First National Bank of Stoystown, PA (Charter 5682)
First National Bank of Stoystown, PA (Chartered 1901 - Liquidated 1934)
Town History
Stoystown is a borough in Somerset County, Pennsylvania, located SSE of Johnstown and northeast of Somerset. The population was 300 at the 2020 census. In 1900, the population was 306 peaking in 1950 at 517.
Daniel Stoy was one of the first settlers west of the mountains. From the records of Harmon Husband, we find that Stoy lived along the Forbes Road about 1762 near the Casper Stotler place in Shade Township, that he made his living by hunting, and that he was driven from his cabin home several times by the Indians, taking refuge at Fort Bedford. With the construction of the Pennsylvania Road, Stoy decided to move to a place about ten miles farther west along the road where he received a warrant for more than three hundred acres of land. Here on this tract of land along the Pennsylvania Road, he founded the town of Stoystown in 1774. Stoy served as a volunteer in the Revolutionary War with the rank of corporal. It is thought that he also served in the French and Indian War, although the records are rather vague.
Stoystown had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized December 29, 1900
- Chartered January 16, 1901
- Opened for business April 1, 1901
- Conservatorship April 1, 1933
- Liquidated May 18, 1934
- Succeeded by 14089 (First National Bank at Stoystown, PA)
- Circulation assumed by 14089 (First National Bank at Stoystown, PA)
In November 1903, the directors were Frank Taylor, Wm. Maurer, J.H. Bowman, R.W. McGregor, Pearson Lohr, John O. Rauch, and J.E. Giffin. The officers were Frank Taylor, president; Wm. Maurer, vice president; and J.H. Bowman, cashier.
In March 1908, Ellis C. Boose, who for several years had been Deputy Recorder of Deeds at Somerset, resigned from that position an on April 1st would move with his family to Stoystown where he had accepted the position of cashier in the First National Bank. He succeeded J.H. Bowman who had recently taken the position of cashier of the Second National Bank of Meyersdale.
In January 1930, the directors were H.J. Specht, C.F. Zimmerman, [un-readable], R.I. Pile, C.J. Long, and N.G. Speicher. The officers were V.C. Muller, president; H.J. Specht, vice president; N.G. Speicher, cashier; and O.O. Lohr, assistant cashier.
On Tuesday, January 10, 1933, the following were elected directors: John S. Rhoads, V.C. Miller, H.J. Specht, R.I. Pile, H.S. Taylor, N.G. Speicher, Don C. Specht, Herbert Paulson, and C.J. Long. The officers were John S. Rhoads, president; V.C. Miller, vice president; P.I. Pile, second vice president; N.G. Speicher, cashier and O.O. Lohr, assistant cashier.
About 3:10 Friday afternoon, November 27, 1936, Valentine C. Muller, 74, former president of the First National Bank in Stoystown and long a coal operator and business executive, died at his home in Stoystown after a week's illness. After operating coal and farming interests for a number of years in the Quemahoning Township area, he sold his holdings to D.B. Zimmerman, a Somerset coal operator and president (1923-1927) of the First National Bank of Indian Head, about 25 years ago and moved to Stoystown. He was secretary of the United Light, Power and Heat company which operated in and around Stoystown from 1910 to 1926, when the operations were sold to the Associated Gas and Electric company. The United Light company furnished electrical power for 16 years to Jennerstown, Listie, Wellscreek, Friedens, Kanther and Stoystown. Mr. Muller was born in Quemahoning Township on June 29, 1862, the son of George and Catherine (Ludy) Muller. He was a member of the Grace Lutheran church In Stoystown, was superintendent of the Sunday school and member of the church council. Surviving are his wife, Minerva (Berkey) Muller, one daughter, Mrs. Florence Zimmerman of Stoystown and two granddaughters, Edna and Eleanor Zimmerman.
Notice was given by the comptroller of the currency that the conservatorship of The First National Bank of Stoystown would be terminated on April 5, 1934 at 8:00 o'clock AM, and at the same time the assets and the control of the affairs of the bank would be returned to its board of directors for the purpose of carrying out the plan of reorganization including the transfer of certain of its assets to The First National Bank at Stoystown.
Official Bank Title(s)
1: The First National Bank of Stoystown, PA
Bank Note Types Issued
A total of $814,670 in National Bank Notes was issued by this bank between 1901 and 1934. This consisted of a total of 76,058 notes (71,432 large size and 4,626 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 4x5 1 - 1600 1882 Brown Back 3x10-20 1 - 1150 1882 Date Back 4x5 1 - 3375 1882 Date Back 3x10-20 1 - 2440 1882 Value Back 4x5 3376 - 6605 1882 Value Back 3x10-20 2441 - 4218 1902 Plain Back 3x10-20 1 - 3923 1902 Plain Back 3x50-100 1 - 362 1929 Type 1 6x10 1 - 480 1929 Type 1 6x20 1 - 171 1929 Type 1 6x50 1 - 86 1929 Type 1 6x100 1 - 34
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1934):
Presidents:
Cashiers:
- Josiah Hite Bowman, 1901-1907 NOTE: a featured biography is available
- Ellis Clinton Boose, 1908-1909
- Earl Taylor Fulton, 1910-1910
- Thomas Moale Hollingsworth Ireland Jr., 1911-1911
- Nelson G. Speicher, 1912-1932
Other Bank Note Signers
- E.T. Fulton signed notes as Assistant Cashier
- Harvey Josiah Specht, Vice President 1928...1929
Wiki Links
- Pennsylvania Bank Note History
- General information on Stoystown (Wikipedia)
- General information on Somerset County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Stoystown, PA, Wikipedia, https://en.wikipedia.org/wiki/Stoystown,_Pennsylvania
- 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 Daily American, Somerset, PA, Thu., Nob. 5, 1903.
- The Republic, Meyersdale, PA, Thu., Mar. 26, 1908.
- The Daily American, Somerset, PA, Thu., Jan. 16, 1930.
- The Daily American, Somerset, PA, Wed., Jan. 11, 1933.
- The Daily American, Somerset, PA, Thu., Apr. 5, 1934.
- The Daily American, Somerset, PA, Sat., Nov. 28, 1936.