Emaus National Bank, Emaus, PA (Charter 7139)

ca1910 postcard of the Emaus National Bank. Courtesy of Mark Hotz

Emaus National Bank, Emaus, PA (Chartered 1904 - Open past 1935)

Town History

Emaus National Bank building ca2020 at the corner of S. Fourth and Railroad Streets. Courtesy of Google Maps

Emmaus is a borough in Lehigh County, Pennsylvania. It is located 5 miles southwest of Allentown, Pennsylvania, in the Lehigh Valley region of the state. It is 50 miles north of Philadelphia, Pennsylvania's largest city, and 20 miles (32 km) west of the Delaware River. The population of Emmaus was 11,211 in 2010.

Emmaus was settled in the 1740s and dates its founding to 1759. Shelter House, the oldest building in the borough, was constructed in 1734. For approximately 100 years, until the mid-19th century, it was a closed community of the Moravian Church. The original land on which the town now lies was donated by Sebastian Heinrich Knauss and Jacob Ehrenhardt for use by the Moravian church. The founders and original residents of the town were members of the Lutheran and Reformed faiths, who joined the Moravian church when their own denominations were unable to provide ministers. Emmaus was one of the four leading Moravian communities in the northeast United States at the time of its founding; Bethlehem, Pennsylvania, Lititz, Pennsylvania and Nazareth, Pennsylvania were the three others.

The borough was named for the biblical village of Emmaus (now within modern Israel), where, according to the New Testament, Jesus was seen by his disciples Luke and Cleopas following his crucifixion and resurrection.

From its founding in 1759 until 1830, the settlement's name was spelled "Emmaus." From 1830 until 1938 the community used the Pennsylvania Dutch spelling of the name: "Emaus" with a line above the "m" to indicate a double letter. As English became the prevalent language in Pennsylvania the line often was omitted, leading to confusion about the correct spelling. In 1938, the local Rotary Club circulated petitions and the borough formally changed the spelling to "Emmaus," matching the English King James Version.

Iron ore was discovered nearby in the 19th century and served as a source of industrial growth for much of the 19th and 20th centuries. In 1859, the East Pennsylvania Railroad (later part of the Philadelphia and Reading Railroad) brought trains to Emmaus. That same year, the town was incorporated as a borough. In 1869, the town's first blast furnace opened. The largest iron company was Donaldson Iron Company, which made cast iron pipes and other products until the company closed in 1943. During the 19th century, Emmaus was also a center of silk and cigar manufacturing.

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

Bank History

Organized January 12, 1904
Chartered February 15, 1904
Opened for business April 19, 1904
Bank was Open past 1935

Much credit is due to P.C. Weaver, the principal projector of the founding of a bank in Emaus as well as other directors of the Home Mutual Fire Insurance Company of Emaus. Early in October, 1903, a meeting was held at the Eagle hotel for the purpose of effecting an organization. E.A. Stansfield, ex-burgess, was elected chairman and H.W. Jarrett, secretary. Hon. M.C.L. Kline was the first speaker and explained the process of creating a bank and suggested the name Emaus National Bank. The following were appointed to petition for a charter: Elias Bitter, Allentown; John S. Yeager, Allentown; Levenus H. Miller, Zionsville; Silas G. Croll, Trexlertown; Francis Kline, Upper Milford; Dr. M.J. Backenstoe, Emaus. A committee was appointed to solicit further subscriptions with the goal of raising capital of $50,000. By October 15, 480 of the 500 shares were sold at $100 per share and the remaining 20 shares were purchased by the committee. There were 98 stockholders.

On November 9, 1903, the stockholders of the Emaus National bank elected the following directors: John Yeager, Henry W. Jarrett, Menno Geissinger, Amandus Schuler, Henry Knauss, E.A. Stansfield, Aaron Weinberger, Charles D. Brown, and Dr. M.J. Backenstoe. The board organized by electing Mr. Yeager president, Mr. Jarrett, vice president. Kehl Markley of Macungle was elected cashier but declined. E.E. Lorentz would be selected as cashier along with his nephew R. Lorentz Miller, teller; and solicitor Marcus C.L. Kline, Esq.

On June 7, 1907, a contract for the erection of a new bank building three stories and basement was awarded to William H. Gangewere, Allentown contractor, at a cost of $38,820. The building was occupied for transacting business on December 10, 1908. At this occupancy the capital of the bank was 75,000.

On January 13, 1911, J.A. Brunner was elected vice president, a position he held until advanced to president.

On Monday, April 27, 1942, the Allentown National bank opened an Emmaus branch in the former offices of the Emaus National Bank. The deposit liabilities of the Emaus National were assumed by the Allentown National and regular banking service continued without interruption. A greater than two thirds majority of stockholders of the Emaus National Bank decided upon liquidation and appointed a liquidating committee consisting of Robert S. Stoneback, president, Arthur R. Hauser, and Edgar S. Fink. The transfer was compensated in cash and other liquid assets.

Establishment of the branch marked another notable advancement for the Allentown National, second oldest banking house in the Lehigh Valley at the time. Established in 1855 as a State bank, it was chartered in 1865 as a national bank. Reuben J. Butz was president of the Allentown National Bank; he had been a cashier at the Emaus National Bank. Personnel of the branch other than the manager remained the same; Walter L. Snyder of the Allentown staff was placed in charge of the Emmaus branch.

Official Bank Title(s)

1: The Emaus National Bank, Emaus, PA

Bank Note Types Issued

1902 Red Seal $10 bank note with pen signatures of E.E. Lorentz, Cashier and J.S. Yeager, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 2 $10 bank note with printed signatures of James C. Kruse, Cashier and Reuben J.S. Butz, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,759,530 in National Bank Notes was issued by this bank between 1904 and 1935. This consisted of a total of 221,096 notes (170,660 large size and 50,436 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	4x5	1 - 3075
1902 Red Seal	3x10-20	1 - 2350
1902 Date Back	4x5	1 - 6700
1902 Date Back	3x10-20	1 - 4720
1902 Plain Back	4x5	6701 - 22693
1902 Plain Back	3x10-20	4721 - 14547
1929 Type 1	6x5	1 - 3118
1929 Type 1	6x10	1 - 1624
1929 Type 1	6x20	1 - 446
1929 Type 2	5	1 - 11412
1929 Type 2	10	1 - 6016
1929 Type 2	20	1 - 1880

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1936):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Emmaus, 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
The Allentown Leader, Allentown, PA, Mon., Oct. 5, 1903.
The Morning Call, Allentown, PA, Fri., Nov. 13, 1903.
The Morning Call, Allentown, PA, Sat., Apr. 20, 1929.
The Morning Call, Allentown, PA, Sun., Apr. 26, 1942.