The growing town of North East took a giant step forward at the end of 1903 when investors created a private bank. This new enterprise gave townspeople a convenient, safe place to put savings, get loans, and store valuable items in safe deposit boxes. Residents needed these services, and in increasing numbers, account holders deposited more and more funds, enabling the bank to make loans and earn profits.
With the institution showing great promise, the bank was chartered federally as the First National Bank of North East within 6 months, and the directors decided to erect a sturdy and secure building to accommodate account-holders. The new First National Bank of North East office opened its doors to customers on Monday on Dec. 1904. The handsome building, a granite structure, had a large fireproof and burglar proof safe, director’s meeting room, and cashier’s window for depositor transactions. Samuel Norman, a stonemason was the contractor.
The bank was capitalized with $25,000, when president L. L. Derickson of Berlin opened the door for business on that Monday. Robert Morgan was the cashier, and R. C. Reeder the teller. John W. McCullough served as the janitor and night watchman.
Soon Charles A Benjuaminwas appointed president, and he served for 20-years. After his death in 1924, he was succeeded by Dr. R. G. Underwood, a local dentist.
A one-story extension was added to the original building in 1950, and in a few years that extension was expanded to two stories.
A place containing so much cash surely had to be a target of wayward types, occasionally. Perhaps the first time this occurred was in Nov. 1906, when under cover of midnight darkness of a Sunday morning burglars forced their way into the building. But before they could open the safe holding more than $4,000, they were frightened off. They rifled through several deposit boxes containing valuable papers, however, and took a case of valuable silverware belonging to Mrs. Mary E. Jamar of Elk Neck. She had recently left the valuables there for safekeeping, the Democratic Advocate (Westminster) reported on Nov. 30
For an album of photos visit this link on Cecil County History on Facebook
, 1906