USA > Pennsylvania > Montgomery County > Montgomery County, Pennsylvania, a history, Volume I > Part 21
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BANKS AND BANKING
The Norristown Trust Company was organized in 1888; has a capital of $500,000; recent deposits amounted to $1,580,000. The data sought by the compiler of this article, through the regular information blank sent to each bank in the county, was for some reason never returned, hence the figures above were taken from State Bank Directory.
The Glenside National Bank was established in the borough of Glenside, February 18, 1910, by numerous stockholders of the vicinity, who subscribed a capital of $35,000, which has been increased to $125,000, with also a surplus of $75,000. The deposits of this bank according to a recent statement amounted to $1,500,000. Associated with this bank is the Glenside Title and Trust Company, of which see later. The pres- ent bank building, erected at a cost of $29,800, is of stone, and is located on Easton road and Glenside avenue. The first officers were Julius E. Nachod, president ; John Carr, cashier. The 1923 officers are Julius E. Nachod, president ; Fritz Quittner, vice-president ; Thomas B. Smith and George N. Whittaker, also vice-presidents; and Edward H. Effing, cashier, with assistant cashiers in the persons of Messrs. F. D. Love, R. Frank McElroy and James B. Pierson. The sworn statement of this financial concern in December, 1922, shows resources amounting to $2,096,386.60.
The Glenside Title and Trust Company, situated in the borough of . Glenside, was established August 7, 1922, by local stockholders, with a capital of $125,000, same as to-day ; its present surplus is now (in the spring of 1923), $12,500, while it shows deposits to the amount of $200,- 000. The total of resources in December last were $340,934.07. The original officers were: Julius E. Nachod, president; vice-presidents, Fritz Quittner, Geo. N. Whittaker, and Thomas B. Smith; Edw. H. Effing, secretary and treasurer ; Paul M. Brooke, title officer. The same officers are still in charge of their various departments.
The Telford National Bank, located in the village of Telford, was established in 1908 by a committee appointed for that purpose. Its first officers were Edwin C. Leidy and James Fravel. The first business was that transacted with a capital of $25,000. The present capital is $50,000 and there is also a surplus of $50,000 more. The recent deposits amount to $650,000. Their report for December, 1922, shows resources amount- ing to the sum of $811,631.40. In 1908 a splendid bank building was erected of brick, at an expense of $18,000. The 1923 officers are Edwin C. Leidy, president ; Vincent B. Kulp, cashier. This institution, which dates its history back to only 1908, has come to be known as one of the strongest financial concerns in the upper end of Montgomery county.
The Bryn Mawr National Bank was established August 3, 1887, by the citizens of Lower Union township. The first officers were: Hamilton Egbert, president; J. M. Stadelman, vice-president; and A. A. Cad- wallader, cashier. The officers now in charge of this bank are: Jesse B. Matlack, president; W. H. Ramsey, vice-president; J. W. Matlack,
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HISTORY OF MONTGOMERY COUNTY
cashier, with Warren J. Jaquett, assistant cashier. Mr. J. W. Matlack, the present cashier, has remained at his post of duty ever since July 16, 1889. The first and present capital amounts to $50,000, but to-day the surplus amounts to $50,000 more. The December, 1922, statement shows that at that time the bank had deposited with them $1,175,125.87; also that their total resources amounted to $1,343,436.85. A portion of the W. H. Ramsey building was rented for the home of this institution, which was later purchased by the Bryn Mawr Trust Company. The two concerns occupied the structure till the present banking house was built and moved into April 6, 1908. This is a modern fireproof stone and concrete structure, which together with the fixtures cost $34,548. It is located at the corner of Lancaster and Bryn Mawr avenues.
The Farmers' National Bank of Pennsburg was established in 1876, by Jonathan P. Hillegass and Edwin H. Benner. Mr. Benner was the first to serve as president, and A. F. Day as cashier. The men at the head of this old and solid institution to-day are: Emanuel J. Wieder, president ; Alfred S. Schantz, vice-president; Frank F. Huber, cashier. The first capital under which this bank worked was $100,000, subse- quently reduced to $75,000. The surplus is now $130,000, and recent reports, as provided by law, show its deposits amounted in December, 1922, to $840,233. The amount of resources according to the bank's latest statement is $1,140, III.13. The bank occupies the Odd Fellows' building erected in 1876. During all the eventful years from Centennial year to the present, the people have always had confidence in this well ordered institution, by reason of its most excellent business principles.
The Harleysville National Bank was organized and chartered Sep- tember 16, 1909, and opened to the public October 28 the same year. Its first officers were Alvin C. Alderfer, president; M. C. Clemens, vice- president; O. A. Fulmer, cashier. This bank was founded by local citizens, including Alvin C. Alderfer, M. C. Clemens, Henry C. Delp, Dr. V. Z. Keeler, assisted by O. A. Fulmer, of Philadelphia. The capital at first was same as to-day, $25,000, although there is now a surplus of $25,000 at this time. The recent deposits of this bank amounted to $490,000. Mr. Fulmer was cashier for a short time only, and was suc- ceeded by Isaiah M. Stover, who served until January, 1919, when the present cashier, H. S. Bucher, was elected; the present president and vice-president are same as when the bank was established. The Decem- ber, 1922, sworn to statement shows the following items: Loans and dis- counts, $265,377.38, United States government securities owned, $40,- 726; other bonds and stocks, $231,861; total resources were $587,959.40 with same as its liabilities. In the summer of 1909 an up-to-date brick bank building was constructed as the home for the bank. Among recent equipments may be named the ten-inch Mosler vault doors.
The Union National Bank of Souderton was organized by a number of stockholders in 1876. The original officers were Isaac G. Gerhart,
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BANKS AND BANKING
president ; J. C. Landis, cashier. The capital of $90,000 was increased to $100,000; the present surplus is about $250,000, while the institution has deposits amounting to $1,553,315.62. A substantial bank building was erected in 1878 and is still in use. It is designed to increase the capital of this concern on April 1, 1923, to $125,000. The present efficient and trustworthy officers are: A. G. Reiff, president; J. D. Moyer, cashier ; and C. K. Gotwae, assistant cashier. The December, 1922, statement of this bank, as is required by law, shows resources to have been $2,101,582.13.
The Collegeville National Bank was established August 20, 1906, by local citizens in the vicinity of Collegeville. The first officers were: A. D. Fetterolf, president ; M. B. Linderman, vice-president ; W. D. Ren- ninger, cashier; Miss Lulu Sacks, assistant cashier. The 1923 directors are as follows : A. D. Fetterolf, M. B. Linderman, B. F. Steiner, Horace Place, A. C. Landes, F. J. Clamer, John U. Francis, Jr., J. D. Frantz, I. T. Haldeman, M. B. Benner, H. B. Shrack, F. W. Gristock, E. S. Moser, and Francis Miller. The original capital was $25,000, but to-day it is twice that amount. The present surplus is $50,000, with undivided profits amounting to $25,000. A recent statement shows the deposits to be $700,000. December, 1922, the resources of the bank were placed at $847,875.96. The bank building is of brick and marble materials, and is valued at $12,000. This concern well serves the people of the borough and townships surrounding it, and is a popular financial concern in which all good citizens take a just pride.
The First National Bank of Conshohocken was established January 30, 1872, and had for its original officers: Alan Wood, Jr., president ; William McDermott, cashier. The present officers of the institution are : Horace C. Jones, president; Reese P. Davis, vice-president; John C. Tracy, secretary ; Harry C. Pugh, cashier; Howard Pedrick, assistant cashier. The board of directors are: John Pugh, Horace C. Jones, Rich- ard H. Bate, Richard G. Wood, Reese P. Davis, John C. Tracy, George T. Lukens, Harry B. Heywood and John M. Taylor. The capital is the same now as when established, $150,000. The surplus is $150,000, and recent amount in deposits is $1,647,256.91. The substantial bank build- ing was built of brick after the best style known in 1873 for such struc- tures, and is valued at $17,000. The statement issued in December, 1922, states that the institution then had surplus and undivided profits amounting to $175,000, and total assets over $2,000,000.
The National Bank of Schwenkville was organized April 17, 1874. hence is now operating in its forty-eighth year. This institution was founded by Jacob G. Schwenk, Albert Bromer, Abraham G. Schwenk, Philip Prizer, John B. Pennepacker, and John G. Prizer. It had as its first set of officers : Jacob G. Schwenk, president ; John G. Prizer, cashier ; Irvin S. Schwenk, teller. The present officers are as follows: Irvin S. Schwenk, president ; John P. Kline, vice-president; Edward B. Schwenk, cashier; Jonathan L. Miller, teller. This bank was established on a
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HISTORY OF MONTGOMERY COUNTY
$50,000 capital, but to-day has $100,000 capital, with surplus and undi- vided profits of $163,000. Its recent deposits have been $1,267,040.36. Its bank building was erected in 1878, of brick and stone.
The Jenkintown Bank and Trust Company was organized July 9. 1903, and had for its first officers : Henry K. Walt, president ; J. C. Wy- man and Dr. J. E. Peters, vice-presidents ; Paul Jones, treasurer. The founder of the concern was Henry K. Walt. The capital at first was $125,000, which has since grown to be $250,000, with a present surplus of $500,000. The recent amount of deposits is $5,055,098.37. The building occupied and owned by this bank was erected in 1903 at a cost of $75,000. It was constructed of grey brick and Indiana freestone. What was for- merly the Jenkintown National Bank consolidated with the Jenkintown Trust Company, July 1, 1922, the two making a very strong financial combination. The present officials are: Howard Fleck, president; Ar- nold Aiman, Samuel H. High and Samuel L. Schively, vice-presidents ; W. W. Deisler, real estate officer ; John R. Roberts, secretary and treas- urer : assistant secretary, W. R. Worthington ; trust officer is I. R. Hal- lowell, and assistant, W. M. Bourn. This concern is a member of the Federal Reserve System. Their statement issued October, 1922, shows they had at that date resources to the amount of $6,347,051.14. The total in trust funds, kept entirely separate from general banking business, amounted to $1,306,531.14. Since the consolidation of the two above financial institutions the increase has been $452,082.14.
The Citizens' National Bank of Lansdale was organized April 25, 1905, with officers as follows: Henry L. S. Ruth, president; James M. Hartzel, vice-president; E. R. Mussleman, cashier. The present officials are: Henry L. S. Ruth, president; James M. Hartzel, vice-president ; F. A. Clayton, cashier. The capital stock of this institution has been $50,000 from its organization ; it now has a surplus of $150,000, including undivided profits. At the start of the enterprise the amount of deposits was $395,000, but to-day it is over $997,500-almost to the million dollar mark. This concern succeeded the old Lansdale Trust and Safe Deposit Company, and purchased its banking house of that corporation. In 1921 the present handsome bank structure was erected on lots bought in 1920, the old hotel property at the corner of Main and Susquehanna avenue. The material in this building is gray stone ; its cost was, accord- ing to present values, $50,000. It is three stories high, the first floor used for banking, and the second and third floors for offices. The legal- ized statement of this bank December, 1922, shows resources as amount- ing to $1,276,745.76. The loans and discounts at that date were $659,- 681.48. This is a conservative bank, managed by experienced men, the best guarantee that a depositor can possibly have.
The Bridgeport National Bank was organized August 16, 1906, the founders being Messrs. John J. Murphy, John J. McCormick, Robert McCoy, Isaac A. Smith, Clarence Hodson, James Kilpatrick, Thomas S.
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BANKS AND BANKING
Hodson, Joseph Hampton, Edward Conard. The original officers were: C. H. Mann, president; John J. McCormick, vice-president; Clarence Hodson, second vice-president; William H. Kneedler, cashier. The offi- cers in charge of the institution at this time are: J. Aubrey Anderson, president; Joseph A. Ranck and Michael V. Hanlon, vice-presidents ; Frank A. Logan, cashier; Willis K. Lederach, assistant cashier. The first capital was $50,000, but now it is $75,000, with a surplus of $25,000. Recent deposits, $1,010,000. The bank is still occupying the original bank building erected in 1906, and valued at $7,500. The legal statement issued in December, 1922, shows total resources as amounting to $1,166.007.97; surplus and undivided profits, $44,663.00. The 1923 board of directors is made up as follows: J. Aubrey Anderson, John Hampton, Hiram M. Anders, Samuel Tabak, Oliver F. Lenhardt, Reuben O. Kriebel, Joseph A. Ranck, Charles A. Gehert, Charles W. Mann, Dennis E. Farley, Michael V. Hanlon.
The Valley National Bank of Green Lane was organized March 31, 1908, by J. R. Allebach, J. S. Cressman, Mark Hiltebutel, Frank Brandt, S. S. Hartzel, H. H. Fisher, August Y. Renninger, S. H. Groff, Revere D. Heist, Jonas S. Huntsberger, Henry R. Wayne, Jr., J. W. H. Gott- shalk, W. F. Young, H. N. Scholl, D. S. Moser, S. F. Sowers and Mil- ton H. Waters. The first capital was $25,000, and to-day it is twice that amount, with surplus and undivided profits of $47,191.83; deposits, $621,359.39. The bank building is leased from the Order of Red Men, and is a brick structure. The last public statement issued shows that the resources amount to $809,483.14. The first officers of this bank were: J. R. ,Allebach, president; S. F. Cressman, cashier. The officers in 1923 are as follows: J. S. Cressman, president; C. W. Sear- sholtz, cashier; R. M. Hillegass, teller.
The North Wales National Bank was established in 1890 by H. R. Swartley, Abel Shearer, John M. Harley, Henry W. Moyer and A. R. Place. The original officers were as follows: Henry R. Swartley, pres- ident: Henry S. Kriebel, vice-president; Henry Unger, cashier. The present (1923) officers are: Henry R. Swartley, president; Henry S. Kriebel, vice-president; H. S. Swartley, cashier. The capital is $50,000, the same as when the bank was organized ; however, there is now a sur- plus of $50,000, making a working capital of $100,000. The statements issued recently disclose the fact that there was in December, 1922, deposits on hand to the amount of $771,000. A stone building erected in 1891 is the permanent home of this thoroughly up-to-date house. The latest statement issued shows resources and liabilities amounting to $1, 120,319.35. The same date the bank had undivided profits on hand to the extent of $32,123.14. The banking house and real estate con- nected with the bank is valued at $38,900. A dividend on the stock since January 1, 1913, to the present date, amounting to ten per cent., has been paid each year. Three per cent. is paid in the Savings Department of
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HISTORY OF MONTGOMERY COUNTY
this bank, as well as on certificates of deposit. The directors at this time are these: Henry S. Kreibel, Lesher W. Mattern, Henry R. Swartley, Horace M. Geyer (Worcester), Luther R. Shearer, William F. Mc- Cracken and J. Woodruff King.
The Merion Title and Trust Company of Ardmore was established March 25, 1889, by the following founders: James M. Rhodes, Ard- more; Thaddeus Norris, Wynnewood; C. H. Oberge, Ardmore; W. Henry Sutton, Haverford; John Blair MacAfee, Ard; J. L. Stadelman, Bala ; R. Hamilton, Walter W. Hood, Geo. S. Gerhard, Ardmore; W. G. Lesher, Ardmore; Henry Becker, Ardmore; Josiah S. Pearce, Ardmore. The first officers were: James M. Rhodes, president; Walter W. Hood, vice-president and title officer; M. W. Stroud, secretary. The present officers are: Richard J. Hamilton, president; W. Macklin Wittherow, vice-president ; H. L. Yocum, treasurer ; H. C. Bare, title officer ; H. A. Arnold, vice-president; H. M. Smedley, secretary ; Howard G. Kurtz, treasurer ; Edward Davis, assistant title officer. The present capital of this bank is $500,000; surplus, $225,000; amount in deposits, $4,600,000. The present bank building was constructed in 1916; it is a single story stone structure.
The Citizens' National Bank of Pottstown was organized March 28, 1892, by the following persons: D. R. Cofrode, George B. Lessig, J. Mengle Fisher, R. M. Root, Theodore B. Miller, P. L. Eglof, George H. Potts, George C. Hollenbach, F. R. Gerhard, H. W. Schneider and Har- mon Prizer. The bank had as its original officers: Daniel R. Cofrode, president ; George H. Potts, vice-president ; C. Frank Duden, cashier. The affairs of the bank are now in the hands of the following officers : Thomas B. Miller, president; Horace Storb, vice-president; Jay D. Tyson, vice-president ; C. P. Buckwalter, cashier. The capital to-day, $100,000, is the same as when first started; present surplus is $175,000; and recent amount in deposits $1,178,858.27. The statement issued to the public bearing date of December 29, 1922, shows resources amount- ing to $1,499,665.03. This is a wonderful showing of growth in so few years, and bespeaks much for the able, efficient manner in which the bank in all its departments has been conducted. At first a store build- ing which stood where now stands the present bank, was used for bank- ing purposes. The present building was erected in 1916, and cost nearly $50,000.
The Perkiomen National Bank of East Greenville was established December 22, 1898, by Messrs. John N. Jacobs, F. L. Fluck, L. S. Shimer, E. E. Erb, H. H. Schultz, O. H. Erdman, M. A. Kratz, I. W. Stetler, J. W. Klein and N. B. Keely. The original capital was $50,000. At present there is a capital of $250,000, including the surplus. The amount in recent deposits was $1,806,762. The official statement issued in Janu- ary, 1922, showed resources amounting to the sum of $2,144,070.II.
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BANKS AND BANKING
The bank building is a brick structure now valued at $6,000. The first and also present set of officers are: F. L. Fluck, president ; E. E. Erb, cashier.
The Bryn Mawr Trust Company was established by A. A. Hirst and others in the month of March, 1889. The first officers were: A. A. Hirst, president ; William H. Ramsey, vice-president ; P. A. Hart, teller. The present officers include : P. A. Hart, president; William H. Ramsey, vice-president. The capital to-day is the same as when organized, $250,000 ; present surplus is $125,000 ; dividends and profits earned, $150,- 000; present deposits, $1,800,000. The bank building is valued at $50,000. In its third of a century history it has ever had the confidence of the community in which it operates, because it has been conducted on safe and yet progressive lines of modern business.
The Ambler Trust Company was organized September 8, 1917. Its first officers were: William C. Brister, president ; T. Duncan Just, E. L. Posey, vice-presidents; Wilmer E. Leedom, secretary and treasurer ; E. Wilson Stahlnecker, trust officer. The first capital was $125,000, same as to-day, but now it has a surplus of $25,000, with recent deposits amounting to $450,000. The 1923 officers are: Wilmer E. Leedom, president, also treasurer ; Frank W. Worth and Harry Renninger, vice- presidents; J. E. Underwood, secretary; Howard J. Dager, assistant secretary ; O. C. Fetterman, assistant treasurer ; H. Wilson Stahlnecker, solicitor and title officer. This business is conducted in a brick banking house costing $34,626.
The Hatboro National Bank was organized March 31, 1875, by Dr. I. Newton Evans, G. K. Mitchell and S. C. Thompson. Its first officers were: Dr. I. Newton Evans, president; G. J. Mitchell, vice-president; George S. Teas, secretary. At present the officers are O. E. C. Robin- son, president ; Penrose Robinson, vice-president ; William F. Wilson, secretary. At the opening of the bank its capital was $65,000; its present capital is $52,000, with a surplus of the same amount, making the work- ing capital really $104,000. Recent reports show deposits amount to $1,300,000. In December, 1922, it had resources amounting to the sum of $1,439,882.54. The bank has a beautiful stone structure erected in 1874-75, and is valued at $25,000. It is the oldest national bank in Lower Montgomery county, and has always been recognized as a well conducted institution. In order to preserve a record of the men who have had charge and those serving as directors at this time, the follow- ing list of directors, with occupation and residence is here inserted; O. E. C. Robinson, Hatboro, president Robinson Publishing Company ; Penrose Robinson, Hatboro, publisher and printer ; William Hobensack. Ivyland, one of the largest dealers in farmers' supplies in Bucks county ; H. Benton Leedom, Bathayres, lumber dealer; Walter Rothwell, Hat- boro, wholesale and retail druggist; Eugene Rothwell, Willow Grove,
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HISTORY OF MONTGOMERY COUNTY
druggist; William F. Wilson, Hatboro, banker; Abram Barcalow, Churchville.
The First National Bank of Lansdale was established soon after the United States banking laws went into force, in 1864. The first capital was $100,000; its present capital is $150,000; its surplus is $375,000, and it recently had deposits amounting to $2,200,000. It has for its present officers: I. G. Lukens, president; W. H. Rosenburg, vice-president ; Edward C. Snyder, Jr., cashier ; and H. L. Shellenberger, assistant cash- ier. This bank has quarters in a two-story office building, costing $100,- 000. In all its almost three score years existence this concern has held the confidence of a large number of stockholders and depositors in the community in which it has operated.
The National Bank of Pottstown was incorporated November 22, 1864, taking over the business of the old Bank of Pottstown, which had been established since May 15, 1857. Its first officers were: Henry Potts, president; William Mintzer, cashier. The first officers after ยท becoming a national bank were: William Mintzer, president; Daniel Price, cashier. The original capital of the bank was $100,000; present capital $300,000; present surplus $500,000. The reports show the recent deposits to be $2,980,000. The present officers are: James H. Morris, president ; Newton Kline, vice-president ; Percy Williamson, cashier.
The Royersford Trust Company was organized December 23, 1902, by the following persons: J. A. Buckwalter, G. E. Brownback, B. M. Barlow, Reuben Hiestand, Milton Latshaw, George Mackissic, I. M. Shellinger (now deceased), Dr. William P. Snyder, Oscar E. Thompson, John H. Mansur (now deceased), John B. Evans, T. Darl Buckwalter, S. B. Latshaw, and G. W. Bowman (both now deceased). The present and first capital was $250,000 ; present surplus, $180,000; recent deposits, $1,500,000. The company took over the assets of the Home National Bank, which was organized June 15, 1892, after having been in business about ten years. It made a final distribution of its $50,000 capital to its stockholders at the rate of $110 per share. This concern conducts its business in a brick building erected in 1886, and the present value is $17,500. The first officers of the Trust Company were: J. A. Buck- walter, president; G. E. Brownback, vice-president; H. F. Grander, treasurer ; H. E. Anderson, secretary ; Frank Cobb, assistant treasurer. December 30, 1922, their public statement showed resources in the amount of $1,416,382.46. The stockholders received their five per cent. semi-annual dividend on the above date. The motto of this institution might well be "Faithfulness."
The National Iron Bank of Pottstown was established in 1886 by about one hundred and fifty citizens in the vicinity of Pottstown. The first capital was $200,000, the same as to-day; its present resources amount to $350,000, while recent deposits are $1,600,000. Their banking house is of brick and marble; its cost was about $50,000. Their Decem-
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BANKS AND BANKING
ber, 1922, statement shows resources and liabilities of $2,404,531.34. During 1922 the bank earned and paid a twelve and one-half per cent. dividend, and added $50,000 to its surplus fund. The present officers are John W. Storb, president ; Henry A. Bell, vice-president and cashier ; E. J. Storb, assistant cashier. Commencing with 1900 the concern has been able to declare a dividend running from one and one-half to twelve per cent. The National Iron Bank is also a United States Depository bank.
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