First National Bank at Canonsburg, PA (Charter 13813)

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The old First National Bank of Canonsburg, corner of Pike Street and Central Avenue. Courtesy of Google Maps, ca2023

First National Bank at Canonsburg, PA (Chartered 1933 - Open past 1935)

Town History

A 1953 advertisement for the First National Bank at Canonsburg.[1]

Canonsburg is a borough in Washington County, Pennsylvania, 18 miles southwest of Pittsburgh. Canonsburg was laid out by Colonel John Canon in 1789 and incorporated in 1802. The town lies in a rich coal district, and most of the town's work force once worked in local steel mills or coal mines. Interstate 79 and U.S. Route 19 pass through the town, as does the Pittsburgh and Ohio Central Railroad. A trolley used to operate from Washington, Pennsylvania to Pittsburgh through the borough until 1953. The population was 9,735 at the 2020 census. In 1890 the population was 2,113, peaking in 1940 at 12,599.

Canonsburg was the home of Jefferson College from its inception until it was moved in 1865 to Washington, Pennsylvania, and merged with Washington College, an act bitterly opposed by the people of the former place. The Jefferson Academy in some measure took the place of the old college. Here also flourished the Associate Reformed Theological Seminary and the Ladies' Seminary,[2] The Olome Seminary, established by Mrs. Olivia J. French in Canonsburg in 1844.[3]

The town is home to Sarris Candies and All-Clad Metalcrafters, makers of cookware and other bonded metals. It is adjacent to the Southpointe office park located in Cecil Township, which has a number of large corporate tenants. Yenko Chevrolet, one of largest and most notable custom muscle car shops of the late-1960s and early-1970s, was also located in Canonsburg. Canonsburg is home to the Pittsburgh Cougars junior hockey league team.

Canonsburg had two National Banks chartered during the Bank Note Era, The First National Bank of Canonsburg (Charter 4570) and The First National Bank at Canonsburg (Charter 13813), and both of those banks issued National Bank Notes.

Bank History

On Saturday, March 4, 1933, notice that the Citizens Trust Co., and First National Bank of Canonsburg and the First National Bank of Houston would observe the general state-wide legal. bank holiday declared by Governor Pinchot effective for two banking days. The purpose was to protect all institutions of the state against fear and hysteria that might follow similar holidays in adjacent states, particularly New York and Maryland. Bank holidays in those states would have thrown the financial burden of the east on Pennsylvania and to avoid this the Pennsylvania Governor acted Friday morning.[4] The First National Bank of Canonsburg (Charter 4570) was reopened but under the restricted class.[5]

On October 21, 1933, the old First National was reorganized and opened as the First National Bank at Canonsburg, Charter 13813.[6] George D. McNutt, president and conservator of the old bank was elected president of the new institution and also would remain in charge of the old bank's affairs until liquidation was completed. The old bank had more than $2,000,000 in deposits when it closed during the bank holiday. Opening of the reorganized bank freed up more than $1,200,000 in deposits. The new bank had capital of $200,000 and surplus of $50,000.[7]

On January 8, 1935, the directors elected were D.B. Geeseman, D.Q. Crawford, J.A. McConnell, W.W. Murray, John B. McBride, George D. McNutt, and John J. Foley. The officers were W.W. Murray, chairman of the board; Geo. D. McNutt, president; John B. Mcbride, vice president; J.W. Munnell, cashier; and H.S. Cummins, assistant cashier.[8]

In January 1946, there were no changes in the directorate or management of the First National Bank. The directors were J.W. Munnell, W.M. McConnell, W.W. Murray, John B. McBride, George D. McNutt, George D. Foley, Adolph Zeman, George R. Geeseman, and Hugh S. Cummins. the officers were George D. McNutt, president; W.W. Murray, chairman of the board; John B. McBride, vice president; J.W. Munnell, cashier; Hugh S. Cummings and C.H. Jacobs, assistant cashiers.[9]

In September, it was jointly announced by Park Y. Rankin, president of the First National Bank at Canonsburg, and Robert C. Downie, president of Peoples First National Bank & Trust Co. that an agreement had been reached whereby the Peoples First National would acquire the business of the Canonsburg bank and it would become the Canonsburg Office of the Peoples First National Bank & Trust Co. A special meeting of the shareholders was called for October 1st. The First National Bank had deposits in excess of $6,000,000. Commenting on the acquisition, Rankin said as a local office of a large bank, it could over an expanded number of banking services and make available the trust facilities of Pittsburgh's oldest Trust Company. Of the nation's 15,000 banks, Peoples First National ranked 42nd in size based on deposits, and 28th based on capital and surplus. The total deposits were in excess of $500 million.[10] On October 8, 1954, notice of the liquidation of the First National Bank at Canonsburg was posted by O.F. Emerson and A.L. Zeman, liquidating committee.[11]

In 1946, First National Bank at Pittsburgh (Charter 252) merged with Peoples-Pittsburgh Trust Company – with whom it had worked closely since the 1930s – to form Peoples First National Bank & Trust. In 1959, Peoples First merged with Fidelity Trust Company to form Pittsburgh National Bank. In 1969, the bank reorganized as a holding company, Pittsburgh National Corporation, now PNC Financial.

On Saturday, May 21, 1955, William Wallace Murray, 81, prominent local banker and industrial chemist died in the Canonsburg Hospital. He was the son of James and Margaret Anne Shanks Murray and was born August 21, 1873 in Belfast, Ireland. He was educated in England and Vermont and matriculated at the university of Vermont. He began his career in 1897 with Schlief, Flin & Co. Since 1913 he was associated with the Continental Can Co. and its subsidiary, the Standard Tin Plate Co., as chief chemist. Since 1933 he was chairman of the board of directors of the First National Bank at Canonsburg. He was the co-inventor of a detinning process and special lacquer for preventing discoloration of foods in tins. He was a 32nd degree Mason and a member of the Knights Templar and the Shrine. He was also a member of the American Chemical Society and of the Electro-Chemical Society.[12]

Official Bank Title

1: The First National Bank at Canonsburg, PA

Bank Note Types Issued

1929 Type 2 $10 bank note with printed signatures of J.W. Munnell, Cashier and George D. McNutt, President. Courtesy of Heritage Auctions, www.ha.com

A total of $123,840 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 9,876 notes (No large size and 9,876 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1929 Type 2 10 1 - 7368
1929 Type 2 20 1 - 2508

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Canonsburg, 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 Daily Notes, Canonsburg, PA, Mon., Nov. 3, 1953.
  2. Pittsburgh Post-Gazette, Pittsburgh, PA, Thu., July 3, 1879.
  3. The Daily Notes, Canonsburg, PA, Tue., Mar. 16, 1965.
  4. The Daily Notes, Canonsburg, PA, Sat., Mar. 4, 1933.
  5. The Daily Notes, Canonsburg, PA, Thu., Mar. 16, 1933.
  6. The Daily Notes, Canonsburg, PA, Thu., Jan. 4, 1934.
  7. Pittsburgh Post-Gazette, Tue., Oct. 24, 1933.
  8. The Daily Notes, Canonsburg, PA, Tue., Jan. 8, 1935.
  9. The Daily Notes, Canonsburg, PA, Wed., Jan. 9, 1946.
  10. The Daily Notes, Canonsburg, PA, Wed., Sep 1, 1954.
  11. The Daily Notes, Canonsburg, PA, Wed., Nov. 24, 1954.
  12. The Daily Notes, Canonsburg, PA, Mon., May 23, 1955.