First National Bank of Canonsburg, PA (Charter 4570)

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In 1909, Canonsburg had two banks, the Citizens Trust Company (left) and the First National Bank (right).[1] The banks face one another on corners of Pike Street and Central Avenue, Canonsburg, Pennsylvania.

First National Bank of Canonsburg, PA (Chartered 1891 - Receivership 1933)

Town History

The old First National Bank of Canonsburg, corner of Pike Street and Central Avenue. Courtesy of Google Maps, ca2023
The old Citizens Trust Company of Canonsburg which sits opposite the First National Bank building on Pike Street. Courtesy of Google Maps ca2023

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 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

  • Organized April 1, 1891
  • Chartered May 12, 1891
  • Succeeded Cannonsburgh Bank
  • Conservatorship April 3, 1933
  • Receivership December 19, 1933

Canonsburg Banking History

In March 1855, the House passed bills incorporating eleven new banks, four of which had already passed the Senate. Among them was the Western Bank of Pennsylvania, Cannonsburg Bank, Mechanics' Bank of Pittsburgh, Newcastle Bank and Mercer County Bank.[3] Application was first made to the legislature on July 21, 1853, but it wasn't until April 20, 1855, that the Act was passed incorporating the Canonsburg Savings Fund Society with a capital of $50,000. It was in existence for about 15 years, closing in April 1869. Its first cashier was Samuel R. Williams who had previously held the chair of natural science in Jefferson College. For several years before it closed the cashiership was filled by John F. Black.[4]

The Farmers Bank of Deposit was organized in March 1865. Its board of directors was as follows: James Craighead, president; B. South, secretary and treasurer; R.C. Hamilton, John Chambers and Adam Edgar. This institution opened on Pike Street and continued in business until January 1880 when it was closed and was succeeded by the Canonsburg Savings Bank which opened for business January 14, 1880 in the same office where it continued until January 1881 when it was moved to the room in the building erected by W.B. Stewart on the corner of Pike Street and Central Avenue. This room was later occupied by the Canonsburg Bank, Limited and its successor, the First National Bank of Canonsburg, but the original building was torn-down and replaced.[5] The business was closed by the stockholders February 9, 1882 and the property transferred to the Canonsburg Bank Limited. The Canonsburg Bank, Limited, was organized with a capital of $50,000 and opened for business on February 9, 1882. The officers were William Martin, president; J.C. McNary, secretary and treasurer; Adam Edgar, S.B. McPeak and W.R. McConnell, directors; and Henry Bennett, assistant cashier. The bank continued under the same name and management until May 12, 1891, when it was reorganized under the national banking laws and became the First National Bank of Canonsburg, with William Martin as president and George D. McNutt, cashier.[6] 

The Citizens Bank, Limited, was organized June 25, 1891. John C. McNary was the first president, John S. Speer, cashier and C.C. Johnson, assistant cashier. The Matthews property, West Pike Street was purchased for $4,500, the building remodeled, and the bank opened for business in the summer of 1891. In 1901, a changed was made whereby it was reorganized into a trust company under the name of the Citizens Trust Company of Canonsburg and the charter was granted April 8, 1901. The Citizens Bank, Limited was liquidated. In 1903 the Citizens Trust Co. purchased from the Thomas Miller estate property at the southwest corner of Pike Street and Central Avenue long occupied by the Briceland Hotel and later known as the Sherman House and still later as the Central Hotel. A contract was let to raze the old hotel and erect a modern four-story structure on Pike Street and five stories on Central Avenue. The cornerstone was laid July 20, 1903 and it was completed the following summer.  The Citizens Trust Co. held its formal opening in the new building Monday, September 5, 1904. The officers of the Citizens Trust Co. in 1909 were John C. McNary, president; John C. Morgan, vice president; C.C. Johnson, secretary and treasurer; Samuel McWilliams, assistant secretary and treasurer; John T. McNary, assistant treasurer. The directors in addition to the officers were David G. Jones, J.B. Johnson, Theo. A. Straub, Joseph Reed, S.A. Lacock, Charles W. Campbell, John S. Barr, and J.V.H. Cook.[7]

First National Bank of Canonsburg (Charter 4570)

A 1933 advertisement for the First National Bank of Canonsburg, Pennsylvania.[8]
A 1950 advertisement for the Citizens Trust Company of Canonsburg.[9]

On Wednesday, February 11, 1891, in response to a call issued by William Martin, a majority of stockholders of the Canonsburg Bank, limited, met in their parlor at 1 o'clock. The meeting was organized by electing Rev. William Hanna, chairman, and George D. McNutt, secretary. The object of the meeting was to consider the propriety of merging the present bank into a corporation to be known as the First national bank of Canonsburg. After consulting with the comptroller of the currency, it was discovered that this could only be done by winding up the affairs of the present bank and taking a new subscription of stock. A vote of 1,037 out of the 1,200 shares were in favor of doing so. W.R. Craighead moved that the capital stock be limited to $50,000 which met with considerable opposition, but was finally carried in the affirmative.[10] On May 12, 1891, E.W. Lacey, Comptroller of the Currency, authorized the First National Bank of Canonsburg to begin business.[11] In June, Taylor & Crawford had a contract to overhaul and repair the bank building for the First National Bank. The partition between the office and the directors' room was removed and the vault moved to the rear of the building. A room in which the directors would meet was fitted up on the second floor and a stairway erected on the inside of the building.[12]

In April 1898, the directors were William Martin, Jno. L. Cockins, Adam Edgar, Wm. H. Paxton, M.B. Kelso, E.B. Boyle, and Geo. D. McNutt. the officers were William Martin, president, Wm. M. Paxton, vice president; Geo. D. McNutt, cashier; and J. Wilbur Munnell, assistant cashier.[13]

In January 1900, the directors were Jno. L. Cockins, Adam Edgar, M.B. Kelso, William Martin, Wm. H. Paxton, E.B. Boyle, and George D. McNutt. The officers were William Martin, president; Wm. H. Paxton, vice president; Geo. D. McNutt, cashier and J. Wilbur Munnell, assistant cashier. The bank had paid-in capital $50,000, surplus and undivided profits $33,779.00.[14]

In 1901, the First National purchased the building in which it had theretofore owned only partial interest and in 1902 let a contract for the complete remodeling of the structure to M.C. Schaughency & Son. The building which had been a plain brick structure two stories in height was converted into a modern brick building and practically made new. The remodeling was completed in the spring of 1904. A new safe was built into the structure at that time. William Martin, the first president, died November 30, 1904, having been at the head of the bank as a limited banking institution and as a national bank for nearly 23 years. The directors elected William H. Paxton to succeed Mr. Martin; he had been vice president for a number of years. John L. Cockins was elected vice president to succeed Mr. Paxton.[15]

On Friday, February 22, 1924, A farewell party was tendered Robert L. Park and daughter, Miss Ella. Mr. Park who served for many years as an elder at Center Church and vice president of the First National Bank was moving to Wooster, Ohio. A handsome cane was presented to Mr. Park.[16]

On Tuesday, January 13, 1925, stockholders elected the following board of directors: George D. McNutt, O.L. Paxton, J.A. McConnell, R.L. Munce, James H. McBurney, H.L. Cockins, J.W. Munnell. The directors met the next morning and elected the following officers: George D. McNutt, president; J.A. McConnell, vice president; J.W. Munnell, cashier; and Clyde H. Jacobs and John W. McNutt, assistant cashiers.[17]

In January 1930, the directors were George D. McNutt, J.A. McConnell, R.L. Munce, James H. McBurney, H.L. Cockins, W.H. Dunlap, Jr., and J.W. Munnell.[18] At the meeting of the newly elected directors, the following officers were elected: George D. McNutt, president; J.A. McConnell, vice president; J.W. Munnell, cashier; and Clyde H. Jacobs, assistant cashier.[19][20]

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.[21] The First National Bank of Canonsburg was reopened but under the restricted class.[22]

On October 21, 1933, the old First National was reorganized and opened as the First National Bank at Canonsburg, Charter 13813.[23] 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.[24] 

On Friday, August 8, 1952, Citizens Trust Company of Canonsburg became the Canonsburg Office of Mellon National Bank and Trust Company at the close of business. Brad R. Williams, formerly vice president and secretary of the Citizens Trust Company was appointed assistant vice president of Mellon bank and manager of its Canonsburg office. The assistant managers were James W. Morgan, formerly treasurer of the Citizens Trust Company; Herman F. Dietz, formerly assistant secretary and treasurer; and Charles A. Maizland, formerly assistant treasurer and assistant trust officer.[25]

Official Bank Title

1: The First National Bank of Canonsburg, PA

Bank Note Types Issued

1902 Plain Back $10 bank note with stamped signatures of J.W. Munnell, cashier and G.D. McNutt, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of J.W. Munnell, cashier and G.D. McNutt, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $1,986,740 in National Bank Notes was issued by this bank between 1891 and 1933. This consisted of a total of 159,390 notes (136,644 large size and 22,746 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 3x10-20 1 - 6590
1882 Date Back 3x10-20 1 - 2626
1902 Date Back 3x10-20 1 - 7000
1902 Plain Back 3x10-20 7001 - 24945
1929 Type 1 6x10 1 - 2838
1929 Type 1 6x20 1 - 838
1929 Type 2 10 1 - 595
1929 Type 2 20 1 - 95

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1891 - 1933):

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, Sat., Apr. 17, 1909.
  2. ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Thu., July 3, 1879.
  3. ↑ The Indiana Progress, Indiana, PA, Tue., Mar 27, 1855.
  4. ↑ The Daily Notes, Canonsburg, PA, Sat., Apr. 17, 1909.
  5. ↑ The Daily Notes, Canonsburg, PA, Mon., Dec. 7, 1903.
  6. ↑ The Daily Notes, Canonsburg, PA, Sat., Apr. 17, 1909.
  7. ↑ The Daily Notes, Canonsburg, PA, Sat., Apr. 17, 1909.
  8. ↑ The Daily Notes, Canonsburg, PA, Mon., Jan. 9, 1933.
  9. ↑ The Daily Notes, Canonsburg, PA, Thu., July 20, 1950.
  10. ↑ The Canonsburg Weekly Notes, Canonsburg, PA, Sat., Feb. 14, 1891.
  11. ↑ The Canonsburg Weekly Notes, Canonsburg, PA, Sat., May 23, 1891.
  12. ↑ The Canonsburg Weekly Notes, Canonsburg, PA, Sat., June 6, 1891.
  13. ↑ The Canonsburg Weekly Notes, Canonsburg, PA, Sat., Apr. 10, 1897.
  14. ↑ The Daily Notes, Canonsburg, PA, Mon., Jan. 15, 1900.
  15. ↑ The Daily Notes, Canonsburg, PA, Sat., Apr. 17, 1909.
  16. ↑ The Daily Notes, Canonsburg, PA, Sat., Feb. 23, 1924.
  17. ↑ The Daily Notes, Canonsburg, PA, Wed., Jan. 14, 1925.
  18. ↑ The Daily Herald, Monongahela, PA, Wed., Jan. 15, 1930.
  19. ↑ The Daily Notes, Canonsburg, PA, Thu. Jan. 16, 1930.
  20. ↑ The Daily Notes, Canonsburg, PA, Fri., Jan. 17, 1930.
  21. ↑ The Daily Notes, Canonsburg, PA, Sat., Mar. 4, 1933.
  22. ↑ The Daily Notes, Canonsburg, PA, Thu., Mar. 16, 1933.
  23. ↑ The Daily Notes, Canonsburg, PA, Thu., Jan. 4, 1934.
  24. ↑ Pittsburgh Post-Gazette, Tue., Oct. 24, 1933.
  25. ↑ The Daily Notes, Canonsburg, PA, Fri., Aug. 8, 1952.
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