First National Bank of Salem, OH (Charter 43-2691-43)

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The First National Bank of Salem, Ohio, located on the corner of Main and Broadway Streets, ca2020.
The First National Bank of Salem, Ohio, located on the corner of Main and Broadway Streets, ca2020. Courtesy of Google Maps

First National Bank of Salem, OH (Chartered 1863 - Closed (Merger) 1989)

Town History

A 1926 advertisement for The First National Bank of Salem, Ohio. The officers were Frederic R. Pow, president; J.R. Vernon, vice president; and W.F. Church, cashier. Capital, surplus and profits were over $598,000 and resources exceeded $3.4 million. A 3-story building is pictured.
A 1926 advertisement for The First National Bank of Salem, Ohio.  The officers were Frederic R. Pow, president; J.R. Vernon, vice president; and W.F. Church, cashier.  Capital, surplus and profits were over $598,000 and resources exceeded $3.4 million.

Salem is a city in northern Columbiana County, Ohio, with a small district in southern Mahoning County. At the 2020 census, the city's population was 11,915. Salem is 25 miles southwest of Youngstown and 30 miles east of Canton.

Founded by the Quaker society in 1806, Salem was notably active in the abolitionist movement of the early- to mid-19th century as a hub for the American Underground Railroad. Through the 20th century, Salem served as one of many industrial towns in the Mahoning Valley. Today, the city enjoys being an exurb of Youngstown and is the commercial hub of northwestern Columbiana County, home to Allegheny Wesleyan College and Kent State University at Salem.

Salem was founded by a New Jersey clockmaker, Zadok Street, and a Pennsylvanian potter, John Straughan, in 1806. The city was named after Salem, New Jersey, where Street was from. The name Salem itself comes from "Jerusalem", which means "city of peace". Salem thrived on an industrial-based economy, advantageously located between Cleveland and Pittsburgh. For several decades, the largest corporations located in Salem included American Standard Brands, Eljer, Mullins Manufacturing, Deming Pump, and Salem China.

Salem had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes. This page is for two of those banks which operated using the title The First National Bank of Salem. The other national bank was The Farmers National Bank of Salem which received charter 973. Salem also had one Obsolete Bank that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

1963 advertisement for the bank's 100th anniversary. The First National Bank of Salem, Ohio, was the 16th oldest national bank in the nation. Two silver dollars dated 1863 were used for the zeros of 100. The motto "Progress Through Service" was added to the one of 100.
1963 advertisement for the bank's 100th anniversary. The First National Bank of Salem, Ohio, was the 16th oldest national bank in the nation.

Charter 43 Bank History:

  • Chartered July 31, 1863
  • 1: Liquidated May 15, 1882
  • 1: Succeeded by 2691 (First National Bank of Salem, OH)
  • 2: Charter 43 reassigned to 2691 September 12, 1910 (First National Bank of Salem, OH)
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into Society National Bank in Cleveland, OH, September 8, 1989


Charter 2691 Bank History:

  • Organized April 10, 1882
  • Chartered May 15, 1882
  • Succeeded 43 (First National Bank of Salem, OH)
  • Retook charter 43 September 12, 1910 (First National Bank of Salem, OH)

In 1863, The First National Bank of Salem organized with capital of $50,000 and Alexander Pow, president and H.J. Stauffer, cashier.

In January 1909, stockholders elected the following directors: H.H. Sharp, J.M. Woodruff, A.O. Silver, J.R. Vernon and F.R. Pow. The officers elected were F.R. Pow, president; J.R. Vernon, vice president; and W.F. Church, cashier.

At the close of business on September 1, 1911, the bank reported as resources, Loans and Discounts $607,731.46; U.S. Bonds $100,000 and liabilities of Capital Stock $100,000; Surplus and Profits $123,034.35; Circulation $97,395.00 and Deposits $592,774.37. 

Washington, DC, April 8, 1922. Whereas, by satisfactory evidence presented to the undersigned, it has been made to appear that “The First National Bank of Salem” located in the city of Salem in the county of Columbiana and state of Ohio, has complied with all the provisions of the Act of Congress "to enable National Banking Associations to extend their corporate existence, and for other purposes,” approved July 12, 1882, as amended by the Act, approved April 12, 1902. Now, therefore, I, Thomas P. Kane, Acting Comptroller of the Currency, do hereby certify that "The First National Bank of Salem," located In the city of Salem in the county of Columbiana and state of Ohio is authorized to have succession for the period specified in its amended articles of association: namely, until close of business on April 9, 1942. In testimony whereof witness my hand and seal of office this eighth day of April, 1922. T. P. KANE, Acting Comptroller of the Currency. Charter No 43. Extension No. 1464.

On December 29, 1928, John R. Vernon, vice president of The First National Bank of Salem and president of the Fire Insurance Company of Salem passed away. In January 1929, F.R. Pow was elected president of the Ohio Mutual Insurance Company to fill the vacancy caused by the death of J.R. Vernon. After the Chicago fire, John R. Vernon secured the necessary organization subscriptions and insurance orders to file for incorporation of The Ohio Mutual Fire Insurance Company of Salem. The company began operations on April 2, 1877 in the Pow Building, later moving to the Trimble Building, and then its own building at 96 E Main Street in 1897. Mr. Vernon succeeded Furman Gee as president of the insurance company in 1901.

Following the bank holiday, E.R. Fancher, Governor of the Federal Reserve Bank of Cleveland licensed the bank to reopen without restrictions on March 15, 1933. Around the middle of 1933, the bank's ads ceased using the interlocking double "S" logo.

In January 1936, stockholders re-elected the following directors: J. Ambler, L.H. Brush, L.H. Colley, W.H. Dunn, D.B. McCune, F.R. Pow, and H.H. Sharp. The officers elected were F.R. Pow, president; H.H. Sharp, vice president; L.H. Colley, cashier; A.P. Stark and O.A. Naragon, assistant cashiers. Naragon was the only new officer.

On Monday, January 7, 1963, stockholders re-elected all directors and officers. L.H. Colley was president; Wells Vaughters, executive vice president; C.H. Musser, vice president; O.A. Naragon, cashier; R.B. Smith and Glenn O. Robbins, assistant cashiers. The directors were Mr. Colley, H.E. Firestone, George Baillie, Jr., L.M. Burton, C.R. Haldi, J. Harrison Keller, R.S. McCulloch, Sr., Paul E. Myers, James H. Wilson, Sr., K.U. Wirtz, and R.K. Yates. At the end of 1962 the bank reported assets of $21,435,000 with capital and surplus of $150,000 and $1,000,000, respectively. The bank added to its reserves and undivided profits for combined capital funds of $2,007,000.

In March 1989, it was announced that the Society Bank of Eastern Ohio would merge into Cleveland-based Society National Bank to create a bank with $7.5 billion in assets and 132 offices. Society Bank of Eastern Ohio had operated as one of four independent affiliates of Society Corp. The merger reduced the number of regional banks that made up Society Corp. to three. Besides Society National Bank, Cleveland, Society Corp. had a state-chartered bank in Columbus and Dayton-based Society Bank, N.A., under its wing. The announcement was made jointly by Robert W. Gillespie, chairman and chief executive officer of Society Corp., and Richard A. Wiliet, chairman and chief executive officer of Society Bank of Eastern Ohio. Society National Bank's 96 offices served ten northern Ohio counties: Lake, Geauga, Portage, Summit, Cuyahoga, Medina, Lorain, Erie, Huron and Ottawa. The eastern Ohio bank, with headquarters in Canton, had 36 offices serving seven counties: Ashtabula, Trumbull, Mahoning, Columbiana, Carroll, Stark and Tuscarawas. The First National Bank of Salem merged into Society National Bank in Cleveland, on September 8, 1989.

Official Bank Title(s)

1: The First National Bank of Salem, OH

2: The First National Bank of (9/12/1910), Salem, OH

Bank Note Types Issued

Series of 1875 $20 proof for The First National Bank of Salem, Ohio, Charter 43.
Series of 1875 $20 proof for The First National Bank of Salem, Ohio, Charter 43. Courtesy of the Smithsonian Institution
1882 Brown Back $10 bank note with pen signatures of Richard Pow, Cashier and F. Gee, President.
1882 Brown Back $10 bank note with pen signatures of Richard Pow, Cashier and F. Gee, President. Courtesy of Heritage Auctions, www.ha.com
1902 Red Seal $10 bank note with pen signatures of W.F. Church, Cashier and F.R. Pow, President.
1902 Red Seal $10 bank note with pen signatures of W.F. Church, Cashier and F.R. Pow, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with a 1902 plate date and pen signatures of W.F. Church, Cashier and F.R. Pow, President.
1902 Plain Back $20 bank note with a 1902 plate date and pen signatures of W.F. Church, Cashier and F.R. Pow, President. Courtesy of Adam Stroup
1902 Plain Back $10 bank note with a 1922 plate date and pen signatures of W.F. Church, Cashier and F.R. Pow, President.
1902 Plain Back $10 bank note with a 1922 plate date and pen signatures of W.F. Church, Cashier and F.R. Pow, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of L.H. Colley, Cashier and F.R. Pow, President.
1929 Type 1 $20 bank note with printed signatures of L.H. Colley, Cashier and F.R. Pow, President. Courtesy of Adam Stroup

Charter 43 Bank Note Types Issued:

A total of $1,939,780 in National Bank Notes was issued by charter 43 between 1863 and 1989. This consisted of a total of 176,907 notes (143,496 large size and 33,411 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Original Series 4x5 1 - 5750
1: Original Series 3x10-20 1 - 2090
1: Series 1875 4x5 1 - 2975
1: Series 1875 3x10-20 1 - 1694
2: 1902 Date Back 3x10-20 1 - 4400
2: 1902 Plain Back 3x10-20 4401 - 11000 Plate dated 1902
2: 1902 Plain Back 3x10-20 1 - 12365 Plate dated 1922
2: 1929 Type 1 6x10 1 - 3536
2: 1929 Type 1 6x20 1 - 1004
2: 1929 Type 2 10 1 - 4823
2: 1929 Type 2 20 1 - 1348


Charter 2691 Bank Note Types Issued:

A total of $746,050 in National Bank Notes was issued by charter 2691 between 1882 and 1910. This consisted of a total of 59,684 notes (59,684 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
1882 Brown Back 3x10-20 1 - 6821
1902 Red Seal 3x10-20 1 - 6000
1902 Date Back 3x10-20 1 - 2100

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1989):

Charter 43 Bank Presidents and Cashiers:

Presidents:

Cashiers:


Charter 2691 Bank Presidents and Cashiers:

Presidents:

Cashiers:

Other Bank Note Signers

  • There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Bank Note History Links

Sources

  • Salem, OH, 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
  • Cleveland Daily Leader, Cleveland, OH, Thu., Sep. 3, 1863.
  • The Salem News, Salem, OH, Tue. Jan. 12, 1909.
  • The Salem News, Salem, OH, Tue., Sep. 5, 1911.
  • The Salem News, Salem, OH, Tue., May 9, 1922.
  • The Salem News, Salem, OH, Sat., Apr. 2, 1927.
  • The Salem News, Salem, OH, Thu., Jan. 24, 1929.
  • The Salem News, Salem, OH, Wed., Mar. 15, 1933.
  • The Salem News, Salem, OH, Wed., Jan. 15, 1936.
  • The Salem News, Salem, OH, Sat., Feb. 23, 1963.
  • Dayton Daily News, Dayton, OH, Tue., Mar. 21, 1989.
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