Monessen National Bank/First NB/First NB & TC, Monessen, PA (Charter 5253)

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The old First National Bank and Trust Company building, corner of Donner Avenue and Fifth Street The bank failed shortly after completion of this building.
The old First National Bank and Trust Company building, corner of Donner Avenue and Fifth Street The bank failed shortly after completion of this building. Courtesy of Google Maps

Monessen National Bank/First NB/First NB & TC, Monessen, PA (Chartered 1900 - Receivership 1931)

Town History

The First National Bank, ca1903, located at Eighth Street and Donner Avenue, Monessen, Pennsylvania
The First National Bank, ca1903, located at Eighth Street and Donner Avenue, Monessen, Pennsylvania.
J. Howard Kelly as cashier, ca1903.
J. Howard Kelly as cashier, ca1903.

Monessen is a city in Westmoreland County, Pennsylvania. The population was 7,720 at the 2010 census. In 1940, 20,257 people lived there. In 1990 the population was 13,026. Monessen is the southwestern-most municipality of Westmoreland County and is located about 28 miles south of Pittsburgh, across the river to the east from Charleroi. The Charleroi-Monessen Bridge was built in 1906 and demolished in 2011; it was listed on the National Register of Historic Places in 1988.

Steel-making was a prominent industry in Monessen, which was a Rust Belt borough in the "Mon Valley" of southwestern Pennsylvania that became a third-class city in 1921.

Monessen, named for the Monongahela River and the industrial German city of Essen, was created by land speculators fairly late in the history of the Mon Valley, after neighboring towns had already been settled. The East Side Land Company bought land from various farmers, laid out the streets, and then sold the lots to prospective residents and employers. James M. Schoonmaker, who had made his fortune in coke, owned a controlling interest in the land company. Sales of lots began on July 27, 1897, for the general public and other employers. Monessen became a borough on September 3, 1898.

Monessen had four National Banks chartered during the Bank Note Era, and three of those banks issued National Bank Notes.

Bank History

A joint advertisement from 1918 from The First National Bank and the Monessen Savings & Trust Company announcing reduced hours to conserve fuel in support of the President and the war effort.
A joint advertisement from 1918 from The First National Bank and the Monessen Savings & Trust Company announcing reduced hours to conserve fuel in support of the President and the war effort.
  • Organized December 14, 1899
  • Chartered February 7, 1900
  • Opened February 17, 1900
  • 2: Assumed 12994 by consolidation November 9, 1926 with title change (National Bank and TC (No Issue), Monessen, PA)
  • 3: Absorbed 11487 January 2, 1931 and assumed its circulation (Citizens National Bank, Monessen, PA)
  • 3: Receivership November 6, 1931

In May 1899, the application to organize the Monessen National Bank with capital of $50,000 was approved by the comptroller of the currency. The organizers were James M. Schoonmaker, George E. Shaw, George B. Motheral, Edwin W. Smith, and James H. Reed.

On February 7, 1900, the comptroller of the currency authorized the Monessen National Bank to begin business with a capital of $50,000 and S.M. Graham, president; and Isaac Jackson, cashier. A large safe from the National Safe and Lock Company of Elizabeth was procured. The doors of the Monessen NB opened February 17, 1900. The bank had plans to erect a bank building at a cost of $20,000 starting in the summer.

In August 1901, the stockholders approved an amendment to the articles of the association increasing the number directors from five to nine. The following were elected to fill the four additional directorships: Colonel J.M. Schoonmaker of Pittsburgh, William S. Bumbaugh, and H. Dallas McCabe, of Monessen; and Hugh Price of Belle Vernon. H. Dallas McCabe was the manager of the East Side Land Company, founders of the town of Monessen. 

On Saturday, November 2, 1901, the Monessen Savings & Trust Company with capital of $125,000 received its charter.  The directors were J.M. Schoonmaker, S.M. Graham, R.R. Chrishman, W.S. Bumbaugh, H. Dallas McCabe, A.W. Shruter, C.M. Lamb, J. Howard Kelly, Joseph A. Cook, Samuel Jones, J.D. Jones, C.F. Eggers, and L.R. Reeves.

In April 1903, the First National Bank of Monessen, formerly the Monessen National Bank, was located on one of the central corners of Monessen, at Eighth Street and Donner Avenue. The president was S.M. Graham, with H. Dallas McCabe, vice president; J. Howard Kelly, cashier; and R. Jamison, assistant cashier. The directors were S.M. Graham, J. Howard Kelly, Charles F. Eggers, L.H. Reeves, J.W. Manown, W.S. Bumbaugh, Hugh Price, H. Dallas McCabe, and H. Sellers McKee.

In November 1907, the officers were J. Howard Kelly, president; W.S. Bumbaugh, vice president; and Adolph Hohmann, assistant cashier. The position of cashier was vacant. E.M. Frye, postmaster of Monessen; J.W. Manown and Dr. H.W. Day were directors. The bank building was an imposing structure at Sixth Street and Donner Avenue. The bank had loans and investments, $237,500, banking house, $52,000, cash reserve, $63,000, capital $50,000, surplus $45,000, and deposits $258,000. It was allied with the Monessen Savings & Trust Company located at Fifth Street and Donner Avenue. Mr. Kelly was vice president of the trust company. Mr. Bumbaugh was president of the Monessen Foundry & Machine Co. 

On July 10, 1916, an exlosion occured about 3 o'clock in the afternoon in the basement of the Monessen Savings and Trust Co.  Furniture was scattered about and money was thrown from desks, while employees were hurled to the floor, but none injured.  The explosion was caused by leaking gas.

On Monday, November 1, 1926, workman began dismantling the old Monongahela Hotel in Monessen to clear the site for the new bank building. As soon as the hotel building was removed, the Fifth Avenue Market would then be torn down. On Monday, November 15, 1926, the merger of the First National Bank of Monessen and the Monessen Trust Company was complete and the new institution opened under the name of the First National Bank and Trust Company of Monessen. In order to merge with a trust company, the Monessen Trust Company had to first convert to a national bank to comply with statute. Thus, The National Bank and Trust Company of Monesson was chartered on September 23rd with W.S. Bumbaugh as president and J. Howard Kelly as cashier. The merger was between the two national banks, but effectively, it was with the Monessen Trust company.

In March, 1929, J. Howard Kelly resigned as receiver of the Fayette City National Bank and the First National Bank of Webster due to the fact the liquidation of the two banks was a a point where the comptroller of the currency could settle up the remainder of the business. Lloyd Littrell was the department representative looking into the affairs of banks at Carnegie, Burgettstown, and Dunbar, and would likely have charge of these banks.

On Monday, November 24, 1930, it was announced that the First National Bank and Trust Company of Monessen had purchased the Citizens National Bank. The deal effective at once established a bank with assets in excess of $4.5 million. The Citizens National was organized in 1918 and had assets of about $700,000. G.F. Wright was president of the Citizens National. J. Howard Kelly was president, A.E. Thomas, vice president and cashier and W.R. Stephens, vice president and trust officer.

On December 19, 1931, Joseph G. Yoney, aged 31, of Monessen, former teller in the closed First National Bank and Trust Company, pleaded guilty to embezzling $7,593 in bank funds and was sentenced to two years' imprisonment. Federal Judge F.P. Schoonmaker stipulated that he serve the term in the U.S. Reformatory, Petersburg, Virginia. Yoney blamed stock market speculations for his misapplication. Yoney who was married and a father of one was employed in the bank for 10 years. J. Howard Kelly, president of the bank, was among a half dozen character witnesses who testified to Yoney's good reputation.

The First National failed in October 1931, shortly after the completion of the handsome bank building at the corner of Donner Avenue and Fifth Street.

Official Bank Title(s)

1: The Monessen National Bank, Monessen, PA

2: The First National Bank of Monessen, PA (9/6/1902)

3: First National Bank and Trust Company of Monessen, PA (11/9/1926)

Bank Note Types Issued

1882 Brown Back $20 bank note with pen signatures of A.B. Pickard, Cashier and W.S. Baumbaugh, Vice President.
1882 Brown Back $20 bank note with pen signatures of A.B. Pickard, Cashier and W.S. Baumbaugh, Vice President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $10 bank note with pen signatures of Adolph Homann, Cashier and J. Howard Kelly, President.
1882 Brown Back $10 bank note with pen signatures of Adolph Homann, Cashier and J. Howard Kelly, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with stamped signatures of A.E. Thomas, Cashier and J. Howard Kelly, President.
1902 Plain Back $20 bank note with stamped signatures of A.E. Thomas, Cashier and J. Howard Kelly, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of A.E. Thomas, Cashier and J. Howard Kelly, President.
1929 Type 1 $20 bank note with printed signatures of A.E. Thomas, Cashier and J. Howard Kelly, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $1,112,370 in National Bank Notes was issued by this bank between 1900 and 1931. This consisted of a total of 120,882 notes (108,276 large size and 12,606 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1882 Brown Back 3x10-20 1 - 391
2: 1882 Brown Back 3x10-20 1 - 2610
2: 1882 Date Back 4x5 1 - 5130
2: 1882 Date Back 3x10-20 1 - 3320
2: 1882 Value Back 4x5 5131 - 7730
2: 1882 Value Back 3x10-20 3321 - 4524
2: 1902 Plain Back 4x5 1 - 5400
2: 1902 Plain Back 3x10-20 1 - 4490
3: 1902 Plain Back 3x10-20 1 - 1924
3: 1929 Type 1 6x10 1 - 1655
3: 1929 Type 1 6x20 1 - 446

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1931):

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links

Sources

  • Monessen, 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
  • Monongahela Valley Republican, Monongahela, PA, Thu., May 18, 1899.
  • The Daily Republican, Monongahela, PA, Fri., Feb. 16, 1900.
  • Monongahela Valley Republican, Monongahela, PA, Thu., Feb. 22, 1900.
  • The Ligonier Echo, Ligonier, PA, Wed., June 6, 1900.
  • The Daily Republican, Monongahela, PA, Tue., Aug. 20, 1901.
  • Monongahela Valley Republican, Monongahela, PA, Thu., Nov. 7, 1901.
  • Pittsburgh Daily Post, Pittsburgh, PA, Sun., Apr. 5, 1903.
  • Pittsburgh Daily Post, Pittsburgh, PA, Sun., Nov. 3, 1907.
  • The Daily Republican, Monongahela, PA, Mon., July 10, 1916.
  • The Valley Independent, Monessen, PA, Thu., Jan. 24, 1918.
  • The Daily Republican, Monongahela, PA, Wed., Nov. 3, 1926.
  • The Evening News, Harrisburg, PA, Mon., Nov. 15, 1926.
  • The Daily Republican, Monongahela, PA, Sat., Mar. 16, 1929.
  • The Pittsburgh Press, Pittsburgh, PA, Mon., Nov. 24, 1930.
  • Latrobe Bulletin, Latrobe, PA, Sat., Dec. 19, 1931.
  • The Valley Independent, Monessen, PA, Tue., Sep. 3, 1957.
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