Herndon National Bank, Herndon, PA (Charter 13982)
Herndon National Bank, Herndon, PA (Chartered 1934 - Closed (Merger) 2011)
Town History
Herndon, formerly Trevorton Junction, is a borough along the Susquehanna River in Northumberland County, Pennsylvania. Herndon was first founded by Robert A. Parrish in 1840. The town was later named for Naval Commander William Lewis Herndon, who died in 1857 while trying to rescue passengers from his sinking ship. The population was 324 at the 2010 census.
Herndon had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized January 24, 1934
- Chartered February 1, 1934
- Succeeded 6049 (First National Bank, Herndon, PA), and assumed its circulation
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into The Gratz National Bank in Gratz, PA, Aug 5, 2011
In December 1933, nearly unanimous approval of the re-organization plan of the First National Bank of Herndon was given at a meeting of the depositors in the Masonic temple at Herndon. The plan included a 25% waiver of deposits and the new $75,000 capitalization. There were 300 present and the crowd was too big to be accommodated in the hall. Lloyd Tressler presided for part of the evening and Attorney W.H. Unger, of Shamokin, also was in charge. After the proposition had been explained at great length and numerous questions asked, the depositors were practically unanimous in acceptance. Under the plan 75% of the deposits would be freed, and 25% held, backed by assets frozen at the time, but with the possibility of becoming more liquid at a later date. There was more than $800,000 on deposit at the bank. When persons having $600,000 on deposit signed waivers, the program could proceed. Three trustees were elected: John A. Byerly, John A. Straub and C.W. Rieger.
On February 1, 1934, a charter was granted and the conservatorship of the bank in effect since the bank holiday dissolved. Carlos Wiest was the president of the new bank with A.S. Hepner, cashier, and Lee Hepner and Samuel Allison, assistant cashiers. The Herndon National Bank opened for a general banking business on Monday, February 5, in the same banking house occupied by its predecessor, the First National Bank of Herndon. There were only a few withdrawals of deposits along with persons making deposits. The conservatorship of A.S. Hepner was terminated at noon on Saturday the 3rd. The immediate effect on the community at large was the availability of $600,000 in deposits to nearly 1,800 depositors.
Stockholders re-elected the following board of directors: Carlos Wiest, A. S. Hepner, Leon Buffington, Samuel K. Wilkinson, C.H. Malick, R.W.E. Wilkinson, John L. Brower, M.D. Drumheller, John A. Adams, John A. Byerly, Harry E. Phillips, J.M. Schwartz, H.S. Bogar, and L.J. Tressler. The board then reorganized by re-electing the following officers: Carlos Wiest, president; A.S. Hepner, cashier; Lloyd J. Tressler, vice president; John A. Byerly, secretary; and Lee Hepner, assistant cashier. The present banking institution, successor to the First National Bank of Herndon, was opened February 5, 1934, under a plan provided by the U. S. government. In less than a year it built resources of $840,000. Ninety days after its opening, all restriction on deposits were removed, and depositors of the former institution had access to 100% of their deposits. The capital stock was $50,000, paid in surplus, $25,000, and Undivided Profits, $11,000.
On April 26, 2011, the shareholders met in the bank's main office at 115 N. Main Street, Herdon to consider whether to merge the bank with The Gratz National Bank of Gratz, Pennsylvania. Steven I. Tressler was CEO, Corporate Secretary and Cashier.
Official Bank Title(s)
1: The Herndon National Bank, Herndon, PA
Bank Note Types Issued
A total of $13,650 in National Bank Notes was issued by this bank between 1934 and 2011. This consisted of a total of 2,730 notes (No large size and 2,730 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1929 Type 2 5 1 - 2730
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1934 - 2011):
Presidents:
Cashiers:
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 Herndon (Wikipedia)
- General information on Northumberland County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Herndon, PA, Wikipedia, https://en.wikipedia.org/wiki/Herndon,_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
- Shamokin News-Dispatch, Shamokin, PA, Tue., Dec. 26, 1933.
- The Daily Item, Sunbury, PA, Fri., Feb. 2, 1934.
- The Daily Item, Sunbury, PA, Mon. Feb. 5, 1934.
- Shamokin News-Dispatch, Shamokin, PA, Thu., Jan. 10, 1935.
- The Daily Item, Sunbury, PA, Tue., Apr. 19, 2011.