Built in 1889, the Duncannon National Bank was the first building in Perry County devoted exclusively to banking and the first National Bank established in the county, beginning operations on January 1, 1890. Its president was John Wister and its cashier was P. F. Duncan. National Banks were chartered under the oversight of the Treasury Department and were authorized to issue their own currency, signed by local bank officials. They were created to standardize capital and lending requirements that varied under each state's regulations and to protect investors and depositors from fraud and bank insolvency. Before the Duncannon National Bank was formed, the safe at the Duncannon Iron Works protected large sums of money, currency was dispatched from banks in Harrisburg and Carlisle as needed, and merchants and businesses commonly acted as banks and lenders before banks became more common in the 20th century.