Another Pelham Mystery: Why Was the Planned Site of the Pelham National Bank Building Moved?

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The Pelham National Bank building, located at One Wolf's Lane, was constructed by John T. Brook in 1929.  It is a three-story limestone building built in the Art Deco style.  Designed by Charles A. Holmes of the architectural firm of Holmes & Winslow, it has a two-story arched central entrance with a bronze grilled doorway and four pilasters topped with figures in bas relief.  The building interior likewise includes Art Deco detailing including a painted ceiling, bas relief figures, a balcony and an ornate board room.  The Building was built with the grandiose plan to allow expansion of the building to nine stories as the bank grew.  

Pelham National Bank Building, One Fifth Avenue, in 2014.

John T. Brook, who built the bank, was a real estate developer who lived at 690 Timpson Street in the Village of North Pelham.  He served as president of the Peham National Bank from 1925 until November 1932.  The bank failed to reopen after the bank holiday of March, 1933 and went into the hands of a receiver several months later.  In December, 1934, John T. Brook was convicted in Federal court of misapplying and misappropriating bank funds and received a five-year prison sentence.  He died in Pelham on October 28, 1942, at the age of 67.  

John T. Brook in About 1925 When He Became President

of Pelham National Bank.  Source: French, Alvah P., ed.,

History of Westchester County New York, Vol. V, pp. 170-71

(NY, NY & Chicago, IL: Lewis Historical Publishing Co. 1925).

NOTE: Click on Image to Enlarge.

I have written extensively about the Pelham National Bank and John T. Brook.  See, e.g.:

Bell, Blake A., The Failure of The Pelham National Bank, The Pelham Weekly, Vol. XIII, No. 39, Oct. 1, 2004, p. 12, col. 1. 

Wed., Nov. 30, 2005:  The Pelham National Bank Building in the Village of Pelham. 

Thu., May 05, 2005:  John Thomas Brook, Real Estate Developer and Failed Bank President. 

Wed., Feb. 19, 2014:  Dedication of the Post Office in the Pelham National Bank Building and More About Old Post Offices.

Mon., Mar. 23, 2015:  Pelham Residents Ravaged by the Great Depression: Record Sale of Tax Liens Advertised in 1932.  

Until now I thought that I understood the vast majority of the history of the Pelham National Bank.  The bank was organized on March 18, 1921 with a capital of $50,000 and a surplus of $12,500.  Pelham resident and New York City silk merchant Loren Ogden Thompson founded the little bank which was Pelham's first. It opened its doors for business on Saturday, July 30, 1921 in the building that still stands at 89-91 Wolf's Lane.

Original Pelham National Bank Building that Was

Leased from the Owner by the Bank and Still Stands

at 89-91 Wolf's Lane in the Village of Pelham.

89-91 Wolf's Lane, the Original Pelham National Bank

Building, in a Photograph Taken a Few Years Ago.

The tiny little bank grew modestly in its first four years.  But it grew enough so that its administration became too great a burden for L. Ogden Thompson.  On January 23, 1925, Thompson stepped aside and the bank directors elected one of their fellow directors, real estate developer John T. Brook, president of the bank.

John Brook had grand expansion plans.  He sold additional shares of stock in the bank.  He dreamed of a nine story headquarters for the bank at First Street and Wolf's Lane.  He acquired the land for such a building in January 1927.  Brook built the bank's new headquarters and opened it for business on September 14, 1929, located at One Fifth Avenue.  

Architect's Rendering for the Planned

Pelham National Bank Building.

Many Pelham Residents Do Not Realize

that the Building Was Built with the Grandiose

Plan to Enable it to Expand to Nine Stories as the Bank Grew.

NOTE:  Click on Image to Enlarge.

Research now reveals an interesting new chapter in the history of the bank.  It turns out that shortly after John T. Brook became president of the bank on January 23, 1925, one of the first problems with which he had to wrestle was the impending expiration of the bank's lease of the premises at 89-91 Wolf's Lane.  That lease was set to expire on July 1, 1926.

Brook clearly yearned for the bank to own a substantial building to serve as its headquarters.  New research reveals that Brook immediately arranged for architect Robert Kilmartin to design a new bank building to be built on the triangular plot of land bounded by a sliver of Fifth Avenue and stretches of Harmon Avenue and Pelhamwood Plaza.  The map detail immediately below shows the location of that triangle of land that remains undeveloped to this day and is the site of, among other things, Pelham's September 11 Memorial.  The plot is essentially located diagonally across the intersection from where the bank building eventually was built.

Map Detail Showing Curved, and Roughly Triangular Plot Bounded by

Fifth Avenue, Harmon Avenue, Harmon Place and Pelhamwood

Avenue that Once was Planned as the Site for the Pelham

National Bank Building.  NOTE:  Click on Image to Enlarge.

With the expiration of the lease for the bank's premises nearing, by August, 1925, workmen began clearing the triangular plot of land and staking the planned location of the new bank building.  According to an article that appeared the same week in The Pelham Sun:

"Tentative plans call for the erection of a one-story structure of limestone and granite which will house the counting rooms and offices in the fore part of the building, the rear being occupied by safety deposit vault, burglar and fireproof storage for valuables and a refrigerated fur depository.  The interior decorations and furnishings will be in accord with the most up-to-date ideas in banking institutions.  Buidling will be commenced at an early date, workmen having commenced to clear and stake out the ground this week."

A mystery remains, of course.  Why was the one-story structure never built at this location?  Was the announcement part of some ploy to encourage the owner of 89-91 Wolf's Lane to come to the table to negotiate a reasonable extension of the lease set to expire the following year?  Were plans scrapped in favor of a more grandiose building that might require a different plot?  In short, why was the planned site of the new Pelham National Bank Building moved from the triangular plot of land adjacent to the train station to the location we know today as One Fifth Avenue?

Five Dollar Pelham National Bank Note that Sold

at a Numismatic Auction in December 2010 for $13,000.00.

NOTE:  Click on Image to Enlarge.

Pelham National Bank Seal.

*          *          *          *          *

Below is the text of an article describing plans to build the new bank building on the triangular plot of land.  It is followed by a citation and link to its source.

"New Building For Pelham Bank On Fifth Avenue
-----
Workmen Are Staking and Clearing Location On Triangle Adjoining Station Approach
-----
Will Be One-Story Building of Native Stone and Granite To Cost $100,000
-----

A handsome addition to Fifth avenue buildings is promised in the erection of a $100,000 home for Pelham National Bank, plans for which have been drawn by Architect Robert Kilmartin.  The new home of Pelham's financial institution will be built on the triangular plot adjoining the northerly approach to the main line station of the New Haven Railroad station and bounded by Fifth avenue, Harmon avenue and Pelhamwood Plaza.  The location is admirable, being near to the station and on Pelham's main business thoroughfare.  It will front on Fifth avenue with a stairway giving easy access to the station yard from the bank premises.

Tentative plans call for the erection of a one-story structure of limestone and granite which will house the counting rooms and offices in the fore part of the building, the rear being occupied by safety deposit vault, burglar and fireproof storage for valuables and a refrigerated fur depository.  The interior decorations and furnishings will be in accord with the most up-to-date ideas in banking institutions.  Buidling will be commenced at an early date, workmen having commenced to clear and stake out the ground this week.  Everything must be complete by July 1st next year when the lease of the present bank premises will expire.

When interviewed by a Sun man regarding the new building, John T. Brook, president of Pelham National Bank stated:  'The business of the Pelham National has progressed in a very satisfactory manner.  It is now firmly established as a Pelham institution, owned by Pelham People.  Its progress has been such that the directors of the institution now feel warranted in providing for it a home which shall be not only an ornament of which the whole town will be proud but a thoroughly up-to-date bank in every respect.  There is a wide demand for fire and burglar proof depositories for valuables and the new building will amply provide for this need.'

Questioned as to the cost of the new bank structure Mr. Brook stated that the building will cost in the neighborhood of $80,000 and the interior furnishings $20,000.

Mr. Brook further discussed the future of Pelham with enthusiasm.  'When the parkway system is complete there will be great demand for property in Pelham.  I confidently look for another big increase in real estate values here within the next few years.'"

Source:  New Building For Pelham Bank On Fifth Avenue, The Pelham Sun, Aug. 14, 1925, p. 1, col. 1.   

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