Chelten Corporation - Tradesmens Bank and PNC Bank Corp - 1940's

Chelten Corporation - Tradesmens Bank and PNC Bank Corp - 1940's

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Chelten Corporation - Tradesmens Bank and PNC Bank Corp - 1940's
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Beautifully engraved Certificate from the famous Chelten Corporation issued no later than 1945. This historic document was printed by the Security Banknote Company and has an ornate border around it with a vignette of an eagle with a shield. This item is hand signed by the company's president H. W. Goodall and is over 58 years old. The Chelton Corporation was incorporated in 1906 and was acquired by the Guarantee Trust and Safe Deposit Company in 1928. This company was merged with the Tradesmens National and Truse Company in the later half of 1928. Over the years. all of these companies were ultimately rolled up into PNC Bank Corp. The following is the history of PNC: PNC Bank Corp. was created in 1983 with the merger of Pittsburgh National Corp., parent of Pittsburgh National Bank, and Provident National Corp., parent of Provident National Bank of Philadelphia. But the many institutions that make up what is today PNC Bank have roots that reach back well into the nineteenth century, and one even dates from the eighteenth century. Pittsburgh National was established as the Pittsburgh Trust and Savings Company on January 28, 1852, and is the oldest bank in Pittsburgh. Within months of its creation, it moved its offices to Wood Street, one door from the corner of Fifth Avenue, and in 1858 the corner lot was acquired. The bank has been doing business at the corner of Fifth Avenue and Wood Street ever since. Officers of the bank played a key role in the passage of the National Banking Act of 1863, and the bank was the first to apply for a national charter, though not the first to receive one. With its new charter, the institution became the First National Bank of Pittsburgh. In the expansive period after the Civil War, the growth of the iron and steel, glass and coal industries provided the foundation for a profitable bank. Thomas Wightman, who served as an original director and later as a vice president until his death in 1908, described the bank's early years shortly before he died: "It was a very profitable bank and did a large business. It was its policy from the start to help beginners, if capable and honest, without regard to capital. I'd always take an honest man before a rich man, as security; that has been my idea, and I believe it is still the idea of the directors." "The Quaker Bank" Provident National's origins also stem from the mid-nineteenth century. One of its predecessor institutions, the Tradesmens Bank, was created in 1847; the other, the Provident Life and Trust Company, was established in 1865 by Quakers as an insurance company. Its charter authorized it to insure lives and conduct traditional trust business. In cashing the checks issued to trust beneficiaries, the Provident Life and Trust Company entered the world of banking. The company used the motto, "Organized and Managed by Friends," and became known informally as "the Quaker bank," an identity that remained with it for many decades into the twentieth century. In 1922 the company split into two independent ones - Provident Mutual Life Insurance Company and Provident Trust Company. The trust company settled on the idea of using artist Jean Francois Millet's "Sower" to symbolize the long-term benefits of prudent investment. Both Pittsburgh National and Provident National grew with their communities and through acquisitions in the first half of the twentieth century. Several mergers in post-World War II era were pivotal for each. In 1957, Provident Trust Company of Philadelphia and Provident Tradesmens Bank and Trust Company merged, creating Provident National Bank. The bank continued to use the name Provident Tradesmens Bank and Trust Company and to use Millet's "Sower" as its symbol until 1964. Across the state, First National Bank of Pittsburgh had become Peoples First National Bank and Trust Company in 1946 through consolidation with Peoples-Pittsburgh Trust Company. And in 1959, a triple merger occurred - Fidelity Trust Company merged into Peoples First, which, in turn, merged with First National. No permutation of the existing names seemed sufficient; a new name - Pittsburgh National Bank - and a new symbol - a triangle that bespoke the industrial and commercial strength of Pittsburgh's Golden Triangle - were created. Legislation Leads to Merger In 1982, Pennsylvania changed its banking laws to permit statewide banking. The first two banks to take advantage of the law were Pittsburgh National and Provident National. It was the largest bank merger to that time. Taking the shared initials of their holding companies - PNC - they created a new holding company, PNC Financial Corp, and set the stage for rapid growth. A series of intrastate mergers followed, notably with Marine Bank of Erie, Pa., and with Northeastern Bank of Scranton/Wilkes-Barre, Pa., in the mid-1980s. Both banks had distinguished histories dating to the Civil War period and played significant roles in the industrial, civic and social development of their regions. Two small banks outside Harrisburg - The Hershey Bank, Hershey, Pa., and First


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  • chelcortradb
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