Somerset, PA, Wed., Jan. 15, 1930.
- The Daily American, Somerset, PA, Wed., Jan. 9, 1935.
- The Daily American, Somerset, PA, Wed., Jan. 15, 1941.
- The Daily American, Somerset, PA, Thu., Feb. 21, 1952.
- The Republic, Meyersdale, PA, Thu., Mar. 5, 1953.
- The Daily American, Somerset, PA, Sat., Mar. 3, 2001.