Perkiomen National Bank, Pennsburg, PA (Charter 2301)

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Perkiomen National Bank, Pennsburg, PA (Chartered 1875 - Liquidated 1895)

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.

The Perkiomen Creek drains a major portion of western Montgomery County, beginning just beyond the northern borders of the county flowing south. Above Green Lane a dam creates the Green Lane Reservoir. The creek empties into the Schuylkill River at the county's lower border. The old Perkiomen Railroad closely followed the stream's path. The name is from the Lenape term Pakihm Unk (pronounced for Pah Keym Unk), which means "cranberry place" in English. The 1970 song Perkiomen by Hall and Oates is named after the Perkiomen Creek.

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 September 10, 1875
  • Chartered September 25, 1875
  • Liquidated September 10, 1895

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 a 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 which opened its doors on May 6, 1876.[1]

On Tuesday, January 8, 1895, the stockholders elected the following directors: Dr. J.N. Jacoby, Dr. J.G. Mensch, Dr. J.G. Hillegass, M.A. Kratz, J.L. Bauer, I.W. Stettler, J. Van Buskirk, L. Fetterman, J.W. Klein, and B.Z. Alderfer.[2]

In July 1895, the directors of the Perkiomen National Bank at East Greenville decided to submit to a stockholders' meeting a proposition to change the institution into a trust company to go into effect on September 10th. The reason for the change is that national banking law is so restrictive in matters of investment that banks, when brought into competition with trust companies, were not as profitable as the latter. As the directors favoring the change owned a controlling interest, the proposition was thought likely to pass. There were three trust companies at Norristown, one at Pottstown and one at Lansdale that interfered to some extent with the business of a national bank at East Greenville.[3] On September 11, 1895, the charter of the Perkiomen National Bank expired and the Perkiomen Trust Company began business. The same board of directors was re-elected.[4] 

On March 10, 1897, between 1 and 2 o'clock in the morning and attempt was made to rob the branch bank at Macungie of the Perkiomen Trust Company of East Greenville of which Kehl Markley was the manager. Two adept burglars tied their team on the bridge near the depot whence they went on foot to the bank which was in the center of the town in a building adjoining Manager Markley's clothing store. Using a bit and auger, they opened the front door. They carried nitro-glycerine to blow open the safe. When they got into the hall of the bank apartment, William Klotz who slept on the third floor opposite the bank heard a noise and went to the window and saw the burglars. He raised an alarm and the burglars fled to their team. Townspeople gave chase but were unable to catch the men. The burglars left their tools and nitro-glycerine behind.[5]

In December 1898, the Perkiomen Trust Company at Greenville was going into liquidation. The company was established several years earlier with abundant capital, but the management agreed to discontinue the business. It was proposed to establish a national bank instead and several thousand dollars had been subscribed. Dr. John N. Jacobs of Lansdale was president of the trust company which succeeded the national bank when the bank's charter expired.[6]

In May 1899, invitations were sent to quite of number of Lansdale people to be guests of the Perkiomen Trust Company at East Greenville. Dr. J.N. Jacobs was president of the trust company was was liquidating its affairs and making room for a new national bank which was organized a few months earlier. After 25 years of close application to his interests, it was the doctor's purpose to retire and devote his time to his banking interest at Norristown and Lansdale (i.e. the Montgomery Trust Company and the Lansdale Trust Company[7]). Over $300,000 would be divided among the stockholders at East Greenville on May 30th and there would be a general jubilation among the stockholders and invited guests. Among the latter would be many well-known business and professional men, politicians, etc., from various parts of the county. Free transportation would be furnished from Norristown and the entertainment included a big free dinner at the Keely House. A large delegation of the doctor's friends from Lansdale would be in attendance.[8] Deeds recorded in July 1899 included the banking house, lot, etc., at East Greenville, the Perkiomen National Bank of Pennsburg to the Perkiomen Trust Company, $8,000. The same property, the Perkiomen Trust Company to the Perkiomen National Bank, $5,390.[9]

Official Bank Title

1: The Perkiomen National Bank of Pennsburg, PA

Bank Note Types Issued

Series of 1875 $10 bank note with pen signatures of John N. Jacobs, Cashier. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $309,900 in National Bank Notes was issued by this bank between 1875 and 1895. This consisted of a total of 24,792 notes (24,792 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
Series 1875 3x10-20 1 - 6198

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1875 - 1895):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

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
  1. ↑ The Morning Call, Allentown, PA, Sat., Mar. 27, 1926.
  2. ↑ The Allentown Democrat, Allentown, PA, Wed., Jan. 16, 1895.
  3. ↑ The Allentown Leader, Allentown, PA, Thu., July 18, 1895.
  4. ↑ The Allentown Leader, Allentown, PA, Thu., Sep. 12, 1895.
  5. ↑ The Philadelphia Times, Philadelphia, PA, Thu., Mar. 11, 1897.
  6. ↑ The Allentown Leader, Allentown, PA, Mon., Dec. 5, 1898.
  7. ↑ The Reporter, Lansdale, PA, Thu., Dec. 15, 1898.
  8. ↑ News Herald, Perkasie, PA, Thu., May 25, 1899.
  9. ↑ The Reporter, Lansdale, PA, Thu., July 27, 1899.
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