The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“TRIBUTE TO FARMERS NATIONAL BANK OF LEBANON” mentioning the Federal Reserve System was published in the Senate section on pages S4962 on June 4, 2002.
The publication is reproduced in full below:
TRIBUTE TO FARMERS NATIONAL BANK OF LEBANON
Mr. BUNNING. Mr. President, I rise among my colleagues today to duly honor Farmers National Bank of Lebanon, KY. For well over a century, Farmers National Bank has provided the people of Lebanon with quality financial and social services.
Founded in 1890 by T.S. Edelen and a group of local citizens, Farmers National Bank officially opened its doors to the public on April 1, 1890 with a capitalization of $50,000. In 1914, the bank joined the Federal Reserve System, and in 1917 it purchased the property it had rented on Main Street since its opening morning. During the depression of the 1930s, banks across the Nation and Kentucky were forced to close their doors to their respective communities due to a lack of financial assets. Farmers National Bank of Lebanon stayed financially strong during even the darkest days of the great depression and remained open throughout. Today, led by president Gene Spragens who took over control in 1950 after serving 28 years as bookkeeper for the bank, Farmers National Bank has 26 employees and assets of $88 million; pretty impressive for a bank which started off with a mere $50,000.
Besides the financial services it has provided since 1890, Farmers National Bank of Lebanon has also worked extremely hard to promote the performing arts in the local community. Over the years, programs have included pianists, string quarters and even a chorus with an orchestra. Gene Spragens firmly believes that a bank has a responsibility to the people to make a community as prosperous financially and socially as possible. Whether it be a much needed home loan or a aesthetically moving piano recital, Farmers National Bank is working for the people of Lebanon.
In this day and age, locally owned, community oriented businesses are few and far between. For over 100 years now, Farmers National Bank of Lebanon has remained just this. They have been through good times and bad times. They have gone blow-for-blow with the hands of time and survived even the most difficult of circumstances. I ask that my colleagues join me in thanking everyone involved with Farmers National Bank of Lebanon over the last 112 years for their dedicated service to the betterment of the Lebanon community.
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