Somerset Trust Company

Somerset Trust Company
Industry Banking and Finance
Founded 1889
Founder Congressman 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 $912 million USD (Dec. 2014)
Website www.somersettrust.com

Somerset Trust Holding Company, doing business as Somerset Trust Company, is an American bank and financial services company headquartered in Somerset, Pennsylvania. As of December 31, 2014, the bank’s assets are totaled at $912 million.[1] Somerset Trust Company's branch network serves Pennsylvania counties of Somerset, Westmoreland, Cambria, Bedford, and Fayette County, with a branch in Garrett County, Maryland. Somerset Trust Company elected to deny government TARP (Trouble Asset Relief Program) money in 2008.[2]

History

In 1889, congressman Edward Scull and his son George R. Scull created The First National Bank of Somerset. Edward Scull remained president and chairman of the board until his death in 1900. His son took over the role and in 1900 he directed a group that founded a new institution, in addition to The First National Bank of Somerset, called Somerset Trust Company.[3]

On December 20, 1900, then Governor William A. Stone issued a letter, incorporating Somerset Trust Company as a Pennsylvania chartered bank. A group of six businessmen led by George R. Scull incorporated the bank. Somerset Trust Company's creation as a state-chartered bank in Pennsylvania allowed them to provide bonding activities and financial services The First National Bank of Somerset was unable to perform.[4]

George R. Scull remained director and president of both The First National Bank of Somerset and Somerset Trust Company until his death in 1935. John I. Scull, the son of George R. Scull, continued down the family line and served as president of both banks after his father’s death. John I. Scull served two terms as president of Somerset Trust Company and The National Bank of Somerset, from 1935-1938, and again from 1949-1953. Ernest V. Cook, former artillery major of World War I, served as president of the First National Bank of Somerset from 1938 to 1949.[5]

New regulations erased most of the differences between the powers of federal and state chartered banks and in 1953, The First National Bank of Somerset and Somerset Trust Company were merged under Somerset Trust’s charter to achieve the economies of scale inherent in the operation of one bank as opposed to two. At that time, combined assets of the banks totaled approximately $8 million.[6] John I. Scull retired in 1954 and George Scull Cook became the Chief Executive Officer of Somerset Trust Company. For thirty-four years, George Scull Cook led the bank, and during his time as CEO, assets at the bank grew to $145 million.[7]

During the 1970s, the bank acquired property on West Main Street in Somerset, and moved its headquarters. The property located at 151 West Main Street once held the print shop of Frederick Goeb. The first Bible printed west of the Allegheny Mountains was printed at the site of Somerset's current headquarters.[8] Today, G. Henry Cook, son of George Scull Cook, currently serves as CEO of the Somerset Trust Company.[9]

Community initiatives

Flight 93 National Memorial contributions

Somerset Trust Company played a role in post-Flight 93 recovery efforts in Somerset County. Somerset Trust CEO, G. Henry Cook served on the 15-member jury designated to choose the design of the Flight 93 National Memorial. The bank contributed more than $50,000 USD to the memorial project and assisted in underwriting consulting services.[10] The United States Navy commissioned the USS Somerset in honor of Flight 93 passengers,[11] Somerset Trust made significant financial contributions to match funds for the commissioning ceremony held in Philadelphia.[12]

Connellsville Union Passenger Depot

In 2014, Somerset Trust Company bought the P&LE Train Station in Connellsville. Somerset Trust purchased the buildings at the station site along West Crawford Avenue with plans to restore the original station; a site listed on the National Historic Register.[13] Officials of Somerset Trust and the Fayette County Cultural Trust joint-hosted a meeting for the general public interested in the development of the train station.[14] The grand opening was held for the branch at the newly-restored building on October 25, 2014.[15]

References

  1. ↑ "Somerset Trust Holding Company". Bloomberg Business. Bloomberg. Retrieved 18 February 2015.
  2. ↑ "Bailout Recipients". ProPublica. Pro Publica. Retrieved 19 February 2015.
  3. ↑ Cook, George S. (1989). A Bank History. Somerset. pp. 79–82.
  4. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.
  5. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.
  6. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.
  7. ↑ Cook, George S (1989). A Bank History. Somerset. pp. 79–82.
  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. Retrieved 18 February 2015.
  10. ↑ "Never Breaking Trust With 9-11's Citizen-Soldiers". Pennsylvania Association of Community Bankers. Treansactions Magazine. Retrieved 18 February 2015.
  11. ↑ "USS Somerset Pledge". ABC 23 News. January 3, 2014. Retrieved 16 April 2015.
  12. ↑ "Never Breaking Trust With 9-11's Citizen-Soldiers". Pennsylvania Association of Community Bankers. Treansactions Magazine. Retrieved 18 February 2015.
  13. ↑ Polacek, Karl. "Connellsville's railroad history to be preserved". Triblive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  14. ↑ Henry, Nancy. "Somerset Trust Co. will conduct oral history project celebrating the Connellsville train station". TRIBLive. Pittsburgh Tribune Review. Retrieved 18 February 2015.
  15. ↑ Henry, Nancy. "Somerset Trust Train Station Complex in Connellsville to hold grand opening". Tribune Review. Retrieved 3 August 2016.
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