Union National Bank, Reading, PA (Charter 14277)

The old Farmers National Bank of Reading at the corner of Penn and Fifth Streets, ca2022. The Union National Bank bought this building in 1934. Courtesy of Google Maps

Union National Bank (No Issue), Reading, PA (Chartered 1934 - Open past 1935)

Town History

Reading (/ˈrɛdɪŋ/ RED-ing) is a city in and the county seat of Berks County, Pennsylvania. The city had a population of 95,112 as of the 2020 census and is the fourth-largest city in Pennsylvania after Philadelphia, Pittsburgh, and Allentown. Reading is located in the southeastern part of the state, 38.8 miles southwest of Allentown and 62.9 miles northwest of Philadelphia, and is the principal city of the Greater Reading Area, which had 420,152 residents as of 2020.

Reading's name was drawn from the now-defunct Reading Company, widely known as the Reading Railroad and since acquired by Conrail, that played a vital role in transporting anthracite coal from Pennsylvania's Coal Region to major East Coast metropolitan markets through the Port of Philadelphia for much of the 19th and 20th centuries. Reading Railroad is one of the four railroad properties in the classic U.S. version of the Monopoly board game. Reading was one of the first localities where outlet shopping became a tourist industry. It has been known as "The Pretzel City" because numerous local pretzel bakeries are based in the city and its suburbs; currently, Bachman, Dieffenbach, Tom Sturgis, and Unique Pretzel bakeries call the Reading area home. In recent years, the Reading area has become a destination for cyclists with more than 125 miles of trails in five major preserves; the region is an International Mountain Bicycling Association ride center.

Reading had nine National Banks chartered during the Bank Note Era, and eight of those banks issued National Bank Notes.

Bank History

Organized July 2, 1934
Chartered October 5, 1934
Non-issuing
Succeeded 696 (Farmers National Bank and Trust Company, Reading, PA; 4887 (Reading National Bank, Reading, PA, including West Reading Title and Trust Co.); 2899 (Penn National Bank and Trust Company) on October 5, 1934
Bank was Open past 1935

On January 3, 1934, a wildly jubilant victory dinner was held at the Abraham Lincoln. The Union National Bank of Reading virtually became a reality when 100,600 shares of stock were subscribed as reported at the dinner. Leaders in the organization of the proposed new bank said they expected to open for business in from 30 to 60 days. The bank's opening would allow $4,600,000 in frozen deposits to be made available to 58,000 depositors in the defunct Farmers, Reading, and Penn National Banks.

Ferdinand Thun, president of the new Union National Bank announced receipt of the following telegram,

"Ferdinand Thun, Care Farmers National Bank and Trust Company, Reading, Penna. Union National Bank of Reading No 14277 authorized to commence business.  Charter will be mailed you."  J.F.T. O'Connor, Comptroller of the Currency

The board met on Saturday morning, and a resolution was passed to open the bank formally as of October 6, 11:58 AM, and be open for business for the public on Monday morning, October 8. The Union National had: Cash on hand and due from banks, $4,233,134.98, Bonds $826,251.85, Bank Building $450,000 and total assets of $6,704,154.31. The bank, the most modern and best equipped in town, was bought from the conservator. The new board was headed by Fred A. Bigelow, president of the Carpenter Steel Company; and William K. Eckert, vice chairman. Other directors were Warren S. Adams, George B. Balmer, Jere H. Barr, William C. Bitting, Charles T. Davies, George D. Horst, Harold M. Leinbach, James P. Mercer, Frederick W. Nicolls, Arthur C. Roland, Allyn Taylor and F. Thun.

On Tuesday, January 12, 1937, Ferdinand Thun, Wyomissing Hosiery manufacturer, was reelected president of the Union National Bank at a meeting of the stockholders. All other officers and board members also were re-elected. William Y. Conrad was re-elected executive vice president; Robert E. Gehret, cashier; and Elmer D. Miller and Richard M. Quimby assistant cashiers. Fred A. Bigelow was re-elected chairman of the board. Other members of the board were Warren S. Adams, George B. Balmer. Jere Hess Barr, Wellington M. Bertolet, William C. Bitting, William Y. Conrad, Hen Johnston, Harold M. Leinbach, James B. Mercer, Frederick W. Nicolls, Jr., Arthur C. Roland, Allyn C. Taylor, Ferdinand Thun, and John H. Vogt. Charles Hunter and J. Hunter Rick were tellers.

On Tuesday, January 10, 1939, at a stockholders' meeting, those named to the directorate were: Warren S. Adams, George B. Balmer, Jere H. Barr, Wellington M. Bertolet, Fred A. Bigelow, William Y. Conrad, Henry R. Johnston, Harold M. Leinbach, James B. Mercer, Frederick W. Nicolls, Jr., Arthur C. Roland, Allyn C. Taylor, Ferdinand Thun, and John H. Vogt. Officers elected were: William Y. Conrad, president; Robert E. Gehret, vice president and cashier; Elmer D. Miller, assistant cashier, and Richard Quimby. Officers of the Union National also reported a gain in deposits and indicated a better business outlook for 1939 in their annual reports.

In February 1942, the building of the Union National Bank of Reading which was in the course of liquidation was sold to the Berks County Trust Company for $150,000. All equipment was included in the sale.

On March 25, 1949, Ferdinand Thun, 83, Textile Leader and benefactor, died at his home in suburban Wyomissing. Born in Barmen, Germany, February 14, 1866, Thun came to this country in 1866. He worked for a time as a bookkeeper in a local woolen mill and then returned to Barmen, for many years a famous manufacturing center in Germany, to study the manufacture of braids trimmings and notions. He came back to the United States in 1889, and three years later joined Henry Janssen in founding the Wyomissing industries. From a small machine shop, the business grew into one of the largest textile machine manufacturing enterprises in the world. Thun also served as President of the Berkshire Knitting Mills, largest full-fashioned hosiery plant in the world, until last January. At that time his son, Ferdinand K. succeeded him. A philanthropist and leader in the hosiery industry, Thun also headed the Wyomissing foundation which contributed millions of dollars to city, county and national organizations. Thun and Janssen, who died about a year ago, gave more than $4,000,000 to the Reading Hospital.

Official Bank Title(s)

1: Union National Bank of Reading, 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 (1934 - 1936):

Presidents:

Ferdinand Thun, 1934-1935

Cashiers:

Robert Earl Gehret, 1934-1935

Other Bank Note Signers

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

Wiki Links

Sources

Reading, PA, Wikipedia, https://en.wikipedia.org/wiki/Reading,_Pennsylvania
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 Ephrata Review, Ephrata, PA, Fri., Jan. 5, 1934.
Reading Times, Reading, PA, Mon., Oct. 8, 1934.
Reading Times, Reading, PA, Wed., Jan. 13, 1937.
Reading Times, Reading, PA, Wed., Jan. 11, 1939.
The Morning Call, Allentown, PA, Tue., Feb. 24, 1942.
The Daily Item, Sunbury, PA, Fri., Mar. 25, 1949.