A photograph of the Gratz National Bank, Gratz, Dauphin County, Pennsylvania, as it appeared in 1955, with the new addition.
The following history of the bank appeared in the souvenir book for the Gratz Sesquicentennial, July 2-4, 1955:
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THE GRATZ BANK
During the early period of 1909 the leading business men of this community discussed the great need of establishing a bank at Gratz, Pennsylvania. Considerable interest in this matter was shown by many business leaders and citizens of the town. Although Gratz was a small town, these men had confidence in themselves and great faith in the future of Gratztown. Abe Gross was the moving spirit and it was he who called together the Gratz community people who might be interested in such a move. The business people became so enthused that they established the first bank in the valley east of Millersburg and Elizabethville.
First National Bank, Gratz, Pennsylvania, was incorporated July 9, 1909. It was located on the northeast corner of the square in the John H. Miller home, now [1955] owned by Allen L. Shade. Esher Poticher of Williamstown, Pennsylvania, was the first cashier. He died in 1912. James M. Sheibley succeeded him till 1917. He lives at Lykens, Pennsylvania, and is now in the insurance business. Ray H. Snyder became the cashier in 1917. John Leitzel, Klingerstown, Pennsylvania, was assistant cashier to J. M. Sheibley. In 1918 R. H. Snyder was called into United States Army service, Camp Lee, Virginia. A new cashier was appointed. Irvin M. Buffington, Gratz, Pennsylvania, was assistant cashier from 1917 to 1933. Tobias S. Klinger was the first bank president, and Irvin M. Buffington was the first vice-president. Directors were: John A. Willier; Frank Hartman; Abe Gross; Samuel Wiest; W. O. Leitzel; C. G. Updegrave; Jacob Boyer; Harvey Miller; Charles Hartman; and Robert C. Deibler.
The depression came in 1932. The money became scarce. Europe was broke, and too many banks had to be reorganized. A new party came into power and a bank holiday was called.
The Gratz National Bank opened for business November 9, 1934. On the opening date the total deposits of the bank were $228,758. The bank’s capital structure consisted of $25,000 preferred stock owned by Reconstruction Finance Corporation; $25,000 common stock, and $25,000 surplus paid by the local shareholders. There were 1000 shares of common stock issued at par value of $25.00 per share, $25.00 representing par value of common stock and $25.00 paid to surplus.
The organizers and first directors of the bank were: George C. Adams; Benjamin A. Weiss; Clarence E. Miller; Eston R. Klinger; and Harry R. Hoffner.
The first officers were: George C. Adams, President; Clarence E. Miller, Vice President; Harold H. Umholtz, Cashier; Arthur Hoffner, Assistant Cashier.
During 1914 the preferred stock was paid in full and a stock dividend issued to the common shareholders. Each shareholder received 3/4 share of common stock for each original share held. An additional 1/4 share could be purchased at a cost of $6.25.
At the present time [December 1955] a new addition is being built to the old bank building. The size of the addition is 20 x 42. The first floor provides three additional rooms and two lavatories. The second floor consists of two large rooms. The total deposits at the present time are $1,403,250. Common stock $50,000. Surplus and undivided profits $112,900.
The present directors are: George C. Adams; Benjamin A. Weiss; John L. Mauser; L. Allen Kimmel; Stanford O. Smeltz.
The present officers are: George C. Adams, President; Benjamin A. Weiss, Vice President; Harold H. Umholtz, Cashier; Harry W. Mayer, Assistant Cashier.
The report of the condition of the new bank at the close of business on December 31, 1954, is as follows:
- Total Assets: $1,483,237.06
- Liabilities Total: $1,334,397.95
- Capital Stock Total Par Value: $50,000.00.
- Capital Stock Surplus: $50,000.00
- Undivided Profits: $48,839.91.
- Total Liabilities and Capital Accounts: $1,483,237.06.
- Assets Pledged or Assigned to Secure Liabilities: $114,747.75.
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Corrections and additional information should be added as comments to this post.