First National Bank, West Elizabeth, PA (Charter 6373)
First National Bank, West Elizabeth, PA (Chartered 1902 - Receivership 1914)
Town History
West Elizabeth is a borough in Allegheny County, Pennsylvania. The town was initially laid out in 1833, and incorporated March 3, 1848. West Elizabeth was a coal mining and boat-building town. Coal was transported by barge down the Monongahela River to industries in Pittsburgh. Coal was transported from the mine to the river by Walton's Coal Incline and the O'Neil and Company Incline.
The population was 518 at the 2010 census. In 1900 the population was 747, peaking at 1,297 in 1940.
West Elizabeth had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized July 7, 1902
- Chartered August 9, 1902
- Receivership October 17, 1914
In June 1902, application was made for the incorporation of the First National Bank of West Elizabeth. The applicants were Dr. A.M. Pierce and J.P. Dean, of West Elizabeth; A.C. Wilson, Wilson Station; J.M. Sutton, Pittsburgh, and W.T. Pierce, McKeesport.
On Monday, July 14, at a meeting of the stockholders in the Graff room which would be used temporarily by the bank, the following were elected directors: W.W. O'Neil, A.M. Pierce, Joseph Lytle, John A. Snee, W.T. Pierce, Thomas Dennison, George Rockensus, T.B. Murphy, John P. Aber, A.D. Pierce, Joseph Pierce, Evan Beedle, and A.P. Dean. The board had not yet elected the officers of the bank. The work of preparing the temporary quarters was making good progress. It was hoped to have all in readiness to open the bank for business before the 1st of August.
On August 12, 1902, the bank opened for business with Dr. A.M. Pierce, president; John A. Snee, vice president; A.G. Boal, cashier; and John S. Speer, Assistant Cashier. A.G. Boal, a well-known newspaperman of Pittsburgh, took charge of the new financial institution in West Elizabeth. On August 21st, at a meeting of the directors of the bank, it was decided to increase the capital stock from $25,000 to $50,000. Mr. Boal's wife was Miss Martha Speer of this Pittsburgh. Mr. and Mrs. Boal were now living in Avalon, a suburb of Allegheny, but they intended to move to West Elizabeth in the near future.
On the evening of August 5, 1909, a particularly violent storm hit the Monongahela Valley. The residence of Dr. A.M. Pierce, president of the First National Bank of West Elizabeth, was struck by lightning while the family was at dinner. The fluid ran into the dining room, shocked the diners and damaged the house considerably. The storm did thousands of dollars damage in Munhall, Homeville, and Homestead. Munhall creek was converted into a river and was turned from its channel, flooding houses and tearing away tons of earth along its shores.
On October 17, 1914, the First National Bank of West Elizabeth failed to open its doors. No statement was issued relative to the closing of the bank. The bank was organized in 1902 with a capital of $50,000. The bank had a capitalization of $25,000. Its deposits were $259,754 and its resources $326,861. The officers were: President, Dr. A.M. Pierce, vice president, James A. Lewis; cashier, A.G. Boal; directors: Dr. Pierce, Thomas Denniston, John A. Snee, Mr. Lewis, Mr. Boal, J.C. Metzgar, Joseph Lytle, George H. Rockensus, and J. Audley Pierce. John L. Proctor was made receiver of the bank.
Official Bank Title(s)
1: The First National Bank of West Elizabeth, PA
Bank Note Types Issued
A total of $205,500 in National Bank Notes was issued by this bank between 1902 and 1914. This consisted of a total of 25,680 notes (25,680 large size and No 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 4x5 1 - 1650 1902 Red Seal 3x10-20 1 - 1160 1902 Date Back 4x5 1 - 2200 1902 Date Back 3x10-20 1 - 1410
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1902 - 1914):
Presidents:
Cashiers:
Other Bank Note Signers
- John A. Snee, Vice President 1903...1913
- There are currently no known Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on West Elizabeth (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- West Elizabeth, 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
- The Daily Republican, Monongahela, PA, Thu., June 14, 1900.
- Monongahela Valley Republican, Monongahela, PA, Thu., July 17, 1902.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Aug. 13, 1902.
- The Daily Notes, Canonsburg, PA, Fri., Aug. 22, 1902.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Fri., Aug. 6, 1909.
- Pittsburgh Press, Pittsburgh, PA, Sat., Oct. 17, 1914.