Farmers National Bank, Union, NY (Charter 9276)
Farmers National Bank, Union, NY (Chartered 1908 - Liquidated 1928)
Town History
Union is a town in Broome County, New York. The name derives from the town having served as a rendezvous for the 1779 Sullivan Expedition. As of the 2010 census, the town had a total population of 56,346. In 1910 the population was 9,486, rapidly expanding to 25,651 by 1920.
The town is in the south-central part of the county, west of Binghamton, on the north side of the Susquehanna River. The communities of Union form the western suburbs of Binghamton. Two communities, the villages of Johnson City and Endicott, along with Binghamton, make up the "Triple Cities." The town of Union was established in 1791, while in Tioga County before the creation of Broome County. The town, a "mother town" of the county, was later reduced in size by the formation of other towns, the first being the town of Owego (then called the "Town of Tioga") in 1800, followed by Lisle (1801), Greene (1808, now in Chenango County), Vestal (1823), and Maine (1848).
Union had one National Bank chartered during the Bank Note Era and it issued National Bank Notes.
Bank History
- Organized October 13, 1908
- Chartered November 18, 1908
- Liquidated January 2, 1928
- Succeeded by Union Trust Company of Endicott
Around September 1, 1908, an application to organize the Farmers National Bank of Union was filed with the Comptroller of the Currency. The idea of a bank for the village was advanced by attorney Thomas A. MacClary and it met with such favor that two thirds of the capital stock of $25,000 had been subscribed. Leading citizens of the adjoining town of Maine also were indorsing the enterprise with 44 subscribers from the two places. A handsome brick building was planned for the permanent home for the bank.
Subscribers met on Tuesday evening, October 13, 1908, and elected the following directors: L.J. Brown, F.E. Day, Jacob Swartwout, D.C. Warner, Alfred McHenry, Elmer B. Lacey, E.M. Andrews, C.E. Whittemore, W.S. Pierce, T.A. MacClary, and George B. Ross. On December 23, 1908, the Farmers National Bank of Union opened its doors in temporary quarters at 9 o'clock and finished the day with deposits of $29,000.Cashier D.C. Warner was assisted by B.W. Bevans of Scranton and Alfred McHenry of Bloomsburg, Pennsylvania. The officers were Eugene M. Andrews, president; T.A. MacClary, first vice president; William S. Pierce, second vice president; and David C. Warner, cashier.
On June 29, 1915, the directors declared their semi-annual dividend and issued a statement that the bank was unaffected by rumors and solvent. A run that bordered on the spectacular on the Farmers National Bank developed after a person had spread groundless rumors regarding the institution's condition. The bank had been offered unlimited cash from Lestershire and Binghamton banks when the run began. These funds, however, were not needed as the bank had eight times as much cash in its vaults as was paid out to depositors. The bank proposed to trace down the false report and to deal with offending persons. Under the laws of 1914, chapter 112, the circulation of false statements regarding a bank was a misdemeanor and punishable by a fine of not more than $1,000 or one year in prison or both. E.M. Andrews, postmaster at Endicott, was president of the bank, and David C. Warner of Union was cashier.
On December 31, 1927, the banking department issued an authorization certificate to the Union Bank of Endicott, a conversion of the Farmers National Bank of Union, with capital of $50,000. On January 2d, 1928, an organization certificate was filed by the Union Trust Company of Endicott and approved by the banking department the next day. Also on January 3rd, the Union Bank was given authority to increase its capital stock from $50,000 to $100,000. An authorization certificate was issued by the State Banking Department on January 6th to the Union Trust Company of Endicott, a conversion of the Union Bank of Endicott, with capital of $100,000.
The national bank was converted into a state bank and then into a trust company. The process was necessary in order to conform to the law providing that national banks in changing to trust companies must become state banks first, according to John M. Payne, treasurer. Eugene N. Andrews was elected president of the new bank, having already served 19 years as president of the national bank. Frank E. Gay, secretary, was the only new officer added. The other officers were: Thomas A. MacClary and William S. Sears, vice presidents; John M. Payne, treasurer; Claude E. Brown and Floyd A. Wheeler, assistant treasurers. The directors were Eugene M. Andrews, Thomas A. MacClary, William S. Sears, John M. Payne, Frank E. Gay, Wallace H. Windus, David C. Warner, Elmer D. Lacey, Lee DuBois, Herbert D. Harris, Claude E. Brown and Floyd A. Wheeler.
On December 7, 1931, stockholders of the Union Trust Company ratified the action of its board to become a member of the Marine Midland Group of Banks. Frank C. Venner was president of the Endicott bank which had capital, surplus and undivided profits in excess of $200,000 and deposits over $1,380,000.
In commenting upon the affiliation of the Union Trust Co. with the Marine Midland Group, Walter W. Schneckenberger, executive vice president of Marine Midland Group, said, "The Union Trust Company of Endicott is a sound, progressive institution, serving a highly prosperous industrial community. Its two major industries are the Endicott-Johnson Shoe Company, and the International Business Machine Corporation."
By 1932, Marine Midland Banks, affiliated with the Marine Trust Company, had 22 locations throughout New York State. Broome County had three large communities, Binghamton, Johnson City and Endicott, with 7 commercial banks. Of those banks, the three Marine Midland Banks had over 50% of the capital funds, 40% of the deposits and 40% of the resources. The banks were the Workers Trust Company of Johnson City, Marine Midland Trust Company of Binghamton, and the Union Trust Company of Endicott.
Official Bank Title(s)
1: The Farmers National Bank of Union, NY
Bank Note Types Issued
A total of $310,200 in National Bank Notes was issued by this bank between 1908 and 1928. This consisted of a total of 24,816 notes (24,816 large size and No small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Date Back 3x10-20 1 - 2370 1902 Plain Back 3x10-20 2371 - 6204
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1928):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- New York Bank Note History
- General information on Union (Wikipedia)
- General information on Broome County (Wikipedia)
- General information on New York (Wikipedia)
Sources
- Union, NY, 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
- Press and Sun-Bulletin, Binghamton, NY, Tue., Sep. 1, 1908.
- Press and Sun-Bulletin, Binghamton, NY, Thu., Oct. 15, 1908.
- Press and Sun-Bulletin, Binghamton, NY, Thu., Dec. 24, 1908.
- Star-Gazette, Elmira, NY, Wed., June 30, 1915.
- Press and Sun-Bulletin, Binghamton, NY, Fri., Jan. 6, 1928.
- Press and Sun-Bulletin, Binghamton, NY, Tue., Jan. 3, 1928.
- The Buffalo Times, Buffalo, NY, Tue., Dec. 8, 1931.
- The Buffalo Times, Buffalo, NY, Wed., Oct. 12, 1932.