Citizens Bank of New Market "Bank of Thrift"

Citizens Bank of New Market "Bank of Thrift"

Citizens Bank of New Market (Va)

This coin bank was produced in the mid-1920s by the Banker’s Thrift Corporation. The company was known for their production of novelty coin banks. They, and their subsidiaries, were acquired by the Banthrico Corporation in 1931. The new company, which operated until the 1960s, called themselves “The Coin Bank People.”

Banker’s Thrift’s most popular model during that period was the “book” bank. It was designed to look like a book and could be designed for the custom needs of each buyer. Banks often purchased these and distributed them to customers to promote savings, especially during the 1920s when most patrons were enjoying the post-war desire to focus on enjoying the present instead of preparing for the future. To ensure the saved money reached the bank, keys were not included. Instead customers would bring the coin bank to their financial institution who would open it and deposit the funds inside.

This specific coin bank was made for the Citizens National Bank of New Market. The institution was organized in 1897 by a group of local business men led by S.R. Hoover, C.W. Bennick, M.B. Wunder, and E.D. Newman. In 1914 the bank had over $25,000 of capital (over $500,000) today. That year it became a National Bank which meant it was allowed to print its own bank notes, and was regulated by the Federal Government. A second National Bank, the First National Bank of New Market, also operated in town with the same amount of capital.

Apart from these facts, very little is known about this particular bank. It operated through the 1920s and the Great Depression but, apart from this coin bank, almost no records exist to detail its history.

Mary Ann Williamson Collection

Shenandoah County Library

ca. 1924