Gavitt National Bank, Lyons, NY (Charter 7479)
Gavitt National Bank, Lyons, NY (Chartered 1904 - Liquidated 1933)
Town History
Lyons is a town in and the county seat of Wayne County, New York. It is named after Lyon, France. The population was 3,989 at the 2020 census. In 1860 the population was 5,076, reaching a nineteenth century high of 6,228 in 1890.
The Town of Lyons is in the south-central part of the county and contains a hamlet also named Lyons, formerly a village. It is located on the Erie Canal.
The area was part of the Pulteney Estate. Settlement began circa 1789. The region was originally known as "The Forks." The Town of Lyons was formed from the Town of Sodus in 1811. The Erie Canal was completed as far as Lyons by 1821.
Lyons had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized November 15, 1904
- Chartered November 18, 1904
- Opened for business January 3, 1905
- Succeeded Private Bank of S.B. Gavitt
- Conservatorship March 18, 1933
- Liquidated October 16, 1933
- Absorbed by 1027 (Lyons National Bank, Lyons, NY)
In November 1904, the comptroller of the currency approved the organization of the Gavitt National Bank of Lyons. Incorporators were S.B. Gavitt, W.S. Gavitt, Saxon Gavitt, 2d, Gertrude Gavitt, and Elizabeth Rogers. The Gavitt Bank was established in Lyons forty years ago as a private bank.[1]
On April 3, 1905, Saxon B. Gavitt, the veteran banker of Wayne County and one of Lyons' most prominent citizens for the past sixty years, died in his office at the Gavitt National Bank at half-past 3 o'clock. Mr. Gavitt was born in Columbia County 83 years ago last October. In 1831 when he was 9 years of age, Mr. Gavitt first saw Wayne County. At that time his parents moved from Columbia County to Walworth. In the early '40's he taught school in Williamson, resigning this position to accept another as principal of what became the Clyde High School. In the fall of 1845, Mr. Gavitt was offered the position of deputy county clerk under Alexander B. Williams and on January 1st, 1846, he came to Lyons to reside. Through two terms as deputy county clerk Mr. Gavitt served so successfully that he was nominated and elected county clerk by enormous majorities by the Whig Party in the losing year of that party's existence. He was re-elected for a 2d term and in 1861 he founded the banking house of Gavitt & Murdock which Mr. Gavitt succeeded upon soon thereafter as the sole proprietor, maintaining the bank in Lyons ever since. The same year he married Miss Harriette Durfee, a daughter of Hon. Elias Durfee of Marion. Mrs. Gavitt died in the spring of 1899. A branch of the Gavitt banking house was established in Palmyra and it flourished for a few years under the firm name of Gavitt & Lyon, but was given up later under pressure of business at the local bank. On the outbreak of the Civil War, Mr. Gavitt was on one of the war committees and in that capacity was zealous in raising men and money. In the early 70's he organized the Lyons Gas Company and introduced that method of lighting in the village. On the 1st day of February 1905, the banking house of S.B. Gavitt passed away and the Gavitt National Bank came into being with Saxon B. Gavitt, the veteran founder of the former institution as president. He was survived by one son, William S. Gavitt, vice president of the bank, and three grandchildren, Saxon D. Gavitt, 2d, of Lyons, Miss Mabel Gavitt and Miss Helen Gavitt, students at Wells College.[2]
In January 1920, the officers of the Gavitt National Bank were William S. Gavitt, president; Gertrude J. Gavitt, vice president; Saxon B. Gavitt, cashier; Ira G. Mirick and George Milem, assistant cashiers. The Directors were William S. Gavitt, Gertrude J. Gavitt, Saxon B. Gavitt and Mabel G. Weeks.[3]
In January 1923, the officers elected at the annual meeting of the Gavitt National Bank were as follows: Saxon B. Gavitt, president; Gertrude J. Gavitt and Ira G. Mirick, vice presidents; George H. Milem, cashier; Miss Viola Knittel, assistant cashier. The directors were Saxon B. Gavitt, Gertrude J. Gavitt, Mabel G. Weeks, Helen G. Metcalf, Elinor G. Gavitt, Ira G. Mirick, and George H. Milem.[4]
In January 1930, Saxon B. Gavitt was elected president of the Gavitt National Bank; Gertrude J. Gavitt, vice president; George H. Hilem, vice president; and Violet Knittel, cashier. The directors were Saxon B. Gavitt, Gertrude J. Gavitt, Eleanor J. Gavitt, Helen H. Metcalf, Mabel G. Weeks, and George H. Milem.[5]
In March 1933, the reorganization plans of the two Lyons banks progressed beyond all expectations and it was reported by officials at the Lyons National and Gavitt National banks that half of the necessary stock already had been subscribed by the depositors. Following a public meeting Thursday evening when the requirements of the banks were made known, many depositors then signed pledge cards to subscribe for stock leaving a percentage of their deposits in the banks. President Saxon B. Gavitt of the Gavitt National Bank and President Fletcher J. Towlerton of the Lyons National Bank said they were deeply impressed by the cooperation and confidence placed in them by the depositors. The statute for reorganization of the banks provided that when depositors representing 75% of the amount on deposit signed for reorganization that the plan could be perfected without the consent of the remaining 25%. Both banks were now open for restricted business and each reported large deposits within the last two days in trust deposits.[6]
Having been deprived of unrestricted banking service since March 4 when the Lyons National Bank and the Gavitt National Bank were under the general order of President Roosevelt, the Lyons National Bank would reopen for unrestricted business Friday morning, July 7th. The new bank, which was a merger of the former Lyons National Bank and Gavitt National Bank, would occupy the Gavitt National Bank building at the corner of Church and William Streets. The new bank was made possible by the depositors who signed off a portion of their deposits and in addition subscribed to a large amount of stock. Several of the stockholders in the former banks also subscribed for new stock in the consolidated bank. Dr. Fletcher T. Towlerton would be the president of the new bank, with Frank W. Coffey, William Holloway and Saxon B. Gavitt, vice presidents. Isaac Wagemaker of Alton would be chairman of the board of directors. Other members of the board would be William Holloway, Fletcher J. Towlerton, Frank W. Coffey, Saxon B. Gavitt, Dr. Emory W. Carr, Dr. John C. Carmer and Daniel Moran of Lyons; Clarence Miller and Raymond E. Winfield of Buffalo; Edward J. Morrin of Junius; and Stewart C. Hemmingway of Syracuse. George H. Milem would be assistant vice president and Thad C. Logan, cashier. The new bank was capitalized at $150,000, with a surplus of $30,000. Both banks had been in the hands of a conservator since soon after the order of March 4th during which time a restricted business had been carried on.[7]
Official Bank Title
1: The Gavitt National Bank of Lyons, NY
Bank Note Types Issued
A total of $738,500 in National Bank Notes was issued by this bank between 1904 and 1933. This consisted of a total of 59,080 notes (59,080 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 Red Seal 3x10-20 1 - 3100 1902 Date Back 3x10-20 1 - 5000 1902 Plain Back 3x10-20 5001 - 11670
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1933):
Presidents:
Cashiers:
Other Known Bank Note Signers
Bank Note History Links
Sources
- Lyons, 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
- ↑ Democrat and Chronicle, Rochester, NY, Sat., Nov. 12, 1904.
- ↑ Democrat and Chronicle, Rochester, NY, Tue., Apr. 4, 1905.
- ↑ The Buffalo Times, Buffalo, NY, Sun., Jan. 25, 1920.
- ↑ Democrat and Chronicle, Rochester, NY, Fri., Jan. 12, 1923.
- ↑ Democrat and Chronicle, Rochester, NY, Tue., Jan. 21, 1930.
- ↑ Democrat and Chronicle, Rochester, NY, Mon., Mar. 27, 1933.
- ↑ Democrat and Chronicle, Rochester, NY, Thu., July 6, 1933.