The story of Pittsburgh: Banking and finance

Banking and finance (Vol. 1, nr. 17)

Bibliographic data

Multivolume work

Identifikator:: 1831622599

Document type:: Multivolume work

Title:: The story of Pittsburgh

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1919-1930

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Volume

Identifikator:: 1831623951

URN:: urn:nbn:de:zbw-retromon-241167

Document type:: Volume

Title:: Banking and finance

Volume count:: Vol. 1, nr. 17

Place of publication:: Pittsburgh

Publisher:: First National Bank

Year of publication:: 1930

Scope:: [ca. 40] Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: A brief history of the first national bank at Pittsburgh

Collection:: Economics Books

A BRIEF 11° THE FIRST NATIONAL © TTTSBURGH The First National Bank began business in 1852 as The Pittsburgh Trust & Savings Company. When the National Banking Act of February, 1863, was pending in Congress, application was made for a national charter, which was granted August 5, 1863, and three days later The First National Bank of Pittsburgh began business with a capital of $500,000. It was the first bank-in Pittsburgh to avail itself of the new national bank law, and one of the first in the nation, its charter being No. 48. In 1854 the bank moved to Wood Street near Fifth Avenue, and in 1858 purchased its present site. In 1871 the old First National building, still well remembered by many Pittsburghers, was erected, being torn down in 1909 to make way for its present structure, originally five stories but ex- tended to twenty-six stories in 1911. In 1902 it purchased and absorbed the Mechanics Na- tional Bank and increased its capital to $1,000,000. In 1906 the Industrial National Bank was absorbed and in 1913 the institution was consolidated with the Second National Bank of Pittsburgh. The corporate title was changed in 1918 to The First National Bank at Pittsburgh. In 1921 the Peoples National Bank was purchased and the capital increased to $5,000,000, later increased to $6,000,000 in 1926 by the declaration of a 20% stock dividend. The institution is one of the largest of its kind in the [nited States, and its scope extends beyond the local confines. It operates a Commercial, Foreign Exchange, Steamship, Savings, Safe Deposit, Trust and Bond Department, and aqumbers among its clients some of the outstanding corpora- tions in the Western Pennsylvania District. Its Directorate is composed of representative business men, leaders in the foremost manufacturing and mercantile lines in the Pittsburgh District, under whose guidance the institution has become one of Pittsburgh’s major financial units. At present the authorized and outstanding capital stock of the institution is $6,000,000, par value $100. It has been paying dividends at the rate of 109, annually, with extra dividends of 29, per annum, payable quarterly. Its statement of June 80, 1930, showed: Capital... . . .. Surplus... ee Undivided Profits and Reserves. ... Deposits. ...... Total Resources

Access restriction

Copyright

fullscreen: Banking and finance (Vol. 1, nr. 17)

Multivolume work

Volume

Chapter

Table of contents

Download

Volume

Chapter

This page

Image fragment

Citation links

Citation recommendation