Farmers National Bank, Pennsburg, PA (Charter 2334) (2024)

Farmers National Bank, Pennsburg, PA (Chartered 1876 - Open past 1935)

Town History

Pennsburg is a borough in Montgomery County, Pennsylvania, located 40 miles northwest of Philadelphia and 5 miles southwest of Quakertown. It is part of the strip of small towns that run together along Route 29: Red Hill, Pennsburg, and East Greenville. The towns are collectively referred to as Upper Perk. Its population was 3,889 at the 2020 census. In 1890 the population was 627, growing to 1,032 by 1900.

Pennsburg had two National Banks chartered during the Bank Note Era, the Perkiomen National Bank (Charter 2301) and the Farmers National Bank (Charter 2334), and both of those banks issued National Bank Notes.

Bank History

• Organized May 6, 1876
• Chartered May 31, 1876
• Bank was Open past 1935

The banking history of the Upper Perkiomen Valley had its beginning in the Green Lane section. In 1874, 123 stockholders contributed $100,000 to organize the Green Lane National Bank of Green Lane. The institution lasted a little over a year liquidating in September 1875. Dissatisfaction among the stockholders and directors led to its liquidation. Two factions resulted, one of these established the Perkiomen National Bank of Pennsburg which later for three years became the Perkiomen Trust Company and was again converted into a national bank, this time called the Perkiomen National Bank of East Greenville, (Charter 5166). The other faction started the Farmers National Bank of Pennsburg. When the Farmers National opened its doors on May 6, 1876, it occupied a small room in the front of the Odd Fellows Hall. For fifty years the bank occupied quarters in this lodge building and by the time of its move into its new home in 1926, the entire Main Street side of the Odd Fellows building was used.^[2]

On Monday, June 5, 1876, the new hall built by the Odd Fellows' Lodge at Pennsburg was dedicated. Past Grand Sire Nicholson of Philadelphia conducted the ceremonies. Addresses were made in English and German and good music was furnished by the Pennsburg Band. The hall was a three-story brick building and was quite an ornament to the town. The first floor would be occupied by stores, the second floor used for public entertainments, and the third for a lodge room.[3]

In August 1875, August F. Day, Esq., of Norristown, for many years in the Montgomery National Bank, was elected cashier of the Pennsburg National Bank.^[4] In October, the board of directors were elected as follows: William F. Reed, Jonathan P. Hillegass, Richard Markley, Dr. C.T. Waage, George Gruber, Augustus Thomas, Daniel G. Stauffer, Jesse Gery, Thomas B. Hillegass. The board organized by electing William F. Reed, Esq., president; Augustus F. Day, Esq., had previously been elected cashier. The bank planned to open in about two weeks.^[5]

On May 31, 1876, the comptroller of the currency authorized the Farmers National Bank of Pennsburg with a capital of $100,000 to commence business.^[6]

In April 1877, Edwin M. Benner, esq., of Sumneytown, Montgomery County, was elected president of the Farmers National Bank to fill the vacancy occasioned by the death of William F. Reed.^[7] Mr. Benner had been president of the Green Lane National Bank, selling his stock in March 1875 due to differences of opinion in its management.^[8]

In January 1878, the Farmers National Bank of Pennsburg, not having strictly complied with the banking laws, received notice from the comptroller of the currency that unless it voluntarily went into liquidation within 60 days, he would appoint a receiver to wind up its affairs.^[9]

On Saturday morning, November 22, 1879, an attempt was made to rob the Farmers National Bank at Pennsburg. The bank was under Odd Fellow's Hall and the valuables were kept in a large, burglar-proof safe, there being no vault. About half past two o'clock, the people were aroused by a heavy explosion. A short time before a lighter report had been heard, but did not attract particular attention. After the second report a number of the citizens gathered and on making an investigation found that the bank had been entered and the safe smashed up. The first report was caused by blowing open the outer door, and the second by an attempt to blow open the inner door. The doors of the Farrel & Co.'s make of safe^[10] were shattered, but not sufficiently to expose the contents. The burglars fled before the citizens reached the building, leaving behind their tools and obtaining no plunder. The burglars drilled the doors in order to charge them with powder. There were no clues as to the burglars.^[11]

In January 1883, the village of Pennsburg was agitated over the default of Augustus F. Day, cashier of the Farmers National bank. His deficit was $4,300, drawn on his own unendorsed notes and on notes drawn by his brother-in-law, Daniel Reiff and indorsed by Mr. Day. Reiff was formerly a cashier in a Phoenixville bank was was also "found wanting."^[12] He was requested by the Board of Directors to resign which he did. Mr. Day's friends flatly contradict that his accounts were not straight.^[13]

On Tuesday, January 17, 1893, stockholders elected to following directors: Edwin Benner, Jonathan P. Hillegass, Jesse Gery, E.J. Wilder, Esq., Tobias S. Reiff, Jno. F. Weyand, Oliver Stengel, Solomon Schwoyer, and D.S. Kern.^[14]

In January 1906, at a meeting of the new directors of the Farmers National Bank, Jonathan P. Hillegass was unanimously elected president. Mr. Hillegass was a scion of the well-known pioneer family of Hellegass and was a lineal descendant of Michael Hillegass, the first treasurer of the United States.^[15]

On Friday, April 2, 1926, the public was invited to inspect the interior of the new, $100,000 building of the Farmers National Bank. The opening of the new building on April 2d was particularly fitting since it also signified the fiftieth anniversary of the founding of the Farmers National in Pennsburg. Croll's Orchestra would entertain residents of the Perkiomen Valley and nearby sections during the celebration. About a year earlier the directors of the bank purchased one of Pennsburg's most desirable locations from Miss Katie Mensch for $15,000. The buildings on the lot were razed and the new bank building was started by the Tilghman Moyer Company of Allentown. The exterior of the building was 93X36 feet with heavy walls of buff brick trimmed with cut granite. The main banking room was about 28 feet high with a ceiling of gray with deeper shaded side walls, pleasingly decorated. The floor of the public space was of pink Tennessee marble with a Tavernelle Tennessee marble wainscot. The statuary bronze screen work was of a beautiful design. From the lobby, a door at the left lead to the president office while at the right was the rest room for lady patrons. The latter was an attractive alcove equipped with a writing desk, stationery, comfortable furniture, mirror, lavatory and toilet. This space was for the convenience of the bank's increasing number of lady customers. The directors' room was on a mezzanine floor over the vault, machinery room and coupon booths. The public space was terminated at the rear by a heavy bronze grille, separating the public from the safety deposit space. The owners of deposit boxes had access to private coupon boots and a telephone booth. Entry to this space was under the surveillance of the banking force. Also accessible to this space was the main bank vault installed by the York Safe and Lock Company. In the basem*nt was a storage vault, locker space for the working force, the heating plant and ample storage space. The officers were E.J. Wieder, Sr., a native of Lower Milford Township, Lehigh County, president; George E. Hevener, Pennsburg, vice president; Sas P. Markley, Pennsburg, secretary of the board; Daniel N. Schultz, Charles E. Hillegass, Edwin B. Benner, Jerome B. Kline, Dr. William H. Hunsberger and Dr. Charles Q. Hillegass, directors. Frank F. Huber was cashier; C. Henry Kurz, teller; Harold Reed, note clerk; and William F. Xander, posting clerk. The bank had deposits of more than a million dollars; a surplus and undivided profit of $220,000; and capital stock of $75,000.

In January 1956, the directors were Edwin B. Benner, Russell C. Trexler, J.B. Hillegass, John Kohler, Foster C. Hillegass, and Raymond S. Stevenson. The officers were Raymond S. Stevenson, president; Edwin B. Benner, vice president; and Harold E. Reed, cashier. At the end of 1955, the bank reported total resources of $,099,536.06.^[16]

On Friday, July 29, 1960, the Peoples National Bank of Norristown and the Farmers National Bank of Pennsburg merged to form the Peoples National Bank and Trust Company of Norristown. The consolidated bank's assets were approximately $27,000,000.^[17] The bank operated suburban offices in Jeffersonville, Whitemarsh-Plymouth, King of Prussia, East Norriton, and Pennsburg.^[18]

Official Bank Title

1: The Farmers National Bank of Pennsburg, PA

Bank Note Types Issued

A total of $1,940,590 in National Bank Notes was issued by this bank between 1876 and 1935. This consisted of a total of 174,967 notes (146,332 large size and 28,635 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 - 5658
1882 Brown Back	3x10-20	1 - 6800
1882 Date Back	3x10-20	1 - 6634
1902 Plain Back	4x10	1 - 17491
1929 Type 1	6x10	1 - 3850
1929 Type 2	10	1 - 5535

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1876 - 1935):

Presidents:

• William Findlay Reed, 1876-1876
• Edwin Markley Benner, 1877-1905
• Jonathan P. Hillegass, 1906-1920
• Emanuel J. Wieder, 1921-1928
• George E. Hevener, 1929-1935

Cashiers:

• Augustus F. Day, 1876-1882
• James Monroe Slifer, 1883-1884
• Benjamin F. Leidy, 1885-1895
• Albert Franklin Fluck, 1896-1900
• Emanuel J. Wieder, 1901-1920
• Frank F. Huber, 1921-1935

Other Known Bank Note Signers

• No other known bank note signers for this bank

Bank Note History Links

• Farmers National Bank, Pennsburg, PA History (NB Lookup)
• Pennsylvania Bank Note History (BNH Wiki)

Sources

• Pennsburg, 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