Valley National Bank, Lebanon, PA (Charter 655)

Needed: a contemporary postcard or photo of the bank.

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

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

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.

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(s)

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:

Cashiers:

Other Bank Note Signers

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

Wiki Links

Sources

Lebanon, PA, Wikipedia, https://en.wikipedia.org/wiki/Lebanon,_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://bbdata.banknotehistory.com
The Pittsburgh Gazette, Pittsburgh, PA, Thu., Jan. 12, 1865.
Lebanon Semi-Weekly News, Lebanon, PA, Thu., July 15, 1920.
Lebanon Semi-Weekly News, Lebanon, PA, Thu., Dec. 23, 1920.
The Daily News, Lebanon, PA, Fri., Dec. 31, 1920.
The Daily News, Lebanon, PA, Thu., Nov. 1, 1956.