Stissing National Bank
Stissing National Bank
11 Hunns Lake Rd.
Stanfordville, NY 12581
Tel: 845-868-7700
Fax: 845-868-7760
The Stissing National Bank has a rich history spanning over a century and a half. It was organized in 1839 and has been serving Pine Plains and its neighboring areas ever since. Following are some brief highlights of significant events in the bank's history. Many thanks to Walden MacPherson for providing much of the information, which he compiled from many sources, including bank minutes.
1839 — The Pine Plains Bank is formed. The first meeting for the organization is held at the hotel of Henry C. Myers (now Stissing House), at which seventeen directors are named. Committees are selected to draft Articles of Association and to find a site for the banking house. The bank has a capital of one hundred thousand dollars, divided into one thousand shares of one hundred dollars each.
1840 — The first semi-annual dividend of four percent is declared.
1858 — Twenty-one articles of association are drawn for the organization of Stissing Bank. The capital stock is one hundred and twenty thousand dollars, divided into twelve hundred shares of one hundred dollars each. The lot on which the bank building now stands was purchased of Exra Pells, and in this year a building was completed (to which later an addition was built on the north as now).
1865 — The bank is changed to be a National Bank and renamed Stissing National Bank.
1899 — Three percent dividend is declared, the lowest in years (this possibly reflects large loss during year).
1911 — Board votes to install Electric Bank Protection system in form of cabinet enclosure of safe at a cost of $1,500.
1933 — Joins Dutchess-Putnam County County Bankers Clearing House Assoc. (no mention of Bank holiday due to economic conditions and bank failures around country).
1941 — The bank makes application to be an issuing agent of United States Defense Savings Bonds, Series E.
1944 — Discussion about decoration bank and making repairs is held. Difficulty in obtaining bids "under present conditions" (World War II).
1946 — Discussion about offering interest bearing savings accounts. Owner of adjoining property agrees to sell piece of ground to the bank in rear of bank.
1947 — Discussion on plans and specifications submitted by Mosler Safe company for new vault; a 10-inch reconditioned door offered at $4,500. Board agrees that vault construction should meet requirements for highest insurance rating.
1958 — Board adopts Major Medical Plan for bank employees.
Jan. 1960 — Board committees set up: Finance, Examining, Building, Capital Accounts. Fees are instituted for each board member attending a regular meeting. Approval voted for participation in NY State Bankers Pension and Major Medical Insurance Plan.
Jul. 1960 — Board receives letter from Massachusetts party indicating interest in purchasing bank. Board advises management against this.
Aug. 1960 — Christmas Club type accounts are made available to customers.
May 1961 — Addition of "All Purpose Club" to services offered bank customers. Bids for renovations recieved from contractors, and possibility of installing central air conditioning considered.
Feb. 1963 — Inquiry is made to Comptroller's office at direction of board about placing a branch in Stanfordville. Also, a new set of personnel regulations adopted involving sick leave and vacation rules.
Aug. 1963— A site near intersection of Route 82A and Hunns Lake Road under consideration for branch.
Jan. 1967 — A very large block of bank stock is purchased by George Whalen, Sr., President of Bank of Millbrook.
Oct. 1971 — Management recommends placing Savings Accounts on computer and paying interest quarterly instead of semi-annually, and board so votes.
Nov. 1971 — Board votes to have management install a "Dial-Alarm" system to tie bank with Sheriff's and State Police Offices.
Aug. 1974 — Board has lengthy discussions about consideration of establishing a branch in Millerton, and application is made to Comptroller of Currency for approval.
Oct. 1974 — An armed robbery of the Stanfordville branch occurs on Oct. 21, 1974. Approximately $4,000 is taken, but thieves are apprehended and money recovered before the day is over.
Sep. 1975 — Board votes unanimously to open Main Office walk-up window Saturdays from 8:30 to 11:30 AM, and also Branch drive-up window same hours.
Nov. 1975 — Discussion on making available Individual Retirement Accounts.
Mar. 1978 — American Express Bank Money Orders authorized for sale by bank. Also bill collecting for Central Hudson electric sales.
Mortgages
We offer a full line of mortgage products:
Interest Only Mortgages
Conventional and Jumbo Loans
FHA and VA Loans
Fixed and Adjustable Rates up to 30 years
Cash out Refinances
Home Equity and Home Improvement
First Time Buyers Programs
Investment Properties and Second Homes
Construction Loan Programs
Mortgage Pre-Approval Programs
Closing Locations to Accommodate Borrowers
Plus a full line of flexible in-house mortgages
This is only a sampling of some of the products we have available. We offer many more combinations.
© 2009 Stissing National Bank
Votes:9
Comments: 0