Farmers National Bank, Reading, PA (Charter 696)
Farmers National Bank/Farmers NB & TC, Reading, PA (Chartered 1865 - Receivership 1934)
Town History
Reading (/ˈrɛdɪŋ/ RED-ing) is a city in and the county seat of Berks County, Pennsylvania. The city had a population of 95,112 as of the 2020 census and is the fourth-largest city in Pennsylvania after Philadelphia, Pittsburgh, and Allentown. Reading is located in the southeastern part of the state, 38.8 miles southwest of Allentown and 62.9 miles northwest of Philadelphia, and is the principal city of the Greater Reading Area, which had 420,152 residents as of 2020.
Reading's name was drawn from the now-defunct Reading Company, widely known as the Reading Railroad and since acquired by Conrail, that played a vital role in transporting anthracite coal from Pennsylvania's Coal Region to major East Coast metropolitan markets through the Port of Philadelphia for much of the 19th and 20th centuries. Reading Railroad is one of the four railroad properties in the classic U.S. version of the Monopoly board game. Reading was one of the first localities where outlet shopping became a tourist industry. It has been known as "The Pretzel City" because numerous local pretzel bakeries are based in the city and its suburbs; currently, Bachman, Dieffenbach, Tom Sturgis, and Unique Pretzel bakeries call the Reading area home. In recent years, the Reading area has become a destination for cyclists with more than 125 miles of trails in five major preserves; the region is an International Mountain Bicycling Association ride center.
Reading had nine National Banks chartered during the Bank Note Era, and eight of those banks issued National Bank Notes.
Bank History
- Organized December 21, 1864
- Chartered January 9, 1865
- Succeeded Farmers Bank
- 1: Assumed 1875 by consolidation January 2, 1926 and its circulation (National Bank/Keystone NB, Reading, PA)
- 2: Conservatorship March 18, 1933
- 2: Receivership November 8, 1934
The banking Act of 1814 passed both branches of the Legislature by a majority of two-thirds. The Act provided for districts and the number of banking institutions in those districts. The Counties of Berks & Schuylkill were a district and authorized to establish one bank to be called the Farmer's Bank of Reading and the directors or a majority of them could establish an office at the borough of Orwigsburg in Schuylkill County for the purpose of discount and deposit only. Section 2 of the act appointed commissioners to establish the banks. The commissioners for the Farmers' Bank of Reading were John Spayd, David Kerper, Peter Nagle, Jr., Conrad Stough, Gabriel Hiester, Jr., Frederick Smith, Jacob K. Boyer, Samuel D. Franks, Abraham Engle, Samuel Ely, Peter Knab, John Miller, Jacob Krebs, James McFarland and Jacob Levan.
In December 1818, Benjamin Davies was elected cashier in place of James Wilson, resigned. In January 1819, the report to the Legislature show the bank had Notes in circulation $210,702.00, and Specie $34,191.38.
In September 1819, Mr. Reese, the president, resigned and Frederick Smith, Esq. was appointed to officiate until the annual election in November. On Monday, November 22, 1819, directors elected Frederick Smith, president; John S. Hiester, cashier and Benjamin Davies, chief clerk. Their salaries were fixed at $500, $1100, and $600.
On Monday, November 28, 1836, directors unanimously chose Isaac Eckert, Esq., president; and Benneville Keim, Esq., cashier.
In May 1862, spurious 1s were reported on the Farmers' Bank of Reading, Isaac Eckert, president; H.H. Muhlenberg, cashier. Vignette of a cattle scene, female on right and locomotive on left.
The Farmers Bank in Reading was famous because it once sheltered George Washington. The structure wasn't a bank then. It was the Federal Inn. Washington was on his way in 1794 to the scene of the whisky rebellion which disturbed the whole country. When he reached Reading, the whole town turned out to receive him and the keeper of the Federal Inn made the President's stay a great social affair. Under the inn keeper's direction, a military parade was held and Washington reviewed the troops from a window of the inn.
In December 1864, notice was published by both the Farmers' Bank of Reading and the Union Bank of Reading that stockholders of the respective banks voted to become a associations for the purpose of banking under the laws of the United States.
On Tuesday, January 9, 1866, stockholders of the Farmers National Bank elected the following directors: Isaac Eckert, Geo. Merkle, Henry Mull, G.A. Nicolls, Wm. Moore, Jos. Wright, Samuel Guldin, Wm. Arnold, Aug. S. Thompson, and Andrew Davis.
On Tuesday, January 10, 1933, the directors elected were William B. Eckert, Aaron B. Stein, Wellington M. Bertolet, F.A. Bigelow, Landes F. Miller, Max Luria, Fred H. Ludwig, John Barbey, George B. Schaeffer, John E. Barbey, Thomas A. Willson, Warren S. Adams, John S. Giles, Dr. Claude W. Bankes, William K. Eckert, Ferdinand Thun, and George D. Horst.
On February 17, 1933, three Reading banks, the Farmers National Bank and Trust Company, the Penn National Bank and Trust Company, and the Reading National Bank and Trust Company merged. The merged company with total resources of approximately $30 million would bear the name of the Farmers National Bank and Trust Company. Directors of the institutions as formerly constituted were: Reading National Bank and Trust Company, Henry K. Harrison, G. Stanley Hendel, Louis F. Kraemer, J. Heber Parker, George A. Ravel, E. Richard Meinig, Charles H. Schlegel, Isaac C. Eberly, William C. Bitting and W.W. Staudt. Penn National Bank and Trust Company, Joseph V.R. Leinbach, J.H. Barr, W.D. Brumbach, J.H. Hasbrouck, Irvin F. Impink, A. Raymond Bard, Harry F. Kantner, Irvin S. Brant, John M. Seasholtz and Carl Boas.
Ferdinand Thun, Wyomissing manufacturer, was made chairman of the board and George D. Horst, Reading manufacturer was president of the new Farmers National Bank and Trust Co. Charles T. Cubellis would continue as assistant to the president; Henry K. Harrison, vice president; Walter G. Mast, assistant vice president; Joseph H. Hasbrouck, vice president; F. Edwin Titlow, vice president; H. Earl Sheetz, assistant cashier. Harrison and Mast were officers of the Reading National Bank and Trust Co. and Hasbrouck, Titlow and Sheetz, officers of the Penn National Bank and Trust Co. These officers of the Farmers National Bank and Trust Company continued in their previous positions: William K. Eckert, vice president; Robert E. Gehret, assistant vice president; Elmer D. Miller, cashier; Richard M. Quimby assistant cashier; William F. McNall, secretary to the board; Paul J. Kaufmann, auditor; Harrison E. Quereau, trust officer; H.L. Althouse, assistant trust officer and manager of the real estate department; and George B. Balmer, solicitor. Business was conducted as usual at the three institutions and customers had been asked to continue to transact their business at the same offices as they had done prior to the merger.
On March 2, 1933, the newly formed Farmers National Bank and Trust Company suspended withdrawals of cash and asked for police protection as a precautionary measure. After passage of state legislation permitting banks to limit withdrawals, the bank ruled that no depositor would be allowed to withdraw more than 5% of their account.
On March 20, 1933, Wellington M. Bertolet, a member of the board of directors and counsel for the Farmers National Bank and Trust Company assumed duties as conservator. He was appointed conservator by the comptroller of the currency, acting upon the suggestion of the board. While plans for reopening were being formulated, Bertolet said, "It is unthinkable that the Farmers bank should not resume its place in the banking life of this community."
On January 3, 1934, a wildly jubilant victory dinner was held at the Abraham Lincoln. The Union National Bank of Reading virtually became a reality when 100,600 shares of stock were subscribed as reported at the dinner. Leaders in the organization of the proposed new bank said they expected to open for business in from 30 to 60 days. The bank's opening would allow $4,600,000 in frozen deposits to be made available to 58,000 depositors in the defunct Farmers, Reading, and Penn National Banks.
Ferdinand Thun, president of the new Union National Bank announced receipt of the following telegram, "Ferdinand Thun, Care Farmers National Bank and Trust Company, Reading, Penna. Union National Bank of Reading No 14277 authorized to commence business. Charter will be mailed you. J.F.T. O'Connor, Comptroller of the Currency." The board met on Saturday morning, and a resolution was passed to open the bank formally as of October 6, 11:58 AM, and be open for business for the public on Monday morning, October 8. The Union National had: Cash on hand and due from banks, $4,233,134.98, Bonds $826,251.85, Bank Building $450,000 and total assets of $6,704,154.31. The bank, the most modern and best equipped in town, was bought from the conservator. The new board was headed by Fred A. Bigelow, president of the Carpenter Steel Company; and William K. Eckert, vice chairman. Other directors were Warren S. Adams, George B. Balmer, Jere H. Barr, William C. Bitting, Charles T. Davies, George D. Horst, Harold M. Leinbach, James P. Mercer, Frederick W. Nicolls, Arthur C. Roland, Allyn Taylor and F. Thun.
On January 30, 1935, stockholders in three Reading banks whose affairs were in the hands of receivers, were called on to pay 100 percent as assessments totaling $2,600,020 for the benefit of depositors. Farmers National Bank and Trust Company stockholders were asked to pay $1,000,020 to Edward C. Nolan, receiver. Reading National Bank and Trust Company stockholders must pay $600,000 to H.S. Adams, receiver, and Penn National Bank and Trust company stock holders pay $1,000,000 to William H. McGowan, receiver, according to the assessment notice from J.F.T. O'Connor, comptroller of the currency. Payments, were due Saturday, Feb. 23. 1935. In each case the receiver was empowered to bring suit or to take other steps to enforce collection of the assessment. The receivers were engaged in realizing on the assets of the three institutions, which were regarded as separate, regardless of their merger a few weeks before the general banking holiday in 1933. The proceeds of the assessments would be used in paying further dividends to depositors, who had received about 30 percent of their holdings thus far.
Official Bank Title(s)
1: The Farmers National Bank of Reading, PA
2: Farmers National Bank and Trust Company of (6/18/1928), Reading, PA
Bank Note Types Issued
A total of $10,523,880 in National Bank Notes was issued by this bank between 1865 and 1934. This consisted of a total of 1,198,384 notes (967,858 large size and 230,526 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1: Original Series 3x1-2 1 - 12000 1: Original Series 4x5 1 - 17275 1: Original Series 3x10-20 1 - 3700 1: Original Series 50-100 1 - 430 1: Series 1875 4x5 1 - 12750 1: Series 1875 3x10-20 1 - 6197 1: Series 1875 50-100 1 - 667 1: 1882 Brown Back 3x10-20 1 - 11343 1: 1902 Red Seal 3x10-20 1 - 15000 1: 1902 Date Back 4x5 1 - 10250 1: 1902 Date Back 3x10-20 1 - 33600 1: 1902 Plain Back 4x5 10251 - 66914 1: 1902 Plain Back 3x10-20 33601 - 85145 2: 1902 Plain Back 4x5 1 - 7116 2: 1902 Plain Back 3x10-20 1 - 3976 2: 1929 Type 1 6x5 1 - 20080 2: 1929 Type 1 6x10 1 - 14219 2: 1929 Type 1 6x20 1 - 4122
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1934):
Presidents:
- Isaac Eckert, (I), 1865-1873
- Henry S. Eckert, 1874-1893
- George B. Eckert, 1894-1894
- William Augustus Arnold, 1895-1895
- Isaac Eckert, (II), 1896-1907
- Calvin Kline Whitner, 1908-1920
- Jefferson Snyder, 1921-1925
- Randolph Scott Meck, 1926-1931
- George D. Horst, 1932-1932
Cashiers:
- Dr. Hiester Henry Muhlenberg, 1865-1885
- Cyrus Rick, 1886-1894
- Hiester M. Hanold, 1895-1896
- Rodgers Monroe Hoffman, 1897-1902
- Warren L. Davis, 1903-1909
- Randolph Scott Meck, 1910-1919
- Harry Leinbach Althouse, 1920-1925
- Elmer Dietrich Miller, 1926-1932
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Reading (Wikipedia)
- General information on Berks County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Reading, 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
- Carlisle Weekly Herald, Carlisle, PA, Fri., Apr. 1, 1814.
- Lancaster Intelligencer, Lancaster, PA, Sat., Dec. 19, 1818.
- Pennsylvania Republican, York, PA, Tue., Jan. 19, 1819.
- Lancaster Intelligencer, Lancaster, PA, Sat., Dec. 4, 1819.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Nov. 30, 1836.
- The Perry County Democrat, Bloomfield, PA, Thu., May 1, 1862.
- Reading Times, Reading, PA, Sat., Dec. 31, 1864.
- Reading Times, Reading, PA, Fri., Jan. 12, 1866.
- The Allentown Leader, Allentown, PA, Wed., Feb. 19, 1902.
- Reading Times, Reading, PA, Thu., July 12, 1928.
- Reading Times, Reading, PA, Wed., Jan. 11, 1933.
- Shamokin Daily News, Shamokin, PA, Fri., Feb. 17, 1933.
- The York Dispatch, York, PA, Thu., Mar. 2, 1933.
- Reading Times, Reading, PA, Mon., Mar. 20, 1933.
- The Ephrata Review, Ephrata, PA, Fri., Jan. 5, 1934.
- Reading Times, Reading, PA, Mon., Oct. 8, 1934.
- Reading Times, Reading, PA, Thu., Jan. 31, 1935.