Queen Lane NB in Germantown, Philadelphia, PA (Charter 12860)
Queen Lane NB in Germantown, Philadelphia, PA (Chartered 1925 - Liquidated 1928)
Town History
Germantown is an area in Northwest Philadelphia and is in Philadelphia County. Founded by German, Quaker, and Mennonite families in 1683 as an independent borough, it was absorbed into Philadelphia in 1854. The area, which is about six miles northwest from the city center, now consists of two neighborhoods: 'Germantown' and 'East Germantown'.
Germantown has played a significant role in American history; it was the birthplace of the American antislavery movement, the site of a Revolutionary War battle, the temporary residence of George Washington, the location of the first bank of the United States, and the residence of many notable politicians, scholars, artists, and social activists.
Today the area remains rich in historic sites and buildings from the colonial era, some of which are open to the public.
Philadelphia had 70 National Banks chartered during the Bank Note Era, and 62 of those banks issued National Bank Notes. Philadelphia also had 27 Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized December 7, 1925
- Chartered December 16, 1925
- Liquidated October 6, 1928
- Succeeded by Bank of Philadelphia & Trust Company, Philadelphia
In June 1927, at a special meeting of the board of directors, the resignation of E. McLain Watters as a vice president and director was accepted and William J. Maurer of F.W. Maurer and Sons, Co., was appointed vice president.[1]
In July 1928, the Broad Street National Bank and the Queen Lane National Bank planned to merge with the Oak Lane Trust Company. Stockholders of the Queen Lane National would receive one share of Oak Lane Trust stock for each three shares of Queen Lane National plus a payment of $22.50 a share. The right to subscribe to one-half share of Oak Lane Trust stock at $275/share of Broad Street National stock was offered to stockholders of the latter institution. The Oak Lane Trust Co. planned to issue 8,500 new shares to provide for the anticipated exchanges. Of the increase, 1,000 would be used in the acquisition of the Queen Lane National and the balance would provide for the Broad Street National transaction. The merger was expected to be completed by October 1st.[2] The Queen Lane National organized two years earlier with capital of $200,000. The Broad Street National had capital of $500,000, surplus of $500,000 and deposits of $9,500,000, with its principal office at Broad and Diamond Street. Oak Lane Trust Co. had capital of $750,000, surplus $750,000 and deposits of $3,500,000. Its principal office was at Broad Street and 67th Avenue with branches in Lawndale, Fox Chase and Crescent. Oak Lane Trust Co. was organized in 1923 and Leon A. Lewis was president.[3] The title proposed for this 3-bank merger was the Broad Oak Bank & Trust Company until the National Bank of North Philadelphia entered into the picture.[4]
In August 1928, Dr. Charles E. Beury, a native of Shamokin and president of Temple University, was at the head of the organization resulting from the merger of four Philadelphia banks. The four banks were the National Bank of North Philadelphia of which Dr. Beury was president; the Oak Lane Trust Co., Queen Lane National Bank and the Broad Street National Bank. Dr. Beury would be chairman of the board of the consolidated institution and L.A. Lewis, president of both Oak Lane Trust and of Broad Street National, would become the president. The National Bank of North Philadelphia was organized in 1921 and Dr. Beury had been president since its incorporation. It had resources of over $6,600,000 and had recently completed the erection of a 14-story office building, the Beury Building, on Broad Street above Germantown Avenue. Dr. Beury succeeded Dr. Russell H. Conwell as president of Temple in 1926 and was president of the Philadelphia Forum. The last sales of stock were: Broad Street National at $455.50 per share, Oak Lane Trust at $457, and National Bank of North Philadelphia at $300 per share. It was proposed to merge the banks under the name Bank of Philadelphia and Trust Company with capital of $2,300,000, surplus $2,300,000, undivided profits in excess of $750,000 and deposits over $17 million with total resources in excess of $23,000,000. The consolidated bank would have ten offices.[5]
The consolidation was effective October 8, 1928. The Bank of Philadelphia and Trust Company had offices at Broad at Diamond Street, Broad at Germantown Avenue, Broad at 67th Avenue, Germantown Avenue at Queen Lane, 2529-31 W. Lehigh Ave., 22nd and Venango Streets, Alden Park Manor, Oxford Pike and Loney St., 6601 Rising Sun Avenue, and Rising Sun at Cheltenham Avenue. Dr. Chas. E. Beury was chairman of the board, and L.A. Lewis, president.[6]
In 1930, the Bank of Philadelphia and Trust Company was taken over by the Bankers Trust Company and Mr. Leon A. Lewis was elected vice president.[7]
Official Bank Title(s)
1: The Queen Lane National Bank in Germantown at Philadelphia, PA
Bank Note Types Issued
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Plain Back 4x5 1 - 9548 1902 Plain Back 3x10-20 1 - 4816
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1925 - 1928):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Queen Lane NB in Germantown, Philadelphia, PA History (NB Lookup)
- Pennsylvania Bank Note History (BNH Wiki)
Sources
- Philadelphia, 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 Philadelphia Inquirer, Wed., June 29, 1927.
- ↑ Hartford Courant, Hartford, CT, Mon., July 30, 1928.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Fri., July 20, 1928.
- ↑ The Brockway Record, Brockway, PA, Fri., Aug. 10, 1928.
- ↑ Shamokin News-Dispatch, Shamokin, PA, Fri., Aug. 3, 1928.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Mon., Oct. 8, 1928.
- ↑ The Wellsboro Gazette Combined with Mansfield Advertiser, Wellsboro, PA, Wed., Sep. 12, 1934.