Union National Bank, Philadelphia, PA (Charter 563)

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The Corn Exchange National Bank and Trust Company located at Third and Arch Streets, Philadelphia, Pennsylvania, ca2022.  This was the location of the old Union Bank which received a charter as the Union National Bank in 1865. It became the Union Bank and Trust Company in 1927 and was purchased by the Corn Exchange in 1929.
The Corn Exchange National Bank and Trust Company located at Third and Arch Streets, Philadelphia, Pennsylvania, ca2022.  This was the location of the old Union Bank which received a charter as the Union National Bank in 1865. It became the Union Bank and Trust Company in 1927 and was purchased by the Corn Exchange in 1929. Courtesy of Google Maps
A 1919 advertisement for the Union National Bank of Philadelphia. A sketch of the bank is shown along with the bank's total resources of $19.5 million.
A 1919 advertisement for the Union National Bank of Philadelphia.

Union National Bank, Philadelphia, PA (Chartered 1864 - Liquidated 1927)

Town History

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

A rare, genuine $2 note printed by The American Bank Note Company for the Union Bank of Philadelphia, Pennsylvania. The note is dated January 9, 1862 and has pen signatures of J.J. Huckel, Cashier and James Dunlap, President. Philadelphia engraved Civil War patriotic style with Seated America, at center, casually rests her elbow on the globe, obscuring the last letter of NORTH AMERIC[A]. In addition to the capped liberty pole, Stars and Stripes shield and fasces, we see a broken shackle. The Declaration of Independence seems to have slid from its position on her knee. At bottom left, a Civil War soldier leans on the barrel of his rifle while contemplating what appears to be flag-draped coffins. At lower right, a sailor rests in front of a cannon. His arm rests on the flag. With three vermillion "2" protectors, two flanking the center, and one at the top center bisecting the title.
A rare, genuine $2 note printed by The American Bank Note Company for the Union Bank of Philadelphia, Pennsylvania. The note is dated January 9, 1862 and has pen signatures of J.J. Huckel, Cashier and James Dunlap, President. This is one of Philadelphia's rarest banks from which to encounter a genuine note,
  • Organized October 1, 1864
  • Chartered November 3, 1864
  • Succeeded Union Bank
  • Absorbed 561 June 8, 1908 (Consolidation National Bank, Philadelphia, PA)
  • Absorbed 557 February 1, 1916 (Manufacturers National Bank, Philadelphia, PA)
  • Liquidated December 3, 1927
  • Absorbed by Union Bank & Trust Company of Philadelphia

The Union Bank was founded in 1858. It thrived throughout the unsettled times of the Civil War. It those days, Third Street was practically the center of commercial Philadelphia and this territory was served by a number of banks.

In November 1860, directors of the Union Bank of Philadelphia were James Dunlap, Peter Siegar, Jacob W. Goff, Robert Kelton, Milton Cooper, Charles M. Fay, George Bullock, Albert L. Bonnaffon, Henry Huddy, L.J. Leberman, Samuel Barton, O. Wilson Davis, and William H. Sowers. In 1864, James Dunlap was president and J.J. Huckel was cashier of the Union Bank, located at Third and Arch Streets. Mr. Dunlap was the first president of the bank. A charter was issued on November 3, 1864 converting the bank to a national bank.

On January 10, 1865, the directors elected were David Faust, Peter Seiger, Jesse Reige, C.M. Fay, W.H. Sowers, Isaac Barton, A.L. Bonnaffon, I. Binswanger, and Robert D. Work.

Directors in 1872 were: David Faust, William H. Sowers, George W. Blabon, John Pearce, C.F. Stadiger, John Lucas, E.G. Reyenthaler.

In January 1880, the directors were David Faust, William H. Sowers, E.G. Reyenthaler, Augustine Wilcox, John Pearce, C.F. Stadiger, Meyer Gans, James M. Vance, and William S. Reyburn.

In September 1887, the officers were David Faust, president; Wm. H. Sowers, vice president; W.H. Carpenter, cashier. Directors were David Faust, Wm. H. Sowers, E.G. Reyenthaler, John Pearce, C.F. Stadiger, James M. Vance, and Wm. S. Reyburn. The bank had capital of $500,000 and surplus of $200,000.

Directors of the Consolidation National Bank met on May 5, 1908, to receive the formal offer of the Union National Bank for the purchase of its assets. It was believed the Consolidation board would accept the offer and recommend to stockholders the sale of their property. The next day, The Consolidation National Bank, organized in 1855, accepted the offer of the Union National to purchase outright all assets, business and good will of the bank for $400,000. The stockholders received $40 per share for their stock in addition to the regular May dividend. Louis N. Spellberger and F.C. Hansell, cashier and assistant cashier, respectively, of the Consolidation National were offered similar positions in the Union National Bank. There was no doubt about the approval of the stockholders as officials already had sufficient proxies to insure ratification of the plan. In compliance with the law, a meeting in thirty days of the Consolidation shareholders on June 6th was announced to formally ratify the proposition. The bank then had sixty days in which to liquidate its assets and complete the dissolution. The combined deposits of the two institutions exceeded $5.8 million. Title to the bank building at 329-31-33 North Third Street passed from the Consolidation National Bank to the Union National Bank for a consideration of $20,000, and by the latter to William McAdoo, Jr., for a similar amount. The property was one of the oldest bank buildings in that section and stood on a lot measuring 40x128 feet, assessed for the year at $50,000. Title to the property was taken by the Consolidation Bank in 1856.

A 1916 advertisement of The Union National Bank of Philadelphia, Pennsylvania, with officers and logo. The location is given as Third and Arch Streets and the ad states "The Neighborhood Bank." The logo is an eagle landing on a union shield within a circle of Union National Bank Philadelphia.
A 1916 advertisement of The Union National Bank of Philadelphia, Pennsylvania, with officers and logo.
Main Lobby of the Union National Bank, ca1921.
Main Lobby of the Union National Bank, ca1921.
Officers' quarters and stairs to vaults, ca1921.
Officers' quarters and stairs to vaults, ca1921.

In December 1915, the offer made by the Union National Bank to the stockholders of the Manufacturers National Bank for the purchase of the business was received favorably. Consolidation of the two banks was announced in January 1916 and customers of the Manufacturers National were directed to the banking house of the old Union National on the Northeast corner of Third and Arch Streets. Officers in 1916 were J.S. McCulloch, president; Theodore H. Conderman, vice president; Louis N. Spielberger, vice president and cahier; Samuel Campbell, assistant cashier. The directors were Wm. H. Carpenter, chairman of the board, Ignatius J. Dohan, Aaron Gans, Theo. H. Conderman, Harlan Page, Horace T. Potts, Charles S. Walton, Henry F. Mitchell, S.S. Marvin, J.S. McCulloch, John C. Martin, Louis N. Spielberger, Wm. McAdoo, Jr., Edward Wolf, Henry H. Barton, Jr., Nathan T. Folwell, and Samuel E. Landis. Assets of the newly combined bank were $10,492,418.39 with capital of $500,000, Surplus and Net Profits of $421,184.13, Circulation of 543,497.50 and Deposits of over $9 million. On February 2, 1916, stockholders of the Manufacturers National Bank at a special meeting voted unanimously to approve the merger with the Union National Bank and wind up affairs by voluntary liquidation. The Manufacturers' stockholders received $158.50 per share from the Union National.

The Union National Bank, according to its statement dated November 15, 1918, had a capital of $500,000, surplus and net profits of $575,349, and total resources of $19,250,220. The officers were president, J.S. McCulloch; vice president and cashier, Louis N. Spielberger; assistant cashiers, Samuel Campbell, O. Stuart White, and Frederick Fairlamb.

In 1921, the officers were John S. McCulloch, president; Henry F. Mitchell, vice president; Louis N. Spielberger, vice president and cashier; Samuel Campbell, O. Stuart White, Frederick Fairlamb, and Henry B. Reinhardt, assistant cashiers. The directors were W.H. Carpenter, chairman of the board; Horace T. Potts, Horace T. Potts & Co.; Henry F. Mitchell, Mitchell & Peirson; S.S. Marvin, president, Pennsylvania Chocolate Co., Pittsburgh, Pa.; J.S. McCulloch, president; John C. Martin, general business manager, Public Ledger; Louis N. Spielberger, vice president; Henry H. Barton, Jr., H.H. Barton & Son Co.; Nathan T. Folwell, president Folwell Bros. & Co., Inc.; Samuel E. Landis, Landis & Co.; Wm. D. Oelbermann, Wm. D. Oelbermann & Co.; Jonathan Jenks, Elder & Jenks; Charles J. Clark, president, Hunter & Dickson, Inc.; Henry M. McAdoo, McAdoo & Allen; Norman K. Conderman, secretary, Hance Bros. & White, Inc.; Walter Clothier, president, Ketterlinus Lithographic Mfg. Co.; Ernest T. Trigg, vice president and general manager, John Lucas Co. 

Before coming to the Union National as its president, J.S. McCulloch was a member of the firm of Edson Bros., Philadelphia.  Mr. McCulloch became president on November 1, 1915 when deposits of the the bank were $5,476,761 on October 23rd.  On February 21, 1921, the bank reported deposits of $13,693,752. The growth of the bank rested upon actual personal served rendered by a strong and aggressive personnel. In 1920, the bank was rebuilt and enlarged, the rapid growth necessitating the change. Despite the dust and confusion, old depositors continued to bring their friends to the Union National Bank.  The new bank's first floor was entirely finished in Botticino marble. The center of the first floor was a grand lobby, 50 by 60 feet, flanked on the right side by eight tellers' cages on on the left by five additional cages.  The design accounted for the comfort of depositors, allowing the quick handling of their business.  To the rear of the lobby was a slighty raised space occupied by the officers of the bank.  To the left was the office of the president and to the right a conference room with mahogany furnishings.

In September 1927, directors of the Mutual Trust Company, 1518 Walnut Street, and the Union National Bank, Third and Arch Streets, voted to recommend to the stockholders that they be merged into a new bank to be known as the Union Bank and Trust Company. The announcement came from Edgar S. Gardner who had just succeeded Samuel F. Scattergood as president of the Mutual Trust Co. Mr. Scattergood's resignation from the presidency came simultaneously with the action on the merger. Mr. Gardner was vice president of the trust company, J.S. McCulloch was first vice president of the Union National Bank.

On December 5, 1927, the Union Bank & Trust Company of Philadelphia took over all assets of the Union National Bank and the Mutual Trust Company of Philadelphia and offered banking service at the following six offices: Third and Arch Streets, 1518 Walnut Street, 4th and Market Streets, 60th and Ludlow Streets, 2809-11 Germantown Ave., 12th & Spring Garden Streets. The officers were J.S. McCulloch, president; E.S. Gardner, vice president; O. Stuart White, vice president; Frederick Fairlamb, vice president & treasurer; F.C. Hansell, vice president & secretary; D.B. McKimmie, vice president; J. George Krattenmaker, assistant vice president; W.J. Smedley, assistant vice president; John W. Frank, assistant treasurer, George R. Durang, assistant secretary, D.D. Durand, assistant secretary, H.F. Scheurer, assistant treasurer, W.A. Bruckheiser, assistant treasurer; Sydney Street, real estate officer; Paul R. Renn, trust officer; B.C. Washington, assistant trust officer; W.S. Caldwell, title officer; and George M. Gradel, assistant title officer.

In April 1929, stock of the Union Bank and Trust Company, the institution charged with aiding bootleggers to finance their operations, was absorbed by the Corn Exchange National Bank and Trust Company. The stock dropped from $400 per share to $48 at public auction and in over-the-counter trading hit $25 with bids at $20 per share. The bank, criticized severely by Philadelphia's gang-investigating grand jury, was taken over by the Corn Exchange at the insistence of the Clearing House Association.

In June 1931, Joseph S. McCulloch, a native of Juniata County, was acquitted of having embezzled and misappropriated $280,000 from the Union Bank and Trust Company. In the fall of 1929 when the stock was $400 a share, McCulloch, then president, had arranged to purchase for a client 700 shares of the bank stock. It took several days for the transfer and McCulloch gave his personal note for the $280,000. Before the delivery took place there was a run on the bank and the stock fell from $400 to $28 per share. The purchaser who owned much of the stock was ruined and could not make payment and the bank was left with the stock on its hands. A year after the failure, McCulloch was arrested and charged with the embezzlement.

Official Bank Title(s)

1: The Union National Bank of Philadelphia, PA

Bank Note Types Issued

1882 Brown Back $100 bank note with pen signatures of William H. Carpenter, Cashier and D. Faust, President.
1882 Brown Back $100 bank note with pen signatures of William H. Carpenter, Cashier and D. Faust, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note with printed signatures of Louis N. Spielberger, Cashier and J.S. McCulloch, President.
1902 Plain Back $10 bank note with printed signatures of Louis N. Spielberger, Cashier and J.S. McCulloch, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with printed signatures of F. Fairlamb, Cashier and J.S. McCulloch, President.
1902 Plain Back $5 bank note with printed signatures of F. Fairlamb, Cashier and J.S. McCulloch, President. Courtesy of Heritage Auctions, www.ha.com

A total of $11,412,850 in National Bank Notes was issued by this bank between 1864 and 1927. This consisted of a total of 1,285,388 notes (1,285,388 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 4x5 1 - 3250
Original Series 4x5 3751 - 5000
Original Series 3x10-20 1 - 1800
Original Series 50-100 1 - 2700
Original Series 500-1000 1 - 80
Series 1875 4x5 1 - 6085
Series 1875 3x10-20 1 - 5458
Series 1875 50-100 1 - 2400
Series 1875 500-1000 1 - 11
1882 Brown Back 4x5 1 - 8250
1882 Brown Back 50-100 1 - 6605
1902 Red Seal 4x5 1 - 13000
1902 Red Seal 4x10 1 - 4500
1902 Red Seal 50-100 1 - 3134
1902 Date Back 4x5 1 - 52750
1902 Date Back 4x10 1 - 49875
1902 Plain Back 4x5 52751 - 147033
1902 Plain Back 4x10 49876 - 123256

Bank Presidents and Cashiers

The directors' room of the Union National Bank, ca1921.
The directors' room of the Union National Bank, ca1921.
Room adjacent to vault, Bookkeeping section, Filing Section, Rest Room and Kitchen of The Union National Bank, ca1921.
Room adjacent to vault, Bookkeeping section, Filing Section, Rest Room and Kitchen of The Union National Bank, ca1921.

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1927):

Presidents:

Cashiers:

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, Wikipedia, https://en.wikipedia.org/wiki/Philadelphia,_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).
  • Free Library of Philadelphia, Digital Collections, Union National Bank built in 1902. By 1907 the building was home to the Corn Exchange NB and TC.
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  • The Bankers' Magazine, Vol. 99, July 1919-Dec. 1919, p. 109.
  • The Bankers' Magazine, Vol. 102, Jan. 1921-June 1921, pp 827-831.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., Nov. 20, 1860.
  • The Franklin Repository, Chambersburg, PA, Wed., Jan. 6, 1864.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 11, 1865.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 10, 1872.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Jan. 14, 1880.
  • The Philadelphia Times, Philadelphia, PA, Thu., Sep. 15, 1887.
  • The Philadelphia Inquirer, Philadelphia, PA, Tue., May 5, 1908.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., May 6, 1908.
  • The Philadelphia Inquirer, Philadelphia, PA, Thu., July 9, 1908.
  • The Philadelphia Inquirer, Philadelphia, PA, Wed., Dec. 19, 1915.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Jan. 3, 1916.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Feb. 14, 1916.
  • The Philadelphia Inquirer, Philadelphia, PA, Sat., Sep. 17, 1927.
  • The Philadelphia Inquirer, Philadelphia, PA, Mon., Dec. 5, 1927.
  • Courier-Post, Camden, NJ, Thu., Apr. 4, 1929.
  • The Perry County Democrat, Bloomfield, PA, Wed., June 24, 1931.
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