First National Bank, Troy, PA (Charter 4984)

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The First National Bank of Troy, Pennsylvania, located on the corner of Main and Exchange Streets, ca1930s.
The First National Bank of Troy, Pennsylvania, located on Main Street, ca1930s. Courtesy of Adam Stroup

First National Bank, Troy, PA (Chartered 1895 - Closed (Merger) 1992)

Town History

Directors' room
Directors' room, ca1917.[1]

Troy is a borough in Bradford County, Pennsylvania. The population was 1,354 at the 2010 census. In 1900 the population was 1,450 but dropped by 1930 to 1,190.

The borough of Troy was incorporated in 1845 from Troy Township, which encircles the borough. Originally part of Luzerne County, the borough became part of Ontario (now Bradford) County when it was created in 1810.

U.S. Route 6 passes through the borough, leading east 20 miles to Towanda, the county seat, and west 17 miles to Mansfield. Pennsylvania Route 14 turns south from US-6 in the center of Troy, leading 10 miles to Canton; the highway turns north from US-6 just east of Troy and leads 25 miles to Elmira, New York.

Troy had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

Main lobby
Main lobby, ca1917.[2]
Officer's quarters and Ladies' room
Officer's quarters (left) and Ladies' room (right), ca1917.[3]
Main vault
Main vault, ca1917.[4]

The First National Bank was the first in Troy to organize under the national bank act and opened its doors for business in February 1895, occupying rooms in what became the Van Dyne Civic Building.

Mr. A.E. Backer began Monday, February 4, 1895, as assistant cashier leaving a host of friends in Mansfield.[5] On February 11, the First National Bank of Troy opened for business.[6]

Cashier George S. Little was married January 23, 1896 to Miss Belle Elizabeth Ballard, one of Troy's society ladies.[7] In May, A.E. Barker was elected cashier to fill the vacancy caused by the resignation of Geo. S. Little.[8] Mr. and Mrs. Little were visiting Philadelphia at S.W. Little's and were moving to Norfolk, Virginia.[9]

In February 1900, The First National Bank of Troy moved into the quarters of the old banking firm of Pomeroy Bros. & Mitchell who retired from business due to the continued illness of Senator Mitchell. The First National continued the business of both banks with A.E. Backer as cashier.[10] After the consolidation, the First National moved into their quarters on Main Street. Under the name of Pomeroy Brothers, this widely known firm had successfully conducted a banking business for nearly half a century. The Pomeroy's were the pioneer bankers of this section of Pennsylvania and interestingly, Henry P. Davison of J.P. Morgan & Co., and Daniel E. Pomeroy of the Bankers Trust Company were of this family and both started their careers in the banking business in this building.[11] 

 In May 1905, George S. Little, a bank clerk in the National Bank of Commerce, Norfolk, formerly employed in a confidential capacity, was missing.  His accounts were said to be between $7-$10,000 short.[12][13]

On Tuesday, January 11, 1910, the stockholders elected the following directors: L.H. Oliver, Liston Bliss, S.B. Aspinwall, H.C. Carpenter, B.B. Mitchell, John A. Parsons, H.C. Rollison, A.B. McKean and D.D. Brace. The officers elected were A.B. McKean, president; John A. Parsons, vice president; A.E. Backer, cashier; and R.E. Van Syckel, assistant cashier.[14]

In 1917 the officers wee A.B. McKean, president; John A. Parsons and R.E. Van Syckel, vice presidents; and W.W. Beaman, cashier. The board of directors was comprised of the following: A.B. McKean, John A. Parsons, R.E. Van Syckel, L.H. Oliver, Liston Bliss, B.B. Mitchell, H.C. Carpenter, F.L. Ballard, and H.K. Mitchell. The business of the First National had grown to such proportions that is was necessary to have larger quarters, so the directors decided to secure a building which would stand as a monument to the safe, sound and progressive management of the bank and be a source of pride to the people of the community. With this aim, the bank purchased the Newberry Peck building, corner of Main and Exchange Streets. This building was rebuilt and completely remodeled into a modern three-story structure of pressed brick and granite stone. The font was massive and impressive with its Onondaga litholite granite stone. Two massive stone columns extended above on each side of the main entrance through the second and third story. Entering the bank through the main vestibule finished in marble and mahogany, one found the ladies' room to the right. This room contained a desk, writing materials, stationery, toilet articles, lavatory, etc., for the convenience of ladies when in town, whether customers or not. At the left were the officer's quarters which were open and accessible to all and a consultation room, enclosed for privacy when desired. At the father end of the lobby was the customers' room designed for the use of anyone for a business conference or meeting place. The directors' room was beautifully finished in mahogany with matching mahogany furniture. The screen or grill work was also beautifully finished in Honduras mahogany with Cipolin marble wainscoting. There were three tellers' windows finished in bronze and deposits were received and checks paid at the same window which saved the time of depositors, permitting a closer relationship with the bank. The wainscoting of the lobby was also Cipolin marble and the two check desks were carved out of solid marble. The top was solid plate glass. All working space was covered with battleship linoleum, the public space with red Tennessee marble and the officer's quarters, ladies' room and directors' room with quartered oak, rugs being laid in these rooms. The lighting fixtures were of bronze. 

The vault on the inside was 9 feet wide, 9 feet high and 12 feet deep. It was built of concrete 18 inches  reinforced by 3/4-inch high carbon steel bars, staggered from center to center. The floor and the roof of the vault were reinforced by 1/2-inch steel bars six inches apart. There was over 1,600 pounds of steel used in the work so that the vault was practically impregnable. As an extra precaution, the inside of the vault on all six sides was lined with drill proof, burglar and fireproof steel plates, riveted together into one solid whole. The steel plates were of different degrees of hardness to prevent drilling, cutting or cracking by any tool. In the vault were a large number of safety deposit boxes rented at a very reasonable price.[15]

On January 12, 1932, shareholders elected the following directors: A.B. McKean, Liston Bliss, H.K. Mitchell, W.W. Beaman, S.L. Ballard, H.C. Carpenter, T.W. Parsons, D.F. Pomeroy, and R.R. Soper. The officers selected were A.B. McKean, president, Liston Bliss and H.K. Mitchell, vice presidents; W.W. Beaman, cashier; and R.A. Rurr, Joseph D. Bradford, and D.F. Pomeroy, Jr., assistant cashiers.[16]

In May 1932, Shareholders of the First National Bank of Troy voted to merge with the Grange National Bank of the same place. The bank took the opportunity to enlarge and remodel the building, returning on August 27. The new banking room was very large, well ventilated and cleverly arranged to take full advantage of natural light. The room was decorated with gray marble. The woodwork and furniture harmonized with the marble to produce a pleasing effect. The Troy bank received many floral tokens from neighboring banks and business houses. Immense crowds filed through the banking rooms all day, congratulating those responsible for the alterations.[17]

On Tuesday, January 9, 1945, stockholders elected the following directors: W.W. Beaman, H.C. Carpenter, S.L. Ballard, D.S. Pomeroy, R.R. Soper, H.B. Van Dyne, J.L Parson (who succeeded his father). Officers elected were B.B. Beamon, president; H.C. Carpenter and R. R. Soper, vice presidents; R.A. Burr, cashier; and D.S. Pomeroy, Jr., assistant cashier.[18]

On January 27, 1976, W. Thomas Morris, chairman of the board of the First National Bank of Troy announced the plan to convert the bank's charter to one under the Pennsylvania Banking Code of 1965. The organization's name would be changed to First Bank of Troy. Stockholders approved the plan and application was made to Pennsylvania Department of Banking and the comptroller of the currency. The Firs National Bank of Troy had five offices in Troy, Gillett, State Line, Canton, and Towanda. During the previous year the State Line office was doubled in size due to its expansion of business in the five years since it opened in 1970. New offices were built and opened in 1974 in Towanda and Canton. Directors and officers were re-elected as follows: F. Marshall Case, Oliver W. Judson, Roger A. Madigan, Wayne McClure, Jr., G. Richard Morris, W. Thomas Morris, and Robert R. Vineski. Officers were W. Thomas Morris, chairman; Oliver W. Judson, president; Paul E. McCormick, senior vice president; James P. Matson, vice president; Leona S Garrison, cashier; G. Richard Morris, secretary; Robert Nearing, Klas Anderson, Dennis Beardslee, and Arnold Quick, assistant vice presidents; Gloria J. Ripley, assistant cashier. Robert R. Vineski was trust officer with Julia J. Dunbar and G. Richard Morris, assistant trust officers.[19]

Official Bank Title

1: The First National Bank of Troy, PA

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of A.E. Backer, Cashier and A.B. McKean, President.
1882 Brown Back $10 bank note with pen signatures of A.E. Backer, Cashier and A.B. McKean, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of W.W. Beaman, Cashier and A.B. McKean, President.
1929 Type 1 $10 bank note with printed signatures of W.W. Beaman, Cashier and A.B. McKean, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,853,610 in National Bank Notes was issued by this bank between 1895 and 1992. This consisted of a total of 234,346 notes (181,032 large size and 53,314 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 - 6875
1882 Brown Back 3x10-20 1 - 4420
1882 Date Back 4x5 1 - 5337
1882 Date Back 3x10-20 1 - 3843
1902 Date Back 4x5 1 - 1250
1902 Date Back 3x10-20 1 - 1000
1902 Plain Back 4x5 1251 - 14954
1902 Plain Back 3x10-20 1001 - 9829
1929 Type 1 6x5 1 - 4216
1929 Type 1 6x10 1 - 1824
1929 Type 1 6x20 1 - 524
1929 Type 2 5 1 - 8348
1929 Type 2 10 1 - 4649
1929 Type 2 20 1 - 933

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1895 - 1992):

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

  • Troy, 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. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 737.
  2. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 735.
  3. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 738.
  4. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 739.
  5. ↑ Mansfield Advertiser, Mansfield, PA, Wed., Feb. 6, 1895.
  6. ↑ The Canton Independent-Sentinel, Canton, PA, Tue., Feb. 12, 1895.
  7. ↑ The Canton Independent-Sentinel, Canton, PA, Tue., Jan. 14, 1896.
  8. ↑ The Bradford star, Towanda, PA, Thu., May 14, 1896.
  9. ↑ The Philadelphia Inquirer, Philadelphia, PA, Sun, May 17, 1896.
  10. ↑ Mansfield Advertiser, Mansfield, PA, Wed., Feb. 7, 1900.
  11. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 738.
  12. ↑ Alexandria Gazette, Alexandria, VA, Tue, May 30, 1905.
  13. ↑ Virginian-Pilot, Norfolk, VA, Tue., May 30, 1905.
  14. ↑ The Canton Independent-Sentinel, Canton, PA, Thu., Jan. 13, 1910.
  15. ↑ The Bankers' Magazine, Vol. 94, Jan. - June 1917, p. 735-8.
  16. ↑ The Canton Independent-Sentinel, Canton, PA, Thu., Jan. 14, 1932.
  17. ↑ Tunkhannock, New Age, Tunkhannock, PA, Thu., May 12, 1932.
  18. ↑ Mansfield Advertiser, Mansfield, PA, Wed., Jan. 10, 1945.
  19. ↑ The Canton Independent-Sentinel, Canton, PA, Tu., Feb. 12, 1976.
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