Somerset Trust Company

Last updated
Somerset Trust Company
Industry Banking and finance
Founded1889
Founder Edward Scull
Headquarters Somerset, Pennsylvania,
United States
Area served
Key people
G. Henry Cook (CEO)
Services Financial services · Retail banking · Online banking · Mobile banking · Investment services · Trust services
Total assets $1.1 billion USD (Dec. 2016)
Website www.somersettrust.com
Map of Somerset Trust branches, as of December 2020 Green: Regular branches Blue: Pass-through locations (within supermarkets, malls, etc.) Somerset Trust footprint 2020-12.png
Map of Somerset Trust branches, as of December 2020
Green: Regular branches
Blue: Pass-through locations (within supermarkets, malls, etc.)

Somerset Trust Company, is an American bank and financial services company in Somerset, Pennsylvania. On December 31, 2016, the bank's assets were $1.1 billion. [1] Somerset Trust Company's branch network serves seven Pennsylvanian counties with a branch in Garrett County, Maryland.

Contents

History

On July 30, 1889, Congressman Edward Scull and his son, George R. Scull, established The First National Bank of Somerset. Edward Scull served as president and chairman of the board. After his death in 1900, George R. Scull assumed leadership. The group went on to found both the Somerset Trust Company and The First National Bank of Somerset. [2] [3]

On December 20, 1900, Governor William A. Stone issued a charter incorporating Somerset Trust Company as a Pennsylvania state bank. The new institution was able to offer bonding and financial services as a federally chartered bank. [4]

George R. Scull remained president and director of both banks until his death in 1935 when his son, John I. Scull, succeeded him for two terms. Between those terms, Ernest V. Cook a former artillery major in World War I held the presidency of The First National Bank of Somerset. [5]

By the early 1950s, regulatory changes had minimized the distinctions between federal and state-chartered banks. In response, the two institutions merged in 1953. The combined assets totaled approximately $8 million. [6] John I. Scull retired the following year, and George Scull Cook became CEO of Somerset Trust Company. Under his leadership, the bank’s assets grew to $145 million. [7]

In the 1970s, Somerset Trust acquired property to serve as its new headquarters. The site had historical significance as the former location of Frederick Goeb’s print shop, where the first Bible printed west of the Allegheny Mountains was produced. [8] Today, Sean Cook serves as CEO of Somerset Trust Company. [9]

In 2014, Somerset Trust Company purchased the historic P&LE Train Station in Connellsville. [10] The restored train station officially reopened as a bank branch on October 25, 2014. [11]

References

  1. ↑ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg L.P. Archived from the original on April 16, 2015. Retrieved 18 February 2015.
  2. ↑ Cook, George S. (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  3. ↑ https://finance.yahoo.com/quote/SOME/profile/
  4. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  5. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  6. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  7. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  8. ↑ Rock, Vicki (2013). "Goeb Bible celebration planned". www.dailyamerican.com. The Daily American. Retrieved 18 February 2015.
  9. ↑ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg L.P. Archived from the original on April 16, 2015. Retrieved 18 February 2015.
  10. ↑ Henry, Nancy. "Somerset Trust Co. will conduct oral history project celebrating the Connellsville train station". TRIBLive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  11. ↑ Henry, Nancy. "Somerset Trust Train Station Complex in Connellsville to hold grand opening". Tribune Review. Retrieved 3 August 2016.
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