Middletown transcript., 1904-04-30
a paospERous BANK
New Castle County National Bank Cor
- pleted Half Century

New Castle County National Bank Com
/ pleted Half Century
! When the clock struck three on Mon
Eylay afternoon, April 25th, 1904, the Nes
/ Castle County National Bank, of Odessa
/ completed a half centHrv Of its existenc
| as State and National Bank.
On the morning of April 26th, 1854 i
commenced the business nf Banking a.
State Bank, in what was then callet
"Cantwells Bridge" (now Odessa. Th'
preliminaries to its organization. wer'
made during the preceding year. Tht
State Charter under which it commenced
business was granted March I'd, 1853
Subscriptions to its stock were commenced
| i'm that year. The Capital Stock was ther
$50, 600, this was increased in the veal
| 1860 to $50, 600 and in 1865 it was further
| increased to $75, 600 and changed by the
Stockholders to National Bank.
OF the original subscribers to the stock
which numbered eighty-seyen, only seven
are living to-day. The first Board ol
Directors was elected December 18th,
1853, about four months before the Bank
commenced business. This Board was
as follows Charles Tatman, Cyrus Polk,
Charles Beasten, Henry Davis, Garrett
Cox, David j. Cummins, George w.
Karsner, John Appleton, Richard Semans.
Second Board was elected May, 1854, and
was the same as the first. Third Board
was elected May, 1855, and Horatio N.
Willis and John CHM were placed on
the Beard instead of Garrett Cox and
Richard Semans. Nome of these Diyec-
tors are living to-day.
Several changes were made in the Di.
rectors during the period nnder consider
alton. Samuel Pennington was elected in
1856 and served until his death. Mr..
Sereck F. Shallcress was for many years
director, and he resigned the position
in 1890 in favor OF his son, Mr.. James L.
Shallcress The late William Polk was
Director for long period, succeeding
Charles T. Polk, who succeeded Cryus
Polk.
,Nir. John G. Corbit was elected direc-
tor in 1874 was Secretary of the Board
till 1882 and was then made Vice Presi,
dent.
Mr.. Columbus Watkins was elected in
1875, was Secretary of the Board 1882
and Vice President 1888.
Mr.. Daniel W. Corbit was elected in
1883 and has been Secretary of the Board
ever since.
Mr.. M. N. Willis elected 1894 succeed
ing his father.
The late James M. Vandegrift. Jona-
than K. Williams nd William Taylor
Other changes were also made and the
Board to-day consists of the following,
viz John G. Corbit, President Column
bus Watkins, Vice President Daniel W.
Corbit, Secretary James 7. Shallcross,
Merritt N. Willis, Clarence E. Pool,
Alexander P. Corbit, Leonard v. AspriI,
Jr., Joseph L. Gibson.
The first President OF the Bank was the
late Charles Tatman and he was continued
in that Office until his death which oc-
Cured when he was in the ninety y-sixth
year OF his age. For several years, in the
latter part of his life, he WIS relieved of
all the active duties of the Office and the
task of performing these duties devolved
on the Vice President, Mr.. John c. Cor
bit. who, upon the death Of Mr.. Tatman
in 1887 was elected President and he has
continued in that Office ever since.
The first Cashier of the institution was
the late DR.. B. F. Chatham, who contin-
ued in the Office for nearly thirteen years.
In January, 1867, he. resigned to accept
the position of Assistant Cashier of the
Philadelphia National Bank and was soon
after made Cashier of that Bank.
In January, 1867, Joseph L. Gibson
was elected Cashier of the Bank. He had
been Teller in the Citizens National
Bank of Middletown for three years pre-
vious. He has been Cashier for over
thirty seven years, and is now the oldest
Bank Cashier (officially) in the State.
The firtt Teller of the Bank was the
late John w. Zelefro, who on account of
poor health resigned the position. He
was succeeded by the late John Janvier,
Jr., who resigned in 1866 to accept the
Office of Cashier of the National Bank, of
Oxford, Pa. Mr.. Eugene L. Ellison was
elected in 1865 and resigned in 1867 to
accept a position in an Insurance Com
pany in Philadelphia and he is now the
Vice President of the Insurance Com
pany of North America, in that city.
Mr.. Ellison was succeeded by Mr.. Joseph
G. Brown, who has held the Office ever
since. or for nearly thirty-seven years.
He is also Secretary and Treasurer of the
Cantwell Mutual Insurance Company,
which Offices he has filled since 1870.
The Bank commenced paying dividends
in November. 1855, and the first dividend
was at the rate of per cent, per annum.
and dividends have been paid semi-an-
nually ever since,- which in the aggregate
to two hundred and seventy
seven thousand three hundred dollars
($277. .300).
OF this amount, the sum of $48,1 was
paid to the stockholders while it was
State Bank and $229, l25 since it became
a National Bsnk. In addition to divi-
dends paid, the Bank has accumulated a
Surplus Fund of $25, 600 and OF Undivided
Profits. $8,2 POS.
At present the Capital is $75, 10000.
Surplus and undivided profits
less expenses $50, ,208. 90.