Pitt National Bank, Pittsburgh, PA (Charter 13701)
Pitt National Bank, Pittsburgh, PA (Chartered 1933 - Open past 1935)
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.
Pittsburgh had 43 National Banks chartered during the Bank Note Era, and 42 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).
Pittsburgh had 47 National Banks chartered during the Bank Note Era, and 46 of those banks issued National Bank Notes.
Bank History
- Organized April 28, 1933
- Chartered June 10, 1933
- Bank was Open past 1935
- Absorbed by 685 (Farmers Deposit NB, Pittsburgh, PA) on April 18, 1946
On April 25, 1933, application for a charter for a new bank to take over assets of the closed Diamond National Bank and Monongahela National Bank was approved by the Comptroller of the Currency. The bank would open soon with capital, surplus and undivided profits of $1,050,000, made up of cash subscriptions. The name was Pitt National Bank of Pittsburgh, Charter 13701, and it would occupy the quarters of the Diamond National Bank at Fifth and Liberty Avenues. A proportion of frozen deposits in the two closed banks would become available immediately. This proportion had not been set, but those active in the reorganization said that it probably would be near the amounts set when the bank was conceived several months ago, 45% of Diamond deposits and 60% of the Monongahela's. While officers and directors could not be elected until the charter was obtained, the board of directors selected Charles A. Fisher for president and A.J. Huglin as vice president. Mr. Fisher formerly was president of Jones and Laughlin Steel Corporation. Mr. Huglin was a former vice president of the Diamond National Bank.[2]
Andrew J. Huglin, former Des Moines banker who had been acting as assistant receiver of the Diamond National Bank, Pittsburgh, was named vice president of the newly organized Pitt National Bank. Huglin resigned as vice president of the Iowa-Des Moines National Bank and Trust Co. in February 1932 to become first vice president of the Diamond National Bank. That institution closed November 14, 1932 and since then, Huglin had been active in liquidation of its affairs. The new Pitt National bank was formed by combining good assets of the Diamond National Bank and similar assets of the closed Monongahela National Bank of Pittsburgh which closed October 21, 1931.[3] Mr. Huglin joined the Des Moines National Bank in 1907 and was advanced to vice president, continuing in the same position when the institution merged with the Iowa National Bank.[4]
In March 1934, the directors were George A. Blackmore, James O. Carr, Ralph M. Dravo, Charles A. Fisher, Harry C. Graham, Andrew J. Huglin, Arthur F. Humphrey, William H. Jackson, John S. Laughlin, Edward E. Rieck, Charles J. Rosenbloom, and Charles D. Wettach. The officers were Charles A. Fisher, president; Andrew J. Huglin and Arthur F. Humphrey, vice presidents; Chester A. Johnston, cashier; Ralph W. Mercer and Robert W. Sands, assistant cashiers.[5]
In January 1940, Andrew J. (Andy) Huglin was elected president of the Pitt National Bank. He was for many years cashier and later vice president of the former Des Moines National Bank and vice president of the Iowa-Des Moines National Bank and Trust Co. immediately following consolidation. Huglin still retained an official connection with Des Moines as treasurer and director of the Mill Owners Mutual Fire Insurance Co.[6]
At the end of 1945, the directors were James O. Carr, Alfred J. Diebold, Harry C. Graham, William J. Graham, Andrew J. Huglin, Arthur F. Humphrey, John E. Jackson, Chester A. Johnston, John S. Laughlin, Charles J. Rosenbloom, Charles D. Wettach, and Ralph O. Yearick. The Pitt National had total resources of $24,133,710.83 with capital $700,000, surplus $1,000,000 and undivided profits $257,890.78.[7]
On March 14, 1946, John S. Smith, president of the Farmers Deposit National Bank and Andrew J. Huglin, president of the Pitt National Bank, said directors of their banks unanimously approved an agreement for the Farmers to assume all deposits and certain other liabilities of the Pitt National. The Farmers would open a branch bank at Liberty and Fifth Avenues, the headquarters of the Pitt National. A special meeting of stockholders was called for April 18th. All the executive and employees of the Pitt National would be retained to operate the new branch. Mr. Huglin would become a vice president and director of Farmers and supervise the branch. A settlement with Pitt National stockholders was estimated to yield approximately $160 per share. The acquisition would make Farmers a $200,000,000 bank. The Farmers was Pittsburgh's oldest bank having been established in 1832. Its deposits at the end of 1945 were $159,823,838 and total resources of $181,690,758. Capital was $6,000,000, surplus $12,000,000 and undivided profits and reserves $3,276,980. The Farmers was controlled by the Union Trust Company of Pittsburgh.[8]
A.J. Huglin who was president of the Pitt National Bank prior to its absorption by Farmers Deposit National Bank at the close of business, April 18, 1946, would be liquidating trustee of the Pitt assets. Pitt stockholders were informed that with approval of the comptroller of the currency, the first payment to them would be a major portion of the approximately $160 per share they would receive around May 1st. A second and final liquidating payment would be made later, probably in the latter half of the year.[9] In June Huglin was elected to the board of directors and was vice president of the Farmers Deposit National Bank.[10]
Official Bank Title
1: The Pitt National Bank of Pittsburgh, PA
Bank Note Types Issued
A total of $1,216,180 in National Bank Notes was issued by this bank between 1933 and 1935. This consisted of a total of 174,878 notes (No large size and 174,878 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 - 122110 1929 Type 2 10 1 - 44973 1929 Type 2 20 1 - 7795
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
- 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
- ↑ Bankers' Magazine, Vol. 81, July 1910-Dec. 1910, pp 748-753.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Tue., Apr. 25, 1933.
- ↑ Des Moines Tribune, Des Moines, IA, Mon., May 19, 1933.
- ↑ Des Moines Tribune, Des Moines, IA, Sat., Feb. 27, 1932.
- ↑ Pittsburgh Sun-Telegraph, Pittsburgh, PA, Mon., Mar. 26, 1934.
- ↑ Des Moines Tribune, Des Moines, IA, Wed., Jan. 10, 1940.
- ↑ The Pittsburgh Press, Pittsburgh, PA, Thu., Jan. 3, 1946.
- ↑ Pittsburgh Pots-Gazette, Pittsburgh, PA, Fri., Mar. 15, 1946.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Fri., Apr. 19, 1946.
- ↑ Pittsburgh Sun-Telegraph, Pittsburgh, PA, Wed., June 5, 1946.