Valley National Bank, Chambersburg, PA (Charter 4272)
Valley National Bank, Chambersburg, PA (Chartered 1890 - Open past 1935)
Town History
Chambersburg is a borough in and the county seat of Franklin County, in the South Central region of Pennsylvania. It is in the Cumberland Valley, which is part of the Great Appalachian Valley, and 13 miles north of Maryland and the Mason-Dixon line and 52 miles southwest of Harrisburg, the state capital. According to the United States Census Bureau, Chambersburg's 2020 population was 21,903. In 1860 the population was 5,255, growing to 13,788 by 1930.
Chambersburg's settlement began in 1730, when water mills were built at Conococheague Creek and Falling Spring Creek. The town developed on both sides of these creeks. Its history includes episodes relating to the French and Indian War, the Whiskey Rebellion, John Brown's raid on Harpers Ferry, and the Civil War. The borough was the only major northern community burned down by Confederate forces during the war.
Chambersburg is served by the Lincoln Highway, U.S. 30, between McConnellsburg and Gettysburg. U.S. 11, the Molly Pitcher Highway, passes through it between Shippensburg, Pennsylvania, and Hagerstown, Maryland. Interstate 81 skirts the borough to its east. The town lies approximately midpoint on US Route 30 between Pittsburgh and Philadelphia.
Benjamin Chambers, a Scots-Irish immigrant, is credited with settling "Falling Spring" in 1730. He built a grist mill and saw mill by a then-26-foot-high waterfall where Falling Spring Creek joined Conococheague Creek. The creek provided power for the mills, and soon a settlement grew and became known as "Falling Spring".
On March 30, 1734, Chambers received a "Blunston license" for 400 acres from a representative of the Penn family. European settlement in the area remained of questionable legality until the treaty ending the French and Indian War in 1763, because not all Indian tribes with land claims had signed treaties with the British colonial government.
The Penn family encouraged settlement in the area in order to strengthen its case in a border dispute with the Maryland Colony, which had resulted in hostilities known as Cresap's War. This dispute was not settled until 1767, with the border survey that resulted in the Mason-Dixon line. Chambers traveled to England to testify in support of Penn's claims. To maintain peace with the Indians, Penn sometimes arranged for European settlers to be removed from nearby areas. In May 1750, Benjamin Chambers helped remove settlers from the nearby Burnt Cabins.
The area was first classified as part of Chester County, then Lancaster County (as that was created from Chester County's western area). Then Lancaster County was split, with its western portion renamed as Cumberland County; finally another split (this time of Cumberland County) established Franklin County in 1784. (Adams County adjoins it on the east).
Chambersburg had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes. Chambersburg also had one Obsolete Bank that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized March 15, 1890
- Chartered March 26, 1890
- Bank was Open past 1935
- Acquired Path Valley National Bank, Dry Run (Charter 10811) on June 30, 1962
- Merged in 1963 with the National Bank, Chambersburg (Charter 593) forming the National Valley Bank & Trust Company
In March 1890, the capital stock of $100,000 had all been subscribed and much more capital was offered than could be accepted. The necessary papers were forwarded to Washington. The incorporators were Geo. H. Stewart, Thomas B. Kennedy, John R. Orr, Hastings Gehr, W.U. Brewer, Alexander Stewart and M.C. Kennedy. George H. Stewart would be president and Jno. R. Orr, cashier. The first floor of the building of the Chambersburg Deposit Bank which the new bank had purchased would be entirely remodeled and refitted. A large vault would be built in the east end of the first floor and a fire and burglar proof safe built in the vault. The bank planned to opened for business after April 1st. George H. Stewart was one of the largest landowners and capitalists in the area. The choice of Mr. Orr as cashier was a wise one given his experience of the past ten years as the head of the Deposit Bank. He was regarded as an authority upon financial matters and possessed the confidence of the merchants and farmers of the town and county in a marked degree. He conducted the only private banking business in Chambersburg that was successful.[2]
In January 1895, the stockholders elected the following directors: G.H. Stewart, T.B. Kennedy, Hon. W.U. Brewer, Hon. Hastings Gehr, M.C. Kennedy, and Alexander Stewart.[3]
In January 1896, one of the best of the York Safe Company's burglar- and fire-proof vaults, similar to those in use in large cities, was ordered by the Valley National Bank. The vault would be 10 feet deep, 7 feet high and 7 feet wide and constructed of 2 inch thick chrome steel incased in fire-proof structure. It would have the latest improved time-lock. Distinct from the portion used by the bank would be 100 good-sized individual deposit boxes, each with a fine and reliable lock. The vault would be built into the room used by Cashier Jno. R. Orr and the directors. The room front in the new post office block adjacent to the bank and communicating therewith was built for use as the board room. The contract called for completion of the vault by March 1st.[4]
In January 1900, directors organized by electing Geo. H. Stewart, Shippensburg, president; M.C. Kennedy, vice president; John R. Orr, cashier; Fred B. Reed, teller; P.O. Hawbecker, John F. Kirby, bookkeepers; D.M. Funk, messenger; and Amos McNair, watchman.[5]
On Tuesday, January 12, 1904, at the Valley National Bank, these directors were chosen: George H. Stewart, T.B. Kennedy, William U. Brewer, Hastings Gehr, Alexander Stewart, and M.C. Kennedy.[6]
On Tuesday, January 12, 1909, the directors elected were G.H. Stewart, M.C. Kennedy, W.U. Brewer, A. Stewart, C.P. Speer, Irvin C. Elder, C.A. Raff, and J.R. Orr.[7] The officers re-elected were Geo. H. Stewart, president; M.C. Kennedy and John R. Orr, vice presidents; and Fred B. Reed, cashier.[8]
On Tuesday, January 13, 1914, the stockholders re-elected the following directors: G.H. Stewart, M.C. Kennedy, C.P. Speer, Irvin C. Elder, C.A. Raff, J.R. Orr, A.L. Sherk, C.M. Davison, and J.R. Ruthrauff.[9]
On Wednesday, January 9, 1963, the Valley National Bank of Chambersburg re-elected all officers. The group also appointed 12 advisory directors. Officers for 1963 were R.P. Zimmerman, president; John A. Morris, executive vice president; Harry H. Sherk, Aaron Myers, and A.W. Evans, vice presidents. Personnel of the main office in Memorial Square were Joseph G. Nichols, vice president; Joe D. Stout, cashier; Mrs. Kathryn G. Brady, trust officer; Blaine E. Chesnut, trust officer and financial planning officer. Officers of the bank's outlying facilities were: Lemasters, Robert S. Failor, assistant ice president; Path Valley office at Dry Run, Robert W. Crouse, vice president, and Dale F. Coons, assistant cashier; Coldbrook drive-in office, Chester E. Metz, assistant vice president; Letterkenny banking facility, Leon H. Mower, assistant cashier. Advisory directors were William H. Gluck, Daniel M. Hawbaker, Samuel B. Hawbaker, J. Floyd Lytle, L.C. Montague, Fred E. Niswander, D.R. Rosenberry, John McD. Sharpe, Jr., Bruce M. Small, James H. Speer, William G. Stuff, and S.C. Van Scyoc.[10]
In December 1963, Richard P. Zimmerman, chairman of the board, National Valley Bank and Trust Company, was elected president of the Greater Chambersburg Chamber of Commerce. Zimmerman had been active in chamber and community affairs since he arrived in Chambersburg to join the staff of the Valley National Bank nearly ten years ago. He was named president of that bank in 1956 and upon the recent merger with the National Bank of Chambersburg he was named chairman of the board. He was a native of Lebanon where he served in the banking field for 22 years before joining the Valley National Bank. He was a graduate of the Rutgers University Graduate School of Banking and recently served as president of the Rotary Club.[11] He began his banking career in 1932 with the former North Side Bank in Lebanon and at age 28 became the bank's chief executive officer, serving until its merger with First National Bank of Lebanon when he was named vice president.[12]
On February 4, 1969, Samuel A. Tarquino was named to manage the National Valley Bank and Trust Company's newly-constructed St. Thomas office.[13]
On Friday, January 2, 1970, the National Valley Bank and Trust Company, second oldest bank in Pennsylvania, became Valley Bank and Trust Company. In an unveiling ceremony at the main office, Harry H. Huber, senior member of the bank's board of directors uncovered the new sign which was being installed at all of the bank's 13 locations. Assisting in the ceremony were R.P. Zimmerman, chairman of the board, and Robert E. Graham, president, as well as members of the board of directors and other officials of the bank. On August 29th, the shareholders voted in favor of a proposal to form a one-bank holding company, charter a new state bank, and merge the then National Valley Bank and Trust Company into the newly chartered institution. The holding company was known as National Valley Corp., a Pennsylvania corporation, and was authorized to engage in general business activities including providing certain financial services. The new bank was not a member of the Federal Reserve System, thus permitting it to invest more of its assets, resulting in a greater realization of profits than under the National Bank System. The bank continued as a member of the Federal Deposit Insurance Corporation and its deposits would thus be insured to a maximum of $20,000 for each depositor. Total assets reported at the end of 1968 were $58,952,196.39, a record. Another record was recorded at the end of 1969 with assets reaching $67,800,000.[14]
Official Bank Title
1: The Valley National Bank of Chambersburg, PA
Bank Note Types Issued
A total of $2,577,170 in National Bank Notes was issued by this bank between 1890 and 1935. This consisted of a total of 327,823 notes (225,676 large size and 102,147 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 - 9100 1882 Brown Back 3x10-20 1 - 5320 1882 Date Back 4x5 1 - 1246 1882 Date Back 3x10-20 1 - 505 1902 Date Back 4x5 1 - 6100 1902 Date Back 3x10-20 1 - 4720 1902 Plain Back 4x5 6101 - 23973 1902 Plain Back 3x10-20 4721 - 16275 1929 Type 1 6x5 1 - 8872 1929 Type 1 6x10 1 - 4218 1929 Type 1 6x20 1 - 1080 1929 Type 2 5 1 - 9954 1929 Type 2 10 1 - 5628 1929 Type 2 20 1 - 1545
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1890 - 1935):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Valley National Bank, Chambersburg, PA History (NB Lookup)
- Pennsylvania Bank Note History (BNH Wiki)
Sources
- Chambersburg, 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
- ↑ Public Opinion, Chambersburg, PA, Fri., Aug. 23, 1963.
- ↑ Franklin Repository (Daily), Chambersburg, PA, Mon., Mar. 10, 1890.
- ↑ People's Register, Chambersburg, PA, Fri., Jan. 11, 1895.
- ↑ The Franklin Repository, Chambersburg, PA, Wed., Jan. 15, 1896.
- ↑ Franklin Repository (Daily), Chambersburg, PA, We., Jan. 10, 1900.
- ↑ People's Register, Chambersburg, PA, Fri., Jan. 15, 1904.
- ↑ The Franklin Repository, Chambersburg, PA, Wed., Jan. 13, 1909.
- ↑ People's Register, Chambersburg, PA, Fri., Jan. 15, 1909.
- ↑ Franklin Repository (Daily), Chambersburg, PA, Tue., Jan. 13, 1914.
- ↑ Public Opinion, Chambersburg, PA, Wed., Jan. 9, 1963.
- ↑ Public Opinion, Chambersburg, PA, Wed., Dec. 4, 1963.
- ↑ The Patriot-News, Harrisburg, PA, Fri., Feb. 7, 1992.
- ↑ Public Opinion, Chambersburg, PA, Sat., Feb. 4, 1984.
- ↑ Public Opinion, Chambersburg, PA, Fri., Jan. 2, 1970.