Lyons National Bank, Lyons, NY (Charter 1027)
Lyons National Bank, Lyons, NY (Chartered 1865 - Open past 1935)
Town History
Lyons is a town in and the county seat of Wayne County, New York. It is named after Lyon, France. The population was 3,989 at the 2020 census. In 1860 the population was 5,076, reaching a nineteenth century high of 6,228 in 1890.
The Town of Lyons is in the south-central part of the county and contains a hamlet also named Lyons, formerly a village. It is located on the Erie Canal.
The area was part of the Pulteney Estate. Settlement began circa 1789. The region was originally known as "The Forks." The Town of Lyons was formed from the Town of Sodus in 1811. The Erie Canal was completed as far as Lyons by 1821.
Lyons had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized March 6, 1865
- Chartered April 17, 1865
- Succeeded Lyons Bank
- Conservatorship March 29, 1933
- Licensed July 7, 1933
- Absorbed 7479 October 16, 1933 (Gavitt National Bank, Lyons, NY)
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Still in business as Lyons National Bank (July 2025)
The Lyons Bank, formerly the Palmyra Bank of Wayne County, was organized in 1843 and became the Lyons National Bank in 1865.
The Palmyra Bank of Wayne County filed the appointment of the Albany City Bank as the agent for the redemption of its circulating notes, agreeably to the Act entitled "an Act relating to the redemption of bank notes" passed May 4, 1840. Signed, February 24, 1844 by A.C. Flagg, Comptroller, Comptroller's office, Albany.[1]
In February 1855, the Palmyra Bank, Lyons, reported bonds and mortgages $31,078, New York State Stock in aggregate $22,500, United States stock $14,500, and circulation $67,750.[2]
In 1857 the Legislature altered the names of the Sacket's Harbor Bank, Buffalo to The Reciprocity Bank, and the Crouse Bank, Syracuse, to The Central Bank | City Bank. The Palmyra bank was also authorized to change its name to Lyons Bank.[3]
In October 1857, the conference of country bankers was held at the Voorhies House. Geo. W. Cuyler of Cuyler's Bank of Palmyra stated that the circular calling the convention was issued by him after consultation with several of the country banks on the eve of the suspension of specie payment by the City Banks of New York. He nominated Mr. Roswell S. Burrows, Bank of Albion, for president. Mr. Burrows said that the circulation of the country banks did not average then over 30 days while formerly three or four months was the least time for the return of the circulation of a bank. A tax of one-eighth per cent was thus imposed on the country banks once in every thirty days. It was thought that three-fourths of this charge might be saved by the country banks having an agency of their own in New York or Albany to redeem their circulation. The system adopted in New York of sealing up the bills of country banks in packages and using them in the payment of balances tended to accumulate a large portion of the circulation of the country banks in the City of New York. The consequence would be that the notes would come back in a flood when specie payment was resumed and many banks may not be able to answer the call. Mr. Burrows knew it would help if he could regain his circulation from the Metropolitan Bank and circulate it in his own vicinity where people had full confidence in the stability of his bank. Mr. Parshall represented the Lyons Bank, capital $100,000.[4]
In January 1863, a new counterfeit of the $5 denomination of the Lyons Bank of Wayne County were circulated in Brooklyn. The bills were very well executed.[5]
In May 1865, a new banking office opened in Buffalo. William H. Parshall, late cashier of the Lyons Bank and Henry Schanzlin, late of Rich's Bank in Buffalo opened a banking office in Tiff's new building, Main Street between Lafayette and Mohawk.[6]
In March 1869, Hon. D.W. Parshall, president of the Lyons National Bank, purchased the circulation and securities lately owned by the First National Bank (Miller's) of Clyde (Charter 304).[7]
On May 12, 1880, Hon. De Witt Parshall of Lyons died at an early hour. Mr. Parshall was born in Palmyra, March 23, 1812. When quite young he was a student at the Canandaigua Academy and was a roommate of Stephen A. Douglas. He was admitted to the bar and practiced law for a number of years. Subsequently he turned his attention to banking and farming. At the time of this death he was president of the Lyons National Bank. He had represented his town in the Board of Supervisors and the First District of Wayne County in the Legislature.[8]
On April 18, 1900, at the residence of Mr. and Mrs. Nelson Yury, was solemnized the marriage of their daughter Luella to William Akenhead, teller of the Lyons National Bank and junior member of the fire insurance firm of Chamberlain and Akenhead.[9] After the wedding supper, the couple departed on a brief wedding tour.[10]
On May 11, 1903, Dr. Dwight S. Chamberlain, president of the Lyons National Bank, died of typhoid pneumonia, aged 65. He served as surgeon in the Ninth Heavy Artillery during the Civil War and later was in charge of the soldiers' hospital at Syracuse.[11]
In January 1916, the officers of the Lyons National Bank were Dwight P. Chamberlain, president; Frederick W. Chamberlain, vice president; William H. Aikenhead, cashier; and Ethel A. Hahn, assistant cashier. The Directors were Dwight P. Chamberlain, Frederick W. Chamberlain and Margaret R. Chamberlain, of Lyons; and Mrs. Grace David and John David of Rochester.[12] On January 24, 1916, fire gutted the Parshall memorial theater block with a loss of $150,000, insurance $75,000. At one time with a stiff northwest wind blowing, ten mercantile buildings and residences were on fire. Help was summoned from Rochester and Geneva. After seven hours' hard fighting by 250 citizens, the fire was under control and practically confined to the theater block. The Lyons National Bank building, the Zimmerlin block and the Betts' block were threatened. Traffic on the Rochester, Syracuse & Eastern Railway was tied up two hours.[13]
In January 1920, the officers of the Lyons National Bank were Frederick W. Chamberlain, president; John David, vice president; William H. Akenhead, cashier; Ethel A. Hahn and Leora E. Yury, assistant cashiers. The Directors were Frederick W. Chamberlain, John David and Grace C. David.[14]
In January 1923, the officers elected at the annual meeting of the Lyons National Bank were as follows: Frederick W. Chamberlain, president; John David, vice president; William H. Akenhead, cashier; Miss Ethel A. Hahn and Miss Leora E. Yury, assistant cashiers. The directors were Frederick W. Chamberlain, John David, Grace C. David, William H. Akenhead, and Frederick P. Chamberlain.[15]
In March 1933, the reorganization plans of the two Lyons banks progressed beyond all expectations and it was reported by officials at the Lyons National and Gavitt National banks that half of the necessary stock already had been subscribed by the depositors. Following a public meeting Thursday evening when the requirements of the banks were made known, many depositors then signed pledge cards to subscribe for stock leaving a percentage of their deposits in the banks. President Saxon B. Gavitt of the Gavitt National Bank and President Fletcher J. Towlerton of the Lyons National Bank said they were deeply impressed by the cooperation and confidence placed in them by the depositors. The statute for reorganization of the banks provided that when depositors representing 75% of the amount on deposit signed for reorganization that the plan could be perfected without the consent of the remaining 25%. Both banks were now open for restricted business and each reported large deposits within the last two days in trust deposits.[16]
Having been deprived of unrestricted banking service since March 4 when the Lyons National Bank and the Gavitt National Bank were under the general order of President Roosevelt, the Lyons National Bank would reopen for unrestricted business Friday morning, July 7th. The new bank, which was a merger of the former Lyons National Bank and Gavitt National Bank, would occupy the Gavitt National Bank building at the corner of Church and William Streets. The new bank was made possible by the depositors who signed off a portion of their deposits and in addition subscribed to a large amount of stock. Several of the stockholders in the former banks also subscribed for new stock in the consolidated bank. Dr. Fletcher J. Towlerton would be the president of the new bank, with Frank W. Coffey, William Holloway and Saxon B. Gavitt, vice presidents. Isaac Wagemaker of Alton would be chairman of the board of directors. Other members of the board would be William Holloway, Fletcher J. Towlerton, Frank W. Coffey, Saxon B. Gavitt, Dr. Emory W. Carr, Dr. John C. Carmer and Daniel Moran of Lyons; Clarence Miller and Raymond E. Winfield of Buffalo; Edward J. Morrin of Junius; and Stewart C. Hemmingway of Syracuse. George H. Milem would be assistant vice president and Thad C. Logan, cashier. The new bank was capitalized at $150,000, with a surplus of $30,000. Both banks had been in the hands of a conservator since soon after the order of March 4th during which time a restricted business had been carried on.[17]
In January 1962, the stockholders elected the following nine directors: George Britten, Dr. Myron E. Carmer, Carl A. Deuchler, Chester Fenyvessy, Saxon B. Gavitt, Sr., Saxon B. Gavitt, Jr., William S. Gavitt, Clara M. Lytle, and Philip Paliotti, Sr. Fenyvessy was a Rochester resident and all others were from Lyons. Directors elected Saxon B. Gavitt, Sr., president; Saxon B. Gavitt, Jr., vice president; Thad C. Logan, cashier; and William S. Gavitt, assistant cashier.[18] In July William S. Gavitt of the banking family was elected a vice president of the Lyons National Bank. He had been a member of the bank's staff for many years. His father, Saxon B. Gavitt, was president of the institution and a brother, Saxon B. Gavitt, Jr., also was a vice president.[19] In December the retirement of Violet Knittel was announced for the first of the year after 45 years with the Lyons National Bank. She was given a testimonial dinner at Hotel Herrington on Thursday evening, December 20th. Miss Knittel who was born in Lyons, youngest daughter of Victor Knittel, began her bank work on Dec. 24, 1917, when William S. Gavit, father of the current president, Saxon B. Gavitt, headed the institution. She recalls that when the elder Gavitt hired her she did not want to start on the day before Christmas, but he insisted. He gave her along with the others a gold piece for Christmas. In the late years she was in charge of the bond and interest departments of the bank. After finishing at Lyons High School where she took a business course, Miss Knittel at times was with the Castle Kraut Co., the Commercial Building in Newark and the Luther S. Lake Lyons insurance office. It was from the Lake office that she transferred to the bank.[20]
Official Bank Title
1: The Lyons National Bank, Lyons, NY
Bank Note Types Issued
A total of $1,586,790 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 137,904 notes (121,706 large size and 16,198 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 4900 Original Series 3x10-20 1 - 800 Series 1875 4x5 1 - 7000 Series 1875 3x10-20 1 - 710 1882 Brown Back 50-100 1 - 2317 1902 Red Seal 3x10-20 1 - 2300 1902 Date Back 3x10-20 1 - 4600 1902 Plain Back 3x10-20 4601 - 13558 1929 Type 1 6x5 1 - 1038 1929 Type 1 6x10 1 - 614 1929 Type 1 6x20 1 - 222 1929 Type 2 5 1 - 3024 1929 Type 2 10 1 - 1550 1929 Type 2 20 1 - 380
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):
Presidents:
- De Witt Parshall, (Sr.), 1865-1879
- Dr. Dwight Scott Chamberlain, 1880-1890
- Dr. Dwight Scott Chamberlain, 1892-1902
- Dwight Parshall Chamberlain, 1903-1918
- Frederick W. Chamberlain, 1919-1927
- Dr. Fletcher Johnson Towlerton, 1928-1932
- Saxon Berry Gavitt, 2nd, 1933-1935
Cashiers:
- De Witt Parshall, Jr., 1865-1866
- Myron Charles Tucker, 1867-1890
- George T. Kennedy, 1891-1896
- Frank Augustus Tanner, 1897-1912
- William Henry Akenhead, 1913-1924
- H. S. Johnston, 1924-1924
- Thad Collins Logan, 1925-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Lyons, NY, 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 Evening Post, New York, NY, Tue., Feb. 27, 1844.
- ↑ New York Daily Herald, New York, NY, Thu., Feb. 8, 1855.
- ↑ New-York Tribune, New York, NY, Tue., Apr. 28, 1857.
- ↑ The New York Times, New York, NY, Fri., Oct 23, 1857.
- ↑ Brooklyn Eagle, Brooklyn, NY, Thu., Jan. 15, 1863.
- ↑ The Buffalo Commercial, Buffalo, NY, Mon., May 15, 1865.
- ↑ Buffalo Courier Express, Buffalo, NY, Sat., Mar. 20, 1869.
- ↑ The Buffalo Commercial, Buffalo, NY, Thu., May 13, 1880.
- ↑ The Buffalo News, Buffalo, NY, Thu., Apr. 19, 1900.
- ↑ The Post-Standard, Syracuse, NY, Thu., Apr. 19, 1900.
- ↑ Daily Sentinel, Rome, NY, Tue., May 12, 1903.
- ↑ Democrat and Chronicle, Rochester, NY, Wed., Jan. 12, 1916.
- ↑ Times Herald, Olean, NY, Mon., Jan. 24, 1916.
- ↑ The Buffalo Times, Buffalo, NY, Sun., Jan. 25, 1920.
- ↑ Democrat and Chronicle, Rochester, NY, Fri., Jan. 12, 1923.
- ↑ Democrat and Chronicle, Rochester, NY, Mon., Mar. 27, 1933.
- ↑ Democrat and Chronicle, Rochester, NY, Thu., July 6, 1933.
- ↑ Democrat and Chronicle, Rochester, NY, Sat., Jan. 13, 1962.
- ↑ Democrat and Chronicle, Rochester, NY, Sun., July 29, 1962.
- ↑ Democrat and Chronicle, Rochester, NY, Sat., Dec. 22, 1962.