The National Bank of Rising Sun, MD (Charter 2481)

Postcard of the National Bank of Rising Sun, Maryland, ca1918. The location was 6 Pearl Street and corner of Main and Queen Streets. Courtesy of Fred Maples

The National Bank of Rising Sun, MD (Chartered 1880 - Failed (Merger) 2014)

Town History

Photo of the Howard Bank in Rising Sun, Maryland, ca2022. The new bank building used the site of the old bank and during erection (1924-1925), the bank occupied the Community Fire Company quarters in the Town Hall. Courtesy of Google Maps

Around 1720, Henry Reynolds established a stone tavern on Nottingham Lot No. 17 to serve as a stage coach stop. According to local lore, he erected a sign over the entrance of the tavern depicting the rays of the sun at dawn and the words "The Rising Sun". As the tavern was located along the route between Baltimore and Philadelphia, it became known as a meeting place for business, politics, elections, and other public activities. Local legend states that the tavern was more well known than the surrounding village (Summer Hill) so that by the time the town’s first post office was established around 1815, Rising Sun was chosen as the official name.

U.S. Route 1 skims the northwest edge of town. Heading south, US 1 heads across the Conowingo Dam on its way towards Baltimore, while to the north, US 1 enters Pennsylvania on its journey towards Philadelphia. Other highways which pass through Rising Sun include Maryland Route 273 and Maryland Route 274. Maryland Route 276 passes just outside the town limits.

Rising Sun had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

Organized June 2, 1880
Chartered June 8, 1880
Succeeded Rising Sun Banking Co.
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Failed. Merged with government financial assistance into Howard Bank in Ellicott City, MD, October 17, 2014

The banking company was first organized in 1871, under the name of Evans, Wood & Co., with Mr. H.H. Haines as cashier. The company was reorganized under the title of “The Rising Sun Banking Company" in 1873. In May 1875, the old Board of Directors of the Rising Sun Banking Company were re-elected as follows: James Wood, President; Joseph Smith, Jos. C. Taylor, C. Blackburn, W.A. Long, Dr. E. Heston, Isaac Bradley, John D. Nelson, Directors. In July 1877, Judge James M. Evans was President; H.H. Haines, Cashier; Edwin Haines, Sr., Job Haines, Timothy Haines, J.A. Kirk, Dr. L.R. Kirk, Joseph Pennell, Dr. Turner, T.B. Gillespie, Luke Brown, Reuben Haines, Directors. The Cecil Whig, Elkton, MD, Sat., July 14, 1877.

A 1915 advertisement for the National Bank of Rising Sun, Maryland.

In July 1880, due to the increased advantages secured to National Banks by their circulation, and the greater protection afforded depositors under the National Banking Law, the Rising Sun Banking Company after a successful career of nine years as a private bank, converted to a National Bank with the title of “The National Bank of Rising Sun.” All checks, drafts, notes, and certificates of deposit issued by, and containing the name of The Rising Sun Banking Company, were honored by said National Bank of Rising Sun. The organization was completed by electing James M. Evans, Luke Brown, Jesse A. Kirk, Edwin Haines and Dr. L.R. Kirk as Directors. James M. Evans was elected President and H.H. Haines, Cashier. The new bank had a capital of $50,000.

On January 16, 1882, the following officers of the National Bank of Rising Sun, were elected: Directors, Timothy Haines, Jesse A. Kirk, Luke Brown, James M. Evans, Dr. L.R. Kirk. President, Jas. M. Evans; Vice President, Jesse A. Kirk; Cashier, H.H. Haines; Teller, John D. Haines; Clerk, George A. Smith.

The night of February 16, 1882, a large brick storehouse known as the Mammoth store. owned by T.W. Rittenhouse of Chester, located at Rising Sun, Maryland, was burned. a number of adjacent buildings were demolished to prevent the spread of the flames. The store building was one hundred and ten feet long and was regarded as the finest in the State outside of Baltimore. The building of the National Bank of Rising Sun, directly opposite the store, was only saved by hard work. Messrs. Passmore Bros., occupied the store building and had a stock of general merchandise valued at $15,000, which was fully insured. There was an insurance of $4,500 on the store property, which was reportedly worth $8,000.

On Tuesday, January 8, 1884, at the annual meeting of the stockholders, the following board was chosen: H.H. Haines, James M. Evans, L.R. Kirk, Job Haines, Jesse A. Kirk and Timothy Haines. Hon. James M. Evans, having declined reelection, H.H. Haines, Esq., who was cashier of the institution since its organization, was elected President. John D. Haines was promoted to the cashiership. The selection of Mr. Haines as President of the bank was a just and fair recognition of his ability as a businessman and financier. The original establishment of the institution was due, in a great measure to his efforts, and from the days of its birth until the present time, he was untiring in his efforts to build up and extend its field of operations. The institution had been a paying one from the start, the dividends ranging from 8 to 10 per cent, and a surplus fund of $l0,000 had been accumulated. The bank statement now showed deposits of $208,423.43 and loans of $202,583.83.

About this time in 1884, a young Ellis P. Passmore began his banking career as office boy, janitor, clerk, and bookkeeper at The National Bank of Rising Sun.  During his long career, he would rise to Governor of the Federal Reserve Bank of Philadelphia and President of Philadelphia's historical and powerful Bank of North America.  In September 1889, E. Pusey Passmore who had been clerking for several years, severed his connection with the National Bank of Rising Sun and left town to take a course in Swarthmore College, Pennsylvania.

On Monday morning about 2:30 o'clock on July 9, 1890, an attempt was made by two men to rob the National Bank at Rising Sun. Mr. H.H. Haines, president of the bank, was sleeping immediately over the bank and was awakened by the barking of a pet dog. He got out of bed and, hearing a noise, went to see what was the matter. The robbers had become frightened by this time and ran away. They were tracked for a short distance but the trail was soon lost and no clue to their identity could be found.

At the annual election held on Tuesday, January 15, 1901, the following were chosen Directors for the ensuing year: H.H. Haines, J.A. Kirk, L.R. Kirk, M.D., William L. Mearns, Joel J. Carter, Geo. C. Logan, A.L. Duyckinck, and Chas. S. Pyle. H.H. Haines was re-elected president, J.A. Kirk vice president, and Chas. S. Pyle, cashier. The Directors were sumptuously entertained at dinner by Mr. and Mrs. Haines.

On Tuesday, January 20, 1903, at the annual meeting of the stockholders, the following board of directors was elected: H.H. Haines, Jesse A. Kirk, Charles S. Pyle, William L. Mearns, Joel J. Carter, George C. Logan, A.L. Duyckinck, Carlton Kimble, Jesse Wood and J. Thos. Riale, the latter two being new members of the board. The following officers were elected by the directors: H.H. Haines, prest.; J.A.- Kirk, vice prest.; Chas. S. Pyle, cashier; H.F. Richards, assistant cashier. The directors and employees of the bank were entertained at dinner by Mr. and Mrs. H.H. Haines at the close of the business meeting. J. Milton Lutz, vice president of the First National Bank of Clifton Heights, Pennsylvania, was also a guest at the dinner.

In January 1907, the officers were H.H. Haines, president; Chas. S. Pyle, vice president and cashier; M.E. Flounders, assistant cashier, B. F. Effing, bookkeeper, and Leslie Pyle, clerk.

On January 19, 1915, at the annual meeting of stockholders the members of the present board of directors were reelected as follows: A.L. Duyckinck, Jesse Wood, S.G. England, S.T. Wiley, W.W. Lanahan, A.L. Buffington, I. Wayne Reynolds, M.E. Flounders, and Charles S. Pyle. Upon reorganization, Charles S. Pyle was elected president; A.L. Duyckinck and W.W. Lanahan, vice-presidents; M.E. Flounders, cashier and secretary of the board.

On January 13, 1920, the stockholders elected the following directors: A.L. Buffington, Jesse T. Cameron, A.L. Duyckinck, S.G. England, M.E. Flounders, John T. Neary, W.M. Pogue, Charles S. Pyle, Wm. M. Reynolds, Jesse Wood, Robert K. Wood. Officers elected were Charles S. Pyle, president; A.L. Duyckinck, vice president; Mark E. Flounders, cashier.

In May 1924, the National Bank of Rising Sun began a new bank building on the site of the previous structure at a proposed cost of nearly $100,000. During the erection of the building the bank occupied the Community Fire Company quarters on the first floor of the Town Hall. The old building was used as a bank and dwelling.

Official Bank Title(s)

1: The National Bank of Rising Sun, MD

Bank Note Types Issued

Series of 1875 $10 bank note with pen signatures of Charles S. Pyle, Cashier and H.H. Haines, President. Courtesy of Heritage Auctions, www.ha.com

1882 Date Back $10 bank note with pen signature of M.E. Flounders, Cashier and stamped signature of H.H. Haines, President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $10 bank note with printed signatures of M.E. Flounders, Cashier and Charles S. Pyle, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $10 bank note with printed signatures of M.E. Flounders, Cashier and Charles S. Pyle, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,290,530 in National Bank Notes was issued by this bank between 1880 and 2014. This consisted of a total of 103,925 notes (81,696 large size and 22,229 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
Series 1875	3x10-20	1 - 5083
1882 Brown Back	3x10-20	1 - 3960
1882 Date Back	3x10-20	1 - 4200
1882 Value Back	3x10-20	4201 - 6680
1902 Plain Back	3x10-20	1 - 4701
1929 Type 1	6x10	1 - 2152
1929 Type 1	6x20	1 - 560
1929 Type 2	10	1 - 4613
1929 Type 2	20	1 - 1344

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1880 - 2014):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Rising Sun, MD, Wikipedia, https://en.wikipedia.org/wiki/Rising_Sun,_Maryland
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 Cecil Whig, Elkton, MD, Sat., May 8, 1875.
The Cecil Whig, Elkton, MD, Sat., June 26, 1880.
The Cecil Whig, Elkton, MD, Sat., July 3, 1880.
The Cecil Whig, Elkton, MD, Sat., Jan. 21, 1882.
Harrisburg Telegraph, Harrisburg, PA, Fri., Feb. 17, 1882.
The Cecil Whig, Elkton, MD, Sat., Jan. 26, 1884.
The Midland Journal, Rising Sun, MD, Fri., Sep. 13, 1889.
The Cecil Whig, Elkton, MD, Sat., July 14, 1890.
The Midland Journal, Rising Sun, MD, Fri., Jan. 18, 1901.
The Midland Journal, Rising Sun, MD, Fri., Jan. 23, 1903.
The Cecil Whig, Elkton, MD, Sat., Jan. 12, 1907.
The Cecil Whig, Elkton, MD, Sat., Jan. 23, 1915.
The Cecil Whig, Elkton, MD, Sat., Jan. 17, 1920.
Wilmington Evening Journal, Wilmington, DE, Sat., April 19, 1924.
Wilmington Morning News, Wilmington, DE, Sat., May 3, 1924.