History of PCNB

 

Putnam County National Bank was the 976th bank in the United States to organize under the National Banking Act, meaning it is one of the first thousand National Banks to be chartered in this Nation. The bank is the oldest remaining continuously operating business in the area. 

 

The National Banking Acts (1863 & 1864), which were enacted during the American Civil War, established a system of Federally chartered banks, a uniform national currency and the Office of the Comptroller of the Currency (which still oversees National banks today). In part, this Act allowed Nationally Chartered Banks, like PCNB, to issue their own National Bank Notes that were backed by the US Treasury and printed by the government. There are still banknotes in existence that say "Putnam County National Bank" and are signed by the Presidents and Cashiers of PCNB at the time. The practice of banks being allowed to issue their own currency ended in 1935. 

 

The first officers of Putnam County National Bank included George Ludington as the first Cashier and Mortimer Beldon as the first President. Ambrose Ryder became President in 1886 and was succeeded by Hillyer Ryder in 1892. 

 

Originally PCNB was located where Smalley's Inn on Gleneida Avenue in Carmel is located (a few buildings down from our current main office). A fire destroyed the location in 1924 and the bank was temporarily moved into the residence of Ambrose Ryder at 2 Gleneida Avenue on the south end of the main street in Carmel. The current headquarters building at 43 Gleneida Avenue was built in 1925 and is largely recognizable still as the large stone building on the corner of Route 301 and Gleneida Avenue. The neighboring building at 45 Gleneida Avenue was purchased for the loan and mortgage operations of the bank in the 1990's. Throughout history, Putnam County National Bank has steadfastly met the needs of our customers. Through the Great Depression, various runs on banks in the 1920s, the recession in the 1930s and more recent financial crises, Putnam County National Bank has never failed to meet its obligations and is considered by our government regulators to be one of the best capitalized banks in the country. 

 

 

There were at least three banks in the immediate area around the time of PCNB earning its National charter. The Bank of Kent was organized in 1856 in Ludingtonville, NY, by David Kent (Bank President) and George Ludington (Cashier) but closed in 1864 when it was rendered unprofitable by the National Banking Act. The Bank of Commerce of Putnam County, located in Carmel, NY was opened by Ebenezer Kelly in 1853, but closed at the foundation of PCNB in 1865. Putnam Valley Bank operated out of a house in Putnam Valley from 1849 through 1854, when the founder, Abraham Smith passed away. 

 

 

Historically there were many Community Banks in Putnam County, but since the 1960s, these numbers have dwindled until Putnam County National Bank remains the only independent Community Bank in the area.  

 

First National Bank of Brewster (est. 1875) ceased operations in 1964

The National Bank of Pawling (est. 1849) was acquired by & merged with Key Bank in 1983

Pawling Savings Bank (est. 1870) merged to form Premier National Bank and was later acquired by M&T in 2000

Putnam County Savings Bank (est. 1871) became publicly traded, share-holder owned in 2017, they were acquired by Brookline Bancorp in 2022 and after another merger in 2025, they are currently Beacon Bank

Mahopac National Bank (est. 1927) was purchased by Tompkins Financial Corporation in 2000 and officially merged in 2021 to become Tompkins Mahopac Bank

 

Even more rare than a community bank, Putnam County National Bank is a family-owned and operated institution making it likely one of only a small handful in the state of New York (although there are no official statistics for family-owned banks). 

 

 

 

Abraham Lincoln until his assassination on April 14th then Andrew Johnson. 

 

 

• 20 years before the first gasoline-powered automobile was invented, our first customers would have walked to the bank, ridden a horse or came in a horse carriage. 
• Carmel was a quiet farming community where most residents were involved in agriculture 
• Lake Gleneida would be used in the winter by locals to cut ice and ship it out to earn a living
• The most popular music in 1865 highlighted the war efforts and was frequently performed by soldiers in camps and families at home. With the radio and recording devices about 10-12 years away, music entertainment was by public concert, operas, military bands, or church services. 
• No Television, the primary entertainment would be vaudeville acts and minstrel shows as well as occasional plays performed by traveling troupes. 
• Alice's Adventures in Wonderland by Lewis Carroll was published in 1865