First National Bank, Towanda, PA (Charter 39)

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The old First National Bank of Towanda on Main Street, ca2023
The old First National Bank of Towanda on Main Street, ca2023. Courtesy of Google Maps

First National Bank, Towanda, PA (Chartered 1863 - Closed (Merger) 1995)

Town History

Towanda is a borough and the county seat of Bradford County, Pennsylvania. It is part of Northeastern Pennsylvania and is located 66 miles northwest of Wilkes-Barre, on the Susquehanna River. The name means "burial ground" in the Algonquian language. As of the 2020 census, the population of Towanda was 2,833.

Towanda was settled in 1784 and became the county seat in 1812. It was variously known for some years as Meansville, Overton, Williamson, Monmouth and Towanda, and incorporated in 1828. The town's early name, Meansville, for William Means who laid it out in 1812, occasioned 'considerable animosity,' and the present one was adopted in 1828. Towanda was once known primarily for its industrial interests, which included flour, planing and silk mills, a foundry and machine shop, dye works, and manufacturers of talking machines, cut glass, toys and furniture. The population in 1860 was 1,622, peaking at 4,663 in 1900.

Towanda had two National Banks chartered during the Bank Note Era, the First National Bank (Charter 39) and the Citizens National Bank (Charter 2337), and both of those banks issued National Bank Notes.

Bank History

An 1870 advertisement for G.F. Mason & Co., bankers of Towanda, Pennsylvania
An 1870 advertisement for G.F. Mason & Co., bankers of Towanda, Pennsylvania.
The old J.A. Decker house at 118 York Avenue, Towanda. The house was built in 1897 by Lumber baron J.A. Decker and purchased four years later by Congressman George W. Kipp. Photo ca2023 shows the 30-room mansion as the Victorian Charm Inn.
The old J.A. Decker house at 118 York Avenue, Towanda. The house was built in 1897 by Lumber baron J.A. Decker and purchased four years later by Congressman George W. Kipp. Photo ca2023 shows the 30-room mansion as the Victorian Charm Inn. Courtesy of Google Maps
  • Chartered July 28, 1863
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into Northern Central Bank in Williamsport, PA, December 29, 1995

In December 1864, the directors were G.F. Mason, C.S. Russell, J.D. Montanye, E.H. Smith, E.T. Fox, O.D. Bartlett, Jos. Powell, Geo. Stevens, and E.W. Hale. Officers were G.F. Mason, president; and N.N. Betts, Jr., cashier. The bank had capital of $100,000.[1]

In October 1866, G.F. Mason and his son, A.G. Mason, opened a banking house in Towanda under the name of G.F. Mason & Co. They advertised a general banking business to loan money, receive deposits and draw bills of exchange and make collections in New York, Philadelphia, and all portions of the United States, England, Germany and France.  G.F. Mason had been in the banking business with the late firm of Laporte, Mason & Co. of Towanda, for about 15 years.[2][3] Hon. John Laporte was the senior member in the banking house of Laporte, Mason & Co., having moved to Towanda in 1850 after serving as Surveyor General for the state.[4]

On Tuesday, January 13, 1880, the following gentlemen were chosen as directors: Jos. Powell, E.W. Hale, G.W. Fish, R.O. Smith, C.L. Trach, Geo. Stevens, C.M. Manville, H.L. Scott, and N.N. Betts. The officers were Jos. Powell, president; and N.N. Betts, cashier.[5]

On Tuesday, January 9, 1900, at the annual meeting of stockholders, the following directors were chosen: R.A. Mercur, H. Streeter, H.C. Porter, Wm. Little, R.H. Laning, D.J. Sweet, John W. Codding, E.F. Kizer, and Chas. L. Tracy. The board re-elected Chas. L. Tracy, president; and N.N. Betts, cashier.[6]

On Monday, January 20, 1902, the directors chose officers as follows: ex-sheriff U.M. Fell, president; N.N. Betts, cashier.[7]

On June 1, 1904, several changes in the officiary of the First National Bank of Towanda were reported. N.N. Betts who had been cashier of the bank since it was opened in July 1863, resigned, and the president of the bank, U.M. Fell, was elected to fill the vacancy. The new president was George W. Kipp who had been engaged in the lumber business in Bradford and Sullivan counties for a number of years. He owned a handsome residence in Towanda and retired from active commercial life.[8]

In April 1911, William E. Lane, Esq., was elected cashier to succeed U.M. Fell who resigned from that office. Lewis B. Gillett who had been acting as assistant cashier since the resignation of Mr. Fell would continue in that capacity.[9] On July 25, 1911, George W. Kipp of Towanda, Democratic member of Congress from the 14th Pennsylvania district, died in British Columbia on a business trip. He was born in Pike county 64 years ago and moved to Wayne County when young and engaged in lumbering. His business operations extended into various parts of the state and were very successful. Finally, he made Towanda his home. He became president of the First National Bank, president of the the Towanda Water Works, president of the Jefferson Traction Co. of Punxsutawney, president of the Chatham, Wallaceburg and Lake Erie Railway Company of Chatham, Ontario, and a director in several other street railway and water companies.[10]

At the close of business on November 29, 1966, the First National Bank of New Albany merged with the First National Bank of Towanda giving the new institution total resources of $14,732,897.43 and branches at New Albany and Ulster. The merger was approved by stockholders on October 18th and the Comptroller of the Currency gave approval on October 24th, but it would not become effective until the 29th. The directors were Donald Adams, Robert F. Browning, Everett F. Carter, L. Lang Dayton, Henry E. Dunn, F.R. Gillette, Karl B. Kelder, James E. Meredith, Lynn Molyneux, Gerald L. Moran, James E. Nichols, Wesley Perry, Warren R. Reeser, Donald Reuger, W.H. Seiger, Lee R. Simons, H. Lloyd Streby, Charles W. Watkins, and Bernard C. Wolfe. The five directors of the New Albany bank incorporated into the board of the First National Bank of Towanda were Messrs. Browning, Kelder, Molyneux, Simons, and Streby. Officers were Bernard C. Wolfe, chairman of the board; Warren R. Reeser, president and trust officer; Graydon F. Fice, vice president, cashier and assistant trust officer; Robert F. Browning, Henry E. Dunn, and Karl B. Kelder, vice presidents; James E. Nichols, vice president and manager of the Ulster office; Lee R. Simons, vice president and manager of the New Albany office; James T. Long, assistant vice president; Mary J. Coleman, E. Earl Engler, and Tillie M. McKee, assistant cashiers. The First National Bank of New Albany was chartered December 27, 1907 and it opened for business on February 15, 1908. It moved into a new bank building in 1926 and this building had been its homes since. The merger followed not long after the merger of the Ulster First National and the Towanda First National.[11]

The First National Bank of Towanda changed its name to the First National Bank of Bradford County. Approval was granted by the Comptroller of the Currency on Wednesday, December 15, 1971. The First was the only national bank with six offices based in the county with locations in Ulster, New Albany, North Towanda and two recently opened offices in Wellsburg and Greens Landing. Warren R. Reeser was president of the bank with assets totaling more than $27 million.[12]

On December 29, 1995, the First National Bank of Bradford County merged with the Northern Central Bank in Williamsport. On July 1, 1975, the merger of the First National Bank of Dushore with Northern Central Bank, Williamsport, was concluded. This date also marked the official name change of Northern Central Bank and Trust Co. to Northern Central Bank. Northern Central Bank and Trust Co. was incorporated in 1934 under the name of West Branch Bank and Trust Co. It merged with Bank of Newberry in 1963 at which time the corporate title was changed to the Northern Central Bank and Trust Co.[13]

Official Bank Title(s)

1: The First National Bank of Towanda, PA

Bank Note Types Issued

Series of 1875 $5 bank note with pen signatures of N.N. Betts, Cashier and Joseph Powell.
Series of 1875 $5 bank note with pen signatures of N.N. Betts, Cashier and Joseph Powell. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $5 bank note with pen signatures of N.N. Betts, Cashier and Charles L. Tracy, President.
1882 Brown Back $5 bank note with pen signatures of N.N. Betts, Cashier and Charles L. Tracy, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1902 Plain Back $20 bank note with printed signatures of W.E. Lane, Cashier and E.F. Kizer, President
1902 Plain Back $20 bank note with printed signatures of W.E. Lane, Cashier and E.F. Kizer, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with pen signatures of T.A. Curran, Assistant Cashier and W.W. Jennings, President
1902 Plain Back $5 bank note with pen signatures of T.A. Curran, Assistant Cashier and W.W. Jennings, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $5 bank note with printed signatures of Bernard C. Wolfe, Cashier and G.V. Dayton, President
1929 Type 1 $5 bank note with printed signatures of Bernard C. Wolfe, Cashier and G.V. Dayton, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,536,200 in National Bank Notes was issued by this bank between 1863 and 1935. This consisted of a total of 440,619 notes (376,736 large size and 63,883 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 4x5 1 - 4600
Original Series 3x10-20 1 - 1600
Original Series 3x10-20 3601 - 4400
Original Series 20 1601 - 3600
Series 1875 4x5 1 - 1900
Series 1875 3x10-20 1 - 1926
1882 Brown Back 4x5 1 - 10850
1882 Brown Back 3x10-20 1 - 6112
1902 Red Seal 4x5 1 - 7250
1902 Red Seal 3x10-20 1 - 5200
1902 Date Back 4x5 1 - 9400
1902 Date Back 3x10-20 1 - 7620
1902 Plain Back 4x5 9401 - 31638
1902 Plain Back 3x10-20 7621 - 21808
1929 Type 1 6x5 1 - 5140
1929 Type 1 6x10 1 - 2474
1929 Type 1 6x20 1 - 708
1929 Type 2 5 1 - 8194
1929 Type 2 10 1 - 4457
1929 Type 2 20 1 - 1300

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Towanda, 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
  1. Bradford Reporter, Towanda, PA, Thu., Dec. 8, 1864.
  2. Bradford Reporter, Towanda, PA, Thu., Feb. 13, 1862.
  3. Bradford Reporter, Towanda, PA, Thu., Nov. 22, 1866.
  4. Bradford Reporter, Towanda, PA, Thu., Sep. 11, 1862.
  5. Towanda Daily Review, Towanda, PA, Fri., Jan. 16, 1880.
  6. The Bradford Star, Towanda, PA, Thu., Jan. 11, 1900.
  7. The Bradford Star, Towanda, PA, Thu., Jan. 23, 1902.
  8. Pittston Gazette, Pittston, PA, Wed., June 1, 1904.
  9. Republican News Item, Laport, PA, Fri., Apr. 7, 1911.
  10. Wilkes-Barre Times Leader, Wilkes-Barre, PA, Wed., July 26, 1911.
  11. The Evening Times, Sayre, PA, Thu., Dec. 1, 1966.
  12. Star-Gazette, Elmira, NY, Sat., Dec. 18, 1971.
  13. The Daily Item, Sunbury, PA, Tue., July 1, 1975.