Citizens National Bank, Lansdale, PA (Charter 7735)

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Citizens National Bank, Lansdale, PA (Chartered 1905 - Closed 1929)

Town History

Lansdale is a borough in Montgomery County, Pennsylvania, located northwest of Philadelphia. It is a densely-populated commuter town, with many residents traveling daily to Philadelphia using SEPTA Regional Rail's Lansdale/Doylestown Line. In 1900, 2,754 people lived here; in 1910, 3,551; and in 1940, 9,316 people were inhabitants of Lansdale. The population was 16,269 at the time of the 2010 census.

The earliest known settlers in Lansdale were members of the Jenkins family. At the peak of its growth, the Jenkins homestead occupied approximately 120 acres of land. The construction of the North Pennsylvania Railroad (later absorbed into the Reading Railroad) during the 1850s contributed to rapid growth and expansion in Lansdale. Employment opportunities generated by the railroad brought settlers, housing, and local businesses to the area.

By 1872, Lansdale Borough was officially incorporated and named after Phillip Lansdale Fox, chief surveyor of the North Penn Railroad. By the naming conventions of the time, it should have been called Jenkintown, since the land immediately surrounding the train station was owned by the Jenkins family, but there was already a town by that name along the rail line also in Montgomery County.

The Jenkins Homestead and Lansdale Silk Hosiery Company-Interstate Hosiery Mills, Inc. are listed on the National Register of Historic Places.

Lansdale had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

  • Organized April 25, 1905
  • Chartered May 11, 1905
  • Opened for business June 1, 1905
  • Consolidated with 430 November 16, 1929 (First National Bank, Lansdale, PA)
  • Circulation assumed by 430 (First National Bank, Lansdale, PA)

Organization of the new national bank in Lansdale, The Citizens National Bank, was effected April 25, 1905, with paid up capital of $50,000 and a surplus of $25,000. The directors were George S. Snyder of Hatfield; James M. Harzel of Chalfont; John Holly of Colmar; Jacob W. Brunner of Belfry; Jonas G. Barndt of Telford; H. S. Ruth of Lansdale; Ellwood Hoot of West Point; Philip H. Swartley of Line Lexington, and A.C. Allenback of Lansdale. Officers elected were H.S. Ruth, president; George S. Snyder, vice president; and E.R. Musselman, cashier. The Lansdale Trust and Safe Deposit Co. bank and the Music Hall block on the corner of Second and Broad streets was purchased by the Citizens National Bank for $15,000. The bank opened in the building occupied by the Lansdale Trust and Safe Deposit Co. which voted in favor of dissolution on May 16, 1905 having been chartered by the state June 16, 1887. This institution had suffered from the embezzlement of its president, Henry J. Smith, who disappeared from Lansdale in March, 1897, leaving a deficit of $30,000. Smith was eventually caught and tried in Norristown and sentenced by Judge Weand to seven years in the penitentiary.

On Tuesday, January 17, 1911, the stockholders elected directors for the year. Directors elected were Henry L.S. Ruth, George S. Snyder, Jacob W. Brunner, James M. Hartzel, John Holly, Ellwood Hoot, James G. Barndt, Abraham C. Allebach, Philip H. Swartley, John S. Nice.

On Tuesday, January 10, 1928, stockholders elected the following directors: H.L.S. Ruth, Lansdale, James M. Hartzel, Chalfont; Jacob W. Brunner, Center Square; John S. Nyce, Souderton; Elwood Hoot, West Point; Jonas G. Barndt, Souderton; Jacob H. Sigafoos, Colmar; Irwin H. Pool, Lansdale; James M.C. Speirs, Lansdale; Elwood M. Stover, Kulpsville; Oswin S. Allebach, North Wales; and Abram L. Bergey, Hatfield. The directors reorganized with H.L.S. Ruth as president; James M. Hartzel, vice president; Elwood Hoot, secretary of the board; and F.A. Claton, cashier.The Reporter, Lansdale, PA, Wed., Jan. 11, 1928.

On September 5, 1929, stockholders of the Citizens National Bank and the First National Bank of Lansdale approved unanimously the agreement of consolidation entered into by the two boards. This merger gave Lansdale the largest national bank in Montgomery county with a capital and surplus of $1.5 million. The vacating of the present Citizens Bank Building due to the merger provided the market one of the most valuable Main Street properties in Lansdale.

A fire on Saturday, January 18, 1930 destroyed the first and second floors of the unoccupied Citizens National Bank building at Lansdale with a loss estimated at $25,000. The flames started in the basement which had not been used since the merger with the First National Bank in October. Smoke, coming from the large stone structure on the corner of Main Street and Susquehanna Avenue, alerted a taxi driver who summoned the fire department. Every piece of apparatus in Lansdale was called into service. The firemen battled the flames for several hours before they were extinguished. A snow storm hampered the firemen adding slush and ice as hazards. Only the third floor was occupied by an insurance company which obtained new headquarters and removed their equipment at once. The origin of the fire was not determined.

Official Bank Title

1: The Citizens National Bank of Lansdale, PA

Bank Note Types Issued

1902 Plain Back $10 bank note with pen signatures of F.A. Clayton, Cashier and Henry L.S. Ruth, President.
1902 Plain Back $10 bank note with pen signatures of F.A. Clayton, Cashier and Henry L.S. Ruth, President. Courtesy of eBay, www.eBay.com

A total of $872,250 in National Bank Notes was issued by this bank between 1905 and 1929. This consisted of a total of 69,780 notes (69,780 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Red Seal 3x10-20 1 - 2513 SN 1155/E1000000 Changeover to SN 1156/H1 June 14, 1905
1902 Date Back 3x10-20 1 - 4940
1902 Plain Back 3x10-20 4941 - 14932

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1929):

Presidents:

Cashiers:

Other Bank Note Signers

Wiki Links

Sources

  • Lansdale, PA, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://bbdata.banknotehistory.com
  • Harrisburg Telegraph, Harrisburg, PA, Thu., June 16, 1887.
  • The Central News, Perkasie, PA, Thu., Aug. 16, 1888.
  • Miners Journal, Pottsville, PA, Mon. Oct. 21, 1901.
  • The Central News, Perkasie, PA, Thu., May 18, 1905.
  • The Central News, Perkasie, PA, Thu., June 22, 1905.
  • The Central News, Perkasie, PA, Thu., Aug. 31, 1905.
  • The Central News, Perkasie, PA, Wed., Jan. 18, 1911.
  • The Philadelphia Inquirer, Philadelphia, PA, Fri., Oct. 11, 1929.
  • The Central News, Perkasie, PA, Wed., Jan. 22, 1930.
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