Ironically, less than a year after acquiring the Donaldson Block by foreclosure in November, 1937, the Saranac Lake National Bank went bankrupt, trying to finance the new Saranac Lake-Tupper Lake highway; the Federal Deposit Insurance Corporation took custody of the building in October, 1938. One of the members of its board, and its president when it collapsed, was Dr. Charles C. Trembley.
After the dissolution of the Saranac Lake National Bank in 1938, Fred Norman, a well known and wealthy farmer from Bloomingdale, seven miles to the north, led a reorganization effort that resulted in the formation of the Saranac Lake Federal Savings and Loan Association. This institution continued to lease the old Saranac Lake National Bank space in the Haase Block until it bought the building in January, 1945, from Peter Augustus Adolphus S. Haase. The Savings and Loan has since become the Adirondack Bank, in the same building.
Essex County Republican, September 20, 1907
New Bank For Saranac Lake
The following directors have been elected for the new national bank at Saranac Lake to be known as The Saranac Lake National Bank : Frank E. Kendall, Frank H. McKee, Willam Ledger, Wilmer L. Chester, Addis K. Botsford, William F. Roberts, John C. Morgan, Dr. Charles Trembley, Dr. J. Henry Hallock, of Saranac Lake; Dr. T. Newton Foote, of Tupper Lake, and James J. Fitzgerald of Harrietstown.
The officers elected are as follows; President Frank K. Kendall; vice president Frank H. McKee; secretary of the Board of Directors, William Ledger; attorney, Addis K. Bottsford.
The capital stock of the new institution is $50,000, the greater portion of which has been subscribed by local business men.
Plattsburgh Daily Press, September 26, 1938
TWO SARANAC LAKE BANKS CONSOLIDATE
Saranac Like Nat'l Bank Absorbed by Adirondack Nat'l Bank
SARANAC LAKE — After 31 years of service to this village and surrounding territory, the Saranac Lake National Bank and Trust company closed its doors at the conclusion of Saturday's banking day. All unfinished business of the institution, together with its deposits, capital, etc., was taken over by the Adirondack National Bank that was recently granted permission to absorb the institution. Many of the employees of the closed institution will be employed by the Adirondack Bank.
Organized in Sept. 1907, the bank was first opened for business in November of that year. It was organized by Dr. Frank E. Kendall, who was its first president. He served until his death May 10, 1937. The presidency then was taken over by Max Cohen of this village, but relinquished shortly after to Dr. Charles C. Trembley who was vice-president for many years.
First officer in addition to Dr. Kendall, was the late William McKee, vice-president, Directors F. Roberts, the late A. H. Botsford, Dr. J. H. Hallock, the late John C. Morgan, proprietor of the St. Regis hotel; J. J. Fitzgerald, Dr. Trembley, W. L. Chester and the late William Ledger.
The bank was opened with a capitalization of $50,000. This was increased to $100,000 in 1935 when preferred stock was issued.
Present members of the board of directors and its officers are: Dr. Trembley, president; Fred C. Alnutt cashier; B. F. Norman, vice-president; Walter Sagendorf, Keith Mahan, Dr. Trembley and Mr. Alnutt, directors.