Keystone National Bank of Pittsburg, PA (Charter 7560)

Logo used by The Keystone National Bank of Pittsburg, Pennsylvania, ca1905.

Keystone National Bank of Pittsburg, PA (Chartered 1905 - Liquidated 1934)

Town History

Pittsburgh is located in Allegheny County at a strategic location at the junction of the Allegheny River and Monongahela River which merge to form the Ohio River. Its location and growth were fueled by the steel industry. Its location on the rivers was ideal for shipment of ore, coal and finished products. Prior to the National Bank Act, a strong tradition of banking was rooted in the city with state banks and private banking houses. Many of these banks converted to national banks and several would occupy grand, multistoried buildings in the heart of the city. The T. Mellon and Sons Bank established in 1869 at 145 Smithfield Street obtained charter 6301 in 1902. After a series of mergers, The Mellon National Bank became one of the most prominent of Pittsburgh's banks and Andrew Mellon one of the most influential bankers in the country.

There were 54 note issuing banks in Pittsburgh counting those that were annexed and found themselves within the borders of the city. Many of these banks had more than one title and the officers of several banks adopted a modernized spelling for Pittsburgh, dropping the "h" just after the turn of the century. The h was dropped by the Post Office between about 1894 and 1911. This was due to a Federal Board of Geographic Names Commission's report published in 1892 which made recommendations for modernizing, standardizing and simplifying the spellings of geographic names throughout the country. On July 19, 1911, with an effective date of October 11, 1911, Pittsburgh was allowed to retake its h through the efforts of U.S. Senator George T. Oliver who took an appeal from the citizens of Pittsburgh to the Board of Geographic Names. During the period where the spelling was in transition, all city ordinances and council minutes retained the spelling Pittsburgh. Five national banks adopted the modernized spelling: the Federal, Republic, Industrial, Keystone, and American, all organized between 1901 and 1905. Also organized during that period were the Cosmopolitan, Mellon, Colonial, and Washington National Banks, but they used the traditional spelling. The Federal National Bank, charter 6023, was the only bank to receive the Pittsburg spelling on Series of 1882 plates.

Pittsburgh also had a number of Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

Facsimile of the Charter issued to The Keystone National Bank of Pittsburg, one of just five banks to use the modernized spelling of Pittsburgh, dropping the 'h'. The charter was dated January 17, 1905 and signed by Wm. B. Ridgely, Comptroller of the Currency.

Organized January 9, 1905
Chartered January 17, 1905
Succeeded Keystone Bank
Opened for business February 1, 1905
Conservatorship March 14, 1933
Liquidated October 24, 1934
Succeeded by 14210 (Keystone NB in (No Issue), Pittsburgh, PA)

In August 1883, application was made to the Governor for a charter under State law for the Keystone Bank of Pittsburgh to carry on a general banking business with capital of $500,000 and right to increase same to $1,000,000. H.A. Miller was the attorney for the applicants. The bank was incorporated on April 28, 1884 and an office opened in the Petroleum Exchange Building, No. 115 Fourth Avenue. The officers were J.J. Vandergrift, president; C.W. Batchelor, vice president; and A.B. Davitt, cashier. The directors were J.J. Vandergrift, R.C. Gray, Lee A. Lyman, C.W. Batchelor, Robert Pitcairn, John H. Ricketson, George M. Laughlin, Jacob Painter, Jr., and J.I. Buchanan.

On January 21, 1890, stockholders elected the following directors: J.J. Vandergrift, Joshua Rhodes, G.M. Laughlin, Henry Fisher, W.H. Nimick, J.I. Buchanan, J.W. Craig, C.F. Klopfer, and C.W. Batchelor. In March 1890, The bank moved to their new building across the avenue and the Pittsburgh Commission Co. took possession of their old quarters in the Petroleum Exchange Building. In its statement of June 30, 1890, J.H. Hayes, cashier, listed as Resources, Loans of $230,091.87, Demand Loans of $326,526.70, Due from Banks $195,054.28, and Liabilities, Capital $300,000, Surplus $55,000, Undivided profits $16,674.91 and Deposits of $631,243.55.

In January 1900, the directors of the Keystone Bank were G.M. Laughlin, W.B. Rhodes, J.I. Buchanan, William Witherow, S.H. Vandergrift, H.S. Paul, G.W.C. Johnston, W.C. Magee, Joshua Rhodes, F.J. Hearne, W.H. Nimick, and F.J. Hearne. The only new director, S.H. Vandergrift, filled the vacancy on the board caused by the death of Captain J.J. Vandergrift.

On January 1, 1905, it was reported that two institutions were arranging for conversion into national banks. Namely, the Keystone Bank and the German-American Savings & Trust Co. Stockholders of the Keystone Bank voted unanimously in favor of the conversion. As a national bank the Keystone would be on the honor roll of national banks with a surplus considerably exceeding capital. The statement at the close of business, November 21, 1904, showed: capital $500,000; surplus $550,000; undivided profits, $254,542 and deposits $2,863,929.64. Since that date $50,000 was added to surplus. the officers were George M. Laughlin, president; W.H. Nimick, vice president; A.S. Beymer, cashier; and Edward E. McCoy, assistant cashier.

On January 17, 1905, the Treasury Department authorized The Keystone National Bank of Pittsburg to commence the business of banking. The officers remained the same with the board of directors consisting of: Geo. M. Laughlin, Jones & Laughlin Steel Co.; Joshua Rhodes, Dir. of Philadelphia Co.; Jas. I. Buchanan, President, Pittsburg Trust Co., G.W.C. Johnston, President, Keystone Commercial Co.; William Witherow, Proprietor, Hotel Duquense; S.H. Vandergrift, Capitalist; William B. Rhodes, Vice President, Penn Coke Co.; William C. Magee, President, Pickands-Magee Coke Co.; J.C. McDowell, Vice President and General Manager, Union Gas Corp.; W.H. Nimick, President, Pittsburg Life & Trust Co.; David F. Collingwood, Fire and Liability Insurance; Irwin B. Laughlin, Treasurer, Jones & Laughlin Steel Co.; and H.W. Dunlap, Commission Merchant.

In January 1907, James W. Kinnear and Edwin N. Ohl were added as members to the 1906 board of directors. The joined re-elected directors George M. Laughlin, Joshua Rhodes, James I. Buchanan, G.W.C. Johnston, William Witherow, S.H. Vandergrift, William B. Rhodes, William C. Magee, J.C. McDowell, W.H. Nimick, David F. Collingwood, Harry W. Dunlap, Willis L. and King, A.S. Beymer.

On March 16, 1933, A.S. Beymer, president of the bank, was named conservatory by the Comptroller of the Currency. In July, Beymer said the institution was not sufficiently liquid to permit reopening at the present and a plan of reorganization would be ready soon. On September 20, the plan for reopening and the release of approximately $2,300,000 frozen since the bank moratorium was approved in Washington. As soon as a proper amount of preferred stock was subscribed to by the RFC, a license would be issued and unrestricted operation of the bank could start. The Keystone was located at 332 Fourth Avenue.

On June 29, 1934, The Keystone National Bank reopened without any restrictions and the new title "Keystone National Bank in Pittsburgh" and Charter 14210, releasing about $2,500,000 in deposits. This institution on Fourth Avenue paid off all depositors 100 per cent. A.S. Beymer, the former president and the new chairman of the board said, "The conservatorship ends tomorrow." S. Clark Reed, who had been receiver for seven Pittsburgh banks under the state banking department became the new president of the bank. The bank was closed during the holiday a year ago in March. Since that time Mr. Beymer and others have been laboring on plans for reorganization. The plans were approved some time ago by the comptroller of currency, but details of obtaining stockholders' consent, depositors' signatures and other technicalities caused the delay. Additional time was consumed in arranging the sale of preferred stock to the Reconstruction Finance Corporation, one of the means of strengthening the institution and qualifying it for Federal Deposit Insurance.

Official Bank Title

1: The Keystone National Bank of Pittsburg, PA

Bank Note Types Issued

1902 Red Seal $5 bank note with pen signatures of A.S. Beymer, Cashier and G.M. Laughlin, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

1902 Date Back $20 bank note with printed signatures of A.S. Beymer, Cashier and W.H. Nimick, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,793,700 in National Bank Notes was issued by this bank between 1905 and 1934. This consisted of a total of 459,856 notes (459,856 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
1902 Red Seal	4x5	1 - 16250
1902 Red Seal	3x10-20	1 - 12250
1902 Date Back	4x5	1 - 48665
1902 Date Back	3x10-20	1 - 36334
1902 Plain Back	4x5	48666 - 48900
1902 Plain Back	3x10-20	36335 - 37564

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1934):

Presidents:

George McCully Laughlin, 1905-1908 NOTE: A featured biography is available
William Howard Nimick, 1909-1920
Albert Sidney Beymer, 1921-1932

Cashiers:

Other Bank Note Signers

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

Wiki Links

Sources

Pittsburg, 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
Huntoon, Peter; Liddell, Bob; and Hughes, James. "Pittsburgh Banks Offer Innumerable Twists," Chapter O07, Encyclopedia of U.S. National Bank Notes.
Pittsburgh Daily Post, Pittsburgh, PA, Fri., Aug. 16, 1883.
Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 22, 1890.
Pittsburgh Daily Post, Pittsburgh, PA, Tue., Mar. 18, 1890.
Pittsburgh Daily Post, Pittsburgh, PA, Tue., July 8, 1890.
Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 17, 1900.
The Pittsburgh Press, Pittsburgh, PA, Wed., Jan. 4, 1905.
The Pittsburgh Press, Pittsburgh, PA, Sat., Jan. 28, 1905.
The Pittsburgh Press, Pittsburgh, PA, Tue., Jan. 8, 1907.
The News-Herald, Franklin, PA, Thu., Mar. 16, 1933.
The Pittsburgh Press, Pittsburgh, PA, Wed., Sep. 20, 1933.
The Pittsburgh Press, Pittsburgh, PA, Wed., June 27, 1934.