First National Bank of North East, PA (Charter 741)

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A Series of 1875 $5 bank note with pen signatures of an unknown cashier and William A. Ensign, President. Courtesy of Heritage Auctions, www.ha.com

First National Bank of North East, PA (Chartered 1865 - Liquidated 1884)

Town History

North East is a borough in North East Township, Erie County, Pennsylvania, located 14 miles northeast of Erie. Located in the county's northeastern corner, the name comes from its geographical location. Fruit growing was an early economic endeavor, and is still to this day, as this is a popular area especially for cherries and grapes. There is an annual Cherry Festival in the summer and an annual Wine Country Harvest Festival in autumn. It is part of the Erie Metropolitan Statistical Area. It is the northernmost town in Pennsylvania's most northwestern county. The population of North East was 4,114 at the 2020 census. In 1860 the population was 566, growing to 1,396 by 1880.

Originally called Burgettstown, the name was changed in 1819 to Gibsonville until it was incorporated in 1834 as the borough of North East. North East has the Lake Shore Railway Museum, housed in its former railroad station.

North East had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.

Bank History

  • Organized December 23, 1864
  • Chartered January 23, 1865
  • Liquidated December 23, 1884

In April 1875, the First National Bank of North East was visited by an Internal revenue officer who found that a great many checks, contrary to law, were unstamped. The case was appealed to Washington for settlement.[1]

On Tuesday night, April 19, 1881, the planning mill of A.F. Jones & Co., North East, was burned, causing a loss estimated at $15,000. Thirty-five men were out of employment by the fire.[2]

On Monday, December 22, 1884, the First National Bank of North East closed up is affairs as its charter had expired.[3]

It would take until May 1893 for another application for a national bank in North East by Benjamin C. Spooner.[4] This would be the First National Bank of North East, which received charter #4927 on July 18, 1893.

In January 1909, Judge Walling handed down an opinion refusing a new trial to the North East bankers, William A. Ensign and his son Charles A. Ensign, convicted of embezzlement at the November quarter sessions. The court also refused to arrest judgement in the case and the two men who were out on heavy bail were required to appear for sentencing.[5] The two were adjudged guilty of embezzlement in accepting a deposit of $1,000 in their bank two days before they went into bankruptcy.[6] On January 12th, Judge Walling sentenced the two to pay a fine of $2,000, return the property embezzled or the value thereof, and undergo imprisonment in the Western penitentiary at separate and solitary confinement for one year. Neither of the defendants made any statement in court. Both were admitted to bail pending an appeal.[7]

In May 1910, the two bankers lost the decision in the Supreme Court for a new trial. Petitions for pardon were being circulated.[8][9]

On February 24, 1913, the United States Supreme Court rendered a decision holding that William A. Ensign, father of Charles A. Ensign of Pittsburg, convicted of violating the Pennsylvania banking statute by receiving deposits when he knew the bank to be insolvent, must serve his sentence of one year in jail.[10]

Official Bank Title

1: The First National Bank of North East, PA

Bank Note Types Issued

Original Series $1 bank note with pen signatures of A.W. Blaine, Cashier and William Griffith, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $176,300 in National Bank Notes was issued by this bank between 1865 and 1884. This consisted of a total of 40,660 notes (40,660 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
Original Series 3x1-2 1 - 1800
Original Series 4x5 1 - 4650
Series 1875 4x5 1 - 3715

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1884):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • North East, 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 Record-Argus, Greenville, PA, Sat., Apr. 17, 1875.
  2. ↑ The Conneautville Courier, Conneautville, PA, Thu., Apr. 21, 1881.
  3. ↑ The Pittsburgh Press, Pittsburgh, PA, Fri., Dec. 19, 1884.
  4. ↑ Standard-Speaker, Hazleton, PA, Mon., May 1, 1893.
  5. ↑ The Evening Republican, Meadville, PA, Jan. 7, 1909.
  6. ↑ The Pittsburgh Post, Pittsburgh, PA, Tue., Apr. 13, 1909.
  7. ↑ Latrobe Bulletin, Latrobe, PA, Tue., Jan. 12, 1909.
  8. ↑ Warren Times Mirror, Warren, PA, Fri., May 27, 1910.
  9. ↑ The Conneautville Courier, Conneautville, PA, Wed., June 1, 1910.
  10. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Mon., Feb. 24, 1913.
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