First National Bank of Charleroi, PA (Charter 4534)
First National Bank of Charleroi, PA (Chartered 1891 - Receivership 1934)
Town History
Charleroi (SHAR-lə-roy) is a borough in Washington County, Pennsylvania, along the Monongahela River, 21 miles south of Pittsburgh. Charleroi was settled by Walloons in 1890 and incorporated in 1891. The 2020 census recorded a population of 4,210. In 1900 the population was 5,930, peaking at 11,516 in 1920. Charleroi got its name from the Belgian city of Charleroi. Many Belgian immigrants lived in the Monongahela area at the end of the 19th century, some of whom were glass makers.
James S. McKean is often referred to as the founder of Charleroi, having established the First National Bank in 1890. He was instrumental in attracting capitalists to locate manufacturing plants there. He was a founder of the Charleroi Plate Glass Company later absorbed into Pittsburgh Plate Glass Company.
The Pittsburgh Plate Glass Company, today PPG Industries, had one of its major factories located at the current chamber plaza, at one point employing up to a thousand workers, making it one of the largest glass factories in the world at the time. For years it was the home to one of Corning Glass Companies leading employers. Today it is home to Corelle Brands, which makes Pyrex. In celebration of the 100th anniversary of Pyrex products, Charleroi renamed itself "Pyrex, PA" for 100 days in 2015.
Charleroi was home to one of the first movie theatres in the nation, the Electric Theatre at 520 McKean Avenue, which opened in October 1905 and has since been demolished. The Charleroi Historic District, First National Bank of Charleroi and United States Post Office are listed on the National Register of Historic Places. The First National Bank of Charleroi was completed in 1922, served a series of banks, and at present (~2023) is home to Ductmate Industries.
Charleroi had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized March 12, 1891
- Chartered March 18, 1891
- Conservatorship March 21, 1933
- Receivership May 22, 1934
- Cochran, Bob, "John K. Tener--This Banker Knew How to "Pitch" His Customers", Paper Money, No. 237, pp 163-172.
In March 1891, an application for authority to organize a national banking association was filed with the comptroller of the currency by James A. McKean of Pittsburgh and his associates for the First National Bank of Charleroi, Pennsylvania. On March 18th, the bank was authorized to begin business with capital $50,000.
On Tuesday, Jan. 9, 1894, stockholders elected the following directors for the ensuing year: W.D. Hartupee, James S. McKean, M.J. Alexander, George A. Macbeth, S.A. Walton, A.M. Sloan, and C.F. Thompson. The three new directors on the list were Messrs. Alexander, Macbeth and Walton. The directors met and re-elected W.D. Hartupee, president; and J.K. Tener, cashier. James S. McKean was elected Vice President. Mr. McKean was the Pittsburgh Postmaster and a founder of the Charleroi Plate Glass Company, the First National Bank and a partner in Duff, McKean & Co. that began business in 1875 and closed in 1890 due to his service in the Post Office. On December 1, 1895, McKean was elected president of Pittsburgh's Union Trust Company with A.W. Mellon as its vice president.
On September 23, 1909, W.D. Hartupee, second vice president of the Pittsburgh Plate Glass Co., died at the Hotel Schenley. Mr. Hartupee was born in Pittsburgh and had lived there all his life. After an early education in public schools he entered the Western University of Pennsylvania, later going to the Boston School of Technology. He continued his education as a mechanical engineer in the University of Karlsrue, Germany. Returning to Pittsburgh, he became associated with his father, Andrew Hartupee, one of Pittsburgh's pioneer machinists and whose factory at Ferry Street and Third Avenue was an old landmark. During the Civil War many cannon for the North were cast in Mr. Hartupee's machine shop. William D. Hartupee around 1884 interested the firm in laying pipe lines for oil and gas. In 1890 he became interested in the manufacture of plate glass and formed the Charleroi Plate Glass Co., designing the building of that plant. He became manager and engineer of the company until it was absorbed into the Pittsburgh Plate Glass Co. He was director in many subsidiary concerns of Pittsburgh Plate Glass. He was a member of the Union, Duquesne, University, Country, Oakwood Country Clubs and the Pittsburgh Athletic Association.
In January 1930, the directors selected were J.K. Tener, S.A. Walton, R.H. Rush, George S. Might, D.M. McCloskey, S.L. Woodward, W.B. Pfleghardt, J.E. Master, and Jack M. Teitelbaum. The officers were J.K. Tener, president; S.A. Walton and D.M. McCloskey, vice presidents; R.H. Rush, cashier; I.H. Stephens and George H. Hott, assistant cashiers.
In January 1934, stock sales for the new First National Bank "in" Charleroi were underway with Garrett E. Wagner head of the committee in charge of sales. The bank could not open until after $50,000 of stock was sold at $35 per share, thus equaling the amount subscribed by the government. The new bank received its charter, number 14123, on April 28, 1934.
In March 1934, Kenneth Smith severed his connection with the National Bank of Fayette County to accept a position as teller with the First National Bank of Charleroi. On May 22, 1934, Walter L. Campbell of Charleroi received notification from acting comptroller of the currency F.G. Awalt of his appointment as receiver for the old First National Bank of Charleroi effective immediately upon termination of the conservatorship.
In August 1938, Walter Campbell succeeded Samuel R. Fenner as receiver of the First National Bank of Canonsburg, the change being made as an economy move. The consolidation of the receiverships considered also adding the First National Bank of Bridgeville and that of the First National Bank of Wilkinsburg, but Congressman Charles I. Faddis protested strenuously. The receivership of the old First National Bank of Charleroi had paid 93% to depositors and it was generally understood that with the funds on hand together with anticipated receipts in the immediate future, sufficient money would be available to pay the remaining 7% to depositors. Upon payment, only interest would remain as an obligation of the old institution. The law on this differs between that of a national bank and that of a state bank. The Pennsylvania supreme court had decided that when a bank closes, it immediately becomes technically in bankruptcy and the interest ceases. The United States Supreme Court, however, held that in the case of national banks, the rate of interest continued until the obligations were met at a rate of six percent. An unofficial estimate was that about $175,000 or more was needed to meet this interest obligation to the depositors of the First National Bank of Charleroi.
Official Bank Title(s)
1: The First National Bank of Charleroi, PA
Bank Note Types Issued
A total of $822,920 in National Bank Notes was issued by this bank between 1891 and 1934. This consisted of a total of 66,081 notes (55,312 large size and 10,769 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 - 1870 1882 Date Back 3x10-20 1 - 494 1902 Date Back 3x10-20 1 - 3400 1902 Plain Back 3x10-20 3401 - 11464 1929 Type 1 6x10 1 - 1376 1929 Type 1 6x20 1 - 388 1929 Type 2 10 1 - 130 1929 Type 2 20 1 - 55
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1891 - 1934):
Presidents:
- Col. John William Moore, 1891-1892
- William D. Hartupee, 1893-1897
- John Kinley Tener, 1898-1932 25th Governor of Pennsylvania (1911-1915)
Cashiers:
- John Kinley Tener, 1891-1897 25th Governor of Pennsylvania (1911-1915)
- Remembrance Hughes Rush, 1898-1932
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 Charleroi (Wikipedia)
- General information on Washington County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Charleroi, 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
- Pittsburgh Dispatch, Pittsburgh, PA, Jan. 24, 1890.
- The Sunday Leader, Wilkes-Barre, PA, Sun., Aug. 3, 1890.
- St. Louis Globe-Democrat, St. Louis, MO, Tue., Mar. 10, 1891.
- The Champaign Daily Gazette, Champaign, IL, Thu., Mar. 19, 1891.
- The Daily Republican, Monongahela, PA, Sat., Jan. 13, 1894.
- The Daily Republican, Monongahela, PA, Tue., Jan. 30, 1894.
- The Pittsburgh Press, Pittsburgh, PA, Mon., Apr. 30, 1900.
- The Pittsburgh Press, Pittsburgh, PA, Fri., Sep. 24, 1909.
- The Daily Republican, Monongahela, PA, Wed., Jan., 15, 1930.
- The Daily Republican, Monongahela, PA, Thu., Jan. 25, 1934.
- The Evening Standard, Uniontown, PA, Fri., Mar. 30, 1934.
- The Daily Republican, Monongahela, PA, Thu., May 24, 1934.
- The Daily Republican, Monongahela, PA, Sat., June 9, 1934.
- The Daily Notes, Canonsburg, PA, Tue., Aug. 16, 1938.