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| First National Bank on Main Street - October 2015 |
In August 1927, the First National Bank of Marlton received its charter from the State Banking Department. It had a total capitalization of $25,000. It opened its first branch on the corner of Main and Maple in Marlton at 11 East Main Street.
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| In 1933, President Roosevelt ordered a 'banking holiday', shutting all banks. When banks were given a license to reopen, they placed an ad like this to reassure their customers |
The bank moved to the corner of Cooper Avenue and East Main Street in 1952, at which time its assets had grown to $1,850,000. The phenomenal growth continued into the 1960s, to $4,500,000 in 1960.
“The main office of the First National Bank of Marlton is a charming, one-story colonial building located, appropriately enough, on Main Street. It is a perfect architectural symbol of what might be called middle-class security. Its atmosphere of warmth is enhanced by trees and shrubbery that surround the little red-brick building.”
By the time it opened a second branch in 1965, it had assets exceeding $9,000.000. The second branch was opened on Route 70 near the Marlton Circle (where Barnes and Noble is today) on December 13, 1965.
By the time it opened a second branch in 1965, it had assets exceeding $9,000.000. The second branch was opened on Route 70 near the Marlton Circle (where Barnes and Noble is today) on December 13, 1965.
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| 2nd Branch of First Nation Bank of Marlton, located where Barnes and Nobel is today |
A third branch opened on Route 73 in Marlton in the summer of 1970, with a 4th at the Church Street and Gaither Drive in Mount Laurel.
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| 3rd branch of First National bank under construction- April 1970 |
During the last 6 months of 1971, the bank issued automobile loans to more than 200 customers of a single used-car dealership in Somerdale, totalling more than $1,000,000. These loans caused losses of more the $650,000, and caused a liquidity crisis for the bank. An FBI investigation followed, along with the resignation of 2 top bank officials.
At the time of these financial difficulties, First National Bank of Marlton had resources of $22,000,000 and was the 7th (of 12) largest commercial bank headquartered in Burlington County. In order to keep the bank afloat, the board of directors voted to join Citizens Bancorp, a bank holding company. Unlike a merger, a holding company allowed banks to operate independently (keeping their names) but pool assets. In order to do this, first, a new bank called The Second National Bank of Marlton was created, which was merged with the First National Bank of Marlton. The Second National Bank of Marlton was chartered to provide a means to transfer the ownership of the merged banks to Citizens Bancorp. This was approved by the Federal Reserve Board on July 12, 1972.
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| Deposit $1000, get Rose Kennedy's book free! |
A 5th branch opened in Roberts Mill Shopping Center in Mount Laurel in 1973.
By the fall of 1975, the "First National Bank of Marlton" name was gone. All branches were now Citizens United Bank.
Multiple banking mergers caused the bank on Main Street to change names several times through the years, including Citizens United Bank, Farmers and Mechanics, CoreStates New Jersey National Bank and Beneficial. Eventually it was demolished to make way for the Apartments on Main Street.
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| First National Bank of Marlton demolished June 7, 2016 |
The Route 70 Branch was demolished in 1994 to make way for Barnes and Noble.
The Gaither Drive branch was demolished sometime around 2010 to make way for a small office building.
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| Photo Courtesy of John Flack Jr |