First National Bank of Scranton, PA (Charter 77-2697-77)
First National Bank of Scranton, PA (Chartered 1863 - Open past 1935)
Town History
Scranton is a city in Pennsylvania and the county seat and largest city of Lackawanna County in Northeastern Pennsylvania's Wyoming Valley. With a population of 76,328 as of the 2020 United States Census, Scranton is the largest city in northeastern Pennsylvania and the Scranton–Wilkes-Barre–Hazleton Metropolitan Statistical Area, which has a population of about 570,000, and the sixth largest city in Pennsylvania after Philadelphia, Pittsburgh, Allentown, Reading, and Erie. In 1860 the population was 9,223, growing to 75,215 in 1890 and peaking in 1930 at 143,433.
Scranton is the largest of the former anthracite coal mining communities in a contiguous quilt-work that also includes Wilkes-Barre, Nanticoke, Pittston and Carbondale. Scranton was incorporated on February 14, 1856, as a borough in Luzerne County and as a city on April 23, 1866. It became a major industrial city and a center of mining and railroads; it attracted thousands of new immigrants. It was the site of the Scranton General Strike in 1877.
People in northern Luzerne County sought a new county in 1839, but the Wilkes-Barre area resisted losing its assets. Lackawanna County did not gain independent status until 1878. Under legislation allowing the issue to be voted by residents of the proposed territory, voters favored the new county by a proportion of 6 to 1, with Scranton residents providing the major support. The city was designated as the county seat when Lackawanna County was established in 1878, and a judicial district was authorized in July 1879.
The city's nickname "Electric City" began when electric lights were introduced in 1880 at the Dickson Manufacturing Company. Six years later, the United States' first streetcars powered only by electricity began operating in the city. Rev. David Spencer, a local Baptist minister, later proclaimed Scranton as the "Electric City".
Scranton is 76 miles north of Allentown, 125 miles north-northwest of Philadelphia, and 120 miles west of New York City.
Scranton had 10 National Banks chartered during the Bank Note Era, and eight of those banks issued National Bank Notes.
Bank History
Charter 77 Bank History:
- Chartered Sep 7, 1863
- 1: Liquidated May 18, 1882
- 1: Succeeded by 2697 (First National Bank of Scranton, PA)
- 2: Charter 77 reassigned to 2697, October 19, 1911 (First National Bank of Scranton, PA)
- 2: Assumed 13040 by consolidation April 1, 1927 (County NB (No Issue), Scranton, PA)
- 2: Assumed 4183 and its circulation by consolidation Nov 30, 1929 (Traders National Bank, Scranton, PA)
- Bank was Open past 1935
Charter 2697 Bank History:
- Organized May 5, 1882
- Chartered May 19, 1882
- Succeeded 77 (First National Bank of Scranton, PA)
- Retook charter 77, October 19, 1911 (First National Bank of Scranton, PA)
THE FIRST NATIONAL BANK, the oldest of incorporated banking houses in the city, was organized May 30, 1863. The original board of directors were men closely identified with the history of Scranton, as follows: Joseph H. Scranton, Thomas Dickson, Joseph J. Albright, Hon. John Brisbin, and Joseph C. Platt. Its first President was Joseph H. Scranton (1863 to June 1872), who was succeeded by Joseph J. Albright (Jan. 21, 1873, to Jan. 12, 1898), Edward W. Weston (Jan. 16, 1888, to Oct. 28, 1891), James A. Linen was elected president on October 31, 1891. It has had three Vice-Presidents, as follows: Joseph J. Albright (Jan. 17, 1865, to Jan. 21, 1873) Joseph C. Platt (Jan. 21, 1873, to Nov. 15, 1887), George L. Dickson elected November 28, 1887. William Cushing was Cashier from May 30, 1863, to June 10, 1865, John A. Linen, Oct. 3, 1865, to Oct. 31, 1881, and Isaac Post, elected October 31, 1881. In September 1892, the board of directors was as follows: George L. Dickson, James Blair, W.R. Storrs, W.F. Hallstead, W.W. Scranton, John Jermyn, T.F. Torrey and J.A. Linen. The deposits reported May 17th, 1892, were $4,372,071.44.[1]
The report of condition of the First National Bank of Scranton at the close of business, January 1st, 1879, showed total resources of $1,326,841.73. The capital stock paid in was $200,000, surplus $255,000, undivided profits, $19,276.48, circulation $45,000, individual deposits $642,482.35, and demand certificates of deposits $71,070.61. J.A. Linen was cashier and the directors attesting to the correctness of the report were J.J. Albright and James Blair.[2]
In January 1880, the directors of the Scranton Savings Bank were James Blair, John I. Blair, George Fisher, J.S. Slocum, G.H. Catlin, A.M. Decker, G.A. Fuller, and Jas. Archbald. James Blair was president, and H.A. Vail, cashier. The bank, the oldest in Northern Pennsylvania, was at No. 120 Wyoming Avenue.[3]
In January 1886, Mr. Isaac Post was promoted to assistant cashier of the First National Bank.[4]
In January 1899, the shareholders of the First National Bank elected the following directors: James A. Linen, George L. Dickson, W.R. Storrs, W.F. Hallstead, W.W. Scranton, John Jermyn, Thomas F. Torrey, and George B. Smith.[5]
On Tuesday, January 14, 1908, at the annual meeting of stockholders, the following were elected directors: J.A. Linen, G.L. Dickson, W.F. Hallstead, W.W. Scranton, George B. Smith, Charles H. Welles, F.E. Platt, C.S. Weston, and Richard H. Higgins. The election of directors would take place Saturday morning at 10 o'clock.[6]
On Tuesday, January 10, 1911, at the annual meeting of the stockholders, no changes were made. The following board of directors was re-elected: James A. Linen, G.L. Dickson, W.W. Scranton, George B. Smith, Charles H. Welles, F.E. Platt, C.S. Weston, Richard H. Higgins, Thomas E. Clarke, Henry Belin, Jr., and J. Benj. Dimmick. The following officers were re-elected: James A. Linen, president; George L. Dickson, vice president; Isaac Post, cashier; Albert G. Ives and Alfred T. Hunt, assistant cashiers.[7]
On Friday, January 7, 1927, the mergers of the County Savings with the First National Bank and the Lackawanna Trust with the Scranton Trust Company were unanimously approved and recommended to stockholders at meetings of directors of the four respective banking and trust corporations. In each instance the majority of shareholders were favorable to the merger plan and would ratify the action of the boards when called to vote on the proposition. Charles S. Weston would be president of the combined banking institutions with deposits of $45,000,000. Col. Louis A. Watres, president of the County Savings Bank, would head the merged trust companies which would be largest of kind outside Philadelphia and Pittsburgh. In addition to the officers of the Scranton Trust Company, several officers of the Lackawanna Trust Company would become officers of the merged trust company.
The County Savings Bank during its 53 years of existence had but three presidents: Hon. John Handley, late president judge of the Lackawanna County courts; Hon. E.N. Willard, late of the superior court; and the incumbent, Colonel Louis A. Watres who had been president of the bank for 30 years. The other officers in addition to Colonel Watres were Joseph O'Brien, first vice president; E.M. Rine, second vice president; Wallace M. Ruth, cashier; Henry S. Kirkpatrick and Louella Warren, assistant cashiers. The directors were F.P. Benjamin, P.J. Casey, F.H. Hemelright, Joseph Jeffrey, Henry A. Knapp, William R. Lewis, Joseph O'Brien, F.J. Platt, E.M. Rine, Wallace M. Ruth, Edward W. Warren, L.A. Watres, Laurence H. Watres, and F.H. Wright. All of the directors of the County Savings Bank would be added to the directorate of the First National Bank.
The Merger of the Lackawanna Trust Co. with the Scranton Trust Co. carried a significance only secondarily to that of the two banks. The First National owned for its stockholders all of the stock of the Lackawanna Trust Co. which it was proposed to distribute to its stockholders. The Lackawanna Trust Co. was one of the oldest institutions in the valley. It was originally chartered by the Hon. George Sanderson, father of James Gardner Sanderson, local attorney. It was capitalized at $500,000 with surplus of $500,000 and undivided profits of $340,000. The Scranton Trust Company was organized in 1905. Its stock was $600,000 with surplus of $400,000 and undivided profits of $194,000. Although not definite, the plan was to call the new institution the Scranton-Lackawanna Trust Company. The combined capital, surplus and undivided profits of the new company would be as follows: capital $1,350,000; surplus $900,000; undivided profits $17,000. Bothe the Scranton and the Lackawanna Trust companies had confined their efforts strictly to the trust business, not receiving any deposits. This policy would be continued by the merged institution and with one exception it would be the only trust company in the commonwealth that confined itself to only the trust business. The quarters occupied by the County Savings Bank and the Scranton Trust Company would be occupied by the consolidated company. The combined trust funds were $31,951,000; corporate trusts $63,449,000. The merged trust company would be the registrar and transfer agent of stock amounting to over $70 million.
Charles S. Weston, president of the First National Bank was thoroughly equipped for the position he so successfully held for 14 years. Son of former president, E.W. Weston, he was a Civil Engineer, graduating from the Rensselaer Polytechnic Institution in 1882. A few months after graduating, he entered the Delaware & Hudson Company as a Civil Engineer. In 1885 he was appointed Assistant General real estate agent of that company and on February 1, 1889, he was appointed general real estate agent, having in his charge all of the real estate connected with both the railroad, canal and coal mining departments of the company as well as the handling of all the company's tax and insurance matters and the negotiations and drafting of its coal leases, etc. On February 1, 1904, Mr. Weston severed his connection with the Delaware & Hudson Company with the intention of devoting his time to the many private interest with which he was connected, but in 1909 he took the presidency of the Cherry River Paper Company, a large paper manufacturing concern operating in West Virginia. Mr. Weston had been a member of the board of directors of the First National Bank since September 1905. He was elected a vice president in 1912 and in January 1913, he was elected president, succeeding the late James A. Linen who had been active in the operation and development of the bank for nearly 50 years. In addition to his banking activities, Mr. Weston was president and director of the Lackawanna Trust Company; president and director of the Latrobe Water Company; and president and director of the Consumers' Water Company.
Col. Louis A. Watres was county solicitor of Lackawanna County for nine years during the building of the Court House. Following eight years of service in the State Senate, he was elected lieutenant governor of Pennsylvania, serving as president of the Senate and of the Pardon Board. He was the only living stockholder of the County Savings Bank who owned stock when it began business. He had been an officer of that institution from the time it opened its doors. It was through Colonel Watres' initiative that the Scranton Trust Company was organized in 1905 and he was its president since its organization. Col. Watres was president of the Spring Brook Water Supply Company and its 42 subsidiary companies supplying water to 42 municipalities. He was also president of the Mansfield Water Co., trustee of the American Surety Co., director of the Scranton Electric Co. and other corporations.[8]
Effective on Monday, December 2, 1929, the Traders National Bank was merged with the First National Bank of Scranton, retaining the title of the latter with charter 77. The First National Bank moved its headquarters to the quarters of the old Traders National Bank at the northwest corner of Wyoming Avenue and Spruce Streets (Spruce became Biden in 2021). The new institution had Capital, Surplus and Undivided Profits of $10 million and resources of more than $65 million.[9] The officers of the Traders National were Dudley R. Atherton, president; E.S. Peck, vice president; Roswell H. Patterson, vice president; Robert M. Fish, cashier; Arthur C. Richards and Thomas H. Marsh, assistant cashiers. The directors were Edward S. Jones, Roswell H. Patterson, M.W. Collins, D.R. Atherton, E.S. Peck, Willard Matthews, S.R. Bliss, George B. Jermyn, Charles A. Straw, John R. Atherton, William H. Coon, Stanley C. Schooley, Irwin J. Levy, and William R. Lynett. The Traders reported at the end of 1928 capital of $1 million, surplus and undivided profits of $1,964,923.40, circulation of $500,000, loans and discounts of $5,167,910.53.[10][11]
Official Bank Title
1: The First National Bank of Scranton, PA
2: The First National Bank of Scranton, PA (10/19/1911)
Bank Note Types Issued
Charter 77 Bank Note Types Issued:
A total of $29,103,960 in National Bank Notes was issued by charter 77 between 1863 and 1935. This consisted of a total of 2,375,302 notes (1,233,416 large size and 1,141,886 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 - 5450 1: Original Series 3x10-20 1 - 7084 1: Series 1875 3x10-20 1 - 474 2: 1902 Date Back 3x10-20 1 - 61000 2: 1902 Plain Back 3x10-20 61001 - 295346 2: 1929 Type 1 6x10 1 - 95400 2: 1929 Type 1 6x20 1 - 27452 2: 1929 Type 2 10 1 - 326396 2: 1929 Type 2 20 1 - 78378
Charter 2697 Bank Note Types Issued:
A total of $5,101,100 in National Bank Notes was issued by charter 2697 between 1882 and 1911. This consisted of a total of 408,088 notes (408,088 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 - 10522 1902 Red Seal 3x10-20 1 - 33500 1902 Date Back 3x10-20 1 - 58000
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1863 - 1935):
Charter 77 Bank Presidents and Cashiers:
Presidents:
- Joseph Hand Scranton, 1863-1874
- Joseph J. Albright, 1875-1882
- James Alexander Linen, 1911-1912
- Charles S. Weston, 1913-1935
Cashiers:
- William Cushing, 1863-1864
- James Alexander Linen, 1865-1882
- Isaac Post, 1911-1914
- Frank Hummler, 1915-1919
- George Couch Nye, 1920-1935
Charter 2697 Bank Presidents and Cashiers:
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- First National Bank of Scranton, PA (Charter 77) History (NB Lookup)
- First National Bank of Scranton, PA (Charter 2697) History (NB Lookup)
- Pennsylvania Bank Note History (BNH Wiki)
Sources
- Scranton, 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
- ↑ The Tribune, Scranton, PA, Sat., Sep. 10, 1892.
- ↑ The Tribune, Scranton, PA, Fri., Jan. 31, 1879.
- ↑ Wayne County Herald, Honesdale, PA, Thu., Jan. 22, 1880.
- ↑ The Tribune, Scranton, PA, Sun., Jan. 10, 1886.
- ↑ The Tribune, Scranton, PA, .Wed., Jan. 11, 1899.
- ↑ The Scranton Truth, Scranton, PA, Wed., Jan. 15, 1908.
- ↑ The Times-Tribune, Scranton, PA, Tue., Jan. 10, 1911.
- ↑ The Tribune, Scranton, PA, Sat., Jan. 8, 1927.
- ↑ The Scranton Times, Scranton, PA, Mon., Nov. 25, 1929.
- ↑ The Tribune, Scranton, PA, Sat., Jan. 5, 1929.
- ↑ The Evening News, Harrisburg, PA, Mon., Jan. 23, 1928.