Peoples National Bank, Pittsburgh, PA (Charter 727)
Peoples National Bank, Pittsburgh, PA (Chartered 1865 - Liquidated 1921)
Town History
Pittsburgh is a city in the state of Pennsylvania and the county seat of Allegheny County. As of the 2020 census, the population was 302,971 living within the city limits making it the 68th-largest city in the U.S. and the second-most populous city in Pennsylvania, behind Philadelphia. The Pittsburgh metropolitan area is the anchor of Western Pennsylvania; its population of 2.37 million is the largest in both the Ohio Valley and Appalachia, the second-largest in Pennsylvania, and the 27th-largest in the U.S.
Pittsburgh is located in the southwest of the state, at the confluence of the Allegheny River and the Monongahela River, forming the Ohio River. Pittsburgh is known both as "the Steel City" for its more than 300 steel-related businesses and as the "City of Bridges" for its 446 bridges. The city features 30 skyscrapers, two inclined railways, a pre-revolutionary war fortification and the Point State Park at the confluence of the rivers. The city developed as a vital link of the Atlantic coast and Midwest.
Aside from steel, Pittsburgh has led in the manufacturing of other important materials — aluminum and glass — and in the petroleum industry. Additionally, it is a leader in computing, electronics, and the automotive industry. For part of the 20th century, Pittsburgh was behind only New York City and Chicago in corporate headquarters employment; it had the most U.S. stockholders per capita. Deindustrialization in the 1970s and 1980s laid off area blue-collar workers as steel and other heavy industries declined, and thousands of downtown white-collar workers also lost jobs when several Pittsburgh-based companies moved out. The population dropped from a peak of 675,000 in 1950 to 370,000 in 1990. However, this rich industrial history left the area with renowned museums, medical centers, parks, academic institutions, research centers, and a diverse cultural district.
After the deindustrialization of the mid-20th century, Pittsburgh has transformed into a hub for the health care, education, and technology. Pittsburgh is a leader in the health care sector as the home to large medical providers such as University of Pittsburgh Medical Center (UPMC). The area is home to 68 colleges and universities, including research and development leaders Carnegie Mellon University and the University of Pittsburgh. Google, Apple Inc., Bosch, Facebook, Uber, Nokia, Autodesk, Amazon, Microsoft and IBM are among 1,600 technology firms generating $20.7 billion in annual Pittsburgh payrolls. The area has served as the long-time federal agency headquarters for cyber defense, software engineering, robotics, energy research and the nuclear navy. The nation's fifth-largest bank, eight Fortune 500 companies, and six of the top 300 U.S. law firms make their global headquarters in the area, while RAND Corporation (RAND), BNY Mellon, Nova, FedEx, Bayer, and the National Institute for Occupational Safety and Health (NIOSH) have regional bases that helped Pittsburgh become the sixth-best area for U.S. job growth.
Pittsburgh was named in 1758, by General John Forbes, in honor of British statesman William Pitt, 1st Earl of Chatham. Pittsburgh was incorporated as a borough on April 22, 1794. From 1891 to 1911, the city's name was federally recognized as "Pittsburg", though use of the final h was retained during this period by the city government and other local organizations including most, but not all national banks. After a public campaign, the federal decision to drop the h was reversed.
The North Side is home to various neighborhoods in transition. What is known today as Pittsburgh's North Side was once known as Allegheny City, and operated as a city independently of Pittsburgh until it was merged with Pittsburgh in 1907 under great protest from its citizens.
The South Side was once the site of the Pennsylvania Railroad rail yards and associated dense, inexpensive housing for mill and railroad workers. Since the late 20th century, the city undertook a Main Street program in cooperation with the National Trust for Historic Preservation, encouraging design and landscape improvements on East Carson Street, and supporting new retail. The area has become a local Pittsburgher destination. East Carson Street has developed as one of the most vibrant areas of the city, packed with diverse shopping, ethnic eateries, vibrant nightlife, and live music venues.
In 1993 the Urban Redevelopment Authority of Pittsburgh purchased the South Side Works steel mill property. It collaborated with the community and various developers to create a master plan for a mixed-use development, to include a riverfront park, office space, housing, health-care facilities, and indoor practice fields for the Pittsburgh Steelers and Pitt Panthers. Construction began in 1998. The South-Side Works has been open since 2005, featuring many stores, restaurants, offices, and the world headquarters for American Eagle Outfitters.
The East End of Pittsburgh is home to the University of Pittsburgh, Carnegie Mellon University, Carlow University, Chatham University, The Carnegie Institute's Museums of Art and Natural History, Phipps Conservatory, and Soldiers and Sailors Memorial Hall. It is also home to many parks and public spaces including Mellon Park, Westinghouse Park, Schenley Park, Frick Park, The Frick Pittsburgh, Bakery Square, and the Pittsburgh Zoo and PPG Aquarium. The neighborhoods of Shadyside and Squirrel Hill are large, wealthy neighborhoods with some apartments and condos, and pedestrian-oriented shopping/business districts. Squirrel Hill is also known as the hub of Jewish life in Pittsburgh, home to approximately 20 synagogues. Oakland, heavily populated by undergraduate and graduate students, is home to most of the universities, and the Petersen Events Center. The Strip District to the west along the Allegheny River is an open-air marketplace by day and a clubbing destination by night. Bloomfield is Pittsburgh's Little Italy and is known for its Italian restaurants and grocers. Lawrenceville is a revitalizing rowhouse neighborhood popular with artists and designers. The Hill District was home to photographer Charles Harris as well as various African-American jazz clubs. Other East End neighborhoods include Point Breeze, Regent Square, Homewood, Lincoln-Lemington-Belmar, Larimer, East Hills, East Liberty, Polish Hill, Hazelwood, Garfield, Morningside, and Stanton Heights.
The West End includes Mt. Washington, with its famous view of the Downtown skyline and numerous other residential neighborhoods such as Sheraden and Elliott.
Pittsburgh had 47 National Banks chartered during the Bank Note Era, and 46 of those banks issued National Bank Notes. Pittsburgh also had several Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized December 8, 1864
- Chartered January 19, 1865
- Absorbed 4883 Apr 30, 1915 (Lincoln National Bank, Pittsburgh, PA)
- Liquidated September 3, 1921
- Absorbed by 252 which assumed its circulation (Second NB/First-Second NB/FNB, Pittsburgh, PA)
In 1860, Samuel Rea was an insurance agent and secretary of the Citizens' Insurance Co., located on the corner of Wood and Third Streets, Pittsburgh. Their business was to insure steamboats and cargoes against loss and damage in the navigation of the Southern and Western Rivers, Lakes and Bayous, and the navigation of the Seas. William Bagaley was president.
In 1863, when the Pittsburgh Trust Company organized under a national charter as the First National Bank of Pittsburgh, Samuel Rea was elected a director. The Peoples National Bank was organized in 1864 shortly after the passage of the National Bank Act with a capital of $1,000,000. The organizers were men engaged largely in the iron business including George Black, John W. Chalfant, B.F. Jones, Samuel Rea, Barclay Preston, Joseph McKnight, Thomas J. Hoskinson, W.A. Rodgers, James Park, Jr., David E. Park, Byron Painter, George W. Hailman, Frank Rahm, James I. Bennett, Wm. Rea, and Mark W. Watson. The first board of directors consisted of Samuel Rea, B.F. Jones, Barclay Preston, Byron H. Painter, George W. Hailman, George Black, John W. Chalfant and James I. Bennett. The bank was located at Wood Street and Second Avenue. But larger quarter were soon fitted up at 409 Wood Street and in 1901, the adjoining building, 411 Wood Street, was purchased and in 1905 it was remodeled by the bank and the first floor added to the banking room for officers' quarters.
In January 1865, Rea resigned as secretary from the Citizens' Insurance Company upon being elected president of the Peoples' National Bank, although he remained a director. The Peoples' National Bank had capital of $1,000,000, with privilege to increase this to $2,000,000, and by April 1865 was ready for business on the corner of Wood and First Streets. The directors were Samuel Rea, Benj. F. Jones, Barclay Preston, Byron H. Painter and George W. Hailman. The officers were Samuel Rea, president; F.M. Gordon, cashier; and J.C. McPherson, teller. By December 1865, Rea resumed his role as secretary for the Citizens' Insurance Co. although its location was now Market and Water Streets.
In 1868, notice was published that The Peoples' National Bank would occupy their new building at No. 79 Wood Street, above Fourth Street on August 3rd. The officers were Samuel Rea, president; George Black, vice president; and F.M. Gordon, cashier.
In January 1871, the directors elected were Samuel Rea, Benjamin F. Jones, August E.W. Painter, George W. Hailman, Barclay Preston, John W. Chalfant, George Black, James I. Bennett, Richard C. Gray, David Richey, and J. Neesley McCullough.
In January 1886, directors elected were: B. Preston, J.W. Chalfant, B.F. Jones, A.E.W. Painter, D. McK. Lloyd, R.C. Gray, Col. A.S.M. Morgan, J. Painter, Jr., and G.C. Davis.
| Year | Capital | Surplus | Undivided
Profits |
U.S. Bonds | Circulation | Deposits | Loans and
Investments |
Dividends
(Five yers) |
|---|---|---|---|---|---|---|---|---|
| 1865 | 1,000,000 | 0 | 53,774 | 437,000 | 800,000 | 310,150 | 723,963 | 60,000 |
| 1870 | 1,000,000 | 70,000 | 19,675 | 900,000 | 800,000 | 507,644 | 1,019,332 | 470,000 |
| 1875 | 1,000,000 | 145,000 | 29,630 | 900,000 | 800,000 | 508,086 | 1,202,895 | 430,000 |
| 1880 | 1,000,000 | 210,000 | 38,374 | 900,000 | 800,000 | 607,057 | 1,165,558 | 300,000 |
| 1885 | 1,000,000 | 250,000 | 48,219 | 900,000 | 800,000 | 1,067,083 | 1,605,714 | 300,000 |
| 1890 | 1,000,000 | 350,000 | 199,183 | 50,000 | 45,000 | 2,231,359 | 2,799,001 | 300,000 |
| 1895 | 1,000,000 | 800,000 | 101,125 | 712,000 | 640,800 | 3,456,803 | 3,920,669 | 330,000 |
| 1900 | 1,000,000 | 1,000,000 | 182,867 | 1,000,000 | 1,000,000 | 5,658,964 | 5,836,207 | 420,000 |
| 1905 | 1,000,000 | 1,000,000 | 565,847 | 1,200,000 | 1,000,000 | 12,071,862 | 10,665,861 | 700,000 |
In 1906, the officers were: Robert Wardrop, President; D. E. Park, Vice-President; Hervey Schumacher, Cashier; W. Dwight Bell, Assistant Cashier and Secretary; S. Clarke Reed, Assistant Cashier. The directors were: Robert Wardrop, President, Peoples National Bank, and Vice President Peoples Savings Bank and Safe Deposit and Trust Co.; George C. Davis, white lead manufacturer; J. Painter, Jr., capitalist, formerly of J. Painter & Sons Company; D. McK. Lloyd, President, Savings Bank and Safe Deposit and Trust Company; C.H. Spang of Spang, Chalfant & Company; D.E. Park, capitalist, director Union Trust Company; Henry Chalfant, President, Spang, Chalfant & Company; B.F. Jones, Jr., President Jones & Laughlins Steel Company; Edward E. Duff, Vice President, Safe Deposit and Trust Company and Peoples Savings Bank; J.D. Lyon, Vice President, Safe Deposit and Trust Company; D. Leet Wilson, President, Central District and Printing Telegraph Company; W.D. George, Real Estate and Insurance; H.S.A. Stewart, capitalist and director, Fidelity Title and Trust Company; George W. Crawford, capitalist, formerly Cashier, Diamond National Bank.
In January 1914, the directors elected were: George C. Davis, J. Painter, Jr., D. McK. Lloyd, D.E. Park, Henry Chalfant, Robert Wardrop, F.F. Jones, Jr., D. Leet Wilson, W.D. George, H.S.A. Stewart, George W. Crawford, W.L. Clause, Benjamin Thaw, Hervey Schumacher. Crawford was a new board member.
In January 1921, directors were J. Painter, Jr., Henry Chalfant, W.D. George, H.S.A. Stewart, George W. Crawford, W.L. Clause, Benjamin Thaw, Hervey Schumacher, A.C. Robinson, F.H. Lloyd, B.F. Jones, III, Joseph W. Ward, and Robert Wardrop.
On March 21, 1921, the possible merger of Pittsburgh banking institutions of the First National, The Peoples National, and the Peoples Savings & Trust Co. was announced. The deal if consummated would be perhaps the largest in Pittsburgh's history with the exception of the acquisition of the Farmers Deposit group by the Union Trust Co. the previous year. Executives of the First National were influenced by the trend of the times in having great national banks affiliated with trust companies. Within the recent past several great New York City banks purchased large trust companies, at least two mergers of this character were closed in Chicago, and six Cleveland banks were combined into one organization. The latest official statements for the three Pittsburgh banks showed the following:
| Bank | Capital | Surplus | Deposits |
|---|---|---|---|
| First National Bank | $4,000,000 | $2,896,581 | $34,391,539 |
| Peoples National Bank | $1,000,000 | $2,759,358 | $23,140,456 |
| Peoples Savings & Trust Co. | $3,000,000 | $6,415,484 | $12,838,420 |
| Total | $8,000,000 | $12,071,423 | $70,370,415 |
The aggregate capital and surplus would give the First National over $20 million and deposits of over $70 million.
The Peoples Savings & Trust Co., formerly the Safe Deposit & Trust Co., was incorporated in 1867. In 1903 it acquired all the stock of the Peoples Savings bank and 9,800 of the 10,000 shares of the Peoples National Bank [SEE Pittsburgh 1903 Mergers (coming soon)]. In 1917 the present name was adopted. A.C. Robinson was president and the directors were W.K. Shiras, J.D. Lyon, George E. Painter, Robert Wardrop, George W. Crawford, J.H. Ricketson, Jr., T.H.B. McKnight, W.D. George, Benjamin Thaw, Henry Chalfant, F.C. Perkins, J.M. Shields, A.C. Robinson, W.L. Clause, F.H. Lloyd, W.C. Robinson, J.O. Miller, and J.H. Hillman, Jr.
Under the plan as announced in July, the First National would purchase the Peoples National for $3,850,000 and with the proceeds, the Peoples Savings & Trust Co. would purchase the increased capital of the First National, of 10,000 shares at $200 per share and 10,000 additional shares from current stockholders at $185 per share. The enlarged First National would then have capital of $5 million, surplus and undivided profits of more than $4 million and deposits of about $50 million for total resources of approximately $65 million. The combined business would operate under the name First National Bank at Pittsburgh at its location at Fifth Avenue and Wood Street. The Peoples Savings and Trust Company would retain its identity and figures in the deal only by the exchange of its interest in the Peoples National for extensive holdings in the enlarged First National. A.C. Robinson stated: "When 31 hard-headed business men of varied experience, representing the boards of both institutions are unanimously agreed that a consolidation of interests will be a benefit both to the public and to the banks, and have spent six months' time in working out a plan equitable to the shareholders of both banks, it is safe to assume that their judgment is sound. To me the enlarged First National Bank spells opportunity for more service. Undoubtedly it will be a most advantageous arrangement for the Peoples Savings and Trust Company, as it will extend its influence through the many friends of the First National. We aim to have an aggressive, cosmopolitan bank, capable of aiding in a large way the expansion which is sure to come to the Pittsburgh district when normal conditions again prevail."
On September 6, 1921, the Peoples National Bank became part of the First National Bank. The office move took a week and each of the 75 employees of the Peoples National were engaged for similar duties at the First National.
On March 8, 1923, The Peoples National bank property at 409-411 Wood Street was sold by the First National to a New York interest. Walter S. Klee of New York was the purchaser and the price was approximately $300,000. The building was occupied by the Exchange National Bank awaiting completion of their new building. The S.W. Straus & Co., bankers, planned to move their Pittsburgh operations into the building. This investment reflected the opinion of the buyers in the stability of real estate values in Pittsburgh as this was the first city outside of New York and Chicago in which they bought their own buildings. The property was considered one of the choicest in the financial district. At the time, S.W. Straus & Co. had offices in 41 cities. S.W. Straus & Co. would take possession after the Exchange National Bank moved into its new home. Extensive improvements were planned including a new front. The old Peoples Bank adjoined the 18 story Arrott building at Wood Street and Fourth Avenue on one side and the former Mercantile Bank property on the other. S.W. Straus & Co. was the largest banking house in the country which specialized in first mortgage bond issues on improved real estate in large cities. The business was established in Chicago in 1882 and headquarters were in Chicago and New York City. The Chicago headquarters was at Clark Street and Madison Avenue with plans for a new 22 story building on Michigan Avenue. They recently erected a modern bank building at Fifth Avenue and Forty-sixth Street in New York City.
Official Bank Title
1: The Peoples National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $16,550,580 in National Bank Notes was issued by this bank between 1865 and 1921. This consisted of a total of 1,699,844 notes (1,699,844 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 21500 Original Series 3x10-20 1 - 11900 Original Series 50-100 1 - 2300 Original Series 500-1000 1 - 40 Series 1875 4x5 1 - 11145 Series 1875 3x10-20 1 - 16000 Series 1875 50-100 1 - 2167 1882 Brown Back 4x5 1 - 4250 1882 Brown Back 3x10-20 1 - 61999 1882 Brown Back 50-100 1 - 6435 1902 Red Seal 4x5 1 - 31500 1902 Red Seal 3x10-20 1 - 23400 1902 Date Back 4x5 1 - 74330 1902 Date Back 3x10-20 1 - 63668 1902 Plain Back 4x5 74331 - 135579 1902 Plain Back 3x10-20 63669 - 102217
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1921):
Presidents:
- Samuel Rea, 1865-1874
- Barclay Preston, 1875-1887
- John Weakly Chalfant, 1888-1898
- Augustus E. W. Painter, 1899-1902
- Robert Wardrop, 1903-1921
Cashiers:
- Franklin M. Gordon, 1865-1883
- Thomas Power Day, 1884-1898
- Robert Wardrop, 1899-1902
- Hervey Schumacher, 1903-1915
- J. Howard Arthur, 1917-1921
Other Bank Note Signers
- Joseph Waugh Ward, Vice President 1919...1921
- John De Moyer Werts Assistant Cashier 1919...1921
Wiki Links
- Pennsylvania Bank Note History
- General information on Pittsburgh (Wikipedia)
- General information on Allegheny County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Pittsburgh, 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
- The Bankers' Magazine, Vol. 72, Jan. 1906-June 1906, pp 143-145.
- The Pittsburgh Gazette, Pittsburgh, PA, Fri., Jan. 3, 1862.
- The Pittsburgh Daily Commercial, Pittsburgh, PA, Mon. Sep. 7, 1863.
- The Pittsburgh Gazette, Pittsburgh, PA, Mon., Jan. 2, 1865.
- The Pittsburgh Gazette, Pittsburgh, PA, Wed., Apr. 5, 1865.
- The Pittsburgh Gazette, Pittsburgh, PA, Tue., Dec. 5, 1865.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Aug. 12, 1868.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 11, 1871.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 13, 1886.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Jan. 14, 1914.
- Pittsburgh Daily Post, Pittsburgh, PA, Wed., Mar. 3, 1920.
- The Pittsburgh Press, Pittsburgh, PA, Mon., Mar. 21, 1921.
- The Pittsburgh Press, Pittsburgh, PA, Mon., Sep. 5, 1921.
- Pittsburgh Daily Post, Pittsburgh, PA, Fri., Mar. 9, 1923.
- Pittsburgh Daily Post, Pittsburgh, PA, Fri., Feb. 9, 1923.