In the earliest days of Ellwood City, the town was home to two banking institutions that were as stable and sound as any of the leading financial institutions in Lawrence County, the First National and the People’s National Bank.
With a capital stock of $100,000, the First National Bank of Ellwood City was organized in 1892. The bank operated inside the Bank Building of the Pittsburgh Company. Many of the young towns most influential men were at one time or another involved in the bank including its officers J.H. Gelbach, president; H. S. Blatt, vice-president, and W. J. McKim, cashier. Former board of directors’ members includes Frank Moore and Captain A.C. Grove.
The People’s National Bank was organized May 9, 1907, and was capitalized at $50,000. Founders included David A. Evans and C. A. Martin who also served as the bank president; J. E. VanGorder, vice-president, and J. E. Cobler, cashier. The People’s National Bank was a member of the Mellon Bank family and was the only bank in Ellwood City to make it through the Great Depression without closing its doors.
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