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Somerset Trust Company

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Somerset Trust Company
IndustryBanking and finance
Founded1889
FounderEdward Scull
HeadquartersSomerset, Pennsylvania,
United States
Area served
Key people
G. Henry Cook (CEO)
ServicesFinancial services · Retail banking · Online banking · Mobile banking · Investment services · Trust services
Total assets$1.1 billion USD (Dec. 2016)
Websitewww.somersettrust.com
Map of Somerset Trust branches, as of December 2020
Green: Regular branches
Blue: Pass-through locations (within supermarkets, malls, etc.)

Somerset Trust Holding Company, trade name Somerset Trust Company, is an American bank and financial services company headquartered in Somerset, Pennsylvania. As of December 31, 2016, the bank's assets were totalled at $1.1 billion.[1] Somerset Trust Company's branch network serves the Pennsylvanian counties of Somerset, Westmoreland, Cambria, Bedford, and Fayette County, with a branch in Garrett County, Maryland.

Somerset Trust Company was elected to deny the government TARP (Trouble Asset Relief Program) money in 2008.[2]

History

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In 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 until his death in 1900, after which George R. Scull assumed leadership. Under his direction, the group went on to found both the Somerset Trust Company and The First National Bank of Somerset.[3][4]

On December 20, 1900, Governor William A. Stone issued a charter incorporating Somerset Trust Company as a Pennsylvania state bank. Led by George R. Scull and five other local businessmen, the new institution was able to offer bonding and financial services that The First National Bank of Somerset, as a federally chartered bank, could not provide.[5]

George R. Scull remained president and director of both banks until his death in 1935. His son, John I. Scull, succeeded him and served two non-consecutive terms as president: first from 1935 to 1938, and again from 1949 to 1953. Between those terms, Ernest V. Cook—a former artillery major in World War I—held the presidency of The First National Bank of Somerset.[6]

By the early 1950s, regulatory changes had minimized the distinctions between federal and state-chartered banks. In response, the two institutions merged in 1953 under Somerset Trust’s state charter, streamlining operations and achieving greater efficiency. At the time of the merger, the combined assets totaled approximately \$8 million.[7] John I. Scull retired the following year, and George Scull Cook became CEO of Somerset Trust Company, a position he held for 34 years. Under his leadership, the bank’s assets grew to \$145 million.[8]

In the 1970s, Somerset Trust acquired property at 151 West Main Street in Somerset 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.[9] Today, Sean Cook serves as CEO of Somerset Trust Company.[10]

Connellsville Union Passenger Depot

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In 2014, Somerset Trust Company purchased the historic P&LE Train Station in Connellsville, acquiring the buildings along West Crawford Avenue with plans to restore the original station, which is listed on the National Register of Historic Places.[11] Somerset Trust and the Fayette County Cultural Trust co-hosted a public meeting to discuss the redevelopment project.[12] The restored station officially reopened as a bank branch on October 25, 2014.[13]

References

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  1. ^ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg L.P. Archived from the original on April 16, 2015. Retrieved 18 February 2015.
  2. ^ "Bailout Recipients". ProPublica. Pro Publica. 18 August 0202. Retrieved 19 February 2015.
  3. ^ Cook, George S. (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  4. ^ https://finance.yahoo.com/quote/SOME/profile/
  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. ^ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.{{cite book}}: CS1 maint: location missing publisher (link)
  9. ^ Rock, Vicki (2013). "Goeb Bible celebration planned". www.dailyamerican.com. The Daily American. Retrieved 18 February 2015.
  10. ^ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg L.P. Archived from the original on April 16, 2015. Retrieved 18 February 2015.
  11. ^ Polacek, Karl. "Connellsville's railroad history to be preserved". Triblive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  12. ^ Henry, Nancy. "Somerset Trust Co. will conduct oral history project celebrating the Connellsville train station". TRIBLive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  13. ^ Henry, Nancy. "Somerset Trust Train Station Complex in Connellsville to hold grand opening". Tribune Review. Retrieved 3 August 2016.
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