Sharon's Yesterdays & Tomorrow

An Outline of the Growth of Sharon and its Industries....

and a History of the McDowell National Bank, June 1935

History of the McDowell National Bank 

The bank purchased $100,000 worth of stock in the corporation, which represents the bank’s total investment and responsibility in the two buildings. Rent from the buildings is received by the Corporation, but the total rent cost to the bank is no more than costs have been for many years. By this method the bank has actually reduced the amount of real estate owned and has not increased rent costs.  

Increase in furniture and fixture charges is less than $10,000.  

The construction of the new McDowell National Bank building has the double purpose of insuring greater safety for records and reducing the cost of insurance, it was decided that the costs of operation in the new bank should be no greater than in the old location. One of the savings effected was a substantial reduction in burglar insurance on the vault and the contents, due to the strong construction of the vault and the installation of the 22-ton door.  

Due to the many banks that were closed before the “Bank Holiday” of 1933, great quantities of expensive bank equipment were available at ridiculously low prices. Early in 1934 the bank began acquiring fixtures and furniture that would fit the new bank location. The Exchange National Bank of Pittsburgh, which had been closed, contained most of the equipment needed. It had been installed in 1925 at a cost of over $150,000 and was practically as good as new. The purchase price was less than two per cent of its original cost.

A similar bargain was obtained in purchasing the huge vault door and safe deposit boxes. Desks, chairs, filing equipment and other articles of bank furniture were also obtained at a fraction of the original cost.  

The front door, made of solid bronze, was removed from a building in Pittsburgh. The cost there was $4,000. The cost installed at the new McDowell National Bank was $750. The original price of the side revolving door was $2,800. It was installed at the McDowell National Bank for about $500.  

The marble wainscoting in the hall and stairs is also designed for economy. Running carriages, containing ledgers, up and down the hall would, over a period of time, gouge out plaster walls, and paint would have to be renewed. While its initial cost is greater, the marble wall will not have to be repaired.

With the exception of 60 lineal feet of marble, all of the materials used in finishing the bank were purchased at a savings, from former users. 

When the beauty and quality of the new banking home is considered, it will be found that a great deal has been obtained for the money. The total cost for all new equipment and an entirely new building would have been at least half a million dollars. 

By resisting the temptation to build during boom times and by taking advantage of present conditions, the bank has accomplished a great deal for its stockholders and its customers.

Sound management has characterized the McDowell National Bank since its founding in 1868. It is the aim of the officers and directors of the institution to follow the policies and examples of the founders in providing convenience for customers and safety for their funds.

The bank in its new home conducts a completely rounded business with Commercial, Savings, Trust, Foreign, Collection, Loan and Safe Deposit Departments.

Go to the next page