Jeff Bank 100th Anniversary Issue

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The Jeff Bank was incorporated in 1913 as the First National Bank of Jeffersonville. Today, it remains a major economic and community force throughout Sullivan County, NY.

Transcript of Jeff Bank 100th Anniversary Issue

  • 100thAnniversary


  • 2 J E F F B ANK 100TH ANN I V ER SARY APR I L 2013



    Help Us Help Others!In celebration of our 100th Anniversary,

    Jeff Bank would like to give back to our community. For every $100 or more contributed by an individual donor

    to one of the above nonprofits, we will donate $100. Please make your check payable to one of the four charities listed above and mail to:

    American Cancer Society

    (Relay for Life)

    Sullivan CountySPCA

    Boys & Girls Club

    Hospice of Orange & Sullivan

    Jeff Bank100th Anniversary Matching Funds

    P.O. Box 398Jeffersonville, NY 12748

    The four nonprofit organizations were chosen by Jeff Bank employees. Checks must be mailed directly to Jeff Bank in order to be eligible for the $100 matching funds.

    Jeff Bank reserves the right to discontinue this offer at anytime without notice.



  • A P R I L 2013 J E F F B A N K 100 T H A N N I V E R S A RY 3

    rust. Integrity. Respect. These threevalues are at the core of Jeff Banksbusiness model and have been inte-

    gral to its success during the last 100years.

    From its modest beginnings in 1913,Jeff Bank has grown up to become Sulli-van Countys largest community bank,serving every corner of the county withits 12 branches and nearly 135 employ-ees while claiming a 31 percent marketshare.

    The bank has worked hard to fulfill itsmission statement of providing its 1,100shareholders with a fair return on theirinvestments while maintaining a highlevel of customer satisfaction by;

    Operating as an independent, fullservice community bank, dedicated toimproving its market share,

    Providing prompt and courteousservice to assure that each and everycustomer is treated with trust, integrityand respect,

    Continuous development of its em-ployees and promoting a stable, satisfy-ing work environment, and

    Fulfilling its commitment to its cus-tomers and the local communities.

    Not only has Jeff Bank been providingits customers with a high level of bank-

    ing services over the years but it hasgrown up to become a communityleader as well.

    The employees of the bank truly careabout the communities which theyserve and it shows. Donating money,collecting food, rolling up their sleevesand getting involved Jeff Banks tal-ented group has shown time and againhow much they are invested in the com-munity they serve and how much theywant it to succeed.

    From Sullivan County Community Col-lege to the Sullivan County SPCA, Hos-pice of Orange and Sullivan and beyond,Jeff Bank worked hard to make a differ-ence in the quality of life of the residentsthey serve.

    Community banking is very differentfrom the mega banks which now dot thenational landscape. With a local board ofdirectors committed to helping the econ-omy grow by reinvesting money in localbusiness, the banks focus has, and willcontinue to be, the improvement of Sul-livan County.

    So as the largest community bank inSullivan County celebrates its 100thbirthday, we would like to extend ourbest wishes for much continued successand commend Jeff Bank for truly makinga difference to the people and communi-ties which they serve.

    And as their slogan once said, ThanksJeff!


    Jeff Bank KeepsCommunity First

    Jeff Bank - The Inception . . . . . . . . . .pages 4&5Timeline of Jeff Bank Events . . . . . . .page 6What People Say . . . . . . . . . . . . . . . .page 7Jeff Banks First President . . . . . . . . .page 11Past & Present Directors . . . . . . . . . .page 12Sullivan County Banking History . . . .page 14-16

    Fred Stabbert IIIDan Hust Rosalie MyckaLaura StabbertLiz TuckerKatie Peake & Cecilia Lamy Sue BodensteinSue ConklinSue OwensTracy Swendsen

    Publisher Editor

    Design and LayoutDirector of Marketing

    Display Advertising DirectorAdvertising Sales

    Advertising CoordinatorAdvertising DesignBusiness Manager


    Jeff Bank100thAnniversary

    C O N T E N T S

  • 4 J E F F B ANK 100TH ANN I V ER SARY APR I L 2013

    he year is 1913. Woodrow Wilsonbecomes the 28th president of theUnited States. The 16th Amend-

    ment to the U.S. Constitution is ratified, au-thorizing the federal income tax. And aredesigned Grand Central Station reopens inNew York City, as the largest train station inthe world.

    It is a pivotal year in Sullivan County, aswell. It is the peak year for passenger travelon the Ontario & Western Railway, whichfeeds the countys major resorts. The declinein travel in subsequent years would signal theend of what had been nearly a quarter of acentury of prosperous tourism in the area.And a disastrous fire strikes the village of Lib-erty on June 13thFriday the 13th-- destroy-ing nearly half of the villages business district.

    Meanwhile, the small community of Jeffer-sonville, home to about 500 people, ispoised to get electrical service for the firsttime. And The First National Bank of Jeffer-sonville receives its charter and unveils plansfor a newly constructed, state- of- the-art,fireproof building on the corner of East MainStreet and Maple Avenue.

    The saga of The First National Bank of Jef-fersonville began when five local business-men - Louis P. Faubel, Henry U. Krenrich,

    Otto W. Meyer, and Charles and FredSchmidt - applied for a charter to establish alocal bank. At that time, most people in thecommunity who utilized banking servicesdid so either in Callicoon or in Liberty.

    On August 28, 1913, Jeffersonvilles weeklynewspaper, the Sullivan County Record, rana story on its front page announcing that thepetition for the bank had been granted.

    The comptroller of the currency hasgranted the application for the organizing ofthe First National Bank of Jeffersonville. Thedirectors and officers of the bank have not yetbeen selected, but in all probability the presi-dent will be Val Scheidell, who is the movingspirit in this enterprise as he is and has beenin all other important projects in this commu-nity. Plans are being completed for the newtwo story concrete bank building which is tograce the northeast corner of East Main Streetand Maple Avenue.

    When the first directors and officers werechosen on September 8, Valentine Scheidell,businessman, entrepreneur, and longtime su-pervisor of the town of Callicoon, was in-deed chosen as bank president, whileWilliam B. Vorhees of Roscoe was selectedvice president and Charles Schmidt cashier.Other directors included: William F. Heinle

    Contributed by

    John Conway and

    Debra Conway/History

    Prose/Barryville, NY.

    O&W Station in Liberty

    JEFF BANK The Inception


  • of Cochecton Center;Grover M. Hermann ofCallicoon; George DeLapof Kenoza Lake; and OttoW. Meyer, Henry U. Kren-rich, and Robert B.McGinn, of Jeffersonville.These men served until thefirst annual meeting ofstockholders was held thefollowing January.

    On October 28, 1913,the First National Bank ofJeffersonville was officiallyauthorized to do businessby Thomas P. Kane, the acting Comptrollerof the Currency. The official announcementwas published in the Sullivan CountyRecord for a number of successive issueslater that year.

    On Monday, January 5, 1914, The FirstNational Bank of Jeffersonville opened forbusiness in its still unfinished building onthe corner of East Main Street and MapleAvenue. The banks counters and deskshad been delayed in shipping and tempo-rary partitions and desks had to be pressedinto service. Seventy-five accounts wereopened the first day, and nearly $10,000 indeposits was received. The Sullivan CountyRecord reported that was considered veryfavorable for this time of year. More than$20,000 was deposited in the six days of

    the banks operation.The paper also reported: The first deposi-

    tor was George DeLap of Kenoza Lake. AsGeorge engineered the construction of thefine bank building, it is but natural that hewould wish to be the first depositorThe fin-ishing touches were put on the interior wallsof the bank building this week. The exteriorwill be finished up with a wash whenwarmer weather permits. Joseph Rapp, mar-ble cutter, on Tuesday finished the job ofcarving the name of the bank in raised lettersacross the front of the building.

    The new bank building featured hot waterheat, electric lights, and modern plumbingfixtures. There was no exposed woodworkin any part of the building, which was sup-posed to make it virtually fireproof. Thesecond story featured four offices, and thehighlight of the building was an Ely-NorrisSafe from the Remington-Sherman-Ely-NorrisSafe Company of New York City that wasconsidered burglar proof. The safe includeda three ton manganese steel vault door witha double time lock.

    When the new banks stockholders heldtheir first Annual Meeting on January 13,1914, a new, expanded slate of directors waselected, and in addition to the original nine,Jeffersonville physician Dr. J. Cameron Gain,John Townsend, one time Neversink Super-visor Dr. W.H.H. Hoar of Grahamsville,Judge George H. Smith of Woodbourne, andMichael E. Galligan of Forestburgh werechosen. The Record editorialized that thegroup represented every section of thecounty, which augurs well for the prestigeand prospects of the new bank.

    Maple Avenue, Jeffersonville c. 1913

    APR I L 2013 J E F F B ANK 100TH ANN I V ER SARY 5

  • September 8, 1913

    January 5, 1914