Leola National Bank, Leola, PA (Charter 13186)

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Officers and building of new Leola National Bank
R.E. DeWalt, president of the Leola National Bank at top left. Charles R. Cooper at lower right. At top center is Warren G. Carson, Cashier and to his right, Ivan E. Newpher, assistant cashier. The bank opened in the remodeled Upper Leacock High School building on March 24, 1928.[1]

Leola National Bank (No Issue), Leola, PA (Chartered 1928 - Closed (Merger) 1973)

Town History

A 1928 advertisement for the DeWalt Products
A 1928 advertisement for the DeWalt Products Co. of Leola, Pennsylvania, featuring a radial arm saw.

Leola is a census-designated place (CDP) in Lancaster County, Pennsylvania, located about 8 miles northeast of Lancaster via New Holland Avenue. It includes the unincorporated communities of Leola, Leacock, and Bareville. Originally named "Mechanicsburg", its present name is a portmanteau of "Leacock" and the "Glenola" train station that once served the town. As of the 2010 census, the population of the CDP was 7,214.

Leola had one National Bank chartered during the Bank Note Era, and it did not issue National Bank Notes.

Bank History

Leola National Bank.ca1929
Leola National Bank.ca1929.[2]
Leola office of the Fulton Bank
Leola office of the Fulton Bank at 65 W. Main Street, Leola.  Courtesy of Google Maps ca2024

In January 1928, the resident of Leola and vicinity were organizing a bank to be known as the Leola National Bank. The officers were R.E. DeWalt of Leola, president; Chas. R. Cooper of Leacock, vice president; C.R. Stauffer of Leola, secretary; and M.G. Schaeffer, solicitor.[3]

The Leola National Bank opened its doors for business on Saturday, March 24, 1928. The new bank was located in the old Upper Leacock High School building at the junction of the Ephrata and Terre Hill trolley lines, next to the junction waiting room. The building had been entirely remodeled and equipped with a 28-inch reinforced concrete vault, a modern 13-ton vault door, with the latest type of burglar alarm system. Officers and directors of the bank welcomed visitors from 9 a.m. to 9 p.m. R.E. DeWalt, president of the DeWalt Products Company, manufacturers of woodworking machinery in Leola, was president of the new institution, and Charles R. Cooper of the Cooper Bakery was vice president. Warren G. Carson, formerly with the Coatesville Trust Company was secured as cashier. Ivan E. Newpher, principal of the Terre Hill High School was the assistant cashier. The capital of the bank was $50,000 with a surplus of $25,000. The directors included N.E. Martin who was chairman of the building committee; Dr. L.K. Leslie of the Bareville Concrete Co., H.E. Harsh, a Bareville merchant; N.B. Eberly, a leading citizen of Bird-in-Hand; J.C. Wentz, member of the firm of H.M. Stauffer and Son; both H.M. Stauffer and his son, Claude R. Stauffer; I.L. Rutt, member of the DeWalt Products Co. and president of the Paradise State Bank; Charles R. Cooper, vice president and president of the Leola Lions Club; H. Clay Groff, well-known cattle dealer of Leola; Mr. DeWalt, president.[4]

In January 1935, the directors elected the following officers: Ray E. DeWalt, president; Charles R. Cooper, vice president; Warren G. Carson, cashier; and Richard P. Plank, clerk.[5] In August, Warren G. Carson, cashier of the Leola National Bank since its organization resigned to accept a position as cashier of the Dime Savings Bank of West Chester.[6] On Tuesday, September 17th, M. Kendig Herr, 17 N. Shippen Street, was elected cashier and would assume his new position later in the week.[7]

In March 1938, the officers were Charles R. Cooper, president; Joseph C. Wentz, vice president; M. Kendig Herr, cashier and secretary. Directors were Charles R. Cooper, C.S. Bowers, H. Clay Groff, H.E. Harsh, N.E. Martin, L.C. Overly, P.L. Rohrer, H.M. Stauffer, and J.C. Wentz.[8]

On Monday, May 8, 1961, Raymond E. DeWalt, inventor of the radial-arm saw starting a multi-million dollar industry in Lancaster County, died at 3:30 a.m. in Mechanicsburg. He was 78 and had been in ill-health for several months. He resided in Mechanicsburg since 1938. The saw helped turn a one-room operation near Leola into a large national industry in 36 years. The original patent, taken out in 1924, was purchased by Paul Gardner of Lancaster in 1925. Gardner then opened a one-room company to make the wood-working machine near Leola with DeWalt acting as supervisor. Three years later DeWalt, who had worked on many similar inventions, retired from the business. The company which bears his name was originally to be called the Gardner Manufacturing Co., but according to Paul Gardner, "I decided that Gardner was too common a name for business purposes. I asked DeWalt if I could name the company after him. He agreed, and to this day, I believe there are only a few other companies in the country with the same name which helps a great deal in having your product recognized." DeWalt also invented a steam inhalator used in treatment of persons suffering from lung diseases, and an electric rotary lawn mower. He started his career as a foreman in a planing mill in New Jersey and invented the saw to make work easier. He was the author of "Poems by DeWalt," published several years ago. DeWalt, the son of the late John and Amanda Oiler DeWalt, was born in Oakville, Pennsylvania. He resided in Leola from 1923 to 1938. He was founder and first president of the Leola National Bank and a charter member of the TriTown Lions Club.[9]

The saw, with modifications, is still being manufactured. DeWalt is a registered trademark of Black & Decker (U.S.) Inc., a subsidiary of Stanley Black & Decker.

On May 1, 1973, the merger of the Fulton National Bank and Leola National bank became effective. The merged banks would operate under the name and charter of the Fulton National Bank. William F. Hoke, chairman and president of Fulton and Joseph C. Wentz, Leola National Bank president, said the merger was first proposed in September 1972 and was subsequently approved by the stockholders of both institutions and the comptroller of the currency. The combined assets of the two banks would surpass $220 million. As of March 31, Fulton bank listed total assets of $204,222,614 and Leola National had assets of $16,410,486. The two Leola bank offices would become the 13th and 14th offices of the Fulton. Leola bank's main office became the Leola office of Fulton bank. The branch at 2127 New Holland Pike became Fulton's Eden East office. Park F. Esbenshade, vice president of the Leola bank, became a Fulton vice president. Norman E. Weaver was named manager of the Leola office and Nevin R. Andes was made assistant manager. Mildred Schweitzer was named manager and Walter M. Shirk, Jr., assistant manager of the Eden East office.[10]

In December 1973, Joseph C. Wentz retired as a member of the Leola advisory committee of the Fulton National Bank. He was presented with a plaque by the other members of the advisory board. Wentz was a charter board member when the Leola National Bank was founded in 1928. He became a vice president in 1936 and was named president in 1957. When the Leola Bank merged with Fulton Bank in May, 1973, Wentz became chairman of the Fulton's Leola advisory committee. Associated with H.M. Stauffer & Son, Inc. since 1920, Wentz served on the board of Lancaster General Hospital from 1951 to 1972. He was the board's president from 1961 to 1964. He was a charter member and past president of the Leola Lions Club, and served on the boards of the Red Cross and the Community Chest.[11]

Official Bank Title

1: The Leola National Bank, Leola, PA

Bank Note Types Issued

No National Bank Notes were issued by this bank.

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1928 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Leola, 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
  1. ↑ Intelligencer Journal, Lancaster, PA, Fri., Mar. 23, 1928.
  2. ↑ Lancaster New Era, Lancaster, PA, Sat., June 22, 1929.
  3. ↑ Intelligencer Journal, Lancaster, PA, Fri., Jan. 27, 1928.
  4. ↑ Intelligencer Journal, Lancaster, PA, Fri., Mar. 23, 1928.
  5. ↑ Lancaster New Era, Lancaster, PA, Tue., Jan. 15, 1935.
  6. ↑ Intelligencer Journal, Lancaster, PA, Tue., Aug. 27, 1935.
  7. ↑ Intelligencer Journal, Lancaster, PA, Wed., Sep. 18, 1935.
  8. ↑ Intelligencer Journal, Lancaster, PA, Sat., Mar. 26, 1938.
  9. ↑ Lancaster New Era, Lancaster, PA, Mon., May 8, 1961.
  10. ↑ The Evening News, Harrisburg, PA, Fri., Apr. 13, 1973.
  11. ↑ Sunday News, Lancaster, PA, Sun., Dec. 30, 1973.
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