Lamberton National Bank, Oil City, PA (Charter 5565)
Lamberton National Bank, Oil City, PA (Chartered 1900 - Closed 1919)
Town History
Oil City is a city in Venango County, Pennsylvania known for its prominence in the initial exploration and development of the petroleum industry. It is located at a bend in the Allegheny River at the mouth of Oil Creek.
Initial settlement of Oil City was sporadic, and tied to the iron industry. After the first oil wells were drilled in 1861, it became central to the petroleum industry while hosting headquarters for the Pennzoil, Quaker State, and Wolf's Head motor oil companies.
In 1862, residents in the area obtained a charter from the state, uniting the area north of the river as a borough named Oil City. The city was partially destroyed by flood in 1865 and by both flood and fire in 1866 and again in 1892; on this last occasion, several oil tanks that were struck by lightning gave way, and Oil Creek carried a mass of burning oil into the city, where some 60 lives were lost and property valued at more than $1 million was destroyed. Oil City grew into a thriving community through the later half of the 19th century and into the 20th century. By the 1990s, Pennzoil, Quaker State, and Wolf's Head had all relocated their headquarters elsewhere. However, some oil wells continue to produce a steady supply of quality petroleum.
Tourism plays a prominent role in the region by promoting oil heritage sites, nature trails, and Victorian architecture. The population was 10,557 at the 2010 census. In 1900 the population was 13,264, peaking in 1930 at 22,075.
Oil City had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized August 13, 1900
- Chartered August 31, 1900
- Succeeded Lamberton Bank
- Closed May 24, 1919
- Consolidated with 5240 May 24, 1919 (Oil City National Bank, Oil City, PA)
- Circulation assumed by 5240 (Oil City National Bank, Oil City, PA)
In September 1901, the comptroller of the currency authorized the Lamberton National Bank of Oil City to commence business with $100,000 capital.
The Robert Lamberton Company, founded in 1861 evolved into the banking institution of Reynolds, Hukill & Co. Charles Lamberton, after training at the Eastman Business College in Poughkeepsie, NY, entered this bank in 1877, taking a clerical role. In 1884, after steadily being promoted, he purchased an interest in the bank, becoming a partner with R.G. Lamberton and S.H. Lamberton. The title was changed to the Lamberton Bank of Oil City with R.G. Lamberton, president; S.H. Lamberton, cashier; and Charles M. Lamberton, assistant cashier. In 1900, the bank was reorganized and became The Lamberton National bank of Oil City.
In March 1912, S.H. Lamberton, vice president of the Lamberton National bank of Oil City, completed his fiftieth year of continuous service as a banker and was called the dean of bankers in this section.
In February 1918, the bank advertised assets of over $4 million with R.G. Lamberton president, S.H. Lamberton, vice president; C.M. Lamberton, cashier, and E.S. Rugh, assistant cashier.
On May 24, 1919, the Comptroller of the Currency authorized its merger with the Oil City National Bank with the old Oil City National Bank moving into the Lamberton Block and the institution taking the name of The Oil City National Bank. R.G. Lamberton was elected president and C.M. Lamberton was elected one of the vice presidents. Upon the retirement of R.G. Lamberton on August 5, 1919, C.M. Lamberton was elected president. C.M Lamberton was instrumental in saving the Citizens Banking Co., using his own personal means to have the bank reorganized and reopened so no depositor lost a cent through the failure. When the Citizens reopened on December 15, 1919, C.M Lamberton was made its president as well.
Official Bank Title(s)
1: The Lamberton National Bank of Oil City, PA
Bank Note Types Issued
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 5300 1882 Brown Back 3x10-20 1 - 2820 1882 Brown Back 50-100 1 - 620 1882 Date Back 4x5 1 - 8800 1882 Date Back 3x10-20 1 - 4680 1882 Date Back 50-100 1 - 100 1882 Value Back 4x5 8801 - 12047 1882 Value Back 3x10-20 4681 - 6210
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1919):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Oil City (Wikipedia)
- General information on Venango County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Oil City, PA, Wikipedia, https://en.wikipedia.org/wiki/Oil_City,_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
- Pittsburgh Post-Gazette, Pittsburgh, PA, Sat., Sep. 1, 1900.
- The News-Herald, Franklin, PA, Wed., Mar. 20, 1912.
- The News-Herald, Franklin, PA, Tue., June 7, 1921.