By the end of the Civil War, in 1865, there was only one ‘bank’ in Clearfield County.
The ‘Private’ Bank, of Leonard, & Finney & Co., issued ‘script’ currency, which could be traded or used locally and redeemed for account credit or gold and silver coin.
The successor to this private bank was The County National Bank of Clearfield, Pa. Charter #855.
In 1866, the National Banking Act of 1864 became law. By 1929, there were 15,000 National Chartered banks in the United States, including 1,198 in Pennsylvania, and 23 of those charters granted throughout communities in Clearfield County (as listed below).
| National Bank Charters in Clearfield County 1865 – 1929 | DESPOSITION: | |
| 1 | The First National Bank In Of Sykesville, Charter #141 | |
| 2 | The First National Bank Of Curwensville, Charter #300 | |
| 3 | The First National Bank Of Clearfield, Charter #768 | |
| 4 | The County National Bank Of Clearfield, Charter #855 | Converted to a state charter in 2005 – CNB Bank |
| 5 | The First National Bank Of Dubois City, Charter #2969 | |
| 6 | The Philipsburg National Bank Of Philipsburg, Charter #4832 | |
| 7 | The Clearfield National Bank Of Clearfield, Charter #4836 | |
| 8 | The Deposit National Bank Of Dubois, Charter #5019 | Bought by National Bank of the Commonwealth |
| 9 | The Moshannon National Bank Of Philipsburg, Charter #5066 | |
| 10 | The First National Bank Of Falls Creek, Charter #6384 | |
| 11 | The First National Bank Of Osceola Of Osceola Mills, Charter #6501 | Bought by CNB Clearfield |
| 12 | The First National Bank Of Houtzdale, Charter #6695 | Bought by National Bank of the Commonwealth |
| 13 | The Citizens National Bank Of Curwensville, Charter #6969 | |
| 14 | The Bituminous National Bank Of Winburne, Charter #7334 | |
| 15 | The Madera National Bank Of Madera, Charter #7400 | Bought by CNB Clearfield – Now CLOSED. |
| 16 | The Curwensville National Bank Of Curwensville, Charter #7430 | |
| 17 | The Dubois National Bank Of Dubois, Charter #7453 | |
| 18 | The First National Bank Of Sykesville, Charter #7488 | |
| 19 | The Mahaffey National Bank Of Mahaffey, Charter #7610 | |
| 20 | The Farmers & Traders National Bank Of Clearfield, Charter #8464 | |
| 21 | The First National Bank Of Irvona, Charter #11115 | |
| 22 | The Burnside National Bank Of Burnside, Charter #11902 | |
| 23 | The Peoples National Bank Of Osceola Mills, Charter #11966 |
| PA State Chartered Banks, around 1900 | DESPOSITION: | |
| 1 | Clearfield Bank and Trust | Bought by Mid-Penn Bank |
| 2 | Karthaus State Bank | Reopened by County National Bank |
| 3 | Curwensville State Bank | Bought by Northwest Bank |
Only those banks in bold above survived the ‘Bank Holiday’ in Clearfield County.
Until 1929, these National Banks could issue ‘National Currency.’ Each National Bank could purchase the ‘Bank Inscribed’ printed notes or currency from the U.S. Treasury.
This new National Currency was implemented in part to finance the Union’s Civil War debt and to create a convenient paper currency sponsored and backed by the U.S. Government.
When issued, it was distributed through our nation’s National Banks; printed with the issuing National Bank’s full charter name, bearing the signatures of both the bank’s president and its cashier.
Some National Currency Examples:
In the early days of banking, deposits in bank accounts carried a degree of risk:
Between 1929 and 1932, period of The Gret Depression, some 5,800 National Banks had closed or failed nationally.
In 1933, newly-elected President Roosevelt sponsored the Emergency Banking Act with Congress. This brought with it the FDIC, or The Federal Deposit Insurance Corporation, which is still protecting customer bank deposits with Federal Insurance.
Five Clearfield County National Banks were strong enough to reopen in 1933, along with several State-Charted banks with sufficient capital to qualify for the FDIC insurance coverage for their depositor’s protection.
