Peoples National Bank, Latrobe, PA (Charter 5744)
Peoples National Bank, Latrobe, PA (Chartered 1901 - Receivership 1931)
Town History
Latrobe is a city in Westmoreland County, Pennsylvania, and is part of the Pittsburgh metropolitan area. The city population was 8,338 as of the 2010 census (9,265 in 1990). It is located near Pennsylvania's scenic Chestnut Ridge. Latrobe was incorporated as a borough in 1854, and as a city in 1999.
Latrobe is the home of Saint Vincent Archabbey, the Latrobe Brewery (the original brewer of Rolling Rock beer), and Saint Vincent College. Latrobe was the home of golfer Arnold Palmer. It was the childhood home of children's television personality Fred Rogers. The banana split was invented there by David Strickler in 1904. Latrobe is also home to the training camp of the Pittsburgh Steelers. Latrobe was long recognized as the site of the first professional American football game in 1895 until research proved otherwise.
In 1852, Oliver Barnes (a civil engineer for the Pennsylvania Railroad) laid out the plans for the community that was incorporated in 1854 as the Borough of Latrobe. Barnes named the town for his best friend and college classmate, Benjamin Latrobe, who was a civil engineer for the B&O Railroad. His father, Benjamin Henry Latrobe, was the architect who rebuilt the United States Capitol in Washington, DC, after the War of 1812.
Its location along the route of the Pennsylvania Railroad helped Latrobe develop into a significant industrial hub. Latrobe was also served by the Ligonier Valley Railroad from 1877 to 1952. In 1904, the banana split was invented in Latrobe by David Evans Strickler at the pharmacy that later became named Strickler's Drug Store.
Latrobe has two sites on the National Register of Historic Places within its city boundaries: Pennsylvania Railroad Station at Latrobe (325 McKinley Avenue). This station was built by the Pennsylvania Railroad in 1903. Citizens National Bank of Latrobe (816 Ligonier Street, at Main Street). This was also known as the Mellon Bank Building. This six-story, 1926 structure was designed by the Greensburg firm of Batholomew and Smith.
The Latrobe Brewing Company, founded in 1939, was one of the largest breweries in the United States and the maker of Rolling Rock Beer. In May 2006, Anheuser-Busch purchased the Rolling Rock brands, but not the brewery. In June 2006, City Brewing Company from LaCrosse, Wisconsin, entered into negotiations to buy the brewery. In September 2006, City Brewing Company agreed to purchase the brewery, and they licensed it to the Boston Beer Company in April 2007 as a satellite brewery to produce Samuel Adams beers. Sam Adams production did not last long. The plant is currently brewing Iron City Beer under contract. In addition, Duquesne Bottling Company has brewed the revived Duquesne Beer, "The Prince of Pilseners", at the Latrobe plant.
Latrobe had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.
Bank History
- Organized January 14, 1901
- Chartered March 16, 1901
- Opened for business April 1, 1901
- Receivership August 24, 1931
On August 24, 1931, The Peoples National Bank failed to open. C.F. Underwood, national bank examiner, was in charge of the bank's affairs. Constant withdrawals over the previous year forced the board of directors to place its affairs in the hands of the comptroller of the currency. Assets of the bank totaled approximately $3,200,000 and deposits were $2,450,000.
In May 1932, Frank V. Pisula, former assistant cashier was sentenced by Judge R.M. Gibson to serve one year and one day in a Federal penitentiary. Pisula confessed to misapplication and embezzlement of funds which resulted in a $25,000 loss to the bank.
On March 21, 1932, tentative plans for organizing a new bank to take over the assets and liabilities of the closed Peoples National Bank were announced by a group of bankers. It was thought no additional capital would be required to do so. The new national bank, planned by a committee of creditors consisting of B.M. Watkins, L.B. Berlin, Welty E. Jobe, D.C. Cramer, Sr., and L.M. Musick, had been in the works over the past months. The new bank, The Commercial National Bank of Latrobe, had capital of $100,000 and a surplus of $25,000. The Reconstruction Finance Corporation would hold $50,000 of the capital in preferred stock, with the remaining capital raised from 5000 shares of common stock of a par value of $10 per share, sold at $15 per share to provide for the surplus of $25,000. The banking quarters of the Peoples National bank including all equipment were used by the new bank. On May 4, 1934, the Comptroller of the Currency, J.F.T. O'Connor, authorized The Commercial National Bank of Latrobe to commence the business of banking. Dr. B.M. Watkins of Derry township was selected as president and O.A. Holsinger, assistant cashier of the Moxham National Bank of Johnstown was selected as cashier. Directors were Grover C. Hofelt, Ligonier Valley; L.B. Berlin, Latrobe; Michael Charlef, Derry; David C. Cramer, Unity township; Welty E. Jobe, Derry Township; Philip Kuhns, Latrobe; L.M. Musick, Unity township; James C. Shaffer, Latrobe, and Dr. B.M. Watkins.
Official Bank Title(s)
1: The Peoples National Bank of Latrobe, PA
Bank Note Types Issued
A total of $1,172,810 in National Bank Notes was issued by this bank between 1901 and 1931. This consisted of a total of 94,072 notes (80,188 large size and 13,884 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 2250 1882 Date Back 3x10-20 1 - 3156 1902 Plain Back 3x10-20 1 - 14641 1929 Type 1 6x10 1 - 1787 1929 Type 1 6x20 1 - 527
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1931):
Presidents:
Cashiers:
- Charles R. Smith, 1901-1908
- James A. McComb, 1909-1922
- Ernest McClellan Overholt, 1923-1927
- Roy Dettery Eisaman, 1928-1930
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 Latrobe (Wikipedia)
- General information on Westmoreland County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Latrobe, PA, Wikipedia, https://en.wikipedia.org/wiki/Latrobe,_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
- Lancaster New Era, Lancaster, PA, Mon., Aug. 24, 1931.
- Pittsburgh Post-Gazette, Pittsburgh, PA, Sat., May 21, 1932.
- The Evening News, Harrisburg, PA, Mon., Mar. 21, 1932.
- Latrobe Bulletin, Latrobe, PA, Fri., Dec. 22, 1933.
- The Ligonier Echo, Ligonier, PA, Wed., Apr. 25, 1934.
- Latrobe Bulletin, Latrobe, PA, Sat., June 16, 1934.