Kutztown National Bank, Kutztown, PA (Charter 5102)
Kutztown National Bank, Kutztown, PA (Chartered 1897 - Open past 1935)
Town History
Kutztown (Pennsylvania German: Kutzeschteddel) is a borough in Berks County, Pennsylvania. It is located 18 miles southwest of Allentown and 17 miles northeast of Reading. As of the 2020 census, the borough had a population of 4,162. In 1900 the population was 1,328, growing to 2,841 by 1930. Kutztown University of Pennsylvania is located just outside the borough limits to the southwest.
George (Coots) Kutz purchased 130 acres of land that became Kutztown on June 16, 1755, from Peter Wentz who owned much of what is present-day Maxatawny Township. Kutz first laid out his plans for the town in 1779. The first lots in the new town of Cootstown, later renamed Kutztown, were purchased in 1785 by Adam Dietrich and Henry Schweier. Kutztown was incorporated as a borough on April 7, 1815, and is the second oldest borough in Berks County after Reading, which became a borough in 1783 and became a city in 1847. Like most of Berks County, Kutztown was settled predominantly by Germans, most of whom came from the Palatinate region of southwest Germany, which borders the Rhine river.
The Kutztown area encompasses an area of land also known as the East Penn Valley, a broad limestone valley situated in northern and eastern Berks County, bounded by the Blue Mountain and South Mountain ranges to the north and south, respectively, by the Lehigh County border to the east, and by Ontelaunee Creek (Maiden Creek) to the west. Crystal Cave was discovered near Kutztown in 1871.
Kutztown had two National Banks chartered during the Bank Note Era, the National Bank of Kutztown (Charter 1875) and the Kutztown National Bank (Charter 5102), and both of those banks issued National Bank Notes. On March 1, 1883, the National Bank of Kutztown changed to the Keystone National Bank of Reading with the same charter.
Bank History
- Organized November 26, 1897
- Chartered December 17, 1897
- Bank was Open past 1935
- Acquired by the National Bank of Boyertown (Charter 2137)
In November 1897, at a meeting in the borough of Kutztown, it was decided to organize the Kutztown National Bank, the requisite amount of $50,000 having been subscribed. The following directors were elected: John R. Gonser, Dr. J.S. Trexler, W.G. Hinterleter, W.B. Beiber, Daniel P. Grim, James S. Heffner, Frederick Zehm, Philip E. Houck, Rudolph H. Angstadt, and William F. Breinig. The first two were chosen president and vice president, respectively, with O.P. Grimley as cashier. Mr. Grimley was a rother of J.M. Grimley of Allentown.[2]
In 1899, Philip D. Hoch of Manatawny, Berks County, a director of the newly organized Kutztown National Bank, had a rare collection of coins numbering 4,000, valued at $6,000.[3]
In April 1908, the contract for construction of a new bank building for the Kutztown National bank was awarded to Samuel H. Heffner and Charles D. Wessner, contractors. Ruhe & Lange, architects of Allentown, prepared the design for the building. It would be 25 by 62 feet, one-story and 30 feet high, costing between $16,000 and $20,000.[4]
On Saturday, January 16, 1909, the Kutztown National Bank took possession of its fine ne building beside the Kutztown Post Office. Charles W. Keiter, proprietor of the Riverside department store was there early to make the first deposit.The Allentown Democrat, Allentown, PA, Wed., Jan. 20, 1909. In February, Charles D. Herman had carpenters at work tearing out the front of the building vacated by the Kutztown National and would put in a large glass front. E.J. Sellers would move his drug store into the remodeled building.[5] In October 1909, a new ornamental iron gate was placed between the Kutztown National Bank and the post office. The gate was about nine feet high and covered with silver and gold paint, presenting a striking appearance.[6]
On Tuesday, January 11, 1910, the stockholders elected the following directors: John R. Gonser, Walt. B. Bieber, Daniel P. Grim, Rudolph H. Angstadt, Philip D. Hoch, Maxatawny, William T. Breinig, Francis H. Werley, H.K. Deisher, W.P. Krum, J.H. Marx, John H. Hunsicker, and George A. Dreibelbis.[7] In April 1910, Nevin W. Hensinger of near Macungle was the new clerk at the Kutztown National Bank. Previously, Mr. Hensinger was employed in a store at Allentown.[8]
On January 11, 1927, the stockholders elected the following directors: John R. Gonser, Alan S. Angstadt, Philip D. Hoch, C.S. Siegfried, George A. Dreibelbis, Dr. H.W. Saul, Dr. Charles A. Hottenstein, Clinton L.A. Schmoyer, William H. Emore, John O. Reppert, John H. Christman, George W. Weida, and Fred N. Baer. the following officers were re-elected: John R. Gonser, president; C.S. Siegfried and Dr. H.W. Saul, vice presidents; John O. Reppert, secretary; O.P. Grimley, cashier and trust officer.[9]
On Saturday, November 12, 1927, in Kutztown, John R. Gonser, 87, president of the Kutztown National Bank and director of the Farmers National Bank of Reading died. He moved to Kutztown in 1870 and engaged in the grain, coal and lumber business. Later he became engaged in the lumber and roofing slate business. He was also engaged in the ice business and was connected with the operation of shoe factories and knitting mills, besides being well-known as a financier. He was always interested in agriculture and besides owning the old Gonser homestead in Exeter, he owned six large model farms in Berks, Lehigh and Montgomery Counties. He was a member of the Normal School board of trustees since 1892.[10]
On Tuesday, January 10, 1928, the celebration of the 30th anniversary of the Kutztown National bank proved one of the most popular events ever held by this well-known and respected institution. About 2,000 people were in attendance, most of them from Kutztown and surrounding communities including a few of the original stockholders. Refreshments were served and music was rendered throughout the day by the Musical Hallmans, marimba xylophone artists of Reading. The stockholders' meeting was presided over by Dr. H.W. Saul, vice president. The address by the president, C.S. Siegfried, was forceful and eloquent, revealing numerous facts hitherto not generally known. He spoke of the tremendous growth of the trust department which was instituted in 1924 and by the end of the first year had grown to the amount of $40,000. At the beginning of 1927, the fund consisted of $300,000 and by 1928 had grown to $500,000. Cashier O.P. Grimley was presented with a bouquet of roses and $30 in gold. A bouquet of roses and $30 in gold was also presented to Philip D. Hoch, only survivor of the first board of directors.[11] The following directors were re-elected: Philip D. Hoch, George A. Dreibelbis, Dr. Henry W. Saul, Dr. Charles A. Hottenstein, Clinton A. Schmoyer, William H. Emore, John O. Reppert, John H. Christman, George W. Weida, Clarence S. Siegfried, Alan S. Angstadt, Fred N. Baer, and John G. Rothermel. The following officers were re-elected: C.S. Siegfried, president; Dr. H.W. Saul, vice president; John O. Reppert, secretary; and O.P. Grimley, cashier and trust officer; W.P. Christman, assistant cashier.[12]
In April 1958, buildings on the Main Street site of the new Kutztown National Bank building were reduced to rubble. Paul Zipp, Dauberville, was the contractor. The new construction at Main Street and Constitution Boulevard would begin in the spring. Clinton L.A. Schmoyer, president of the 60-year-old bank said the need for new and larger headquarters had been evident for some time. The new, one-story brick building, to be trimmed with granite, was designed by the Cunneen Co. of Philadelphia. The bank's front on Main Street would be 156 fee long. Other conveniences included a drive-up window, night depository and large parking lot. Completion was expected late in the fall of 1958.[13]
Dedication of the new bank was set for April 18, 1959. The borough bought the Kutztown National Bank building on Main Street for $14,000 and the big switch would soon be completed. Town Hall would move into the old bank building and the present Town Hall converted into a recreation center. The Gonser estate leased the first floor of Town Hall and set up a library and recreation center. The YMCA would use the recreation center as well as the 11 girl scout troops in the borough.[14]
In July 1974, announcement of the merger of the Kutztown National Bank and the National Bank of Boyertown was made by James K. Boyer, president of the Boyertown bank and Elmer N. Schlegel, president of the Kutztown bank. Under the plan, National Bank of Boyertown would issue three shares for each share of Kutztown National Bank stock. Following shareholders' approval the merger would take effect the last day of the year. The name of the merged bank would be the National Bank of Boyertown. The Boyertown bank recently was given approval by the comptroller of the currency to establish an office in Mertztown. It would open in four weeks in a temporary building. There also were branches in Bally, Boyertown, Douglassville, Jacksonwald, New Hanover, Oley and Pottstown. Kutztown National operated at just one locating in Kutztown. The Kutztown bank would place three directors on the National Bank of Boyertown board, Schlegel, Harold T. Miller, secretary, and DeLight E. Breidegam, Jr., Schlegel would become senior vice president of the National Bank of Boyertown. All other Kutztown personnel would be retained.[15]
Official Bank Title
1: The Kutztown National Bank, Kutztown, PA
Bank Note Types Issued
A total of $2,219,910 in National Bank Notes was issued by this bank between 1897 and 1935. This consisted of a total of 259,073 notes (217,472 large size and 41,601 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 4x5 1 - 4275 1882 Brown Back 3x10-20 1 - 3140 1882 Date Back 4x5 1 - 4200 1882 Date Back 3x10-20 1 - 2820 1882 Value Back 4x5 4201 - 5375 1882 Value Back 3x10-20 2821 - 3512 1902 Plain Back 4x5 1 - 23997 1902 Plain Back 3x10-20 1 - 14069 1929 Type 1 6x10 1 - 4432 1929 Type 1 6x20 1 - 1290 1929 Type 2 10 1 - 5518 1929 Type 2 20 1 - 1751
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1897 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Kutztown, 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 Morning Call, Allentown, PA, Thu., Apr. 3, 1958.
- ↑ The Allentown Leader, Allentown, PA, Mon., Nov. 29, 1897.
- ↑ The Ephrata Review, Ephrata, PA, Fri., Mar. 17, 1899.
- ↑ The Allentown Leader, Allentown, PA, Sat., Apr. 4, 1908.
- ↑ Reading Times, Reading, PA, Fri., Feb. 5, 1909.
- ↑ The Allentown Democrat, Allentown, PA, Wed., Oct. 20, 1909.
- ↑ Reading Times, Reading, PA, Wed., Jan. 12, 1910.
- ↑ Reading Times, Reading, PA, Sat., Apr. 2, 1910.
- ↑ Reading Times, Reading, PA, Wed., Jan. 12, 1927.
- ↑ Reading Times, Reading, PA, Mon., Nov. 14, 1927.
- ↑ The Morning Call, Allentown, PA, Mon., Jan. 16, 1928.
- ↑ Reading Times, Reading, PA, Wed., Jan. 11, 1928.
- ↑ The Morning Call, Allentown, PA, Thu., Apr. 3, 1958.
- ↑ The Morning Call, Allentown, PA, Mon., Mar. 30, 1959.
- ↑ The Morning Call, Allentown, PA, Fri., July 5, 1974.