Valley National Bank, Lebanon, PA (Charter 655)

An 1890 sketch of the Valley National Bank building located on North Eighth Street, Lebanon, Pennsylvania.

Valley National Bank, Lebanon, PA (Chartered 1864 - Liquidated 1920)

Town History

Lebanon is a city in and the county seat of Lebanon County, Pennsylvania. Lebanon is located in the central part of the Lebanon Valley, 26 miles east of Harrisburg and 29 miles west of Reading. Lebanon was founded by George Steitz in 1740 and was originally named Steitztown. The Quittapahilla Creek drains the city westward into the Susquehanna River via the Swatara Creek.

Lebanon was settled by European colonists in 1720, many with the family names of "Steitz" and "Light", along a creek that was then named "Steitz Creek". The Light patriarchs built a fort to protect against Indians and named it "Light's Fort". The town was laid out in 1753, incorporated as a borough on February 20, 1821, and became a city on November 25, 1885. It adopted the commission form of government, consisting of four councilmen and a mayor.

Lebanon bologna was first made here, since before the 1780s. San Giorgio pasta has been manufactured in Lebanon since 1914, and was acquired by nearby Hershey Foods Corporation in 1966. Lebanon was formerly home to a major steel mill operated by Bethlehem Steel.

During the National Bank Note Era (1863-1935), the population was 4,449 in 1860, steadily increasing to 25,561 in 1930. The population was 25,477 at the 2010 census, a 4.2% increase from the 2000 count of 24,461.

Lebanon had five National Banks chartered during the Bank Note Era, and all five of those banks issued National Bank Notes.

Bank History

Lebanon Valley Bank Obsolete $1, Haxby PA-235, signed by George Karch, Cashier and John George, President. Printed by National Bank Note Company, this unusual design has just one vignette, that of a farm wife and child herding cattle through a gate, flanked by two massive green panels. Courtesy of Heritage Auctions, www.ha.com

• Organized December 6, 1864
• Chartered December 29, 1864
• Succeeded Lebanon Valley Bank
• Liquidated December 1, 1920
• Absorbed by Farmers Trust Company, Lebanon

In June 1856, an announcement was made of the intent to apply for the incorporation of a bank located in the borough of Lebanon, under the name, style and title of the Lebanon Valley Bank, to have general banking and discounting privileges with a capital of $200,000. The applicants were Simon Cameron, George Smuller, James Young, George Gleim, G. Dawsell Coleman, Levi Kline, Augustus Boyd, and others.

In May 1857, Governor Pollock informed the Legislature that the following bank bills, having been in his possession more than then days, had become laws without his signature. The banks were Shamokin Bank, capital $150,000; Pottstown Bank, capital $200,000; Manufacturers' and Mechanics', restoration and increase $700,000; Lebanon Valley Bank, increases $200,000; and York County, increase $200,000. Every bill with respect to banks with but four exceptions passed by the Legislature had been permitted to become a law. Why the exceptions was unclear. The Pottstown Bank was the same bill that the Governor vetoed in 1855 on the grounds that a bank was not needed at that point. On Wednesday, October 14th was the last day advertised for the opening of the books for taking subscriptions of stock of the Lebanon Valley Bank. The commissioners met but deemed it prudent to adjourn to the 3rd Monday of February without opening the books.

In February 1858, Commissioners opened the books and with 2,000 shares the necessary number to sell, 2,700 shares were taken. $5 a share was paid at the time the subscriptions were made and this was deposited in the Lebanon Bank for safe keeping. An installment of $20 a share was due on April 20th and in May, directors would be elected and the bank placed in working order as soon after the election as practicable. In April 1858, application was made to Court for the removal of Geo. Gleim, Esq., from the position of Commissioner in the Act chartering the Lebanon Valley Bank, and Jacob Wiedle, Esq., was appointed in his place. On Friday a committee went to Harrisburg with a certificate o the stocks having been taken signed by a majority of the Commissioners and on Saturday, April 24th, obtained the charter.

The Valley National Bank of Lebanon, Pennsylvania was chartered December 29, 1864, with capital of $100,000. The total amount of National Bank Currency issued through Dec. 31, 1864 was $76,369,890 with 681 banks operating under the National Banking Law.

In January 1865, the State Treasurer published a list of banks that notified him of their intention to organize under the National Banking Law. Notably, the Lebanon Bank and the Lebanon Valley Bank were on this list. The Lebanon Valley Bank was a state bank organized in 1856 and remained in business until becoming the Valley National Bank of Lebanon, in 1864.

On December 6, 1883, the bank moved to its handsome and massive building erected for banking purposes on North Eighth Street. Its exterior was built of brown stone and brick with an interior finish keeping with its imposing and attractive exterior. The banking room was 35 feet from floor to ceiling, furnished entirely in tiling, iron, cement, and hardwood. The tellers were behind a wire railing 12 feet high protected by heavy plate glass windows. The president's, cashier's and directors' rooms where light, elegant and convenient. The bank had two vaults, one the exact duplicate of the other, that possessed every improvement known to safe and vault manufacturing science. Two inches of drill-proof metals with every corner solidly bent and welded and this in turn fastened together through the body of the vault with welded iron and chrome steel, twisted, screw-cut conical bolts, screwed in from the outside with a four-foot lever, lining its roof, sides and floor. The four-inch thick outside doors weighed 5,000 pounds each and were dovetailed and tenon grooved with such accuracy as to hermetically seal the opening. Double combination locks secured the vaults with disconnected spindles after the locks were in service. For further protection there were two double movement time locks, one for each outer door. The size of the combined vaults was 16 feet long, 15 feet deep, and 12 feet high weighing no less than 60 tons. The vault to the right was for safe deposit business and the one to the left was for storage of the bank's books, currency, coin, etc.

The charter was extended in 1884 for another 20 years or until 1904. In December 1890 the bank had capital of $100,000, surplus $100,000 and undivided profits $17,000. Business could be transacted equally well in English or German. The officers were T.T. Worth, president; John H. Lick, vice president; and Jacob B. Karch, cashier. The directors were T.T. Worth, John H. Lick, George H. Reinoehl, Adam Rise, L.E. Weimer, Chas. H. Killinger, P.S. Greenawalt, Levi Light, and Jacob L. Hauerall, all Lebanon gentlemen.

Bought by Farmers Trust Company of Lebanon

On July 15, 1920, shareholders were notified that a special meeting would be held at the banking house on North Eighth Street for the purpose of approving or disapproving the proposition to voluntarily liquidate The Valley National Bank in order to sell and transfer all assets to the Farmers Trust Company of Lebanon. The proposal was approved and the merger was completed on December 1, 1920. On December 31, 1920, the directors of the Farmers Trust Company announced a dividend of $20,000 on the $500,000 of stock (4% dividend), added $10,000 to the Reserve Fund, and $10,000 to the surplus, making their surplus fund of $500,000 equal to the capital stock.

A new bank with a similar name: Lebanon Valley National Bank

On July 27, 1956, the consolidation of the Lebanon National Bank, Palmyra Bank and Trust Co., and the Annville National Bank was announced. If approved by shareholders and the comptroller of the currency, the new banking institution would have assets in excess of $25 million and a new name: Lebanon Valley National Bank. The charter of the Lebanon National Bank, 680, Lebanon County's oldest at the time would be used. The consolidation would give the proposed Lebanon Valley National Bank five offices in Lebanon County: Palmyra, Annville, Cleona, Schaefferstown, and Lebanon. The Lebanon Valley National Bank would persist until its merger with Lebanon Valley Farmers Bank in 1998 when the latter's name was adopted.

The Lebanon National Bank was The Lebanon Bank that to became a National Bank back in 1864.

Official Bank Title

1: The Valley National Bank of Lebanon, PA

Bank Note Types Issued

Original Series $5 bank note with pen signatures of Joseph Karch, Cashier and J. George, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

Series of 1875 $5 bank note with penned signatures of Jacob B. Karch, Cashier and George Hoffman, President. Courtesy of Heritage Auctions, www.ha.com

A total of $958,450 in National Bank Notes was issued by this bank between 1864 and 1920. This consisted of a total of 112,604 notes (112,604 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
Original Series	3x1-2	1 - 2000
Original Series	4x5	1 - 3125
Original Series	3x10-20	1 - 2100
Series 1875	4x5	1 - 2750
Series 1875	3x10-20	1 - 1484
1882 Brown Back	3x10-20	1 - 943
1882 Brown Back	50-100	1 - 732
1902 Red Seal	4x5	1 - 950
1902 Red Seal	3x10-20	1 - 570
1902 Date Back	4x5	1 - 1750
1902 Date Back	3x10-20	1 - 1660
1902 Plain Back	4x5	1751 - 8195
1902 Plain Back	3x10-20	1661 - 5668

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1864 - 1920):

Presidents:

• John George, 1865-1875
• George Hoffman, 1876-1889
• Col. Titus Taylor Worth, 1890-1891
• Lucien Edwin Weimer, 1892-1898
• Adam Rise, 1899-1902
• Charles H. Killinger, 1903-1918
• Walter Earle Weimer, 1919-1920

Cashiers:

• Joseph Karch, 1865-1879
• Jacob B. Karch, 1880-1897
• Frank Henry Reinoehl, 1898-1912
• Albert Bowman Carmany, 1913-1914
• William H. Kneedler, 1915-1917
• Adam Rise Bowman, 1918-1920

Other Bank Note Signers

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

Wiki Links

• Pennsylvania Bank Note History
• General information on Lebanon (Wikipedia)
• General information on Lebanon County (Wikipedia)
• General information on Pennsylvania (Wikipedia)

Sources

• Lebanon, 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://bbdata.banknotehistory.com