Honesdale National Bank, Honesdale, PA (Charter 644)
Honesdale National Bank, Honesdale, PA (Chartered 1864 - Open past 1935)
Town History
Honesdale is a borough in, and the county seat of, Wayne County, Pennsylvania. The borough's population was 4,458 at the time of the 2020 census. In 1860 the population was 2,544, growing to 5,490 by 1930.
Honesdale is located 32 miles northeast of Scranton in a rural area that provides many recreational opportunities, such as boating, fishing, hiking, hunting, skiing, biking, skateboarding, and rafting. Located in a coal mining region, during the nineteenth century it was the starting point of the Delaware and Hudson Canal, which provided for transport of coal to Kingston, New York, and then down the Hudson River to New York City. In the 19th century, the expansion of railroads eventually superseded regular use of the canal. The Lackawaxen River flows through the heart of Honesdale, and its confluence with Dyberry Creek is at the northeast part of town.
The discovery of anthracite coal in northeastern Pennsylvania in the early 1800s and the need to transport this valuable fuel to New York City gave birth to the Delaware and Hudson Canal, the American Railroad, and the Borough of Honesdale. Honesdale was named for Philip Hone, former mayor of New York and president of Honesdale's Delaware & Hudson (D&H) Canal Company. Honesdale, originally called "Dyberry Forks," was laid out as a village in 1826 when the D & H Canal was created. It was incorporated as a borough on January 28, 1831.
Eugene Dorflinger Estate is a historic home and estate located at Texas Township, Wayne County, Pennsylvania. The house was built in 1865, and is a two-story, wood-frame dwelling with Victorian gingerbread trim. Also on the property are the contributing museum building, carriage house, photography studio, wash house, outhouse, and gazebo. The buildings are what is remaining from the Dorflinger Glass Works.
Honesdale had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized December 1, 1864
- Chartered December 24, 1864
- Succeeded Honesdale Bank
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Still in business as Honesdale National Bank (March 2025)
In February 1833, four bank bills were recently reported in the House. The People's Bank of Northern Liberties, the Bank of Honesdale, the Bank of Minersville, and the Williamsport Bridge and Turnpike Company.[2] A year later the Committee on Banks reported bills to incorporate seven new banks: The Tioga Bank at Wellsborough, The West Branch Bank at Williamsport, The Honesdale Bank in Wayne County, The Tradesmen's bank in Philadelphia, The Montrose Bank in Susquehanna County, The Farmer's Bank at Waynesburg, Greene County, and The Towanda Bank in Bradford County.[3] In February 1836, the bill to charter the Honesdale Bank was under consideration and the names of George M. Dallas and Lewis S. Coryell were inserted as Commissioners.[4] In the Senate on March 5th the act passed committee of the whole.[5] On Saturday, March 19th, the Governor returned to the House the bills incorporating the Honesdale Bank and incorporating a company to construct the Plymouth Railroad, stating that he had signed the same.[6]
In September 1837, Col. Richard L. Seely was president; John Neal, cashier; and John Torrey, A.D. Williams, J.P. Foster, Edward Mills, Daniel P. Kertland, Zenas H. Russell, A.H. Farnham, John Roosa, Joseph Benjamin, Joseph B. Walton, E.W. Hamlin, and T.T. Hayes, directors.[7]
In the Fall and Winter of 1835 and 1836, after the project had been discussed for a long time, application was made to the state legislature for a charter, which was granted on March 18, 1836, with an authorized capital of $100,000. The 2,000 shares were to be auctioned at not less than their $50 par value, no bidder to take more than twenty shares, money to be paid in cash at once, and the state to get a bonus of $5,000 and 8% of all dividends declared. The stock was auctioned in Charles Forbes' hotel, where there were 195 purchasers of the stock. The bank began business on December 26, 1836, in the little front room of the Charles R. Brady house, [still standing in 1912]. Col. Richard L. Seely was president and John Neal, of the Moyamensing bank of Philadelphia, was named cashier. Mr. Neal served as cashier until 1842 when he was succeeded by Stephen D. Ward. In April 1855, the directors voted to increase the stock to $150,000. Mr. Seely continued as president until his death in 1863 when he was succeeded by Zenas H. Russell. During the Civil War, on April 20, 1861, the institution gave $1,000 for the families of Wayne's soldiers. A year later $5,000 was subscribed to the war loan. In August, 1862, the bank forwarded $8,090 to be paid to the state for the purpose of paying the wages of the soldiers. The bank was also a liberal subscriber to all the government loans. On December 1, 1864, the bank was organized as a national bank. In 1874, Stephen D. Ward, cashier for 32 years, died. Mr. Ward was succeeded by Edwin F. Torrey who was named cashier on November 26, 1874.
On Jan. 10, 1878, the president, Zenas H. Russell, resigned, owing to failing health, and Coe F. Young was elected president and Henry M. Seely, vice president. Four months later, on May 13, 1878, Mr. Russell died. On July 10, 1884, the bank declared its 40th semi-annual dividend of 5% and the statement of the cashier showed that in its lifetime the bank had paid $600,000 in dividends and had a surplus of $135,650.49, had paid $102,864.13 in state and national taxes, making a total net earnings of $838,513.62. In 1884 the charter of the bank expired by limitation and was extended until 1904. Cashier Torrey wrote with pride of the record of the preceding twelve years in which the bank's losses amounted to only $150, or a little more than an average of $1 a month. In 1889 the death of President Young occurred on March 23rd that year in Georgia. On May 20, 1889, John Torrey was elected to the presidency. On April 10, 1890, Homer Greene was elected to the board of directors to succeed Elias Stanton, who died the prior month. The death of the president, John Torrey, occurred in March 1894. Mr. Torrey had been a member of the bank's first board and his wisdom had much to do with the success of the institution. On March 15, Henry Z. Russell was elected to the presidency, and on September 24 in the same year a committee was named to look into the matter of erecting a new banking house. On Feb. 2, 1895, it was decided to erect a bank building at Main and Eighth streets, a handsome structure of Forest City stone. On May 28, 1896, the bank began business in its new home, and the first depositor was the son of the president, Zenas Russell. On Jan. 11, 1892, the capital stock of the bank was reduced from $300,000 to $150,000. On June 11, 1911, Mr. Torrey, resigned the cashiership, and Lewis A. Howell of Scranton, assistant treasurer of the Lackawanna Trust and Safe Deposit Company, was named in his place, beginning his duties Nov. 15, 1911. Mr. Torrey had been in the service of the bank for thirty-seven years. Cashier Howell showed that the bank during its career had paid dividends of $1,982,000, had deposits in 1911 were $1,421,317.62 and a bond account of $1,234,017.91, the deposits being more than five times as great as in 1886.[8]
On November 1, 1871, the Wayne County Savings Bank commenced operations.[9] The banking rooms were on the first floor of Weston's building in the Keystone Block directly under the new Herald office. The officers were William W. Weston, president; William H. Dimmick, vice president; William H. Ham, William H. Dimmick, Gilbert Knapp, W.W. Weston, Lorenzo Grambs, R.J. Menner, William Weffernag, Richard Henwood, and Isaac N. Foster, directors. This was the second banking institution in Honesdale.[10]
In June 1890, the directors were John Torrey, president; E.F. Torrey, cashier; L.J. Dorflinger of C. Dorflinger & Sons; Andrew Thompson of Durland, Thompson & Co.; Henry Z Russell, insurance; Edward O. Hamlin; Homer Greene, attorney-at-law; Horance G. Young, vice president, D. & H.C. Co.; and Horace T. Menner of Menner & Co. The bank had capital and undivided profits of $450,000.[11]
In January 1912, the officers and directors were Henry Z. Russell, president; Andrew Thompson, vice-president; Louis A. Howell, cashier; Horace T. Menner, Louis J. Dorflinger, Homer Greene, James C. Birdsall, E.B. Hardenbergh and Phillip R. Murray.[12]
On Tuesday, January 11, 1921, stockholders elected the following directors: Andrew Thompson, L.J. Dorflinger L.A. Howell, Thomas M. Fuller, Charles W. Dein, L.J. Lockwood, H.T. Menner, and Robert J. Murry directors.[13] On Tuesday, January 18th, the directors organized by electing Andrew Thompson, president; Louis J. Dorflinger, vice president; L.A. Howell, cashier; and A.C. Lindsay, assistant cashier.[14]
On October 24, 1927, Louis J. Dorflinger, 73, died at his home on Court Street in Honesdale. Mr. Dorflinger was one of the most widely-known men in Wayne County and at the time of his death vice president of the Honesdale National Bank. He was formerly identified for many, years with the Dorflinger Glass Works at White Mills.[15]
On Monday, January 14, 1929, the directors organized at their regular meeting and elected Andrew Thompson, president; Charles W. Dein, vice president; Lewis A. Howell, cashier and George J. Mueller, assistant cashier.[16]
On Monday, January 18, 1960, all officers were re-elected at the annual reorganization meeting of the Honesdale National Bank. They were: Harry S. Lockwood, president; Edward A. Katz, chairman of the board; George W. Kinsman, vice president; William Seibert, vice president; Robert G. Fisch, cashier and trust officer; Oscar G. Herrick, assistant cashier; Kenneth M. Bunnell, assistant cashier and assistant trust officer, and John J. Bunnell, assistant cashier.[17]
In October 2024, the Honesdale National Bank announced that Thomas E. Sheridan Jr., the bank’s president and CEO, would retire from his more than 40 years in banking effective February 2025. Kate Bryant was named his successor and would be the bank’s first female president and CEO. Bryant served as the bank’s chief financial officer since 2016, through which she is responsible for managing the financial analysis, risk, planning, and performance of the bank and helps enable its strategic directives. Her career spanned more than 20-years with the bank and she had been previously promoted to senior vice president, CFO in 2020 and executive vice president, CFO in 2023. Bryant began her career in the financial industry in 1999, starting in the banking industry in 2003. She joined HNB in 2004 in the accounting department and helped shepherd the development of accounting and Bank Security Act (BSA) functions. Bryant obtained her Bachelor of Science in finance and minor in economics from Indiana University of Pennsylvania. She later received her Master of Business Administration from Villanova University.[18]
The Honesdale National Bank (HNB) stands as one of the area’s strongest, independent financial institutions serving Northeastern Pennsylvania and the Southern Tier counties of New York.
Official Bank Title
1: The Honesdale National Bank, Honesdale, PA
Bank Note Types Issued
A total of $4,344,490 in National Bank Notes was issued by this bank between 1864 and 1935. This consisted of a total of 521,055 notes (443,464 large size and 77,591 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 3x1-2 1 - 9000 Original Series 4x5 1 - 7650 Original Series 3x10-20 1 - 4170 Original Series 50-100 1 - 1004 Series 1875 3x1-2 1 - 460 Series 1875 4x5 1 - 3600 Series 1875 3x10-20 1 - 4100 Series 1875 50-100 1 - 1774 1882 Brown Back 4x5 1 - 7351 1882 Brown Back 3x10-20 1 - 4075 1882 Brown Back 50-100 1 - 644 1902 Red Seal 4x5 1 - 2300 1902 Red Seal 3x10-20 1 - 1560 1902 Date Back 4x5 1 - 9200 1902 Date Back 3x10-20 1 - 7280 1902 Plain Back 4x5 9201 - 39508 1902 Plain Back 3x10-20 7281 - 25381 1929 Type 1 6x5 1 - 5902 1929 Type 1 6x10 1 - 3290 1929 Type 1 6x20 1 - 766 1929 Type 2 5 1 - 10200 1929 Type 2 10 1 - 5883 1929 Type 2 20 1 - 1760
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1935):
Presidents:
- Zenas H. Russell, 1865-1877
- Coe F. Young, 1878-1888
- John Torrey, 1889-1893
- Henry Z. Russell, 1894-1917
- Andrew Thompson, 1918-1920
- Andrew Thompson, 1922-1933
- Charles W. Dein, 1935-1935
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Honesdale National Bank, Honesdale, PA History (NB Lookup)
- Wayne County Bank Note History (BNH Wiki)
- Pennsylvania Bank Note History (BNH Wiki)
Sources
- Honesdale, PA, on Wikipedia
- Honesdale Coal Pockets, Main & Commercial Streets, between 700 & 800 blocks, Honesdale, Wayne County, PA, Historic American Engineering Record, Drasba, C.J., photographer. Photograph retrieved from the Library of Congress
- 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 Citizen, Honesdale, PA, Fri., Jan. 5, 1912.
- ↑ The Patriot, Harrisburg, PA, Fri., Feb. 15, 1833.
- ↑ Pennsylvania Intelligencer, Harrisburg, PA, Thu., Feb. 6, 1834.
- ↑ The Philadelphia Inquirer, Philadelphia, PA, Fri., Feb. 5, 1836.
- ↑ Pittsburgh Post-Gazette, Pittsburgh, PA, Fri. Mar. 11, 1836.
- ↑ Harrisburg Chronicle, Harrisburg, PA, Mon., Mar. 21, 1836.
- ↑ The Keystone, Harrisburg, PA, Wed., Sep. 6, 1837.
- ↑ The Citizen, Honesdale, PA, Fri., Aug. 2, 1912.
- ↑ The Tribune, Scranton, PA, Sat., Dec. 2, 1871.
- ↑ Wayne County Herald, Honesdale, PA, Thu., Aug. 31, 1871.
- ↑ Wayne County Herald, Honesdale, PA, Thu., June 5, 1890.
- ↑ The Citizen, Honesdale, PA, Fri., Jan. 5, 1912.
- ↑ The Tribune, Scranton, PA, Thu., Jan. 13, 1921.
- ↑ The Tribune, Scranton, PA, Tue., Jan. 18, 1921.
- ↑ The Tribune, Scranton, PA, Tue., Oct. 25, 1927.
- ↑ The Tribune, Scranton, PA, Wed., Jan. 16, 1929.
- ↑ The Tribune, Scranton, PA, Tue., Jan. 19, 1960.
- ↑ Citizens' Voice, Wilkes-Barre, PA, Sun., Oct. 13, 2024.