New Florence National Bank, New Florence, PA (Charter 13907)

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New Florence Branch of the Johnstown Bank and Trust Company.
Dedicated March 18, 1969, this building stands on the site of the former Queen's Hotel at 13th and Ligonier Streets. The new building housed the New Florence Branch of the Johnstown Bank and Trust Company and offered convenient drive-in banking. Courtesy of Google Maps ca2025

New Florence National Bank, New Florence, PA (Chartered 1933 - Open past 1935)

Town History

Queen Hotel and former New Florence National Bank razed
On Saturday, September 21, 1968, over two-thirds of the two-story frame bank building was razed by crane and bulldozer to make way for the construction of a colonial-type building to house the banking facilities of the Johnstown Bank and Trust Company. The remaining portion housed a bank since 1922. Originally built in 1888 by Sam Persing, it was first known as the Queen Hotel.[1]

New Florence is a borough that is located in Westmoreland County, Pennsylvania. It was named for the city of Florence in Italy. As of the 2020 census, New Florence had a population of 671. In 1910 the population was 717, peaking in 1960 at 958.

West Wheatfield Township, Indiana County, lies to the north across the Conemaugh River via the 9th Street Bridge. This connects to Route 22 with Blairsville 14 miles to the west and Pittsburgh another 40 miles west.

New Florence had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

On March 24, 1933, names of 40 conservators to direct the affairs of 40 Federal Reserve member banks in Western Pennsylvania not licensed for unrestricted business at the end of the bank moratorium were announced by the Pittsburgh branch of the Federal Reserve Bank of Cleveland. J.M. Trimble was appointed conservator of The New Florence National Bank.[2]

In September, 1933, The New Florence National Bank sent out waivers to all depositors with 15% of deposits to be held.[3] On December 27, 1933, New Florence residents were delighted with the announcement of the formation of New Florence National Bank and early termination of the conservatorship which was in effect since the national banking moratorium. The new institution would drop "The" as part of its official name and would be formally launched on Saturday, December 30th, immediately making available 85% of the deposits carried before the appointment of a conservator. The capital stock was increased from $25,000 to $50,000.[4]

At the close of business on December 30, 1933, the New Florence National Bank (Charter 13907) reported total resources of $290,552.75. It showed 500 shares of Class A preferred stock, par $50, and 500 shares of common stock, par $50, surplus $10,000, undivided profits of $69,012.48, and circulation $25,000. The report was made by M.E. Horrell, cashier, with J.M. Trimble, J.A. Horrell, and J.M. Kinzey as directors attesting to the correctness of the report.[5]

In January 1950, at the annual reorganization meeting of the New Florence National Bank, all officers and directors were re-elected. They were J.M. Trimble, president; Harry T. Trimble, vice president; Mary E. Horrell, cashier; and Ruth W. McHail, assistant cashier. Sally S. Horrell and Earl Kinzey were also directors.[6]

In November 1960, the shareholders of the New Florence National Bank voted to voluntarily liquidate to merge with the Johnstown Bank & Trust Company. George C. Rutledge was president of the Johnstown bank and Harry Brinker was named manager of the New Florence office.[7] In its statement of condition of October 3, 1960, the New Florence Bank listed total assets of $2,379,914.56. The Capital Stock was $75,000, Surplus $125,000, undivided profits $116,632.33, demand deposits $1,015,470.29, and time deposits $963,943.49.[8] 

In January 1934, plans for the consolidation of four restricted state banks in the Johnstown district, reopening as one bank, were approved by the state banking department. The four banks involved were the Johnstown Trust Company, U.S. Saving & Trust Co. of Conemaugh, the Morrellville Deposit Bank, and the Johnstown State Deposit Bank. The new institution formed out of the ruins of the old was named the Johnstown Bank & Trust Company. The new bank opened for business on June 25, 1934, with capital of $300,000, surplus of $150,000, an expense fund of $15,000, and deposits of $2,071,179. George O. Suppee was president.[9][10]

On Saturday, September 21, 1968, over two-thirds of the two-story frame bank building was razed by crane and bulldozer to make way for the construction of a colonial-type building to house the banking facilities of the Johnstown Bank and Trust Company. The remaining portion housed a bank since 1922. Originally built in 1888 by Sam Persing, it was first known as the Queen Hotel. The hotel did a thriving business as a stopover for many salesmen and travelers. Shortly after 1900 when the water dams and reservoirs were being built, it helped meet the needs of the workers. The New Florence National Bank was organized in 1913 and started business on Ligonier Street directly across the street from St. Clair Store now operated by Howard Mack. In 1922 the bank purchased the Queen Hotel using a portion of the first floor for banking facilities and renting the rest of the first floor as storerooms. Four apartments were available for rent on the second floor. The New Florence National Bank was acquired by the Johnstown Bank and Trust Company in 1960. Johnstown Bank & Trust operated eight offices including the New Florence branch.[11]

Official Bank Title

1: New Florence National Bank, New Florence, PA

Bank Note Types Issued

1929 Type 2 $20 bank note
1929 Type 2 $20 bank note with printed signatures of M.E. Horrell, Cashier and J.M. Trimble, President. Courtesy of Heritage Auctions, www.ha.com

A total of $17,620 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 2,262 notes (No large size and 2,262 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1929 Type 2 5 1 - 1370
1929 Type 2 10 1 - 707
1929 Type 2 20 1 - 185

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1933 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • New Florence, 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
  1. ↑ The Ligonier Echo, Ligonier, PA, Thu., Sep. 26, 1968.
  2. ↑ The Punxsutawney Spirit, Punxsutawney, PA, Fri., Mar. 24, 1933.
  3. ↑ The Ligonier Echo, Ligonier, PA, Wed., Sep. 13, 1933.
  4. ↑ The Indiana Gazette, Indiana, PA, Fri., Dec. 29, 1933.
  5. ↑ The Ligonier Echo., Ligonier, PA, Wed., Jan. 17, 1934.
  6. ↑ Blairsville Dispatch, Blairsville, PA, Tue., Jan. 17, 1950.
  7. ↑ The Ligonier Echo, Ligonier, PA, Fri., Nov. 11, 1960.
  8. ↑ The Ligonier Echo, Ligonier, PA, Fri., Oct. 21, 1960.
  9. ↑ The Pittsburgh Press, Pittsburgh, PA, Mon., June 25, 1934.
  10. ↑ The Nanty-Glo Journal, Nanty-Glo, PA, Thu., Jan. 11, 1934.
  11. ↑ The Ligonier Echo, Ligonier, PA, Thu., Sep. 26, 1968.
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