The Farmers National Bank of Allentown

HISTORICALLY SPEAKING

By:
   The following is a historical account of the Farmers National Bank of Allentown as it was originally published in the Allentown Messenger on Sept. 27, 1906.

   The bank was the first occupant of the century-old building at the corner of Waker Avenue and North Main Street damaged by fire on Dec. 22. The bank vacated the location in 1957, when it moved to new quarters on the corner of Broad and Main streets.
   On April 20, 1906, the Farmers National Bank of Allentown completed its twentieth year of existence, almost the whole of which period had been spent in the building in which it began business.
   Among those who were first interested in the project of starting a bank in Allentown were the late George H. Vanderbeek, Gilbert H. Worden and David M. Bunting. Through the efforts of these three gentlemen it may be said that this project was finally carried out, the necessary capital of $50,000 having been soon subscribed.
   The brick building of the Idell [formerly Beatty] property on [29 N.] Main street was secured for the purpose of a banking house, and after various alterations the doors were opened for business on June 7, 1886.
   The original board of directors was composed as follows: George H. Vanderbeek, Benjamin Hulse, John W. Burtis, Jr., P. B. Pumyea, Charles L. Dey, J. Elmer Nelson, David M. Bunting, H. G. Norton, Thomas F. Applegate, Wison Wright, Isaac S. Dawes, William Henry Hendrickson.
   The first officers of the bank were: George H. Vanderbeek, president; P. B. Pumyea, vice president; T. E. Schanck resigned, on March 7, 1887, in order to accept a position at New Brunswick, when Mr. Hutchinson became the acting cashier, and in January, 1888, he was elected to the cashiership. William C. Smith, the present assistant cashier, has held the position since April, 1887.
   Several years ago the bank officials purchased the triangular plot at the corner of Main and Waker streets, with the view at some future date of erecting a new banking house. In the spring of 1905 the first steps in the matter were taken by a sale and removal of the old houses thereon, then occupied by James H. Graham, caterer, and James Gordon, jewler, after which building operations were soon begun. After several unavoidable delays, the structure was completed in March of the present year. On March 21, 1906, removal was made from the building which had been the home of the institution for so many years.
   The new banking house is a substantial building of light mottled brick with stone trimmings. The main room is flooded with light from large plate glass windows, three of which are on each street. Immediately at the right of the entrance is a small furnished apartment where lady patrons can transact their business through a separate window. An ornamental marble base counter with plate glass panels above extends the length of the room. The floor space in front of the counter is of tiled mosaic in colors. Beyond this is the cashier’s room, in which is a telephone booth and a small apartment where patrons can have the use of a desk and writing materials for private business. A passageway from here leads to the president’s room on the opposite side, where there is a stairway that communicates with the director’s room above.
   The woodwork of the counter and desks is of polished quartered oak, and all the trimmings of the interior are of that material. In the center of the room at the north end stands the fire and burglar-proof safe deposit vault, the massive doors of which display some complicated and interesting pieces of mechanism, and are withal of quite and ornamental character. The whole building can be warmed by the hot water system of heating from the basement, and there is piping for running water and illuminating gas on each floor.
   John K. Barnhart & Sons, of Trenton, were the contractors for the mason work and mason material used in the new building. Charles B. Van Horn, of Allentown, contracted for the carpenter work and carpenter material. Albert Nelson & Co., of Allentown, put in the heating plant and did all the piping, plumbing, etc. William H. Killey did the painting. John C. Hills, now of the firm of Hills & Croll, "The Tile Men," of Trenton, furnished the beautiful mosaic and tile work that is such a feature in the interior decorations. The vault was manufactured by the York Safe and Lock Company, of York, Pa. James S. Bush, of New York City, furnished the counter and fixtures.
   The career of this institution has been a remarkably successful one. Since the opening day, in 1886, there has been a steady increase in the number of patrons and in the line of deposits. At the end of the first year the amount standing to the credit of depositors was $53,981. The bank statement for September 4, 1906, shows that the deposit line in now $240,437.39. The number of depositors at present is 725. After the bank has been open seven months it began to pay dividends at the rate of 6 per cent per annum, which rate it maintained until July, 1900. Since that date the rate has been seven percent. The bid price of its stock is now $180.
   The board of directors, as it is presently constituted, is as follows: Charles A. Spaulding, Isaac S. Dawes, John W. Burtis, William Henry Hendrickson, Henry A. Ford, Francis S. Hills, Robert T. Woodward, James H. Clayton, Holmes Hankins, Ivins J. Davis, and William P. Cubberley.
   The officers are Charles A. Spaulding, president, Isaac S. Dawes, vice president, Elmer E. Hutchinson, cashier; William C. Smith, assistant cashier. For nearly three years past Morgan N. Buckalew has filled the position of clerk.
Historically Speaking is a regular feature presented by John Fabiano, president of the Allentown-Upper Freehold Historical Society. For information about the historical society, call (609) 259-9127 or send e-mail to [email protected]