Lyons Falls History Association
Bank

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People like money. That’s not a ridiculous statement. This statement is proven true by the amount of banks in society today: HSBC, Key Bank, Community, Northern Federal Credit Union, etc, etc. But there are some who remember when Lyons Falls wasn’t a part of the name-brand banking system. Some people remember when Lyons Falls National Bank was the center of Lyons Falls’ banking needs.

The Lyons Falls National Bank originated in September of 1925 on Center Street in Lyons Falls. At this time, it was directed by a group of men and President, George Cannon. After a bank robbery, the bank was reorganized in 1930 by Harry P. Gould, president of the Gould Paper Co. Mr. Gould served as President while Clarence L. Fisher served as Vice President. Throughout the years, there were many other directors and leaders of the bank, including Gordon H. P Gould, James Doyle, May Gould, Seth Burdick, Fred Sheldon, Lou Cain, Jane Allen, Charles Taylor and Roscoe Reeder. Some cashiers that may be well remembered are Francis Maloy, Clifford Beadle, and Francis Cox. In 1982, the Lyons Falls National Bank was sold to Key Bank. Since then there have been two other banks in charge before the Lyons Falls branch of Community Bank was opened.


Running a bank is no easy feat, especially in today’s society. People seem to be making a lot more money nowadays, but the penny isn’t going nearly as far as it did previously. Even interest rates were drastically different back then. Jane Allen commented how, when she was President, interest rates on a standard savings account would be close to 15%. Now, most savings account had an interest rate of about 1%. That is quite a change! When asked what made the bank so profitable, Mrs. Allen told that Gould Paper Mill Co. had quite a few accounts there, but what really made the bank succeed was the support and loyalty of their customers: “It was a real friendly place, you know.

Doing the research for the different SpotLights, all the business owners have professed how wonderful the people in the Village really are. Like Jane Allen says, Lyons Falls has “a lot of loyal customers” and “good employees.” Those are a few of the reasons why Lyons Falls is such a nice neighborhood.

Lyons Falls History Association