Scranton National Bank, Scranton, PA (Charter 13947)
Scranton National Bank, Scranton, PA (Chartered 1934 - Closed (Merger) 1984)
Town History
Scranton is a city in Pennsylvania and the county seat and largest city of Lackawanna County in Northeastern Pennsylvania's Wyoming Valley. With a population of 76,328 as of the 2020 United States Census, Scranton is the largest city in northeastern Pennsylvania and the Scranton–Wilkes-Barre–Hazleton Metropolitan Statistical Area, which has a population of about 570,000, and the sixth largest city in Pennsylvania after Philadelphia, Pittsburgh, Allentown, Reading, and Erie. In 1860 the population was 9,223, growing to 75,215 in 1890 and peaking in 1930 at 143,433.
Scranton is the largest of the former anthracite coal mining communities in a contiguous quilt-work that also includes Wilkes-Barre, Nanticoke, Pittston and Carbondale. Scranton was incorporated on February 14, 1856, as a borough in Luzerne County and as a city on April 23, 1866. It became a major industrial city and a center of mining and railroads; it attracted thousands of new immigrants. It was the site of the Scranton General Strike in 1877.
People in northern Luzerne County sought a new county in 1839, but the Wilkes-Barre area resisted losing its assets. Lackawanna County did not gain independent status until 1878. Under legislation allowing the issue to be voted by residents of the proposed territory, voters favored the new county by a proportion of 6 to 1, with Scranton residents providing the major support. The city was designated as the county seat when Lackawanna County was established in 1878, and a judicial district was authorized in July 1879.
The city's nickname "Electric City" began when electric lights were introduced in 1880 at the Dickson Manufacturing Company. Six years later, the United States' first streetcars powered only by electricity began operating in the city. Rev. David Spencer, a local Baptist minister, later proclaimed Scranton as the "Electric City".
Scranton is 76 miles north of Allentown, 125 miles north-northwest of Philadelphia, and 120 miles west of New York City.
Scranton had 10 National Banks chartered during the Bank Note Era, and eight of those banks issued National Bank Notes.
Bank History
- Organized January 5, 1934
- Chartered January 18, 1934
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into First Eastern Bank, N.A. in Wilkes-Barre, PA, September 15, 1984
On May 17, 1933, a reorganization of the Union National Bank of Scranton which would immediately free 50% of deposits was announced by W.W. McCulloch, president of the institution. The reorganization called for the establishment of a new bank to be known as the Scranton National Bank, was agreed upon to meet the situation arising from the delay in licensing the bank since the bank holiday declared by President Roosevelt. The bank was conducting a limited business under the direction of James A. Linen as conservator, but would soon be in a position to resume complete banking business now that the reorganization had been worked out successfully. Mr. McCulloch said that the new Scranton National Bank would have a capital structure of $600,000, of which $300,000 would be preferred stock, $200,000 common stock and $100,000 surplus and undivided profits. The $300,000 of preferred stock would be taken by the Reconstruction Finance Corporation while the common stock would be subscribed locally. The new bank would buy a large percentage of the liquid assets of the Union National Bank and at the same time assume an equivalent amount of its deposit liabilities. In this way, according to President McCulloch's announcement, 50 per cent of all the old deposits in the Union National Bank will be at once available to customers of the new bank, as well as all of the segregated deposits made since the bank began operating under a conservator. The Union National Bank, and the old bank would be kept alive for the purpose of an orderly and careful liquidation of its other assets so as not to sacrifice their value. Thus, from time to time, as assets were liquidated, it would release additional percentages of deposits from the old bank, which will then be available for use by depositors through the new bank.
"The plan for the Scranton National Bank," said Mr. McCulloch, "has received the unqualified approval of the banking department of the United States government and the conservator and is practically the same plan which has been put into effect in several of the larger cities of the United States." "The Scranton National Bank will have a new board of directors comprising, in addition to members of the board of directors of the Union National Bank, a number of substantial and influential business men of Scranton. Mr. McCulloch confirmed a report to the effect that C.J. Layfield, prominent local businessman, was to become an officer of the new bank. It was understood that Mr. Layfield, who at one time owned a number of bakeries in Scranton, Hazleton and Philadelphia, subscribed considerable capital toward the formation of the new bank. Mr. McCulloch stated that Mr. Linen would remain on duty as conservator pending further advice from the Treasury Department in Washington. The board of directors of the Union Bank formally approved the reorganization at a meeting held yesterday.
On Tuesday, January 8, 1935, Harry H. Dartt and L.B. Tyler were added to the board of directors of the Scranton National Bank at the annual meeting of the stockholders. The other directors elected were: James H. Dunham, M.L. Goodman, W.S. Jermyn, James P Lavelle, William W. McCulloch, Russell D. Morgan, John H. Price and Walter L. Schautz. All of the officers were re-elected. They were: President, William W. Mcculloch; vice presidents. M.L. Goodman, John H. Price, and L.B. Tyler; and cashier, Sebert Wenzel.
In January 1952, the officers were John H. Price, president; Robert V. Horger, executive vice president; Michael L. Goodman, vice president; Robert S. Long, cashier; Emma W. Hart, assistant cashier; Chester S. Ransom, assistant cashier and comptroller; and Eric H. Thomas, assistant cashier. The directors were Harry H. Dartt, chairman of the board, Scranton Transit Co.; James H. Dunham, Jr., president, Eureka Specialty Printing Co.; Michael L. Goodman, Co-Publisher, Scrantonian and Scranton Tribune and Treasurer, Scrantonian; Robert V. Horger, Executive Vice President; Robert Merriman, Consulting Actuary; Russel D. Morgan, Branch Manager, Remington Rand, Inc.; and John H. Price, Attorney-at-Law and president.
In January 1984, Robert V. Horger was president and chief executive officer. Directors in addition to Horger were Herman S. Goodman, Atty., Paul D. Horger, Frank B. McCann, Harry C. Morgan, Robert E. Nolan, Jr., and Edward Popil. Robert S. Long was an honorary director. The bank opened its doors 50 years earlier with $2.2 million in assets and closed the year of 1983 with $127 million in assets. One share of Scranton National purchased in 1934 would have cost $75 and the current market value was $1,008. Scranton National also paid total dividends to date of $3,854,000. The bank was the second largest in Lackawanna County with its main office at Lackawanna and North Washington Avenues; its Abington Branch at 324-326 S. State St., Clarks Summit; and its South Side Branch at 1027-1029 Moosic St., Scranton.
On February 8, the board of First Eastern Bank approved a merger agreement between Scranton National Bank and First Eastern Bank of Wilkes-Barre. First Eastern had assets of $1,220,671,000 with 32 branches in Luzerne, Lackawanna, Monroe and Columbia Counties. First Eastern was the oldest national bank in the region, founded in 1863 as the First National Bank of Wilkes Barre when it received Charter No. 30. It later merged with the Second National Bank of Wilkes-Barre, becoming the First-Second National Bank. After other mergers, it became the First National Bank of Eastern Pennsylvania and finally in 1974, after merging with the Berwick National Bank, it became the First Eastern Bank. Richard M. Ross, Jr., was president and chief executive officer of First Eastern.
On August 15, 1984, stockholders of the Scranton National approved the proposed merger at a meeting in the Hilton at Lackawanna Station. Votes tallied 88% approving the merger which still had to be approved by state and federal authorities which came on September 15th. Under the merger, Scranton National stockholders would receive 2 1/4 shares of First Eastern Corp. stock. In October 1984, William R. Mainwaring, a career First Eastern banker, was elected president of First Eastern Bank. Mainwaring would aid Mr. Ross in planning and overall policy determination.
Official Bank Title(s)
1: Scranton National Bank, Scranton, PA
Bank Note Types Issued
A total of $325,000 in National Bank Notes was issued by this bank between 1934 and 1984. This consisted of a total of 40,520 notes (No large size and 40,520 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 - 24210 1929 Type 2 10 1 - 12225 1929 Type 2 20 1 - 4085
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1934 - 1984):
Presidents:
Cashiers:
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 Scranton (Wikipedia)
- General information on Lackawanna County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Scranton, PA, Wikipedia, https://en.wikipedia.org/wiki/Scranton,_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
- The Times-Tribune, Scranton, PA, Wed., May 17, 1933.
- The Times-Tribune, Scranton, PA, Tue., Jan. 8, 1935.
- The Tribune, Scranton, PA, Tue., Jan. 1, 1952.
- The Tribune, Scranton, PA, Tue., Jan. 31, 1984.
- The Times-Tribune, Scranton, PA, Sun., July 29, 1984.
- The Times Leader, Wilkes-Barre, PA, Thu., Aug. 16, 1984.
- The Times-Tribune, Scranton, PA, Tue., Sep. 18, 1984.
- Citizens' Voice, Wilkes-Barre, PA Fri., Dec. 7, 1984.