Lyndonville National Bank, Lyndonville, VT (Charter 3158)
Lyndonville National Bank, Lyndonville, VT (Chartered 1884 - Liquidated 1922)
Town History
Lyndonville is a village in the town of Lyndon, in Caledonia County, Vermont. Lyndonville's population was 1,136 at the 2020 census. It is the closest community to the Lyndon campus of Northern Vermont University.
The Passumpsic River flows along the western edge of the village. Lyndonville is located 8 miles north of St. Johnsbury and 35 miles south of Newport, Vermont. U.S. Route 5 passes through the center of the village, and Interstate 91 bypasses it to the west, with access via Exit 23.
Lyndonville had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized March 25, 1884
- Chartered April 18, 1884
- Liquidated December 30, 1922
- Succeeded by Lyndonville Savings Bank and Trust Company, Lyndonville
The subscription books for the new Lyndonville bank were opened Wednesday, January 9, 1884, at the bank room in Fletcher's block. The new bank would have a vault for their safe, 10 feet square with two-feet thick walls, making six feet square inside and fire proof. The masonry was under the eye of Robert Coleman. The bank room was in the southeast corner next to the depot. The room was about 15X30 with directors' room 15 feet square in the rear. The counter was of red cherry and bird's eye maple and ran the long way of the room with heavy plate glass on top.
On Monday, December 15, 1884, the Lyndon Savings Bank was organized at the rooms of the Lyndonville National Bank. The following gentlemen were named in the charter as incorporators: S.S. Thompson, L.K. Quimby, L.B. Harris, I.W. Sanborn, J.W. Copeland, Geo. W. Cahoon, S. Bradley, H.M. Pearl, W.A. Densmore, all of Lyndon. On Monday the 22d, the following additional members were elected: H.S. Root of Newport; Geo. H. Blake of Barton, C.A. Harris of East Burke; Charles Rogers of Wheelock. At a meeting of the trustees, the following officers were elected: I.W. Sanborn, president; C.M. Chase, vice president; Miss Ida Pearl, treasurer; S.S. Thompson, H.E. Folsom, and H.M. Pearl, investment committee. The business of the institution would be conducted in the rooms of the Lyndonville National Bank. The trustees for the most part adopted the by-laws of the Passumsic Savings Bank of St. Johnsbury, making few changes.
As of the close of business on July 1, 1885, the report of condition showed capital stock of $75,000, surplus and undivided profits, $417.99, circulation $17,100, and individual deposits $34,920.91. The total resources were $133,842.90. H.M. Pearl was cashier and Sewell Bradley, L.B. Harris, and J.W. Copeland were the directors attesting to the correctness of the report.
On Friday, October 19, 1888, around 2 pm fire was discovered in the roof of the large building known as Fletcher's block bought about two weeks earlier by George Ide for $8,000. An alarm was immediately given by blowing the whistle of the shifting engine in the railroad yard and the steam whistle at the shops. The fire engine was at work in less than 10 minutes after the alarm was given and after a sharp fight of 20 minutes the fire was under control. The Masonic Hall in the upper floor of Fletcher's block was badly damaged by fire and water, the carpets and some of the furniture being ruined. The occupants of the building were H.L. Parker, grocer; C.S. LeBourveau, druggist; Lyndonville National Bank; G.W. Cahoon, attorney; John Bedard, barber; and others, all of whom except the bank suffered more or less from water and the damage done in the hasty removal of the goods. It was understood that Mr. Ide was insured for $7,000 and that all the occupants of the building had sufficient insurance to cover their loss. Total loss was estimated at $2,000.
On Monday, November 19, 1888, at the regular meeting of the directors, L.B. Harris resigned his positions as president and director. Charles A. Harris of East Burke was elected to fill the vacancy in the presidency and J.F. Ruggles of West Burke to fill the vacancy on the board of directors. L.B. Harris was chosen cashier of the bank.
On Tuesday, January 8, 1889, stockholders elected the following directors: C.A. Harris, H.F. Pillsbury, C.D. Bigelow, J.W. Copeland, J.F. Ruggles. C.A. Harris was chosen president and L.B. Harris, cashier. The next day, the corporators of the Lyndon Savings Bank elected the following trustees: I.W. Sanborn, L.K. Quimby, J.W. Copeland, W.L. Pearl, C.D. Bigelow, W.A. Densmore, and H.F. Pillsbury. I.W. Sanborn was elected president, W.L. Pearl, vice president, and Ida S. Pearl, treasurer. J.F. Ruggles of West Burke was elected one of the corporators.
In March 1895, the stockholders of the Lyndonville National Bank completed plans for their new block and would build in connection with S. Stern. In April, C.D. Bigelow was elected president to fill the position of the late C.A. Harris of East Burke. Mr. Bigelow was a conservative thorough businessman.
In January 1896, the directors elected were: C.D. Bigelow, president; J.W. Copland, H.S. Silsby, J.F. Ruggles, and A.L. Ingalls.
In August 1897, W.S. Harris, bookkeeper for the past two years, concluded his work. Edward Riley would take his place in the bank.
On Tuesday afternoon, January 11, 1898, the old board of directors was re-elected as follows: J.F. Rubbles, J.W. Copeland, H.F. Pillsbury, A.L. Ingalls, and L.B. Harris. The board elected J.F. Ruggles, president, and L.B. Harris, cashier. In May 1898, cashier L.B. Harris returned from an extended trip in New Mexico. While there he bought a remarkable collection of Indian pottery, blankets, samples of wearing, and other Indian curiosities all of which formed a rare collection.
In August 1900, fire badly damaged the Lyndonville National Bank block in which besides the bank, there was a grocery store and the Vermont Union, a weekly paper edited by C.M. Chase. Cause of the fire was unknown. The insurance would partially cover the loss.
In April 1905, L.B. Harris bought the original plates from which the Lyndon Bank printed its bills in the days of state banks and would place the plates in the new library building upon its completion. The Lyndon bank was chartered in 1854, opened for business May 1, 1855, and converted to the National Bank of Lyndon in 1865. The National Bank of Lyndon liquidated in 1904 after 50 years. John M. Weeks of Lyndon was the only living member of the first board of directors.
On November 12, 1913, Luther B. Harris, cashier of the Lyndonville National Bank since 1889 and the first president for several years prior, dropped dead at the bank at 11 o'clock. Mr. Harris entered the employ of the bank at the time it was organized in 1884. He was a veteran of the Civil War, a prominent businessman, and had given a number of drinking fountains distributed about the town. While department commander of the Grand Army, he introduced an innovation in having the annual encampment meet in Montreal, the first convention on foreign soil.
Luther B. Harris was born in Worcester, Vermont, January 14, 1847 and enlisted in Company D, 4th Vermont at Barton when only 15 years old. He was wounded several times but never left the regiment until he was taken prisoner at Reams Station, Virginia, June 22, 1864. It was during his long imprisonment in Andersonville that he organized a volunteer police corps to protect the weak against their stronger companion who were getting more than their meagre share of rations. Some of those that he befriended were Italians who had enlisted in the northern army and after the war they reported his generous work to the home government and Garibaldi offered him the commission of colonel on his staff. He went west instead and joined the engineering corps, surveying the Union Pacific Railroad. Later he entered the railway mail service and in the Southwest he formed a friendship with the Indians of New Mexico. At the citadel at Acoma, he was made a member of the Hopi tribe and frequently returned to New Mexico to witness their famous snake dances. While on a pleasure trip to Europe, he formed a friendship with Larkin G. Mead, the famous sculptor formerly of Brattleboro who was living in Florence. Through Mr. Mead, he secured replicas of Donatello's lions that stood in the Ringiera of the Palazzo Vecchio in Florence since the Renaissance. He brought these bronze lions home and they guarded the entrance to the bank since May 1905. He was for many years interested in breeding Hereford cattle and Shropshire sheep. He had one of the finest collections of old china in the state and a library on Vermont books regarded as one of the finest.
In November 1922, application was made to the bank commissioner for a hearing on the establishment and maintenance of a savings bank and trust company in the village of Lyndonville. The following citizens of Vermont were applicants: H.E. Folsom, E.A. Darling, H.W. Lyster, John L. Norris, H.M. Atwood, S.M. Bartlett, Ida S. Pearl, E.J. Blodgett, G.M. Campbell, F.E. Dwinell, A.W. Edmunds, O.D. Mathewson, H.P. Silsby, W.C. Gage, and Herman D. Webster.
On Friday afternoon, December 29, 1922, at a special meeting of stockholders and depositors, it was voted to merge the interests of the Lyndon Savings Bank and the Lyndonville National Bank into one institution to be known as the Lyndonville Savings Bank and Trust Company. The proposition had the approval of Bank Commissioner Carpenter. The new institution would have a capital stock of $75,000 at a par value of $100. The Lyndon Savings Bank was organized in 1884 and had always had a good patronage. Its last semi-annual statement showed its total resources were $1,425,919.46. The National Bank formerly located at Lyndon Corner was moved to Lyndonville and had an unusually successful record. The liquidation of the two institutions to form one new bank was believed to be a move for strengthening the financial interests of the community and for the benefit and profit of stockholders and depositors. The directors of the new institution were: G.M. Campbell, H.E. Folsom, F.E. Dwinell, J.L. Norris, and H.W. Lyster, all of Lyndonville; S.M. Bartlett, West Burke; E.A. Darling and H.D. Webster, East Burke; and O.D. Mathewson, Lyndon Center. The directors organized by elected Mr. Folsom, president, and Mr. Campbell, vice president. W.E. Riley, cashier of the national bank, was elected treasurer, and Miss Ida S. Pearl who was the treasurer of the savings bank, was elected assistant treasurer of the new bank. Operations would begin on January 1st.
In May 1928, Miss Ida Pearl resigned as assistant treasurer of the Lyndonville Savings Bank and Trust Co. and sailed for Europe where she would pass the summer in travel. Miss Pearl was connected with the banks of Lyndonville for 44 years beginning in the Lyndonville National Bank when it was organized in 1884. When the savings bank opened in 1885, she was its treasurer. At the time of her retirement, she was called before the board of directors and presented with a bouquet and a purse of money. Principal O.D. Mathewson of Lyndon Institute and one of the bank's directors made a most appropriate speech in which he said her services through the years had been characterized by tact, faithfulness and loyalty.
On Wednesday, May 17, 2006, the Lyndonville Savings Bank and Trust Co.'s board of directors, at its annual meeting, voted to change the name of the bank to Lyndonbank. "Lyndonbank truly reflects who we are today and traces our roots back to 1854 when the bank was founded as the Bank of Lyndon," bank president Charles W. Bucknam, Jr. said. "We are chartered as a commercial bank, not a savings bank or a trust company. No longer are we a village bank, but one with numerous locations throughout the northern part of the state."
Official Bank Title(s)
1: The Lyndonville National Bank, Lyndonville, VT
Bank Note Types Issued
A total of $1,307,290 in National Bank Notes was issued by this bank between 1884 and 1922. This consisted of a total of 180,800 notes (180,800 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 1882 Brown Back 4x5 1 - 14725 1882 Brown Back 3x10-20 1 - 1600 1902 Red Seal 4x5 1 - 2875 1902 Red Seal 3x10-20 1 - 2300 1902 Date Back 4x5 1 - 7000 1902 Date Back 3x10-20 1 - 5000 1902 Plain Back 4x5 7001 - 14157 1902 Plain Back 3x10-20 5001 - 9543
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1884 - 1922):
Presidents:
- Sewall Bradley, 1884-1885
- Luther Burnham Harris, 1886-1888
- Charles A. Harris, 1889-1894
- Calvin D. Bigelow, 1895-1895
- John Francis Ruggles, 1897-1906
- Theodore Newton Vail, 1907-1919
- Col. Harley E. Folsom, 1920-1922
Cashiers:
Other Known Bank Note Signers
- Haddon William Lyster, Vice President 1921
Bank Note History Links
Sources
- Lyndonville, VT, 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 St. Johnsbury Caledonian, St. Johnsbury, VT, Thu., July 9, 1885.
- The St. Johnsbury Caledonian, St. Johnsbury, VT, Thu., Oct. 25, 1888.
- The St. Johnsbury Caledonian, St. Johnsbury, VT, Thu., Nov. 22, 1888.
- St. Johnsbury Republican, St. Johnsbury, VT, Thu., Jan. 10, 1889.
- The St. Johnsbury Caledonian, St. Johnsbury, VT, Fri, Mar. 15, 1895.
- The St. Johnsbury Caledonian, St. Johnsbury, VT, Fri., Apr. 26, 1895.
- St. Johnsbury Republican, St. Johnsbury, VT, Wed., Jan. 15, 1896.
- St. Johnsbury Republican, St. Johnsbury, VT, Wed., Aug. 4, 1897.
- The St. Johnsbury Caledonian, St. Johnsbury, VT, Fri., Jan. 14, 1898.
- The St. Johnsbury Caledonian, St. Johnsbury, VT, Wed., May 11, 1898.
- Barre Evening Telegram, Barre, VT, Sat., Sep. 1, 1900.
- The Brattleboro Reformer, Brattleboro, VT, Fri., Apr. 14, 1905.
- The Brattleboro Reformer, Brattleboro, VT, Fri., Nov. 14, 1913.
- Vermont Union-Journal, Lyndonville, VT, Wed., Dec. 6, 1922.
- The Caledonian-Record, St. Johnsbury, VT, Sat., Dec. 30, 1922.
- Vermont Standard, Woodstock, VT, Thu., May 24, 1928.
- The Burlington Free Press, Burlington, VT, Fri., May 19, 2006.