South Philadelphia NB, Philadelphia, PA (Charter 14171)

The old Southwestern National Bank of Philadelphia, ca2022. In 1934 the new South Philadelphia National Bank located its Broad Street Office here. University of the Arts obtained this historical bank building located at the corner of South and Broad Streets in 1994. Courtesy of Google Maps

South Philadelphia NB (No Issue), Philadelphia, PA (Chartered 1934 - Open past 1935)

Town History

The old South Philadelphia National Bank headquarters at Second and Pine Streets, ca2023. Courtesy of Google Maps

Philadelphia is located in Philadelphia County, in the southeast corner of Pennsylvania. It is currently the sixth-most-populous city in the United States and the most populous city in the state of Pennsylvania. It is also the second-most populous city in the Northeastern United States, behind New York City.

Philadelphia is one of the oldest municipalities in the United States. William Penn, an English Quaker, founded the city in 1682 to serve as capital of the Pennsylvania Colony. It grew on the steep banks of the Delaware River into a hub of international trade and monetary influence. The royal post-office was established in this city by Franklin. Mail would pass uninterrupted from Crown to Republic, the one royal department which did so. The Colonies used the old expresses and mail routes leading up to and through the revolution. Philadelphia played an instrumental role in the American Revolution as a meeting place for the Founding Fathers of the United States, who signed the Declaration of Independence in 1776 in Carpenters' Hall, and the Constitution at the Philadelphia Convention of 1787 in Independence Hall.

Philadelphia was the second Capitol after New York City during George Washington's presidency. On April 2, 1792, the United States Mint opened its doors here with David Rittenhouse, former treasurer of Pennsylvania, the first director. The American Philosophical Society was the first scientific society in the land and still meets in the hall Franklin secured for it. Former townships and boroughs of Bristol, Richmond, Kensington, Germantown, Manayunk, Northern Liberties, Southwark, to name a few, were consolidated into Philadelphia in 1854 which then occupied all of Philadelphia County.

During the National Bank Note Era (1863-1935), the population of Philadelphia was 674,022 in 1870, growing to 1,950,961 in 1930. Its highest population was 2,071,605 in 1950, and the current population is estimated at 1,584,064 (2019).

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 May 24, 1934
Chartered May 29, 1934
Bank was Open past 1935
Notation on Organization Report:
Non-issuing, succeeded Charter 3498 The Southwestern National Bank of Philadelphia & Charter 352 The Sixth National Bank of Philadelphia, PA

In January 1934, the Sixth National Bank, Second and Pine Streets, and two branches, and the Southwest National Bank, Broad and South Streets, were to be merged under a plan approved last November. Conservators of the two banks explained that they were hard at work on the reorganization plans and that the restricted deposit payments would be made immediately after the reorganization plans were completed. An important feature of the plans was the raising of new capital.

On May 21, 1934, Eugene Walter, vice president of the bank, stated that the new South Philadelphia National Bank would open for business on June 1. The new institution, with a capital of $600,000 would succeed the Southwestern National Bank and the Sixth National Bank, both of which had been operating on a restricted basis since the banking holiday in March, 1933. "Approval of the organization plan for the new bank was given by J.T.F. O'Connor several weeks ago," Mr. Walter said. "Since that time we have been completing the formal signing of certain papers with the Reconstruction Finance Corporation, which was subscribing to $300,000 of preferred stock as part of the bank's capital." The other $300,000 was subscribed by the stockholders of the two restricted banks. Mr. Walter had been president of the Southwestern National. Norman C. Ives, who had been president of the Sixth National would occupy the same office with the consolidated bank. C. Russell Arnold of the Philadelphia RFC office became the executive vice president and cashier. The new bank would make available 20% of the frozen deposits in the Sixth National Bank and 35% of the deposits of the Southwestern National Bank and it would assume certain of the assets of the old institutions. The main office of the merged bank would be at Broad and South streets, the former home of the Southwestern National, while the present offices of the Sixth National at Second and Pine Streets would be maintained as a branch. The South Philadelphia National Bank received charter 14171 on May 29, 1934.

In January 1935, the directors were A. Victor Cancelmo, commission merchant; John M. Dotterer, retired; John J. Foley, commission merchant; James Gallagher, warehouses; Samuel Karadon, manufacturer, bags & paper; Thomas S. Keefer, contractor & builder; Geo. B. Shearer, Jr., automobile parts; Geo. Ayres Swayze, attorney; John C. Taylor, insurance; William H. Wood, drugs; Norman C. Ives, bank president and president, Philadelphia Terminals Auction Co.; C. Russell Arnold, executive vice president; Eugen Walter, vice president.

In January 1947, the officers were Norman C. Ives, president; C. Russell Arnold, executive vice president; Eugene Walter, vice president; and W.W. Lukens, cashier.

In January 1952, the officers were Norman C. Ives, chairman of the Board; C. Russell Arnold, president; Eugene Walter, senior vice president; and John P. Ward, vice president and cashier. The directors were A. Victor Cancelmo, John M. Dotterer, James Gallagher, Thomas S. Keefer, Fred Morinelli, Jr., George B. Shearer, Jr., George Ayres Swayze, Norman C. Ives, C. Russell Arnold, and Eugene Walter. The bank's main office was at Second and Pine Streets with its Broad Street Office at Broad and South Streets. At the close of 1951, the bank had total resources of $16,385,217.77. The capital was $350,000, surplus $550,000, and undivided profits $92,621.94. The deposits were $15,298,860.69.

On August 8, 1952, the Central-Penn National Bank of Philadelphia and South Philadelphia National Bank announced an agreement on a merger of the two institutions.

At the end of 1953, Central-Penn National Bank had its headquarters at Broad & Walnut Streets with 10 branches at 7th & Chestnut Sts., Broad St. & Passyunk Ave., 65th St. & Woodland Ave., 60th St. & Lansdowne Ave., Broad St. & Glenwood Ave., 1716 Arch St., 21 South 12th St., Second & Pine Sts., Broad & South Sts. and 58th St. & Baltimore Ave.

Official Bank Title(s)

1: South Philadelphia National Bank of Philadelphia, PA

Bank Note Types Issued

No National Bank Notes were issued by this bank.

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1934 - 1936):

Presidents:

Norman Charles Ives, 1934-1935

Cashiers:

Charles Russell Arnold, 1934-1935

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

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, Philadelphia, PA, Thu., Jan. 4, 1934.
The Philadelphia Inquirer, Philadelphia, PA, Tue., May 22, 1934.
The Philadelphia Inquirer, Philadelphia, PA, Wed., May 30, 1934.
The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 3, 1935.
The Philadelphia Inquirer, Philadelphia, PA, Fri., Jan. 3, 1947.
The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 3, 1952.
The Plain Speaker, Hazleton, PA, Fri., Aug. 8, 1952.
The Philadelphia Inquirer, Philadelphia, PA, Tue., Dec. 29, 1953.