[2] The lake is named after American patriot Frederick Leaser,[4] who during the Revolutionary War in September 1777, transported the Liberty Bell from Philadelphia, then the revolutionary capital of the Thirteen Colonies to Allentown to protect it from the British as they were preparing to seize to Philadelphia.

In 1991, the Pennsylvania Fish and Boat Commission drained the lake to make needed repairs on the dam.

The 1991 repairs proved to be inadequate and in 1999 the lake had to be drained 20 feet to prevent dam failure.

In September 2014, the lake was lowered by 20 feet so that repairs could be made to the recent seeping area.

[9] Repairs to the dam were completed in Spring 2015 and the lake was filled to capacity for the first time since 1991.