Mifflin County NB, Lewistown, PA (Charter 1579)
Mifflin County NB, Lewistown, PA (Chartered 1865 - Open past 1935)
Town History
Lewistown is a borough in and the county seat of Mifflin County, Pennsylvania. The number of people living in the borough in 1900 was 4,451; in 1910, 8,166; in 1940, 13,017; and in 2010, 8,8338. Of the four communities in the United States named "Lewistown", this borough is the largest. The borough was incorporated in 1795 and was named for William "Bill" Lewis, a Quaker and a member of the legislature, who was responsible for the designation of the borough, then known as the Village of Ohesson, as the county seat of Mifflin County.
Early roads crisscrossed the region, but it was the eventual construction of the Pennsylvania Canal and the railroads that followed that truly positioned Mifflin County as an economic force in the state. Lewistown, as the major city in Mifflin County, saw its economy expand dramatically as entrepreneurs launched companies to construct canal boats or build inns offering lodging for travelers and workers. Lewistown had three National Banks chartered during the Bank Note Era, and all three of those banks issued National Bank Notes.
Bank History
- Organized September 22, 1865
- Chartered October 10, 1865
- Conversion of the Mifflin County Bank
- Bank was Open past 1935
On February 26, 1858, the House Bank committee reported the bill to incorporate the Mifflin County Bank with a negative recommendation. Some of the committee were thought to find the bill more acceptable with a clause requiring State stocks as security for the five dollar notes. On April first a second reading of the bill came before the House. Mr. Bower said this bank is to be located at Lewistown, Mifflin county. He then gave a brief abstract of the prominent features of the bill. He went on to show that each stockholder was to be in fact a director, which would prevent some of the frauds that other banks are liable to from faithless officials. In the 6th section he said ample security is provided for the security of noteholders by mortgages on real estate and fives and tens by State stocks deposited with the Auditor General. A bank is required in this central portion of the State. There are eleven counties contiguous without any banking capital. It is necessary for the farmer who wants to sell his grain. He expects to get his pay in good paper, but at present he often gets foreign currency of a very depreciated character. The iron interest also demands it. More than twelve hundred citizens had petitioned for the measure.
Mr. Lawrence said that asking for a bank at this time either argues great audacity or a persistence in demanding what is right. It is asked that a bank be chartered at Lewistown, which will be the only one along the Pennsylvania Central railroad for a distance of 250 miles. The great objection to banks is that security is not offered to noteholders, but in this instance this is done. First, real estate to the amount of the deposits, then insurance stocks, and then State stocks to the amount of the deposits and notes issued. What better security can be offered? He thought the prayer of the petitioners ought to be granted.
Mr. Lloyd said there were novel features in this bill and some of them were valuable. By the fifth section there is full security guaranteed to the noteholder and the depositor. It was State stock guarantee and real estate security—the best that can be offered. He had carefully examined its provisions in committee and out of committee, and could find nothing in it objectionable.
Mr. Jenkins said there were incongruities in the second section; it is said the capital stock shall be $200,000, yet it permits it to be increased to $300,000. Again, by the ninth section it is permitted to go into operation with a specie capital of $10 on each share, or only $2,000 of specie. It is also provided that no man with less than $1,000 of real estate can be a stockholder—thus keeping poor men out of it. It is as objectionable a bill as any that has ever come under his notice. Mr. Owen declared the danger of making real estate a basis was that whenever a crisis occurred to make real estate depreciate, the noteholders would lose just as much as the real estate had depreciated. The question was further discussed by Mr. McClure, and on the question, Will the House agree to the section, it was determined in the negative, by the following vote: 27 Yeas to 56 Nays.
On April 16th the vote was revisited and again voted down, 39 Yeas to 41 Nays.
Application was again made in July 1858 for The Mifflin County Bank with capital of $100,000 with privileges of increasing it to $500,000. The Applicants were Wm. Cummings, Davis Bates, John Henry, Alexander Reed, Wm. M. Fleming, Wm. Thompson, Thomas Reed, John D. Nageny, Wm. Beaty, Abner Thompson.
On Tuesday, February 14, 1860, the bill to incorporate the Mifflin County Bank was passed by the House with a vote of 54 Yeas to 25 Nays. The bill was passed by the senate after a third reading on March 14th. The peculiar nature of the charter was that issues were to be protected by mortgages given by the stockholder on real estate, approved by the President Judge of the district and deposited with the Auditor General. In case the bank failed, the process provided for foreclosing the mortgages and paying the note-holders. On Monday, March 26, 1860, the bill to incorporate the Mifflin County Bank which had been before the Legislature for some years was finally enacted into law by a two-thirds vote in both houses, notwithstanding the objections of Governor Packer, and subsequently finally passed! The Governor appointed John Scott and John G. Miles, Esqs. of Huntingdon County and Andrew Parker, Esq., of Juniata County, Commissioners to appraise the real estate of the Mifflin County Bank in pursuance of the act incorporating the said bank, passed at the last session of the Legislature.
In October 1861, the Mifflin County Bank went into operation with Capital of $100,000. E.L. Benedict, Esq., was president and R.H. Williams of Philadelphia, was cashier. As far as was known good real estate was pledged.
In January 1930, the board organized by electing the following officers: R.C. Elder, president; W.P. Woods, vice president and cashier; D. Walker Woods, assistant cashier; George H. Rickard, trust officer; and W.P. Steinbach, secretary.
In January 1946, William P. Woods resigned as president and cashier due to ill health and was succeeded by Harry R. Manbeck. He served 10 years as president and 39 years as cashier. In August 1946, stockholders approved the merge of two Lewistown Banks, Citizens National and Mifflin County National. The merged institution would be known as First National Bank of Lewistown with resources of $8 million. In September, A. Ralph McMeen was elected president of the new First National Bank of Lewistown at the organization meeting of the boards of the former Mifflin County National Bank and the Citizens National Bank. Mr. McMeen was president of the Citizens National for some years prior to the merger. Other officers elected were Harry R. Manbeck, chairman; George H. Rickard, vice president; J. Orren Egolf, cashier; Miss Tressie V. McCartle, assistant cashier, and Mrs. Ruth Gilbert, assistant cashier and trust officer.
Official Bank Title(s)
1: The Mifflin County National Bank of Lewistown, PA
Bank Note Types Issued
A total of $2,121,570 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 221,630 notes (172,944 large size and 48,686 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 - 3200 Original Series 3x10-20 1 - 1660 Series 1875 4x5 1 - 1000 Series 1875 3x10-20 1 - 2804 1882 Brown Back 3x10-20 1 - 7619 1902 Red Seal 3x10-20 1 - 2200 1902 Date Back 3x10-20 1 - 5900 1902 Plain Back 4x5 1 - 7280 1902 Plain Back 3x10-20 5901 - 15473 1929 Type 1 6x5 1 - 3260 1929 Type 1 6x10 1 - 2018 1929 Type 1 6x20 1 - 606 1929 Type 2 5 1 - 8242 1929 Type 2 10 1 - 4144 1929 Type 2 20 1 - 996
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1936):
Presidents:
- Eliphalet L. Benedict, 1865-1866
- James Burns, 1867-1870
- Andrew Reed, 1871-1893
- David Walker Woods, 1894-1907
- Sylvester B. Weber, 1908-1921
- Rufus Choate Elder, 1922-1934
Cashiers:
- Henry J. Walters, 1865-1866
- David E. Robeson, 1867-1895
- William Irwin, 1896-1906
- William Patton Woods, 1907-1935
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 Lewistown (Wikipedia)
- General information on Mifflin County (Wikipedia)
- General information on Pennsylvania (Wikipedia)
Sources
- Lewistown, PA, Wikipedia, https://en.wikipedia.org/wiki/Lewistown,_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
- Lewistown Gazette, Lewistown, PA, Thu., Mar. 4, 1858.
- Lewistown Gazette, Lewistown, PA, Thu., Apr. 8, 1858.
- Lewistown Gazette, Lewistown, PA, Thu., July 8, 1858.
- The Sunbury Gazette, Sunbury, PA, Sat., Feb. 25, 1860.
- The Sunbury Gazette, Sunbury, PA, Sat., Mar. 24, 1860.
- Lewistown Gazette, Lewistown, PA, Thu., Apr. 26, 1860.
- Lewistown Gazette, Lewistown, PA, Wed., Oct. 30, 1861.
- Harrisburg Telegraph, Harrisburg, PA, Fri., Jan. 17, 1930.
- The Daily Item, Sunbury, PA, Thu., Jan. 17, 1946.
- The Philadelphia Inquirer, Philadelphia, PA, Wed., Aug. 28, 1946.
- The Daily Item, Sunbury, PA, Thu., Sep. 19, 1946.