Pittsfield National Bank, Pittsfield, ME (Charter 4188)
Pittsfield National Bank, Pittsfield, ME (Chartered 1889 - Receivership 1934)
Town History
Pittsfield is a town in Somerset County, Maine. The population was 3,908 at the 2020 census. Pittsfield is home to the Maine Central Institute, a semi-private boarding school, and the annual Central Maine Egg Festival.
The area was part of the Kennebec Purchase. First called Plymouth Gore, it was settled in 1794 by Moses Martin and his family from Norridgewock. In 1815, the town was organized as the Plantation of Sebasticook, but was incorporated on June 18, 1819, as Warsaw after Warsaw, Poland. In 1824, the name was changed to Pittsfield after William Pitts of Boston, a large landowner.
Pittsfield was noted for fine orchards, and became an agricultural trade center. Water power from the Sebasticook River attracted industry, and a gristmill and sawmill were built at the falls. Blacksmith shops and a carriage shop were established. In 1855, the Penobscot and Kennebec Railroad arrived, and Pittsfield developed into a small mill town. In 1869, the first woolen mill was established. The Riverside Woolen Company was the first mill in the state to sell cloth direct from loom to wearer. Fire destroyed the downtown in 1881, but it was soon rebuilt. Woodworking plants and a canning factory were established. The Waverly Woolen Mill was built in 1891–1892, together with 52 dwellings the company rented to workers. Pittsfield was also home to the Sebasticook and the Pioneer woolen mills.
In 1914, the Waverly and the Pioneer mills were sold to the American Woolen Company, which would close in 1934 during the Great Depression. The Pioneer Mill, the largest, remained in operation until after World War II, but as the New England textile business moved to Southern states. The Waverly mill was converted into a shoe factory in the 1940s, with the Pioneer mill converted to manufacture doorbells in the 1950s.
Pittsfield had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized October 15, 1889
- Chartered December 23, 1889
- Conservatorship March 22, 1933
- Succeeded by First National Bank, Pittsfield, ME (Charter 13777)
- Receivership January 3, 1934
On December 23, 1889, The Pittsfield National Bank of Pittsfield, Maine with capital of $50,000 was authorized to begin business. The bank planned to commence business on January 1, 1890.
In June 1892, J.H. Walker, Esq., resigned his position as cashier of the Pittsfield National Bank to assume a more lucrative position with his brother, proprietor of the Maple Grove Woolen Mill. Will L. Pushor was elected cashier to take his place.
In January 1915, at the annual meeting of the Pittsfield National Bank, the following officers were chosen: President, J.W. Manson; vice president, Gordon Dobson; cashier, H.F. Libby. The directors were: J.W. Manson, Gordon Dobson, F.A. Hackett, S.R. Haines, E.C. Bryant, T.E. Getchell, H.F. Libby, Wm. McGilvery, and G.M. Lancey.
The community was shocked Saturday by the news of the sudden death of Gordon Dobson of Pittsfield which occurred Friday night, May 21, 1915, at the Bangor house in Bangor, Maine. Mr. Dobson was born in Galashiels, Scotland about 61 years ago, He has been a resident of Pittsfield for many years. His father, the late Robert Dobson, established the Pioneer mill later forming the Robert Dobson Co. of which Mr. Gordon Dobson was president. He was treasurer of the Waverley Woolen Co. and was president of the Newport Woolen Co. until the three mills were sold last November to the American Woolen Co. He was a member of the board of trustees at Maine Central Institute. He was a staunch Republican and in 1901 was a representative in the Maine house. He was a member of the De Molay Commandery, Knights Templar, Skowhegan. He was vice president of the Pittsfield National Bank. He was unmarried. Two nieces, Mrs. S.R. Haines and Mrs. W.B. McGilvery of Pittsfield and a nephew, Frank W. Briggs of Skowhegan, survived him.
On Sunday, April 2, 1933, an informal gathering of about 50 of the townspeople who were interested in the Pittsfield National Bank met at the Lancey House to discuss the banking problem as it existed in Pittsfield. A committee was chosen to confer with Harry R. Coolidge, the appointed conservator and to cooperate with him in every way possible for the good of the depositors. The committee was made up of the following: G.M. Lancey of Hartland, chairman; William M. Bigelow of Pittsfield, E.B. Reed of Harmony, Alfred P. Bigelow of Saint Albans, Dr. Carl Coffin of Pittsfield, Harry Goodrich of Palmyra, and Earl N. Vickery of Pittsfield. In June, a revised plan for the Pittsfield National Bonk was under consideration by the Reconstruction Finance Corporation at Washington and approval was expected within a few days. A new bank would be possible only through the cooperation of depositors. At the proper time all depositors would be asked to buy common stock in order to help organize a new bank for Pittsfield.
On July 29, 1933, the Reconstruction Finance Corporation announced the purchase of $995,000 of preferred stock in seven banks in widely separated sections of the country. In each instance the purchase was contingent upon sale by the managers of an amount of common stock to depositors and the public. Among the banks named was the First National Bank of Pittsfield, Maine, $50,000. This bank succeeded the Pittsfield National Bank.
On September 19, 1933 The First National Bank of Pittsfield received its charter and officials planned for a Monday opening. George Moore was the cashier. He was from Skowhegan. Employees would be George Moore of Norridgewock, Miss Ardis Lancey and Elden Otis of Detroit. All the old employees were retiring.
In January 1934, Richard H. Berry was notified of his appointment as receiver of the Pittsfield National Bank. Mr. Berry had been in business in Pittsfield for the past 30 years as proprietor of the Libby Pharmacy and treasurer of the Pittsfield Gas and Fuel Co., since he sold the drug business a few year earlier. By April 1934, the Pittsfield National Bank had paid a total of 35% to depositors.
Official Bank Title(s)
1: The Pittsfield National Bank, Pittsfield, ME
Bank Note Types Issued
A total of $950,610 in National Bank Notes was issued by this bank between 1889 and 1934. This consisted of a total of 76,320 notes (66,420 large size and 9,900 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 - 4090 1882 Date Back 3x10-20 1 - 375 1902 Date Back 3x10-20 1 - 3800 1902 Plain Back 3x10-20 3801 - 12140 1929 Type 1 6x10 1 - 1294 1929 Type 1 6x20 1 - 356
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1889 - 1934):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Pittsfield, ME, 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 Daily City News, New Castle, PA, Tue., Dec. 24, 1889.
- Kennebec Journal, Kennebec, ME, Wed., Jan. 1, 1890.
- The Republican Journal, Belfast, ME, Thu., June 23, 1892.
- The Bangor Daily News, Bangor, ME, Fri., Jan. 15, 1915.
- Sun-Journal, Lewiston, ME, Tue., Apr. 4, 1933.
- Morning Sentinel, Waterville, ME, Sat., June 3, 1933.
- Sun-Journal, Lewiston, ME, Sat., July 29, 1933.
- Morning Sentinel, Waterville, ME, Thu., Sep. 21, 1933.
- The Bangor Daily News, Bangor, ME, Sat., Jan. 6, 1934.
- Morning Sentinel, Waterville, ME, Fri., Apr. 13, 1934.