Union National Bank, Scranton, PA (Charter 8737)
Union National Bank, Scranton, PA (Chartered 1907 - Receivership 1934)
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 May 4, 1907
- Chartered June 10, 1907
- Opened for business July 1, 1907
- Conservatorship March 15, 1933
- Receivership February 21, 1934
In February 1907, Union National Bank of Scranton organized with a capital of $200,000 and a surplus of $100,000. The new institution received its authority to organize and was expected to begin business in six to eight weeks. Among the incorporators of the new bank were attorney M.J. Martin, Dr. D.W. Mears, Adolph Blau, J.W. Davis, and Michael O'Connor. The location of the bank had not been decided, but it was hoped that quarters could be secured in the central city.[3] On June 10th, a certificate was issued authorizing the Union National Bank to begin business. W.L. Connell was president; D.W. Mears, vice president; F.W. Wollerton, vice president and cashier; and William W. McCulloch, assistant cashier.[4] The capital was $500,000 with surplus of $125,000. Temporary banking rooms were secured at 106-108 Washington Avenue.[5] The bank opened its doors on Monday, July 1st. The president, W.L. Connell, was also the president of the board of conciliation and one of the busiest men in Scranton. The second vice president and cashier, F.W. Wollerton, the former cashier of the Traders National Bank of Scranton, was recognized as one of the best banking men in the city.[6] After just one month, the bank opened 3,851 accounts and had $388,155 on deposit.[7]
On Tuesday, January 14, 1908, at the annual meeting of stockholders, the following were elected directors: Valentine Bliss, W.L. Connell, W.J. Davis, T.J. Foster, W.H. Logan, Arthur Long, W.L. Matthews, M.J. Martin, D.W. Mears, M.D., B.B. Megargee, M. O'Connor, E.H. Ripple, W.G. Robertson, H.C. Wallace, and F.W. Wollerton.[8] The directors would meet on Friday morning at 11 o'clock to elect officers. The new home of the bank at 420 Lackawanna Avenue was expected to be ready by April 1st.[9]
On January 16th, 1908, the Enterprise Colliery at Shamokin, operated by W.L. Connell & Co., Scranton, was closed down by slate pickers going on strike because the regular dates for pay day were changed. Eight hundred employees were rendered idle.[10]
In April 1909, the officers were W.L. Connell, president; D.W. Mears, M.D., vice president; F.W. Wollerton, vice president and cashier; and Wm. W. McCulloch, assistant cashier.[11]
Starting the last week of January 1910, Scranton could view one of the best collections of coins in the world, the collection of Farran Zerbe, president of the American Numismatic Association and editor and publisher of The Numismatist. The collection contained between 9,000 and 10,000 pieces and was valued at about $50,000. It was on display at the Union National Bank on Lackawanna Avenue. The exhibition was strictly educational and was nicely displayed on heavy cardboard, the coins and bills being covered with transparent celluloid. The boards were placed on large frames on the first floor of the bank building and on the mezzanine floor, where the larger part of the collection was shown. During his stay Mr. Zerbe would deliver lectures on "The Money of the World" before schools and other educational bodies upon invitation.[12]
On Tuesday, January 10, 1911, Charles Connell was added to the directorate of the Union National Bank at the annual meeting of the stockholders. The other directors were re-elected as follows: Valentine Bliss, W.L. Connell, J.J. Davis, T.J. Foster, W.H. Logan, Arthur Long, W.L. Matthews, M.J. Martin, Dr. D.W. Mears, B.B. Megargee, Michael O'Connor, W.G. Robertson, H.C. Wallace, and F.W. Wollerton.[13]
On Friday, January 8, 1915, former mayor W.L. Connell tendered his resignation as president and director of the Union National Bank, offices he held since the bank was organized in 1907. Mr. Connell stated in a letter to the directors that his many other business interest required that he spend about four days a week out of the city and he believed the president of the bank should be in position to give more time to the office than he found possible. He strongly recommended the election of Mr. Wollerton as president. Mr. Connell was president of the Lackawanna Coal and Lumber Co., the Paint Creek collieries and other corporations, and was manager of mines in Sullivan and Northumberland counties, as well as a member of the board of conciliation of the Anthracite district.[14] T.J. Foster, president of the International Correspondence Schools, resigned from the board for the same reason. The resignations were accepted at the meeting of the stockholders on Tuesday, January 12th where all other directors were re-elected. The board was now composed of 14 instead of 16 members. F.W. Wollerton, vice president and director was elected president on Friday to succeed Mr. Connell.[15] H.C. Wallace of Connolly & Wallace, was elected a vice-president, as was Attorney M.J. Martin. William W. McCulloch was re-elected cashier. Mr. Wollerton came to Scranton in 1902 as cashier of the Traders National Bank. He was born in West Chester and began his banking career 38 years ago as a messenger in the First National Bank of West Chester of which his father was president. He remained with the Traders bank until 1907 when he resigned to aid in the organization of the Union National. From the opening of the bank on July 1, 1907, he was acting executive officer. The rapid growth of the business, the deposits already reaching the million and a half dollar mark, was accomplished under his management. Several years ago the directors appointed Mr. McCullough cashier to relieve the vice-president of part of his duties. Mr. Wollerton had taken an active part in the civic and social as well as the business life of the city. He was a member of the Scranton Club, Country Club, the Elks and Masonic bodies, and was a past worshipful master of the West Chester lodge of Masons. Mr. Wallace, the new vice president, was one of leading merchants in this end of the state, and Mr. Martin, the other vice president, was one of the foremost lawyers of the Lackawanna County Bar. Mr. Wollerton was the recipient of many congratulatory telegrams on his election as president of the Union National and the employees of the bank joined in presenting him a magnificent bouquet of American beauty roses.[16]
On Tuesday, January 11, 1921, stockholders of the Union National Bank met and re-elected the following directors: Valentine Bliss, Charles Connell, W.J. Davis, W.L. Matthews, W.G. Robertson, Edward H. Schultz, T.J. Stewart, John M. Burke, and N.R. Osborne.[17] The officers were F.W. Wollerton, president; H.C. Wallace and M.J. Martin, vice presidents; and Wm. W. McCulloch, cashier.[18]
On May 17, 1933, a reorganization of the Union National Bank 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. This was agreed upon to meet the situation arising from the delay in licensing the bank since the bank holiday declared by President Roosevelt.[19]
Official Bank Title
1: The Union National Bank of Scranton, PA
Bank Note Types Issued
A total of $10,336,640 in National Bank Notes was issued by this bank between 1907 and 1934. This consisted of a total of 1,296,878 notes (1,051,964 large size and 244,914 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 6000 1902 Red Seal 3x10-20 1 - 4800 1902 Date Back 4x5 1 - 36500 1902 Date Back 3x10-20 1 - 27000 1902 Plain Back 4x5 36501 - 152202 1902 Plain Back 3x10-20 27001 - 99989 1929 Type 1 6x5 1 - 21246 1929 Type 1 6x10 1 - 12154 1929 Type 1 6x20 1 - 3032 1929 Type 2 5 1 - 15686 1929 Type 2 10 1 - 8846 1929 Type 2 20 1 - 1790
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1907 - 1934):
Presidents:
- William L. Connell, 1907-1914
- Frederick William Wollerton, 1915-1927
- William Wallace McCulloch, 1928-1932
Cashiers:
- Frederick William Wollerton, 1907-1911
- William Wallace McCulloch, 1912-1927
- Sebert Wenzel, 1928-1932
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, 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 Times-Tribune, Scranton, PA, Mon., April 26, 1909.
- ↑ The Times-Tribune, Scranton, PA, Thu., Dec. 13, 1917.
- ↑ The Tribune, Scranton, PA, Sun., Feb. 17, 1907.
- ↑ The Wall Street Journal, New York, NY, Wed., June 12, 1907.
- ↑ The Tribune, Scranton, PA, Mon., July 1, 1907.
- ↑ The Times Leader, Wilkes-Barre, PA, Tue., July 2, 1907.
- ↑ The Times Leader, Wilkes-Barre, PA, Mon., Aug. 5, 1907.
- ↑ The Times-Tribune, Scranton, PA, Tue., Jan. 14, 1908.
- ↑ The Scranton Truth, Scranton, PA, Wed., Jan. 15, 1908.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Thu., Jan. 16, 1908.
- ↑ The Times-Tribune, Scranton, PA, Mon., April 26, 1909.
- ↑ The Times-Tribune, Scranton, PA, Tue., Jan. 25, 1910.
- ↑ The Times-Tribune, Scranton, PA, Tue., Jan. 10, 1911.
- ↑ The Scranton Truth, Scranton, PA, Sat., Jan. 9, 1915.
- ↑ The Scranton Truth, Scranton, PA, Tue., Jan. 12, 1915.
- ↑ The Scranton Truth, Scranton, PA, Sat., Jan. 16, 1915.
- ↑ The Times-Tribune, Scranton, PA, Tue., Jan. 11, 1921.
- ↑ The Times-Tribune, Scranton, PA, Sat., Feb. 26, 1921.
- ↑ The Times-Tribune, Scranton, PA, Wed., May 17, 1933.