2023 News and Information

The FDIC’s seizure of two larger financial institutions once again shapes the current and future landscape of the financial industry. Fortunately, local businesses and families remain ever supported by the strength and stability of three banks through which this corner of Northeastern Pennsylvania was built.  

The stability of a community can often be defined by the strength of the partnerships that comprise it. For Honesdale and the greater Wayne County area, the individual and collective business practices of The Honesdale National Bank, The Dime Bank, and Wayne Bank continue to fasten the region’s seams.

While the institutions are unique, since their foundings they have shared a common goal — supporting the residents and businesses across the widening breadth of the communities they serve. Diversifying their loan concentrations and oftentimes sharing the risk burden in the name of business development has paved a landscape that is symbolic of community banking.

No financial institution is completely immune to the impact of economic, political or industry-driven events. These Banks’ conservative business models have helped decrease exposure and effectively manage the market’s highs and lows. Their healthy capital and investment strategies have shepherded expansion in markets and resources to stabilize external pressures and foster growth opportunities.  

Healthy competition and collaboration are what set these community banks apart and continue to provide strong, dynamic financial resources for the local population.

The leadership of Wayne Bank, The Honesdale National Bank, and The Dime Bank continue to monitor the markets closely and are prepared to respond to changes as necessary. The local teams at each of their office locations are also available to support questions regarding FDIC insurance and individual financial needs.

Since 1836, The Honesdale National Bank has engaged in practices that have supported the growth of our communities while ensuring the safety and soundness of our financial institution and the opportunity for our customers.

As a community bank, we are mindful of the financial interests that not only shape our local community but the global economic community. We have built and remain committed to strong business practices that are diversified and conservatively manage our risk exposure. As a result, we remain strong and well-capitalized to support turbulence that has presented itself in so many shapes and forms over the course of our more than 186-year tenure. 

We are proud to be a long-standing Bauer 5-Star Financial Institution and remain confident in our abilities to continue to support the needs of our customers and local area. As a hometown, local bank, our hands-on team knows you and will continue to guide you and connect you with the resources to support a strong financial future for you, our local businesses and communities.

As always, our team remains ready and accessible to support any questions or concerns you may have regarding FDIC Insurance or your other financial needs.

On behalf of The Honesdale National Bank, we appreciate your support and look forward to continuing to support your goals.

I am a child of the late 1970s and early 1980s, so I did not grow up with the hard financial lessons of my Depression-era grandparents. It took me a long time to understand why my grandmother hid $100 bills in her cookie jar, refrigerator, and literally under her mattress. For me, going to her house was a treasure hunt…I felt like Indiana Jones. I would always be on the lookout for a stray bill. My grandparents were from a different era. They experienced tremendous economic adversity during their lives. To them, cash under the mattress was a better alternative than using a bank.

The Federal Deposit Insurance Company (FDIC), formed via the 1933 Banking Act, was created specifically to assure bank depositors of the soundness of the nation’s banking system. Its purpose was to inspire consumers’ confidence in the banking system by providing deposit insurance to banks and to prevent people like my grandmother from hoarding their cash.  Bank depositors’ money is insured and backed by the Federal Government. In fact, since the founding of the FDIC all those years ago, no depositor whose account was FDIC insured has lost a penny due to a bank failure.

The majority of banks in the United States are members of the FDIC, including all banks with the term “national” in their name. A complete list of FDIC participants is available at the FDIC website (www.fdic.gov). The FDIC only provides insurance to depositors of banks. It does not provide insurance for stocks, bonds, mutual funds, or other financial/investment services that the bank may offer.

Most bank customers know that their deposits are insured up to $250,000. Savings, checking, and other deposit accounts are included in ascertaining the $250,000 threshold. For example, a customer with a $100,000 checking and a $150,000 savings account  in their own name would be fully insured, but if the customer’s savings and checking accounts combined totaled $300,000, then only the first $250,000 would be insured. The other $50,000 could be lost in the event the bank went belly up.

The $250,000 number is stuck in many people’s mind as a bright line, but I would like to point out that there are techniques available to increase the amount of insurance your deposits have at one bank. The FDIC provides $250,000 in coverage to four different categories of accounts. This means you are afforded $250,000 of insurance in four different buckets, which are:

1. Accounts held in your name alone.
2. Accounts you hold in a joint name with another person.
3. IRA or other qualified accounts.
4. Accounts that you open in trust for (ITF) another person.  

You can theoretically have up to $1,000,000 of insured deposits at one institution if you are single and $2,000,000 for a married couple.  So, if you have an IRA, a checking, and an ITF account each with $100,000, the full $300,000 would be insured. To be safe and confirm that your accounts are insured, you are urged to visit the FDIC’s “Electronic Deposit Insurance Estimator” (edie.fdic.gov), a site where the FDIC itself will calculate the amount of insurance coverage you currently possess.

$250,000 is a lot of money to have on deposit at one single bank. As a banker, I love deposits, but that much liquid cash might not be the best way to maximize your money. If you desire FDIC insurance with a little bit of investment return, a Certificate of Deposit (CD) could be right for you. CDs offer a higher rate of interest than a regular savings account as long as you keep and do not touch the CD principal, with the added bonus of being FDIC insured. When purchasing a CD with insurance in mind, there are a few things to note. First, not all banks are FDIC insured, so double check the FDIC’s website before purchasing. Second, if the CD is linked to the market or offers a variable rate of interest, it is likely not an FDIC insured product but an uninsured investment. Third and finally, if the CD combined with your other bank deposits pushes you over the $250,000 threshold, then you may have to look for alternative titling methods like the ones described above to ensure adequate insurance.

With a little creativity and planning, you can make sure your deposits are FDIC insured. It is true that we are currently in a low interest rate environment, but with the FDIC, a bank deposit is better than stashing your cash in empty coffee cans. If you need help navigating the FDIC or have other questions regarding your finances, stop by an HNB office and ask to speak to one of our wealth management representatives.

Honesdale, PA – Thomas E. Sheridan Jr., President and CEO of The Honesdale National Bank, announced the promotion of Kathy Enslin to Vice President, Chief Operations Officer.

“With this promotion, we are very pleased to showcase Kathy’s technical, operational and innovative leadership,” said Sheridan. “Kathy’s appointment as COO is a strategic step for our organization and we know that her experience and skillset will continue to advance the Bank’s opportunities for growth as well as that for our customers.”

“I am grateful for the opportunity to contribute to The Honesdale National Bank’s continued growth. I am looking forward to embarking on this new chapter in my career and new chapter for HNB.”

Enslin joined The Honesdale National Bank in 1999 as an Assistant Vice President, Bookkeeping after spending 24 years with another area financial institution. In that role, she was an integral player in the oversight and development of many procedures and advancements that supported the Bank’s core account management and transaction workflows.  Enslin previously held the position of VP, Deposit Operations Officer for several years at HNB prior to her promotion to Vice President, Compliance Officer in 2015.

Enslin started her career in banking shortly after graduating from Western Wayne High School and has furthered her education through the American Institute of Banking (AIB).

Honesdale, PA – The Honesdale National Bank Foundation has recently made a $3,500 contribution to Honesdale High School. The funds will be used to support the costs associated with the students' participation in the Future Business Leaders of America, Inc. (FBLA) Conference to be held in Hershey, Pa.

HNB President & CEO, Thomas E. Sheridan Jr., stated, “We are pleased to support the hard-working FBLA students at Honesdale High School.” He continued, “Championing opportunities to develop career skills among the next generation will not only enable their paths to success but continue to benefit our local business community.”

The FBLA is the largest business Career and Technical Student Organization in the world. Each year, FBLA helps over 230,000 members prepare for careers in business. The FBLA inspires and prepares students to become community-minded business leaders in a global society through relevant career preparation and leadership experiences.

The Honesdale National Bank Foundation was established to further support the Bank’s commitment to contributing to the growth and development of the communities we serve. The Foundation’s mission is to support the sustainability and strengthening of resources and programming that make our communities thrive and remain desirable places to live, work and play. The mission will be upheld through the provision of funding for public charities, institutions, schools, and other not-for-profit organizations throughout our area. Through a focus on health and human services, education, culture and community enhancements, the Foundation intends to exemplify corporate citizenship and continue to create opportunities for all that benefit from our region’s offerings. The Honesdale National Bank Foundation is a registered 501(c)3

Honesdale, PA – The Honesdale National Bank Foundation has recently made a $10,000 contribution to the Wayne County Arts Alliance. The funds will go toward the purchase of their new facility in Honesdale.

HNB President & CEO, Thomas E. Sheridan Jr., stated, “We are excited to make this contribution on behalf of the Foundation.” He continued, “The Wayne County Arts Alliance is a fantastic asset to growing individuals in our community, and keeping our neighborhoods filled with creativity.”

The building is located at 959 Main Street in Honesdale. The funding will support capital improvement goals for the building - which includes creating a downstairs gallery, electrical safety repairs, security, internet, bathroom update, and utility repairs required by new borough ordinances.The Wayne County Arts Alliance is a not-for-profit organization entirely governed by volunteer members, a society composed of artists and people interested in the beneficial effects of the arts. We are committed to developing a dynamic, art-friendly atmosphere in the community, one that enhances and enriches the lives of its citizens.

The Honesdale National Bank Foundation was established to further support the Bank’s commitment to contributing to the growth and development of the communities we serve. The Foundation’s mission is to support the sustainability and strengthening of resources and programming that make our communities thrive and remain desirable places to live, work and play. The mission will be upheld through the provision of funding for public charities, institutions, schools, and other not-for-profit organizations throughout our area. Through a focus on health and human services, education, culture and community enhancements, the Foundation intends to exemplify corporate citizenship and continue to create opportunities for all that benefit from our region’s offerings. The Honesdale National Bank Foundation is a registered 501(c)3

The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.  The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.

Honesdale, PA – The Honesdale National Bank has recently made a $10,000 contribution to NeighborWorks of Northeastern Pennsylvania through the PA Department of Community & Economic Development’s (DCED) Neighborhood Assistance Program. The funds will go specifically to the organization’s Special Program Priorities (SPP) project.

HNB President & CEO, Thomas E. Sheridan Jr., stated, “Revitalization of our local neighborhoods is one of our true passions here at HNB.” He continued, “NeighborWorks shares the same goal in assisting the lives of those in our local communities, and we are glad to support their cause with this contribution.” NeighborWorks Northeastern Pennsylvania is a 501(c)(3) nonprofit community development organization that has, for more than 40 years, helped to revitalize neighborhoods and improve lives throughout the region by addressing the housing needs in our community. Our vision for strong, healthy neighborhoods is built on resident empowerment, neighborhood revitalization, sustainable homeownership, and public-private partnerships.

The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.  The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.

Pictured (L to R): Jesse Ergott, President & CEO and Ray Ceccotti, SVP, Business Development & Relationship Manager at HNB

Honesdale, PA – As announced by the trustee, The Honesdale National Bank, the greater Wayne County community will continue to experience the generosity of the beloved Honesdale family for years to come with the launch of and first disbursements of The Robert E. and Leila Stegner Family Foundation.

The Robert E. and Leila Stegner Family Foundation was created by siblings Dr. Robert, Joan and Janet Stegner of Honesdale, Pennsylvania, “in thanksgiving to the people of Wayne County and elsewhere for the support given to J.H. Stegner Grocery Store and Bakery, Robert J. Stegner, DDS, Joan M. Stegner and Janet T. Stegner, private music teachers.” The Foundation was established after the passing of the last surviving sibling, Joan Stegner, on October 7, 2022. The Honesdale National Bank has served as trustee since May 25, 2011.

The Stegner siblings selected 13 organizations to receive annual donations from their Foundation based upon a set percentage of the minimum distribution requirement for private foundations code established by the Internal Revenue Service (IRS). The recipient organizations are Bethany Cemetery; Honesdale Fire Department Hose Company No. 1, Alert Hook & Ladder Co. No. 2, Protection Engine No. 3, and Texas No. 4; Victims Intervention Program; Wayne County Food Pantry; Wayne County Children and Youth; Red Cross, Wayne County chapter; Salvation Army; the Eastman School of Music at the University of Rochester; Honesdale Ministerium; and the Wayne Memorial Health Foundation.

“It is an honor for HNB to assist in sustaining the memory and impact of the Stegner family for the greater Wayne County community,” said VP, Trust Officer Charles Curtin. “This Foundation is the epitome of a local family demonstrating its gratitude for the services that serve as the backbone for our area and ensuring others have access to those services for years to come.”

The Stegner name is iconic in the Honesdale area. Parents Robert Sr., and Leila Stegner owned and operated the J.H. Stegner Grocery Store and Bakery throughout most of the 20^th Century. Many fondly remember its vast candy selection. Their children, Dr. Robert and twins Joan and Janet, were prominent citizens in their own right. Numerous young students were taught to love the piano by Joan and Janet in the family’s living room, while Dr. Robert tended to the community’s dental needs. A particular delight was to see Joan and Janet, in matching outfits, riding their tandem two-seat bicycle around town, waiving to all.  Although the scene of the three Stegner siblings languidly rocking on their 8^th Street porch swing during long summer days is now just a memory, their generosity lives on.

Honesdale, PA – The Honesdale National Bank Foundation has recently made a $12,500 contribution to NeighborWorks of Northeastern Pennsylvania. The funds will go specifically to the organization’s Aging in Place program.

HNB President & CEO, Thomas E. Sheridan Jr., stated, “We are happy to support NeighborWorks and their continuous efforts with their Aging in Place program.” He continued, “Maintaining the safety and livelihood of our senior community members is something we cherish here at HNB, and we hope these programs are available for generations to come.”

The Aging in Place program provides homeowners age 60 and above with services that focus on assisting them to continue living safely and with dignity in their home and community. Through this program, NeighborWorks collaborates with human services organizations to evaluate individual needs and provide small home repairs, critical safety modifications and community services specific to each homeowner’s lifestyle to preserve their home and their independence. Surveys with their clients show they’re mentally and physically healthier, feel safer at home, and engage with their family and friends more.

NeighborWorks Northeastern Pennsylvania is a 501(c)(3) nonprofit community development organization that has, for more than 40 years, helped to revitalize neighborhoods and improve lives throughout the region by addressing the housing needs in our community. Our vision for strong, healthy neighborhoods is built on resident empowerment, neighborhood revitalization, sustainable homeownership, and public-private partnerships.

The Honesdale National Bank Foundation was established to further support the Bank’s commitment to contributing to the growth and development of the communities we serve. The Foundation’s mission is to support the sustainability and strengthening of resources and programming that make our communities thrive and remain desirable places to live, work and play. The mission will be upheld through the provision of funding for public charities, institutions, schools, and other not-for-profit organizations throughout our area. Through a focus on health and human services, education, culture and community enhancements, the Foundation intends to exemplify corporate citizenship and continue to create opportunities for all that benefit from our region’s offerings. The Honesdale National Bank Foundation is a registered 501(c)3. 

The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.  The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.

Pictured L to R: Melodie Robinson, Mary Edrusick, Jesse Ergott, President & CEO of NeighborWorks, and Ray Ceccotti, SVP, Business and Relationship Development Manager at HNB.

The Honesdale National Bank Foundation presented $2,500 to the F.M. Kirby Center for the Performing Arts. The funds will be used to support their Laux Young People’s Theater Series. The series includes five stage performances throughout the school year for children from surrounding school districts completely free of charge thanks to supporters like The Honesdale National Bank Foundation.

The performances returned to the stage in January of 2022 after streaming virtual productions during the Covid-19 shutdown. For more information on the Laux Young People’s Theater Series, visit kirbycenter.org. Pictured from left, are Jordan Steiner, F.M. Kirby Center Donor Relations Manager; Karen Decker, HNB AVP, Kingston Branch Manager; and Joell Yarmel, F.M. Kirby Center Executive Director.

Honesdale, PA – The Honesdale National Bank has recently made a $20,000 contribution to Friendship House through the Neighborhood Assistance Program (NAP) Tax Credit. The funds will help offset the cost of architects and engineers for their building project in Scranton, PA.

HNB President & CEO, Thomas E. Sheridan Jr., stated, “We are glad to make this contribution to support an organization who truly cares about our community members.” He continued, “Friendship House gives many individuals, with physical or mental disabilities, a chance to maximize their well-being with proper support and care.”

The building project in Downtown Scranton is a personal care center. This facility will provide mental health, substance abuse, and primary physical health care.

Friendship House is dedicated to serving families and their children with autism, with emotional and/or behavioral difficulties, and/or who are traumatized by loss, abuse, or neglect. Friendship House is also dedicated to serving adults with mental illness and/or developmental/intellectual disabilities. Their dedication manifests itself by providing individualized services which promote resiliency in children and recovery in adults, and maximize physical, emotional, behavioral, and social well-being of those they serve.

The Honesdale National Bank, established in 1836, holds the distinction of being the area’s oldest independent community bank headquartered in Northeastern PA, with offices in Wayne, Pike, Susquehanna, Lackawanna and Luzerne Counties.  The Honesdale National Bank offers personal banking, business banking and wealth solutions. HNB is a Member FDIC and Equal Housing Lender with NMLS ID # 446237.

Photo Caption (from left to right): Ray Ceccotti, SVP, Business and Relationship Development Manager at HNB & Alex J. Hazzouri, President/Chief Executive Officer of Friendship House.

Check out the January issue of Happenings Magazine, featuring our own Elizabeth Nagy, VP Director of Sales, Marketing and Digital Banking.

To read the full article, view pages 32-34 at issuu.com/happeningsmagazinepa/docs/january_2023_issuu/32