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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.
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