Oil City National Bank, Oil City, PA (Charter 14274)

Postcard of The Oil City National Bank, Oil City, Pennsylvania, ca1920s. Courtesy of Adam Stroup

Oil City National Bank, Oil City, PA (Chartered 1899 - Liquidated 1934)

Town History

Bank building built in 1926 for the Oil City National Bank, Seneca and Center Streets, Oil City, Pennsylvania. Courtesy of Google Maps

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 29, 1934
• Chartered September 28, 1934
• Succeeded 5240 (Oil City National Bank, Oil City, PA)
• Assumed its circulation
• Bank was Open past 1935
• Acquired the Peoples National Bank of Clintonville, PA (Charter 9154), October 15, 1956

On Tuesday, March 14, 1933, The Oil City National Bank awaited the message that would allow it to continue business as before the state and federal bank holidays were declared. The Franklin Trust Co., the Lamberton National Bank and the Exchange Bank and Trust Co., constituting the entire banking system in Franklin, reopened on this day. The First National, the Oil City Trust Co., and the Citizens Banking Co. of Oil City were also fully reopened.

On March 18, a federal conservator, R.W. Dickson of Butler, was named and placed in charge of the The Oil City National Bank. Dickson was a vice president of the Butler County National Bank and Trust Co. On March 30, the directors announced that every endeavor was made to ascertain why a license to open and what if anything those in authority would require as a requisite of an unconditional opening of the bank had been made to Cleveland and Washington to no avail. And, that the directors had learned that an examiner would arrive no later than April 3 to investigate the situation. With thanks to customers the following directors signed the message: H.J. Crawford, H.T. Parker, W.O. Innis, James D. Berry, E.V.D. Selden, James H. Chickering, E.W. Chase, J.A. Fawcett, S.N. Moyar, L.M. Campbell, E.A. Seiderman, H.H. James, and E.C. McFate.

On June 20, the headline was "Stupid Secrecy and Delay." The bank had been closed since March 19 and no one knew the future. People who needed their money were justifiably angry.

On August 26, 1933, stockholders met to discuss one of three methods to reopen the institution. One method was to open on a restricted basis by raising $600,000. A second was to open on an unrestricted basis by raising $950,000 to $1,000,000. The third was to merge with another banking institution. There were still 38 closed banks in Western Pennsylvania and across the nation it was reported that 20% of bank's assets were frozen in closed or restricted banks. The Oil City Derrick editorialized, "Here we have a large local bank kept closed by the government because it had been doing the very thing President Roosevelt is now urging--furthering the free flow of credit." On 16 December, stockholders authorized directors to negotiate the sale of the assets of the bank to the Oil City Trust Company. The Trust Company was willing to take over the closed bank's assets subject to approval by the Comptroller of the Currency. The vote was 2,526 shares in favor of this resolution with only 5 opposed. The bank for the past nine months had been in charge of conservator R.W. Dixon of Butler. Payment in full to depositors was expected.

In February 1934, the directors had rejected the terms offered by the Oil City Trust Co. and reported to stockholders that reorganization was still possible, as was a new offer by the Trust Company. On February 17, stockholders decided to reorganize the bank. After stockholders and comptroller of the currency approvals, the reopening of a new bank with capital of $650,000 and $150,000 in surplus with a 80% temporary waiver of deposits was expected in July.

After a lengthy re-examination of the bank by federal regulators, the special stockholders committee under committee chairman Chess Lamberton, prepared the report to present to stockholders on April 30th. Up to 70% of deposits held would be released upon reopening. The bank would be a new national bank with election of a new board of directors. Slow or doubtful accounts would be retained by the old bank and as liquidated paid to the waived deposits. The plan was unanimously approved on May 28.

Officers and directors for the new Oil City National Bank were: H.J. Crawford, president; W.R. Reitz, vice president; A.R. McGill, cashier; and L.M. Campbell, trust officer. The board of directors included Mr. Crawford, Mr. Reitz and the following: Hon. William M. Parker, James D. Berry, W.J. Brundred, Walter S. Borland, E.W Chase, H.C. Dorworth, L.R. Ensle, J.V. Frampton, J.F. Horner, James H. Chickering, J.D. Trax, Max Jacobs, and D.F. Manion.

After a thorough cleaning of the banking house, the Oil City National Bank reopened on Monday, October 1, 1934. Approximately $3,500,000 representing 70% of deposits, tied up since the bank closed over 16 months ago, were finally released. The remining 30% remained frozen in the hands of trustees L.M. Campbell, Colonel E.V.D. Selden, and W.R. Reitz. The Charter was 14274 and the new title of the bank dropped "The" from the old title to comply with statute.

In a span of 13 years from 1955 through 1968, Oil City National Bank acquired 16 branches, operating offices in Venango and Clarion counties.

• Knox office, formerly Clarion County National Bank, in 1955;
• Oil City, South office, formerly Citizens Banking Company;
• Clintonville office, formerly Peoples National Bank of Clintonville, in 1956;
• Emlenton office, formerly First National Bank of Emlenton, in 1957;
• East Brady office, formerly a branch of Butler Savings and Trust, in 1961.

On August 28, 1956, L. Merle Campbell, president of the Oil City National Bank and Claude C. Hoffman, president of Peoples National Bank of Clintonville announced the two boards agreed to the acquisition of the Clintonville establishment by the Oil City bank, subject to approval by stockholders and the comptroller of the currency. Under the plan, the Peoples National would operate as the Clintonville Office of the Oil City National Bank and all present employees of the Clintonville bank would be retained. The Oil City National Bank had a branch office in Knox, Clarion County and also a South Side office in Oil city. It had capital of $500,000, surplus of $1,100,000 and undivided profits and reserves of more than $500,000.

In December 1961, at the annual Christmas party of the Oil City National Bank, personnel from the offices in East Brady, Knox, Emlenton, Clintonville and Oil City (both 100 Seneca St. and 24 State St. offices) dined at Cross Creek Country Club. Music for was provided by the Barbertones followed by the Dick Kookogey orchestra of Titusville. L. Merle Campbell, president, informed employees that the board of directors had authorized payment of a year-end bonus and to double the present amount of life insurance afforded the employees.

Crawford County Trust Company building, northwest corner of Chestnut and Market Streets, Meadville, ca2023. Construction began in 1910. In 1962 it became the Meadville office of the newly formed Northwest Pennsylvania Bank & Trust Company. Courtesy of Google Maps

A merger of the Oil City National Bank and the Crawford County Trust Company of Meadville was approved by the directors of both banks. The merger plans were announced on January 11, 1962 by L. Merle Campbell, President of the Oil City bank and Stanley B. Aldrich, president of the Meadville bank. The new institution's name would be the Northwest Pennsylvania Bank & Trust Company. Stockholders of Crawford County Trust Co. received share for share in the new institution and the Oil City National Bank stockholders received one and one tenth share for each share held. The present Meadville office became the newest branch office and the main office remained at 100 Seneca Street, Oil City. The new bank retained Crawford County Trust Company's charter. On completion of the merger, the Northwest Pennsylvania Bank & Trust Co. had total assets of approximately $57,000,000 and trust funds of approximately $50,000,000. Mr. Campbell became chairman of the board and Mr. Aldrich became president of the new institution.

In January 1910, the directors of the Crawford County Trust Company re-elected all officers as follows:  George B. Luper, president; Joseph McK. Speer, vice president; Ralph W. Hall, secretary-treasurer; M.P Breckenridge, assistant secretary-treasurer; and James R. Andrews, counsel.  As to the matter of the new building, Mr. Luper remarked it ought to go up six stories and "we would like mighty well to build the coming summer."  The plot was generally known as the Logan corner, the northwest corner of Chestnut and Market Streets, and was 50 feet square.

In November 1963, First National Bank of Mercer with its Fredonia office and First National Bank of Clarion became offices of Northwest. Resources at completion of this merger climbed to $86 million with trust funds of $67 million.

In 1966, two more offices were added: Seneca office, constructed by Northwest; and Cambridge Springs, formerly First National of Cambridge Springs.

The merger of the Northwest Pennsylvania Bank & Trust Co. and the Grove City National bank was completed on Saturday, January 6, 1968. L.O. Hotchkiss was president of the Northwest Pennsylvania Bank which had total resources of $124,855,990.83, deposits totaling $110,633,526.14 and Trust Funds of $98,776,532.03. Northwest shareholders received a 5% stock dividend and Grove City shareholders received two and one-half shares of Northwest stock for each share of Grove City stock. The merged bank retained the charter and title of Northwest Pennsylvania Bank & Trust Co. Merger of the Northwest Pennsylvania Bank & Trust Co. of Oil City, and the Grove City National Bank was approved by the state banking department on Thursday, January 11, 1968. The Oil City bank was the surviving institution.

The bank's 17th and 18th offices were built by Northwest. Clarion East, the second office in Clarion opened for business in December 1969 and the Franklin office opened its doors in September 1971.

In February 1981, the Northwest Pennsylvania Corp. of Oil City became a bank holding company by acquiring Northwest Pennsylvania Bank & Trust Co.

Official Bank Title(s)

1: Oil City National Bank, Oil City, PA

Bank Note Types Issued

1929 Type 2 $10 bank note with printed signatures of A.R. McGill, Cashier and H.J. Crawford, President. Courtesy of Heritage Auctions, www.ha.com

A total of $90,150 in National Bank Notes was issued by this bank between 1934 and 1935. This consisted of a total of 11,460 notes (No large size and 11,460 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 - 6930
1929 Type 2	10	1 - 3510
1929 Type 2	20	1 - 1020

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1934 - 1936):

Presidents:

• Harry Jennings Crawford, 1934-1935

Cashiers:

• Audley Raymond McGill, 1934-1935

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, 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