First National Bank, Vanderbilt, PA (Charter 8190)
First National Bank, Vanderbilt, PA (Chartered 1906 - Receivership 1930)
Town History
Vanderbilt is a borough in the northern part of Fayette County, Pennsylvania. The town is named for the railroad tycoon Cornelius Vanderbilt. The population was 476 at the 2010 census, down from 553 at the 2000 census. In 1910 the population was at its highest at 1,198.
Vanderbilt had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized February 21, 1906
- Chartered April 23, 1906
- Opened for business May 15, 1906
- Receivership August 4, 1930
On February 21, 1906, stockholders of the First National Bank of Vanderbilt, capitalized at $25,000, elected the following directors: John Guiler, E.T. Norton, F.T. Evans, and Robert Norris of Connellsville; D.L. Laughrey and Dr. Roberts of Vanderbilt; and Joseph R. Stauffer of Scottdale. E.T. Norton, cashier of the First National Bank of Connellsville, was elected president and Dr. G.B. Roberts of Vanderbilt vice president. A decision on applicants for the casher's position was postponed for a few days; W.A Cosgrove was selected.
In January 1928, the directors were J.S. Black, C.C. Collins, J.A. Guiter, E.E. Arnold, E.S. Harper, Robert Norris, and W.A. Cosgrove. The First National Bank of Vanderbilt failed to open on Aug. 2, 1930, due to a run. Failure of the institution marked the fourth bank in or near Connellsville to suspend over a period of just one month. The others, all in Connellsville, were The Union National, Title & Trust Company of Western Pennsylvania, and the Citizens National. At a meeting of the directors it was decided to place the institution in charge of the National Bank examiner in order to conserve the remaining deposits. Depositors were expected to be paid dollar for dollar. W.A. Cosgrove was president and Miss Carrie Dull was cashier of the bank with $25,000 in capital and a surplus of $5,000. The June 30, 1930 statement gave time deposits as $89,754 and checking deposits as $84,853.
On Friday, October 30, 1931, Lloyd Littrell, receiver of the First National Bank, announced a second dividend of 15% to be paid immediately. The first dividend paid amounted to 75%. There were approximately 800 depositors affected by the dividend. The Vanderbilt bank was the first of the suspended institutions in northern Fayette county to issue dividends.
Official Bank Title(s)
1: The First National Bank of Vanderbilt, PA
Bank Note Types Issued
A total of $429,460 in National Bank Notes was issued by this bank between 1906 and 1930. This consisted of a total of 34,472 notes (32,576 large size and 1,896 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 - 860 1902 Date Back 3x10-20 1 - 2530 1902 Plain Back 3x10-20 2531 - 7284 1929 Type 1 6x10 1 - 261 1929 Type 1 6x20 1 - 55
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1906 - 1930):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Vanderbilt (Wikipedia)
- General information on Fayette County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Vanderbilt, PA, Wikipedia, https://en.wikipedia.org/wiki/Vanderbilt,_Pennsylvania
- 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://bbdata.banknotehistory.com
- The Daily Courier, Connellsville, PA, Thu., Feb. 22, 1906.
- The Wall Street Journal, New York, NY, Tue., Apr. 24, 1906.
- The Morning Herald, Uniontown, PA, Wed., Jan. 11, 1928.
- The Indiana Gazette, Indiana, PA, Sat., Aug. 2, 1930.
- The Daily Courier, Connellsville, PA, Fri., Oct. 30, 1931.