Farmers National Bank, Somerset, PA (Charter 5452)
Farmers National Bank, Somerset, PA (Chartered 1900 - Liquidated 1934)
Town History
Somerset is a borough in and the county seat of Somerset County, Pennsylvania. The borough is surrounded by Somerset Township. Somerset is just off Exit 110 of the Pennsylvania Turnpike (I-70 and I-76). The population was 6,046 at the 2020 census. In 1880 the population was 1,197 increasing to 4,395 by 1930.
Somerset was a central stage for the Whiskey Rebellion of 1794. Several rebellion leaders, including Harmon Husband, lived in Somerset. The federal militia sent to put down the rebellion worked from its headquarters in the nearby town of Berlin. The Whiskey Rebellion was the first major test of the federal authority under the newly adopted U.S. Constitution and under President George Washington.
A major fire on the afternoon of May 9, 1872, destroyed a significant portion of the town within just a few hours.
Somerset had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. The national banks were the First National Bank (Charter 4100), The Somerset County National Bank (Charter 4227), the Farmers National Bank, (Charter 5452), and the Peoples National Bank (Charter 13900).
Bank History
- Organized June 11, 1900
- Chartered June 26, 1900
- Conservatorship March 20, 1933
- Liquidated February 20, 1934
- Succeeded by 13900 (Peoples National Bank, Somerset, PA)
- Circulation assumed by 13900 (Peoples National Bank, Somerset, PA)
On Saturday, April 26, 1902, the Baer block, the largest and most imposing business building in Somerset, erected by Judge William J. Baer in 1872-73, was sold by the Heilman (Hileman?) estate to the Farmers National Bank of Somerset for $21,000. The bank commenced business September 4, 1900.
In January 1904, the officers were H.L. Sipe, president, A.L.G. Hay, vice president; and Henry F. Barron, cashier. The directors were H.L. Sipe, A.L.G. Hay, E.E. Pritts, Henry F. Barron, J.W. Frease, C.J. Miller and Henry Coleman.
In May 1924, the officers were Isaiah Good, president; J.B. Bricker, vice president; Howard R. Boose, cashier; S.B. Friedline and Henry Knepper, assistant cashiers.
On January 13, 1932, the bank completed its organization by electing John H. Beerits, president; Miles A. Varner, first vice president; J.B. Gerhard, second vice president; Howard R. Boose, cashier, and Simon Friedline, assistant cashier. The election of Mr. Beerits came as a result of the declination of Mr. Varner to serve permanently. When Joseph M. Bricker, who had been president since the death of Isaiah Good in the fall of 1929, died in July, Mr. Varner, who had been first vice president, stepped into the presidency. He felt however, that he could not give the time the office required. Mr. Beerits was thereupon persuaded to accent the presidency. Mr. Beerlts' prominence in the business world and his long experience as a bank director qualify him for his new office and his selection was hailed as a piece of good fortune for the Farmers National Bank. Mr. Beerlts' own business place, H.C. Beerits' Sons, was close to the bank. The Farmers National Bank continued during 1931 the splendid record that it has been making and after declaring dividends of 20% in semi-annual installments of 10% and adding substantially to its reserve.
Ever since the old Farmers National Bank opened under restrictions following the banking holiday of March 1933, Somerset had been interested in getting it open on an unrestricted basis. There was such a long list of institutions similarly situated in charge of the comptroller of the currency, many of them in communities without banking facilities, that it was autumn before the officers of the Farmers were able to find out what they might do. Once they found out, it did not take long for them to act. It was decided to organize a new bank to take over the assets of the Farmers and in conformity with that decision, The Peoples National Bank of Somerset was organized. Determination to release the half million dollars of Farmers National Bank funds involved in the transaction as promised, brought into play reserve forces that achieved what seemed to be impossible. On Saturday, December 23, 1933, The Peoples National Bank of Somerset opened for business in the room the Farmers National Bank had occupied, the crowning achievement of a series of brilliant achievements of President John H. Beerits and his loyal and efficient co-workers. Their efforts made Christmas much merrier for a lot of folks. The officers of the new institution were John H. Beerits, president; Miles A. Varner, vice president; James F. Collins, cashier; James H. Seibert, Assistant Cashier; and Josiah Swank, Warren G. Ferner, John Y. Barkman, trustees. Directors were John H. Beerits, Miles A. Varner, M.G. Shoemaker, D.W. Rhoads, Fred B. Shaffer, A.J. Lohr, and John Y. Barkman. In that first day, $32,071.53 were received in new deposits.
Official Bank Title(s)
1: The Farmers National Bank of Somerset, PA
Bank Note Types Issued
A total of $1,097,550 in National Bank Notes was issued by this bank between 1900 and 1934. This consisted of a total of 136,358 notes (117,376 large size and 18,982 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 3275 1882 Brown Back 3x10-20 1 - 2390 1882 Date Back 4x5 1 - 4150 1882 Date Back 3x10-20 1 - 3050 1882 Value Back 4x5 4151 - 6900 1882 Value Back 3x10-20 3051 - 4430 1902 Plain Back 4x5 1 - 7195 1902 Plain Back 3x10-20 1 - 5154 1929 Type 1 6x5 1 - 1732 1929 Type 1 6x10 1 - 970 1929 Type 1 6x20 1 - 278 1929 Type 2 5 1 - 734 1929 Type 2 10 1 - 310 1929 Type 2 20 1 - 58
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1900 - 1934):
Presidents:
- Harry Levan Sipe, 1900-1915
- Isaiah Good, 1916-1928
- Joseph M. Bricker, 1929-1930
- Miles A. Varner, 1931-1931
- John Henry Beerits, 1932-1932
Cashiers:
Other Bank Note Signers
- Henry Knepper, Assistant Cashier 1924
- There are currently no known Vice President bank note signers for this bank.
Wiki Links
- Pennsylvania Bank Note History
- General information on Somerset (Wikipedia)
- General information on Somerset County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Somerset, PA, Wikipedia, https://en.wikipedia.org/wiki/Somerset,_Pennsylvania
- 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
- The Daily American, Somerset, PA, Thu., Jan. 7, 1904.
- Bedford Gazette, Bedford, PA, Fri., May 2, 1902.
- The Republic, Meyersdale, PA, Thu., May 29, 1924.
- The Daily American, Somerset, PA, Thu., Jan. 14, 1932.
- The Daily American, Somerset, PA, Sat., Dec. 23, 1933.
- The Daily American, Somerset, PA, Tue., Dec. 26, 1933.