Monday, September 30, 2019

New Lansdowne Trust Co. opens!! More Mill activities coming!!

The first building of the Lansdowne Trust Co. was in the area of 27 S. Lansdowne Ave. This picture taken about 1910 is looking south toward Darby. In the background is the Penna. R.R. Bridge. In 1926 the Trust Co. built a new building at 1 West Baltimore Ave. Today that building is a Walgreens.

Note: A hundred years ago many Delco towns had their own banks and trust companies, just about all are gone now. Some of the buildings are still used for banking others are restaurants etc. 


Lansdowne Trust Co.’s Home Inspected Today by Public

          Lansdowne Trust Company’s magnificent new bank building will be opened to the public this afternoon and evening, when President C. Russell Arnold, and other officers and directors of the banking institution will greet patrons and visitors, and show them through the splendidly equipped banking house.
          The bank building is large and designed in such a manner that nothing has been left undone to make the banking and transaction of business a pleasure for the patrons.
          The building itself is ornate in appearance and the structure adds materially to the business section of Lansdowne.
          The bank will open for business on Monday morning.
          The structure, built of Indiana limestone, tapestry brick and polished Dear Island granite, is two stories in height and its dimensions are 80 by 60 feet.  The interior of the banking room, which faces on the street, is finished in Knoxville marble, and the woodwork through the institution is of solid mahogany.
          The main vault is of the very finest modern vault construction, walls 18 inches in thickness, and treated with a special process that makes them absolutely impregnable, equipped with massive doors nearly one foot thick, and weighing 17,800 pounds, is also equipped with a burglar alarm, is fireproof, and its locks are electrically controlled.
          The safe deposit department is proportioned from the corridor by bronze grill, and containing a vault similar to that of the main one.  It is also divided into two sections, one for boxes, and the other for bulky valuables.  It is also equipped with five coupon rooms and a larger consultation room ensures privacy for patrons.
          There is a public ladies’ room on the corridor.  There is also the title department on this floor, consisting of the officers’ rooms and two settlement rooms.  This is the joint little department of the Lansdowne Trust Company and the Drexel Hill Title and Trust Company. There are, however, three settlement rooms at Drexel Hill Title and Trust Company. There are, however, three settlement rooms at Drexel Hill.  The employees in this department consists of nine girls and four men.  This is one of the largest departments of this kind in this county, and during this year there have been over 1200 settlements made, involving $20,000,000.
          The trust department, which has commodious quarters, and the Building and Loan department, which is built of marble and separated from the banking department, is equipped with teller’s windows.  The trust department carries a total fund of over $3,000,000.
          At the head of the main marble stairway, opposite the safe deposit department, is the balcony, containing the telephone exchanges which are modern in every detail.  One feature of this exchange is that the operator is concealed, but has a clear view of anything taking place in the bank.
          The directors’ room, which is at the opposite side of the upper corridor, and at the head of the stairway, is the latest in design and construction, being paneled in mahogany and furnished with massive table and high-back chairs.  The entrance to this room is made through a set of double plate glass doors.
          The advertising department contains all the printed matter, and multi-back chairs.  The entrance to this room is made through a set of double plate-glass doors.
          The advertising department contains all the printed matter, a multi-graphing, address-graphing machines, etc.
          The bank also contains a large community room, which has a seating capacity for 150 persons.  It contains a stage and retiring room, and can be used for civic or charitable purposes, absolutely free of charge.  The Women’s Federation and other societies have already made reservations for this room.
          In the basement is located the afterhours vault, where deposits may be made during any hour of the night.  This is done through a small vault door and chute inside of the building along the front entrance.
          A careful selection has been made in the arrangement of up-to-date equipment, the purpose of this being efficiency and labor-saving. Deposits of the bank are now over $34,000,000, with an additional $3,000,000 of trust funds, and about $2,250,000 of Building and Loan money housed under the same roof.
          The bank is equipped with the most modern of office supplies, and also has a marvelous lighting system.
          Business was started in a temporary building at 22 South Lansdowne Avenue on January 15, 1903. Business was transacted in a single room with an old-fashioned coal stove to heat the bank and an old iron safe to hold the deposits.
          Miss Mary L. Kennedy, new assistant treasurer of the Lansdowne Trust Company, was an employee when the bank first opened.
          In August 1903, the bank moved to a new building.  Deposits were then $213,498.
          In 1907, the bank easily weathered the financial panic which spread over the country prior to the creation of the Federal Reserve System.  Deposits then were $628,801.
          In 1916 a safe deposit addition was built to the bank.  Deposits then were $908,768.
          For the Liberty Loan campaign, President White was chairman of committee. Subscriptions totaled $2,034,200, nearly twice the quota.  The bank was awarded a five-star honor flag by the Secretary of the Treasury.
          In 1886, the Darby Saving Fund was organized by fourteen leading citizens in Lansdowne.  Daniel S. White, uncle of George Foster White, was made treasurer.  Business was conducted at Harlan Cloud’s drug store, Darby, with Mr. Cloud as receiving teller.
          In 1890, the first National Bank of Darby was founded and funds of the Darby Saving Fund were transferred there.
          A few years later the question of a bank for Lansdowne was discussed, and it was decided that deposits of the Darby Saving Fund, then $54,100, should form the nucleus to start the Lansdowne and Darby Saving Fund and Trust Company.
          The residence of Frederick Lang, Lansdowne Villa, alongside the P. R. R. station, was purchased by the new bank in July 1902, and a banking house was built on the site.
          In 1902 a charter was granted on September 11.  The capital stock was $125,000.  The first directors were:  Lewis L. Smith, George Foster White, Joseph T. Bunting, Dr. William P. Painter, Samuel S. Pennock, V. E. Bond, George B. Painted, Edward V. Kane, Morgan Bunting, Albert P. Hill, Charles L. Serrill, Dr. Edwin T. Darby, John M. Shrigley, W. Lane Verlenden and Enos Verlenden.  Six of the original directors are still on the board.
          George Foster White was elected first president, treasurer and trust officer; W. Lane Verlenden, first vice president; Joseph T. Bunting, second vice president, and Morgan Bunting, secretary.
          In December 1918, the deposits totaled $1,533,901.  The capital stock was increased to a quarter million dollars and 2500 shares were sold in blocks of not more than ten shares at $200 per share.
          George Foster White resigned as president in January 1925, which was on his seventy-eighth birthday.  Mr. White retired after twenty-three years’ service, and he was made chairman of the board.
          C. Russell Arnold, vice president of the First National Bank of Chester succeeded Mr. White and Henry L. Price was made treasurer.




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