First National Bank, Lake Ariel, PA (Charter 9886)
First National Bank, Lake Ariel, PA (Chartered 1910 - Closed (Merger) 2001)
Town History
Lake Ariel is a village in Lake and Salem Townships of Wayne County, Pennsylvania. Located in northeastern Pennsylvania in The Poconos, Lake Ariel was founded by settlers with the name of Jones, and was previously known as Jonestown. Following a name change, Lake Ariel became home to Lake Ariel Park, a major tourist destination for Pennsylvanians in the late 19th and early 20th centuries.
First settled in 1822 by the Jones family, the town was first called The Stock Farm and later Jonestown or Jones Pond. The first farm was located at the south end of the lake. Although when the village was first settled, it was populated by only a few family farms, Jonestown soon expanded due to the Pennsylvania Coal Company's Gravity Railroad. It brought workers and soon businesses were needed to fulfil their needs, including a post office named Ariel, which would later lead to the change in name of the town.
Since the late 19th century through the 20th century, Lake Ariel has had various thriving businesses. There were numerous sawmills, and Lake Ariel also had different factories such as a cheese factory and a chair factory. Many locals also held jobs at the ice houses and Lake Ariel Park. Lake Ariel Park was a major tourist area for the community. It contained a pavilion for picnics and dancing. There were also rides such as a waterslide, a rollercoaster called the Cyclone, carousels, and miniature train rides. The park also had a beach where visitors could go swimming or boating. The owners of Lake Ariel Park also purchased an airplane so that their visitors could pay to get rides in the plane. The Lake Ariel Park also led to the increased popularity of the Lake Ariel Hotel which was formerly known as the Columbia Hotel. The Lake Ariel Hotel stood in disrepair for many years until it was finally torn down in 2011.
Lake Ariel had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized August 22, 1910
- Chartered November 10, 1910
- Conservatorship March 24, 1933
- Licensed September 16, 1933
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into NBT Bank, N.A. in Norwich, NY, March 16, 2001
On November 10, 1910, a charter was issued to the First National Bank of Lake Ariel, Pennsylvania (Post Office Ariel). Capital was $50,000 with Charles Shaffer, president; W.R. Shaffer, vice president; and M.J. Emery, cashier.[3]
The idea of promoting a bank in the townships of Wayne and Lackawanna Counties known as Lake, Salem, Drehr, Sterling, Jefferson, South Canaan, and Cherry Ridge, originated with Murten J. Emery, now cashier and one of the directors of the First National Bank. He had looked upon these townships as a promising field for development while connected with the People's National Bank of Scranton, as head of its soliciting department. With a combined population of about 1,000 voters and a census less than many boroughs in the surrounding counties, the enterprise was discouraged by many, with the exception of a few businessmen in the several townships. They went at it with the idea that their institution was to be a people's bank, that its officers should be chosen by the people, without the trick of a caucus. In May 1910, a meeting was called an a committee of twelve citizens elected to perfect the organization. They delegated a committee composed of Charles Shaffer, Howard Swingle and Murten J. Emery to acquire the necessary land, erect and equip the building, and capitalize at $50,000.
There was some excitement in the village streets of Lake Ariel when the bank opened its doors at 7 o'clock in the morning of November 12, 1910. The organization had been completed some weeks before. Directors, officers and stockholders had been planning for a genuine country fair day, with a bank opening instead of a parachute drop as the most promising attraction. As early as 7 o'clock, a goodly number of men, women and children jostled about the door, seeking the distinction of being the first depositor. Handsome souvenirs were given to each depositor.[4] Scarcely had the lock turned, when Benjamin Shaffer crowded through the door and laid one thousand dollars in cold, chilled currency of the United States on the teller's desk. The war was on and depositors pressed and crowded for admission. Before 10 o'clock they were lined up on the main street in such numbers that late comers were forced to the end of the line nearly a block away. It was not long before the officers realized they were up against a big day's business and they sent to Scranton for additional tellers. The cage work was removed to enlarge the floor space. Six receiving clerks accepted the money and at ten o'clock that night, the bank closed its doors, having garnered $43,595.44, not a record sum, but one representing more depositors than ever recorded for a bank in the state of Pennsylvania on its opening day.
The president, Charles Shaffer, was selected from Gravity. He was a lumberman and farmer, having large investments in both. W.R. Shaffer, postmaster of Varden, was made vice president. He was a successful merchant and experienced in business. Dr. A.M. Cook, a physician was elected to the board from South Canaan. Three men from Hamlin were admitted: George Gillet, an undertaker, farmer and man of many business interests; A.N. Patterson, a young farmer with modern methods; and George Bell, a contractor and farmer. Charles Ramble, a farmer, represented the directors at Avoy. Lake Ariel proper was represented on the board of directors by J.W. Sandercock and Conrad Swingle, both retired farmers; Howard Swingle, an enterprising young lumberman; J.W. Cook of the firm of Sampson & Cook, general merchants of the village; and Murten J. Emery, the cashier of the institution. Roy N. Howe, teller, along with Cashier Emery were the working force of the institution. Mr. Howe was a native of Lake Ariel and a graduate of Wyoming Seminary. They would hasten to assure you that the bank was merely located in Lake Ariel, that the smallest part of their investors resided there and that it was a bank for seven townships.
The bank building was one that would do credit to any of the cities of Northeastern Pennsylvania. It stood on the main street on the principal business corner and was constructed of concrete blocks. The entire ground floor was used for banking purposes only. The funds were kept in a modern, fire- and burglar-proof vault. The ceilings of the banking rooms were of steel. A large directors' room was adjunct to the operations of the bank. Mr. Emery, the cashier, occupied a modern apartment on the second story. Modern plumbing and steam heat supplied all the city comforts. The building and lot cost $7,660 and the furnishings $2,515. A lawn of ample proportions added to the attractiveness of the building.[5]
In August 1913, Cashier M.J. Emery of the First National Bank of Ariel sustained painful injuries from being thrown out of an automobile driven by Floyd Bortree. Mr. Bortree was going at a good clip in his stripped-down car when a short turn caused Mr. Emery to be thrown out. When picked up he was unconscious and suffering from a deep gash on the head and injuries about the leg.[6]
In February 1916, M.J. Emery, former cashier of the Ariel bank was secretary-treasurer and general manager of the Ariel Lumber Company. County Commissioner Rockwell was the newly elected president and Charles Shaffer was vice president.[7] Cashier Emery was elected vice president of the First National on Saturday, February 12, 1916. Roy N. Howe, formerly teller was elected cashier and Linton N. Hazlett was named as teller to succeed Mr. Howe.[8]
On March 28, 1933, announcement was made that the First National Bank of Lake Ariel would open under the direction of a conservator. Roy N. Howe, cashier of the bank had been appointed as the bank's conservator by the United State Treasury Department. The institution resumed business accepting deposits segregated from old deposits, with the new deposits available 100% on demand.[9] On September 20th, the comptroller of the currency licensed the First National Bank to reopen.[10] On Friday, October 20, 1933, Charles Shaffer, 73, one of the organizers of the First National Bank of Lake Ariel and president since its inception, died in his home at Lake Ariel. Born in the vicinity of Lake Ariel, he had resided there all his life. He founded the Shaffer Lumber business many years ago and was active with that concern until several years ago. He was a carpenter by trade. After the bank was closed during the banking holiday inaugurated by President Roosevelt, he was instrumental in having the routine of business brought back to normalcy. For several months the bank was operated under a federal restriction.[11]
In December 1991, the First National Bank of Lake Ariel reached a definitive agreement to purchase the Pocono Bank of Milford. John G. Martines, president and chief executive officer, said the Pocono Bank would be purchased from High Point Financial Corp. of Branchville, New Jersey which opened the Milford bank in November 1988. The First National had six branches in Northeast Pennsylvania and assets in excess of $100 million. Michael A. Dickerson, president and CEO of High Point Financial Corp., said that the First National Bank of Lake Ariel was his first choice among those institutions which considered purchasing the Pocono Bank. The bank would remain unchanged under the direction of John Martines and the First National. The Pocono Bank had assets of more than $20 million. Incorporated in 1987 and opened for business in a trailer on November 9, 1988, its permanent office was opened during July 1989. Dickerson said the sale of the Pocono Bank was necessitated by the need to strengthen the capital base of its other subsidiary bank, the National Bank of Sussex County. NBSC had assets of nearly $260 million with 10 branches located throughout Sussex County in New Jersey.[13]
In May 2000, LA Bank announced it reached a definitive agreement to acquire six Sovereign Bank branches in Susquehanna County. The banks being acquired had approximately $90 million in deposits and $50 million in loans. The transaction, subject to approval by regulatory authorities, was expected to be completed in the fourth quarter of 2000.[14] In the Fall of 2000, LA Bank, N.A. and Pioneer American Bank, N.A. joined to become Pennstar Bank.[15]
In January 2001, Penstar Bank president and Chief Operating Officer David E. Raven, announced the opening of a new office in Dallas. The branch complemented the bank's existing branch network in Luzerne County which included offices on Wilkes-Barre Boulevard, the East End Shopping Center in Wilkes-Barre, and on Market Street in Kingston. The new office was inside Orloski's Market, 300 memorial Highway, and contained five teller stations, four drive-up lates, ATM and safe deposit box areas. Debra Skurkis was branch manager and John G. Martines was chairman of the board.[16]
On March 16, 2001, Penstar Bank merged and became part of NBT Bank, National Association in Norwich, New York. Daryl Forsythe was president and CEO of NBT Bankcorp Inc., parent of Pennstar Bank.[17]
- 04/24/1992 Acquired The Pocono Bank (FDIC #27370) in Milford, PA.
- 05/10/1993 Changed Institution Name to LA Bank, National Association.
- 11/11/2000 Changed Institution Name to Pennstar Bank, National Association.
- 12/09/2000 Acquired Pioneer American Bank, National Association (FDIC #7423) in Carbondale, PA.
- 03/16/2001 Merged and became part of NBT Bank, National Association (FDIC #7230) in Norwich, NY.
Official Bank Title
1: The First National Bank of Lake Ariel, PA
Bank Note Types Issued
A total of $1,058,160 in National Bank Notes was issued by this bank between 1910 and 1935. This consisted of a total of 131,415 notes (103,216 large size and 28,199 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 4x5 1 - 4200 1902 Date Back 3x10-20 1 - 3200 1902 Plain Back 4x5 4201 - 15314 1902 Plain Back 3x10-20 3201 - 10490 1929 Type 1 6x5 1 - 2136 1929 Type 1 6x10 1 - 1170 1929 Type 1 6x20 1 - 366 1929 Type 2 5 1 - 3682 1929 Type 2 10 1 - 1893 1929 Type 2 20 1 - 592
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1910 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Lake Ariel, 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
- ↑ The Tribune, Scranton, PA, Wed., Nov. 15, 1911.
- ↑ Citizens' Voice, Wilkes-Barre, PA, Sun., Aug. 13, 2000.
- ↑ The Wall Street Journal, New York, NY, Sat., Nov. 12, 1910.
- ↑ The Citizen, Honesdale, PA, Wed., Nov. 16, 1910.
- ↑ The Tribune, Scranton, PA, Wed., Nov. 15, 1911.
- ↑ The Scranton Truth, Scranton, PA, Wed., Aug 13, 1913.
- ↑ Carbondale Daily News, Carbondale, PA, Wed., Feb. 23, 1916.
- ↑ The Tribune, Scranton, PA, Mon., Feb. 14, 1916.
- ↑ The Tribune, Scranton, PA, Wed., Mar. 29, 1933.
- ↑ Wilkes-Barre Times Leader, Wilkes-Barre, PA, Wed., Sep. 20, 1933.
- ↑ The Tribune, Scranton, PA, Mon., Oct. 23, 1933.
- ↑ The Times-Tribune, Scranton, PA, Thu., Jan. 24, 1991.
- ↑ The Times-Tribune, Scranton, PA, Sun., Dec. 8, 1991.
- ↑ The Times-Tribune, Scranton, PA, Mon., May 15, 2000.
- ↑ Citizens' Voice, Wilkes-Barre, PA, Sun., Aug. 13, 2000.
- ↑ Citizens' Voice, Wilkes-Barre, PA, Tue., Jan. 9, 2001.
- ↑ The Tribune, Scranton, PA, Thu., Apr. 19, 2001.