Category:First National Bank of Allentown, Pennsylvania

The First National Bank of Allentown was the result of a merger in 1954 between the Allentown National Bank, founded in 1855 and the Second National Bank, founded in April 1864.

The merger was first proposed in August 1953. The merger, effective on November 8th, 1954 would call for the merged bank to operate under the charter of the Second National Bank, one of the oldest national banks in the nation. The Allentown National Bank, although older was founded as a state bank and did not aquire its national charter until March, 1865. The merged bank, when opened, had assets of more than $77 million, making it the largest bank in Eastern Pennsylvania outside of Philadelphia.

The merged bank initially offered locations in the former Allentown National Bank Building and the former Second National Bank Building, both on Center Square. A branch office of the former Allentown NB was available at 19th and Liberty Street, which had opened in 1949 as well as a branch in at Main and Chestnut Streets in Emmaus, which had opened in 1942.

In June 1954, First National Bank purchaced the Koch Brothers buildiing at the northeast corner of 7th and hamilton Streets. The Koch Brothers building had been one of the most historic buildings in the city, most recently dated to 1886 when the Koch Brothers purchaced the property and built the six-story Hotel Allen on the site with their retail clothing store on the first floor. The city was the leading hotel in Allentown for many years until after World War II. The building was condenmed by the Commonwealth in 1949 and the building was extensively modified and turned into a three-story clothing store, retaining the name Koch Brothers that opened in June 1952.

In March 1955, demolition of the Koch Brothers structure began and construction of a new First National Bank building began, which opened in June, 1958. With its opening, the former Allentown National Bank building was sold and renamed the "Center Square Building" and was used by the Allentown Business School. The former Second National Bank building was sold to Park & Shop, which tore down the structure in 1959.

For many years, First National Bank was the largest, and most dominant local bank in Allentown. In 1971, the bank purchased several 19th century stores along the 600 block of Hamilton on the north side to Church Street. They were replaced by an expansion of the bank building which opened in 1973. The First National Bank eventually operated in nine locations, four of which in Allentown and the others in the surrounding area.

The end of the First National Bank of Allentown began in August 1984 when it was sold to Meridian Bancorp, Inc. of Philadelphia. The assets of the bank at the time of the sale was $5 Billion dollars. Meridian Bancorp was then acquired by CoreStates Financial Corporation (previously known as Philadelphia National Bank) in April 1996. Assets were $45 Billion. Then in November 1997, First Union Corporation of Charlotte, NC, acquired CoreStates. Its combined assets were $204 billion.

In May 1998, First Union announced plans to close 14 of its banks in the Lehigh Valley and consolodate its holdings, however it noted that it did not plan to close its 7th and Hamilton Street office. However in November 1999 the bank announced plans to build a new financial center on South Seventh Street on the south side of Center Square for a new First Union Financial Complex. This would result in the closing of the former First National Bank building. In December 1999, First Union moved out of the building on Center Square (645 Hamilton Streets) without fanfare, completely vacating it. However after some demolition occured from 22 to 32 South Seventh Street, (including Allentown's historic Livingston Club) the planned First Union financial complex on South Seventh Street never came about due to the former Merchants National Bank (on the southwest corner of Center Square) being aquired by First Union though another merger and First Union consolodating and establishing its new financial center there (the South 7th Street properties were eventually turned into a fenced-off empty lot). First Union later became Wells Fargo in 2010.

With the moveout of First Union, the building began to deteriorate as it was never again occupied by a major tenant. After sitting vacant for several years, in September 2004, the empty bank building was purchaced by a private developer through the Allentown Community and Economic Development Corporation. Now named "Monument Plaza", several development plans for the building fell though, and it was sold again in 2005. In 2007, a large LED billboard was placed 60 feet up on the Seventh Street side of the building, and was used by the Allentown Police for Amber Alerts. wanted posters, and notices of community events. In 2008, after some minor uses for small buisnesses, Allentown building inspectors declared the building unsafe and issued multiple fire and building code violations. The last tennant of the building, Gerry's New City Cafe, which operated out of the former main banking floor, was forced to close in Feburary 2009.

The former bank building was purchaced by city Center Investment corporation in August 2012. It was torn down and replaced by the 11-story NIZ Two City Center building.