"A TALE OF TWO BANKS"
History of Cumberland Valley National Bank
We at Cumberland Valley take pride in the fact that we try to service our customers with the most innovative and efficient methods available. This means that we are not afraid of change and since opening in 1904 we have had to make numerous transitions to get where we are...The Top.
(The following contains excerpts taken from an article in the Sentinel Echo in 1954)
East Bernstadt Banking Company opened on October 1, 1904 with capital stock of $15,000. The Banking Company had been organized by W.Q. Harned, earlier in the year. On May 26, Mr. Harned announced that the bank would begin business on July 1, "and continue for a period of fifty years".
There was some delay in getting quarters and equipment and opening was postponed until October 1st. The plant was fully equipped with the most modern furnishings available and a large burglarproof safe. The officers were: J.W. Creech, President; S.L. Bastin, Vice President; W.Q. Harned, Cashier; and John Harris, Anton Blunschi, John Blunschi and J.C. Pritchard were additional directors.
On January 11, 1912 announcement was made that the East Bernstadt Banking Company and The National Bank of London had merged. This was quickly called off because of disagreement as to exchange of stock and the following week the East Bernstadt Bank announced it would increase its capital stock to $25,000. That it did and in the process became the First National Bank of East Bernstadt.
Though the closing of major coal mining operations had an adverse affect on business in East Bernstadt, the Bank continued its successful operation there until it was moved to its quarters in the Catching Building in London, thus becoming the Second National Bank of London. At that time George Griffin was President and John Bruner was Cashier and its capital stock was increased to $50,000. In 1946, it was further increased to $75,000 and in 1951 to $100,000.
The Second National Banks published statement on April 15, 1954 showed a total capital account of $318,286.26, total assets of $3,782,794.44 and total deposits of $3,464,506.38.
Following Mr. Creech as President in 1919 was C.A. Casteel and George Griffin succeeded Mr. Casteel in 1933. Finding their quarters too crowded, the Second National Bank rented the storeroom next to them in 1948, doubling their available space. In combining these rooms they remodeled it all with new fixtures, a vault and installed a new front.
The Second National Bank continued to grow with the community until October 1, 1972 when a name change was inevitable. The Second National Bank was no longer the "2nd" bank in town, but the 1st in customer service. Cumberland Valley National Bank and Trust Company has continued to prosper so that it can continue meeting the needs of the people in our community.
Corbin Deposit Bank, another bank with a strong banking heritage, became a member of the Cumberland Valley Team on October 22, 1984. Corbin Deposit was established on May 6, 1935 and was located at the corner of First and Main Street in Corbin, KY. Since this time, this bank has seen many changes in ownership as well as in banking policies.
The first directors elected to the Board of the bank were S.B. Marcum, W.M. Marcum, J.C. Sparks, J.O. Martin, and O.C. Seely. The Bank continued to show steady, consistent growth with total resources at the close of business on December 31, 1948 being $1,452,452.46. The slogan of the bank in the year 1950 was "A Young Progressive Bank in a Young and Growing City".
The Corbin Deposit Bank & Trust Company was honored in May 1960 by having Director Garvice Delmar Kincaid be a recipient of the Horatio Alger Award. The Bank made many improvements during the period in which it was part of the Kentucky Group Banks, headed by Garvice Kincaid. The bank actually changed names and was called the City and County Bank of Corbin; however, the name was changed back in 1983.
The Bank endured a brief turbulent period beginning in January 1983. It was brought about through the collapse of the Butcher empire in Tennessee, but through strong leadership of the Bank's local Board, Employees, Officers and the faith and backing of our community, the Bank continued to be strong through its many faithful customers.
On July 1, 1993, another chapter was added to our history which allowed the banks in both London and Corbin to function more efficiently. Cumberland Valley National Bank & Trust Company and Corbin Deposit Bank & Trust merged, under a National Charter, becoming the largest bank in southeastern Kentucky . This marriage resulted in a branch system like no other in our region; thirteen locations and a network of eight Automatic Teller Machines.
Shortly after, a branching boom began at Cumberland Valley National Bank, heralding many banking firsts in the late 1990s. Cumberland Valley National Bank opened its first branch in Williamsburg in 1996 and its first in-store bank at the London Wal-Mart Super Center in 1997. The first Madison County branch celebrated its grand opening in Berea and the first Richmond branch opened in 1998. During the new millennium, CVNB moved into Somerset a community in Pulaski County.
CVNB currently has 14 locations, 9 full-service ATMs, and many conveniently located cash-dispensing ATMs to serve our customers. Our bank works for the best of communities, and in partnership, C.V.N.B. has a heritage of serving its customers from generation to generation. Our staff works for not only the largest locally owned bank in Southeastern Kentucky , but also the BEST! The current Board of Directors consists of Chairman Elmo Lee Greer, Rex Greer, Jerry Greer, CEO James Tatum, COO Tim Edwards, Ross Halbleib, G.W. Griffin and Winston Griffin. Our directors, officers, and staff sincerely thank you for your loyal patronage over the years.