Farmers National Bank, Exchange, PA (Charter 8410)

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A map showing the location of Exchange, Pennsylvania. Exchange is located north of Danville, east of Turbotville, and west of Millville on State Route 44.
A map showing the location of Exchange, Pennsylvania. Exchange is located north of Danville, east of Turbotville, and west of Millville on State Route 44. Courtesy of Goggle Maps

Farmers National Bank, Exchange, PA (Chartered 1906 - Liquidated 1933)

Town History

Photo of the old Farmers National Bank building in Exchange Pennsylvania, ca.2015.
Photo of the old Farmers National Bank building in Exchange Pennsylvania, ca.2015. Courtesy of Mark Hotz

Exchange is a populated place located within the Township of Anthony, a minor civil division (MCD) of Montour County, Pennsylvania. A post office called Exchange was established in 1857, and remained in operation until 1935. The community was named for the fact carriage horses were "exchanged" at the site, which was formerly located on a turnpike. Exchange is located north of Danville, east of Turbotville, and west of Millville on State Route 44.

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

Bank History

Officers were elected on July 2, 1906 for The Farmers National Bank of Exchange, Pennsylvania. The directors were P.F. Brannen, John A. Ellis, William Brannen, R.S. Ammerman, James L. Brannen, James F. Ellis, Stitzel L. Gardner, Alfred H. Litchard, J.N. Herr, Dorrance R. Rishel, and F. Augustus Kleeman. The officers elected were James L. Brannen, Alfred H. Litchard, vice president; and James F. Ellis, Cashier. The stockholders numbered 74 and were scattered over one of the thriftiest and most prosperous farming sections of the state. The bank was capitalized at $25,000. A fine, modern bank building was planned. Hon. R.S. Ammerman and A.H. Grone of Danville were present at the stockholders meeting, the former as attorney and the latter as notary public.

D.J. Rogers of Danville landed the contract for the brick work on the new Farmers National Bank at Exchange, completing his work October 4, 1906. The Safe arrived at Exchange from New York on Christmas eve, weighing in at over two tons and injuring several in the process of unloading. The first annual meeting of stockholders was held in the new banking house in the Village of Exchange on January 8, 1907.

The Farmers National Bank at Exchange, one of a number established under the direction of the State Grange, was added to the list of ventures that an experienced band of burglars hit on the night of March 20, 1909. Bank officials were not able to tell definitively if anything was taken as the burglars escaped after breaking the knob and dial on the vault, requiring an expert to repair. The bank-breakers secured a number of blankets from a nearby stable to deaden the sound of the explosion from nitroglycerin and from hammering with chisels. They succeeded in that the robbery was not discovered until the morning. There was about $6,000 in the vault. Bank officials were sure the safe-crackers did not gain access to the vault. A Bostonian Burglar alarm system was installed in May 1909.

On Tuesday, January 9, 1923, stockholders elected the following directors: J.L. Brennan, Walter Magargell, Murray E. Herr, Fred A. Kleeman, James R. Perry, Albert H. Litchard, James harvey Litchard, James F. Ellis, William S. Ellis, James C. Dennin, and D.R. Rishel. The directors reorganized by electing J.L. Brennan, president; Albert H. Litchard, vice president; James F. Ellis, cashier; and Bryant C. Dennin, assistant cashier and teller.

The December 31, 1932 report on the condition of the bank had $44,089.12 in Loans and discounts, $25,000 in U.S. Government securities, $37,297.75 in Other bonds, stocks and securities as Resources and $25,000 in Circulating notes, $25,000 in Capital stock, $41,473.96 in Time deposits as Liabilities, all together balancing at $120,159.33. In January 1933, Directors elected were F.A. Kleeman, James B. Dennen, A.H. Litchard, J. Harvey Litchard, Wm. Sheatler, Mrs. Celinda Mohr, James F. Ellis, James L. Brannen, George W. Diehl, Wm. S. Ellis, Dr. J.W. Gordner, R.K. Mohr, Leo S. Dennin, and Clyde W. Fowler. Officers elected were James L. Brannen, president; A.H. Litchard, vice president; and James B. Dennen, Cashier. On February 6, 1933, a notice was posted on the Exchange bank stating the Danville National Bank purchased The Farmers National Bank of Exchange and that all depositors and other creditors will continue to do business with the Danville National Bank. The Exchange bank was 27 years old and was led by James L. Brannen, president and A.H. Litchard, vice president the entire time. At the close of business it had 424 depositors, 309 holding checking accounts and 115 savings accounts.

Official Bank Title(s)

1: The Farmers National Bank of Exchange, PA

Bank Note Types Issued

Large size bank note here. Example: 1882 Brown Back $5 bank note with pen signatures of J.F. Ellis, Cashier and J.L. Brannen, President.
Large size bank note here. Example: 1882 Brown Back $5 bank note with pen signatures of J.F. Ellis, Cashier and J.L. Brannen, President. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 1 $10 bank note with printed signatures of J.F. Ellis, Cashier and J.L. Brannen, President.
1929 Type 1 $10 bank note with printed signatures of J.F. Ellis, Cashier and J.L. Brannen, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $470,160 in National Bank Notes was issued by this bank between 1906 and 1933. This consisted of a total of 58,998 notes (50,508 large size and 8,490 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 - 500
1902 Red Seal 3x10-20 1 - 440
1902 Date Back 4x5 1 - 1950
1902 Date Back 3x10-20 1 - 1530
1902 Plain Back 4x5 1951 - 7141
1902 Plain Back 3x10-20 1531 - 4546
1929 Type 1 6x5 1 - 830
1929 Type 1 6x10 1 - 451
1929 Type 1 6x20 1 - 134

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1906 - 1933):

Presidents:

  • James L. Brannen, 1907-1932

Cashiers:

Other Bank Note Signers

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

Wiki Links

Sources

  • Exchange, 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 Danville Morning News, Danville, PA, Tue., July 3, 1906.
  • The Danville Morning News, Danville, PA, Fri., Oct. 5, 1906.
  • The Danville Morning News, Danville, PA, Sat., Dec. 15, 1906.
  • The Danville Morning News, Danville, PA, Mon., Dec. 24, 1906.
  • The Danville Morning News, Danville, PA, Tue., May 11, 1909.
  • Mount Carmel Item, Mount Carmel, PA, Mon., Mar. 22, 1909.
  • The Morning Press, Bloomsburg, PA, Wed., Jan. 10, 1923.
  • The Danville Morning News, Danville, PA, Wed., Jan. 15, 1930.
  • The Danville Morning News, Danville, PA, Tue., Jan. 10, 1933.
  • The Danville Morning News, Danville, PA, Tue., Feb. 7, 1933.
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