Citizens National Bank/Path Valley NB, Dry Run, PA (Charter 10811)

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Merger announcement from July 1962
Announcement from July 1962 of the merger of the Path Valley National Bank with the Valley National Bank of Chambersburg. Valley National now had five offices at Lemasters, Dry Run, Letterkenny Ordnance Depot, 900 Lincoln Way East and the Main Office at Memorial Square, Chambersburg.[1]

Citizens National Bank/Path Valley NB, Dry Run, PA (Chartered 1916 - Open past 1935)

Town History

Dry Run is an unincorporated community in Fannett Township in Franklin County, Pennsylvania. Dry Run is located at the intersection of Pennsylvania Route 75 and Back Road.

Dry Run was originally called Morrowstown, and under the latter name was platted in 1838, and named after the maiden name of the founder's wife. The present name is derived from nearby Dry Run creek. A post office called Dry Run has been in operation since 1825.

Dry Run had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

  • Organized December 11, 1915
  • Chartered January 3, 1916
  • Succeeded The Citizens Bank of Dry Run, PA
  • 1: Assumed Path Valley State Bank, Dry Run by consolidation Mar 18, 1932, with title change
  • Bank was Open past 1935
  • Acquired by the Valley National Bank of Chambersburg (Charter 4272), June 30, 1962

On Wednesday, November 9, 1910, the Citizens Bank of Dry Run opened its doors for business.[2] It was the second bank in Dry Run, located in the imposing new building erected by Dr. B.F. Shope. The bank had capital of $25,000 and the officers were John Clymans, president; John F. Walker, vice president; J.M. Hazlett, cashier; A.C. Clugston, Wm. McVitty, Doylesburg; Frank Simonton, Waterloo; J.M. Peterson, Neelyton, J. Clymans, Decorum, L.M. Hammond, Spring Run; Amos Welker, Willow Hill; Wm. McVitty, Ambeson, Dr. B.F. Shope and J.F. Walker, Dry Run; and J.C. Clymans, Spring Run. Cashier Hazlett was formerly a teacher in the Fannett Township public schools and Vice President Walker was at present a teacher of said township.[3]

In October 1915, another national bank was about to be established in Franklin County to be known as the Citizens National Bank of Dry Run. The Citizen's Bank at that location would reorganize with a capital stock of $25,000. J.M. Hazlett would continue as cashier. Stockholders included J.H. Clymans, M.F. Hammond, L.M. Hammond, and Dr. B.F. Shope. The officers were J.H. Clymans, president, and John F. Walker, vice president. The bank was established five years ago.[4]

The Citizens National Bank of Dry Run opened for business on January 6th, 1916, with a capital of $25,000 and a surplus of $5,000. The stockholders elected the following officers: J.H. Clymans, John F. Walker, L.B. Hammond, O.H. Little, Dr. B.F. Shope, Ira W. Wilson, S.D. Peterson, P.E. Stake, Amos M. Welker, L.M. Hammond, and W.F. Simerton. J.H. Clymans was elected president; John F. Walker, vice president; and J.M. Hazlett, cashier.[5] In February, J.M. Hazlett, the popular cashier at Dry Run, was voted a vacation of three months at the last meeting of the board of directors in order to recuperate his health. Harry Hawker of Huntingdon was acting in the capacity of cashier during his absence.[6]

The statement of the trust companies and state banks were called for by the state banking commission as of the close of business on August 30, 1916. The National Bank statements were for September 12 as called for by the comptroller of the currency. The private banks also show deposits as of September 12. The deposits in the different banks in Franklin County follows:[7]

Deposits in Franklin County Banks (1916)
Title Town Charter Deposits
Peoples National Bank Waynesboro 4445 1,429,414.54
Valley National Bank Chambersburg 4272 1,407,520.51
Bank of Waynesboro Waynesboro 1,265,067.51
Chambersburg Trust Company Chambersburg 1,246,751.68
Farmers & Merchants Trust Company Chambersburg 1,163,649.61
National Bank of Chambersburg Chambersburg 593 816,806.96
Citizens National Bank Waynesboro 5832 662,044.69
First National Bank Greencastle 1081 509,463.64
Farmers Bank Mercersburg 448,408.77
Citizens National Bank Greencastle 5857 338,301.14
Waynesboro Trust Company Waynesboro 255,730.02
First National Bank Mercersburg 9330 196,928.67
Marion Bank Marion 128,177.31
Lemasters National Bank Lemasters 8405 127,177.31
St. Thomas Bank St. Thomas 85,687.20
Citizens National Bank Dry Run 10811 77,224.62
Fannettsburg National Bank Fannettsburg 10899 75,790.10
Path Valley Bank Dry Run 52,140.37

Deposits for Franklin County banks in 1916 exceeded $10 1/4 million.

On March 18, 1932, the merger of the Path Valley State Bank and the Citizens National Bank of Dry Run was approved by the comptroller of the currency. The new bank's corporate name was the Path Valley National Bank and it moved into the quarters of the former Citizens bank. Both boards of directors were consolidated into one board of the new institution. Assets of the merged banks totaled over half a million. The merger was decided upon to simplify banking matters in Path Valley and avoid wasteful duplication. The officers of the new bank were John F. Walker, president; J.C. Robertson, vice president; O.H. Little, secretary; John W. Shearer, cashier (former cashier of the Path Valley State Bank); W.L. Line, assistant cashier (former cashier of the Citizens bank). T.K. Zeigler, former assistant cashier of the Citizens bank also was an official in the new bank and the clerical personnel of the two institutions were merged. Most of the equipment of the Path Valley State Bank had been moved to the new bank's quarters. The building and vault, however, would be sold. The Path Valley Bank was 24 years old and the Citizens bank was a year younger.[8]

On Tuesday, January 9, 1934, at the annual meeting, S.G. Coons was elected president and S.D. Peterson, vice president of the Path Valley National Bank, Dry Run. J.W. Shearer was re-elected cashier and W.L. Line was elected assistant cashier. The following directors were re-elected at a meeting of the stockholders which preceded the organization meeting: S.D. Peterson, Chairman, W.M. Alexander, Lemuel Burke, F.J. Campbell, S.G. Coons, C.P. Craig, L.M. Hammond, C.M. McGee, H.C. Rhine, J.M. Skinner, and S.G. Van Scyoc.[9]

In August 1936, J.W. Shearer resigned to accept a position at the post office in Philadelphia. He was succeeded by J. Don Alexander of Dry Run who was elected at a meeting of the bank directors on Monday, August 24th.[10]

On Saturday, June 30, 1962, the Path Valley National Bank became the Path Valley office of the Valley National Bank of Chambersburg. Clark P. Craig and Robert W. Crouse, were president and cashier, respectively, of the Path Valley National, while R.P. Zimmerman was president of the Valley National. Total assets of the Path Valley National were in excess of $1,850,000. Total assets of Valley National were in excess of $16 million. The Path Valley office would continue to operate as an integrated unit under the direct supervision of Mr. Crouse who would become a vice president of the merged bank. He would be assisted by Dale F. Coons, assistant cashier, and Mrs. Phyllis Stewart and Miss Beverly McGee. In addition to becoming a vice president of the merged bank, Mr. Couse would be added to the bank's board of directors along with Clark P. Craig and Charles M. McGee. The remainder of the present board of the Path Valley National would constitution an advisory board to the bank's board of directors. They were J. Floyd Lytle, L.C. Montague, D.R. Rosenberry, Bruce M. Small, James H. Speer, S.G. Van Scyoc, and John McD. Sharpe, Jr.

Acquisition of the Path Valley bank as a branch of Valley National continued an expansion program begun in 1951. At that time, when its assets were reported at $8,000,000, the Valley National established a banking facility at Letterkenny Ordnance Depot which it had since operated. In 1953, the Valley National opened a branch office at Lincoln Way East and Coldbrook Avenue which since that time had doubled in size to meet the growing needs of that area. In 1958, the Peoples National Bank of Lemasters was merged with the Valley National.[11]

Official Bank Title

1: The Citizens National Bank of Dry Run, PA

2: The Path Valley National Bank of Dry Run, PA (3/18/1932)

Bank Note Types Issued

1929 Type 1 $5 bank note
1929 Type 1 $5 bank note with printed signatures of Elmer I. Eshleman, Cashier and John F. Walker, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $5 bank note
1929 Type 1 $5 bank note with printed signatures of W.L. Line, Cashier and John F. Walker, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note
1929 Type 1 $10 bank note with the bank's second title and printed signatures of Jno. W. Shearer, Cashier and John F. Walker, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 2 $20 bank note
1929 Type 2 $20 bank note with printed signatures of Jno. W. Shearer, Cashier and S.G. Coons, President. Courtesy of Heritage Auctions, www.ha.com

A total of $102,230 in National Bank Notes was issued by this bank between 1916 and 1935. This consisted of a total of 12,814 notes (No large size and 12,814 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1929 Type 1 6x5 1 - 858
1: 1929 Type 1 6x10 1 - 418
1: 1929 Type 1 6x20 1 - 150
2: 1929 Type 1 6x5 1 - 274
2: 1929 Type 1 6x10 1 - 110
2: 1929 Type 1 6x20 1 - 34
2: 1929 Type 2 5 1 - 982
2: 1929 Type 2 10 1 - 576
2: 1929 Type 2 20 1 - 192

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1916 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Dry Run, 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://spmc.org/bank-note-history-project
  1. ↑ Public Opinion, Chambersburg, PA, Tue., July 3, 1962.
  2. ↑ Public Opinion, Chambersburg, PA, Mon., Nov. 14, 1910.
  3. ↑ People's Register, Chambersburg, PA, Fri., Nov 18, 1910.
  4. ↑ Harrisburg Daily Independent, Harrisburg, PA, Mon., Oct. 25, 1915.
  5. ↑ Public Opinion, Chambersburg, PA, Mon., Jan. 17, 1916.
  6. ↑ People's Register, Chambersburg, PA, Thu., Feb. 3, 1916.
  7. ↑ The Daily Record and Blue Ridge Zephyr, Waynesboro, PA, Thu., Sep. 28, 1916.
  8. ↑ Public Opinion, Chambersburg, PA, Sat., Mar. 19, 1932.
  9. ↑ The News-Chronicle, Shippensburg, PA, Fri., Jan. 12, 1934.
  10. ↑ The Sentinel, Carlisle, PA, Sat., Aug. 29, 1936.
  11. ↑ Public Opinion, Chambersburg, PA, Wed., June 13, 1962.
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