First National Bank in Conneautville, PA (Charter 12189)

A 1922 advertisement for the First National Bank in Conneautville, Pennsylvania.

First National Bank in Conneautville, PA (Chartered 1922 - Liquidated 1934)

Town History

Conneautville is a borough in Crawford County, Pennsylvania, situated along Conneaut Creek. The population was 736 at the 2020 census. In 1860 the population was 964, fluctuating over the decades until it was 969 in 1920.

Conneautville was founded in 1814 by Alexander Power, a surveyor and engineer. Conneautville was first called "Powerstown" or made reference to as "Power's Tract". Power wanted it called "Conneautville" after the Seneca name Conneaut or Conneautee, meaning "Snow Place" according to one interpretation. It is located in northwestern Crawford County in the valley of Conneaut Creek, which flows north and west to Lake Erie. Pennsylvania Route 18 passes through the center of the borough, leading north 10 miles to Albion and south 11 miles to Conneaut Lake.

Conneautville had three National Banks chartered during the Bank Note Era, The First National Bank of Conneautville (Charter 143), The First National Bank in Conneautville (Ch12189), and The Farmers National Bank (Charter 13942), and all three of those banks issued National Bank Notes.

Bank History

• Organized April 21, 1922
• Chartered May 4, 1922
• Conservatorship March 25, 1933
• Liquidated March 7, 1934
• Succeeded by 13942 (Farmers National Bank, Conneautville, PA)
• Circulation assumed by 13942 (Farmers National Bank, Conneautville, PA)

Bank of Conneautville

On Monday morning, January 30, 1922, the Bank of Conneautville, the oldest bank in Crawford County and Conneautville's only banking institution, failed to open for business a notice having been posted on the door Sunday evening that a general deed of assignment had been made to Frank W. Jackson, State Bank Examiner of Pennsylvania by the Bank, Paul Sturtevant, J.T. Snodgrass and E.T. Baird, co-partners. The closing of this old and trusted institution came as a great shock to the entire community. Conneautville had in the past few days returned to the pre-banking days condition and all necessary payments were being made in cash, provided the cash could be raised. According to the statement of Paul Sturtevant, president of the bank, which was also posted Sunday evening, the bank was closed on account of gross irregularities involving falsifying of accounts, over certification of checks, rehypothecation of the Bank's paper without proper entries, misappropriation of funds, and other irregularities.

Mr. Sturtevant stated that his first intimation of any trouble was when, on Wednesday, January 25th, he received a letter from one of the clerks in the bank speaking of the matter. Robert L. Mason, teller of the bank, was the clerk whose suspicions were aroused and who took the matter up with his superior officer. According to both Mr. Sturtevant and Mr. Jackson it was absolutely impossible to make any statement as the books were so falsified that no idea could even approximate as to the correct standing of the institution. There were about 2,500 depositors and advertising had recently given the total balance of $750,000. A large amount of money had been advanced to The Simplex Manufacturing Company, reports stating that this company had given notes amounting to more than $60,000 to the bank. Another large borrower was the L.C. Graves Company, of Springboro, reportedly owing considerably over $200,000. These loans were made by Mr. Snodgrass without the knowledge or consent of his partners, no record having been made of them on the books of the bank and the actual location of the notes covering them was found in Mr. Snodgrass' desk, but only after considerable examination by the expert accountant. The bank was opened Tuesday morning to receive payments on notes to permit people to have access to their safety deposit boxes and for the transaction of all business except the receipt of deposits and the payment of money. Mr. Snodgrass was placed under arrest Monday evening on information by Paul Sturtevant. He waived a hearing and was held for appearance at the February term of court at Meadville. Bail was fixed at $5,000 and was furnished by David S. Dunlop.

The Bank of Conneautville which claimed the distinction of being the oldest bank in Crawford County, was founded in 1863 as the First National Bank. The original capitalization was $100,000, but in 1874 this was reduced to $50,000 which it had been ever since. In 1874 John C. Sturtevant became connected with the bank as assistant cashier, shortly before the big robbery of the institution by its president, D.D. Williams. Williams was found one morning bound and gagged in the building, an accomplice having made off with the stolen funds, but the fraud was discovered and Mr. Williams sentenced to five years in the Western Penitentiary. The institution had enjoyed many years of prosperity under the leadership of Hon. J.C. Sturtevant and had been equally successful since his death in 1912 when he was succeeded by his son, Paul Sturtevant, who at the time of the settlement of his father's estate took over the entirety of his father's holdings in the bank. Besides private individuals and business places affected by the disaster, about $2,000 of the borough's funds were in the bank.

The First National Bank in Conneautville

On Tuesday, April 11, 1922, a committee meeting was held at which time the appointment of a cashier was made. W.A. Coulter of Sharon was chosen for the position, coming highly recommended. He had been acting as assistant cashier at the Dollar Savings and Trust Company at Sharon for some time. He was expected to take up his duties soon and to move to Conneautville with his mother. On a related note, Thomas Dolan, formerly of Conneautville and manager of an A&P store in Erie, picked up an interesting souvenir one day recently when a customer handed him a dollar bill issued by the First National Bank of Conneautville. The note had the date January 2, 1865, and was signed by J.C. Sturtevant, assistant cashier and W.L. Robinson, president. It was in "fine" condition, the ink used in the signatures remained quite clear. The man who gave the note to Mr. Dolan said that it with several others on the same bank had been given to him in payment of some work done in 1893 and that he had preserved it since then. Mr. Dolan was unable to track any of them.

A few weeks later, Charles H. Thompson called at the office of the Courier and showed some bank notes, the property of W.E. Wormald, formerly of Conneautville, some as old as the ones taken in trade by Thomas Dolan of Erie. The notes were of different denominations $5s, $2s, and $1s, some bearing signatures of D.D. Williams, Cashier and A.L. Power, President, and some with J.C. Sturtevant, Cashier and John Wormald, President.

On Saturday, May 6, 1922, the First National Bank in Conneautville opened for business. The public was invited to visit the bank between the hours of nine a.m. and three p.m., and 7:30 p.m. to 9 p.m., to make the personal acquaintance of the men who made it possible for Conneautville to have the safety and services assured by a national bank. The bank began business with a capital of $50,000 and a surplus of $10,000. The directors were C.H. Thompson, practical businessman; Hervey White, clothier and undertaker; C.G. Melcher, pharmacist; Reed McKay, grocer; C.M. Bean, farmer; E.C. Sweeney of Sweeney & Stevens, Meadville and Conneautville; James Burke, president, Burke Electric Company, Erie and Conneautville; and Charles Fahr, merchant and president, New First National Bank, Meadville. The officers were C.H. Thompson, president; Hervey White, vice president; and W.A. Coulter, cashier.

On Thursday, January 14, 1926, the directors met and elected the following officers: C.H. Thompson, president; Hervey White, vice president; O.L. Dean, cashier; Agnes Sheehan, assistant cashier; and Ralph Greenfield, teller.

In October 1929, announcement was made by F.G. Bentley of Springboro, doing a banking business as T.J. Bentley and Son, that he had decided to dispose of the Bentley interests to the First National Bank of Conneautville effective April 1, 1930. T.J. Bentley and Son had conducted a private bank in Springboro for nearly 40 years. "As T.J. Bentley and Son is a partnership and not incorporated, in the event of my decease the necessity of discontinuing the business of this partnership would disturb financial conditions in the community; also compel my family to assume business relations with which they would be unacquainted." An office would be maintained in Springboro where deposits would be received, checks cashed, drafts issued, loans extended and general banking accommodations accorded to patrons. This office would be under the supervision of Mrs. Gertrude Whipple. In 1891, T.C. Bentley along with William C. Booth opened a bank in Springboro. After Mr. Booth's death he took his son Fay G. Bentley in partnership. Mr. T.C. Bentley passed away January 19, 1927, after two-weeks illness with pneumonia.

On October 21, 1930, there were 16 prisoners from Pittsburgh bound for Atlanta for various violations of Federal laws. Orman L. Dean, former cashier of the First National Bank in Conneautville, indicted on 18 counts of embezzlement, drew a three-year term.

The report of condition of the First National Bank as of the close of business on September 29, 1931, showed total resources of $416,130.63, with capital stock paid in $50,000, circulation $24,460, demand deposits $126,466.35, and time deposits $199,658.09. The directors attesting to the correctness of the report were Hervey White, Reed McKay, and C.G. Melcher. A.W. Thompson was cashier.

Advertisement from February 1934 for the Farmers National Bank of Conneautville.

On August 3, 1933, Dr. H.C. Winslow, of Meadville, president of the First National Bank in Conneautville, and F.A. Heyl, conservator of the bank, headed a delegation of depositors and stockholders to Washington to have the treasury department move to open the closed institution. The delegation had appointments arranged through Congressman Crosby of Pennsylvania with the comptroller's office of the United States treasury, officials of the Reconstruction Finance Corporation (RFC) and other officials there. Congressman Crosby said the Bank of Conneautville had $400,000 belonging to depositors and stockholders tied up. Crosby declared that the bank's difficulty was due to the treasury department's policy stating, 'Assets should be reconciled according to the question of whether or not the bank is solvent and not upon a forced sale basis.' Congressman Crosby was going with the delegation to keep its various appointments in an effort to get the affairs of the bank straightened out. On Friday, August 11, 1933, a meeting of the stockholders was held in the directors' room of the bank to discuss plans to reopen the bank. Dr. H.C. Winslow, president, presided at the meeting attended by about 35 stockholders. The plan provided for the organization of a new bank to take over the liquid assets of the old bank. The new bank would be capitalized at $25,000 in common stock; $25,000 in preferred stock; and $5,000 in surplus. Of this amount $30,000 had to be subscribed locally. Nearly $10,000 was immediately subscribed at that meeting and stockholders were almost unanimous in their enthusiasm and support of the reorganization plan. The bank had re-opened shortly after the president's bank moratorium in March on a restricted operating basis under a conservator. On December 13th it was announced that the full amount of stock to be subscribed had been taken in the Farmers National Bank of Conneautville, the name to be given to the new organization. The following directors were chosen to act until the stockholders' annual meeting in January: Dr. H.C. Winslow, Meadville; Fred R. Knapp, F.E. Tyler, James E. McArthur, Conneautville; and J.S. Wyatt, Meadville. The directors elected the following officers: Dr. H.C. Winslow, president; Fred R. Knapp, vice president; and F.A. Heyl, cashier. Mr. Heyl who served as conservator had been very active in bringing about this new organization and deserved much credit for his painstaking work.

On January 16, 1934, "The Farmers National Bank of Conneautville" was authorized by J.F.T. O'Connor, Comptroller of the Currency, to begin business.

Official Bank Title

1: First National Bank in Conneautville, PA

Bank Note Types Issued

1902 Plain Back $20 bank note with stamped signatures of O.L. Dean, Cashier and C.H. Thompson, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $5 bank note with printed signatures of E.C. Sweeney, Cashier and C.H. Thompson, President. Courtesy of Heritage Auctions, www.ha.com

A total of $231,010 in National Bank Notes was issued by this bank between 1922 and 1934. This consisted of a total of 29,468 notes (19,504 large size and 9,964 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1902 Plain Back	4x5	1 - 2925
1902 Plain Back	3x10-20	1 - 1951
1929 Type 1	6x5	1 - 896
1929 Type 1	6x10	1 - 430
1929 Type 1	6x20	1 - 136
1929 Type 2	5	1 - 1192

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1922 - 1934):

Presidents:

• Charles Henry Thompson, 1922-1930
• Dr. Harry Charles Winslow, 1931-1933

Cashiers:

• William Andrew Coulter, 1922-1923
• Orman Lamont Dean, 1924-1930
• Edward C. Sweeney, 1930
• A. Wayne Thompson, 1931-1931
• Frederick A. Heyl, 1932-1933

Other Known Bank Note Signers

• Agnes M. (Sheehan) Mosbacher (Asst Cashier 1926...1930)

Bank Note History Links

• First National Bank in Conneautville, PA History (NB Lookup)
• Pennsylvania Bank Note History (BNH Wiki)

Sources

• Conneautville, 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