Carolina National Bank, Columbia, SC (Charter 1680)

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The Carolina National Bank of Columbia, South Carolina
The Carolina National Bank of Columbia, South Carolina, ca1914.[1]

Carolina National Bank, Columbia, SC (Chartered 1868 - Liquidated 1926)

Town History

Working space, ca1914
Working space, ca1914.[2]

Columbia is the capital of the U.S. state of South Carolina. With a population of 136,632 as of the 2020 U.S. Census, it is the second-largest city in South Carolina. The city serves as the county seat of Richland County, and a portion of the city extends into neighboring Lexington County. It is the center of the Columbia metropolitan statistical area, which had a population of 829,470 and is the 72nd-largest metropolitan statistical area in the nation. The name Columbia is a poetic term used for the United States, derived from the name of Christopher Columbus. Columbia is often abbreviated as Cola, leading to its nickname as "Soda City."

The city is located about 13 miles northwest of the geographic center of South Carolina. It lies at the confluence of the Saluda River and the Broad River, which merge at Columbia to form the Congaree River. As the state capital, Columbia is the site of the South Carolina State House, the center of government for the state. In 1860, the South Carolina Secession Convention took place in Columbia; delegates voted for secession, making South Carolina the first state to leave the Union in the events leading up to the Civil War.

Columbia is home to the University of South Carolina, the state's flagship public university and the largest in the state. The area has benefited from Congressional support for Southern military installations. Columbia is the site of Fort Jackson, the largest United States Army installation for Basic Combat Training.

Columbia had nine National Banks chartered during the Bank Note Era, and all nine of those banks issued National Bank Notes. Columbia also had three Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).

Bank History

Vault ca1914
The vault, ca1914, was thoroughly fire-proof and protected against burglars by the Duplex Electric System.[3]
Directors room ca1914
Directors room ca1914. At the end of the table on the wall is a portrait of the bank's first president; over the fireplace is a portrait of John C. Calhoun.[4]
January 1923 advertisement
A January 1923 advertisement for the Carolina National Bank, "The Old Reliable."[5]
  • Organized March 11, 1868
  • Chartered April 25, 1868
  • Notation on Organization Report: "This Bank stipulates to waive all right to circulation under the present law"
  • Liquidated January 12, 1926
  • Absorbed by Norwood-Carolina Bank of Charleston which was converted into 12865 (Norwood-Carolina National Bank of Charleston) (No Issue)

The Carolina National Bank of Columbia was organized on March 14, 1868, with a capital of $200,000. Col. Lysander D. Childs was the first president of the bank, holding that position until the time of his death in 1879. Mr. Geo. W. Swepson, a capitalist of Raleigh, North Carolina, who associated with him a few of the citizens of Columbia, maintained 9/10ths of the stock in his own name.[6] This was during the Reconstruction period and shortly after its organization the Carolina National encountered the still more trying times of the 1873 panic. At the time, Columbia had six banks, including two national banks, the Carolina and the Central. As a result of the panic, the four State banks in time passed out of existence and the Central National was subsequently merged into another so that of the six banks doing business in the city, the Carolina National alone survived. Col. Childs, the first president, died October 27, 1879. During the succeeding three years, the office of president was not permanently filled. In January 1881, the bank had capital of $200,000 with $30,000 surplus. After the adverse circumstances the country had passed, the deposits had been reduced to a little in excess of $100,000. So for the 3-4 years preceding, the bank had not earned operating expenses and no dividends had been paid. A large volume of inactive and worthless assets had been accumulated and so in 1881, stockholders determined to put in the pruning knife and reorganize the affairs of the bank. In order to rid the bank of these worthless assets, it was necessary to use one half of its capital and the entire surplus, or about the sum of $130,000. In January 1881, the bank started on a new career with a capital stock of $100,000 and no surplus and deposits about $125,000. In January 1881, Mr. W.A. Clark, then one of the prominent members of the Columbia Bar, was elected president of the bank to carry out the policy of the stockholders. By July 1881, the earnings sufficed to pay out a dividend of 3 1/2% for the preceding six months, the first dividend paid in four years. Since that time the career of the bank was one of unbroken prosperity with dividends regularly paid, quarterly or semi-annually.

In January 1884, the president in his annual report to the stockholders pointed out the lack of a savings bank in order to afford the people a place for storing their earnings, there being at that time no savings bank in the state outside of the city of Charleston. Upon the recommendation of the president and with the approval of the Comptroller of the Currency, the bank established a savings department which was operated in connection with the general business of the bank. It was believed that the Carolina National was the first of all national banks to establish a savings department in connection with its commercial business. This feature had since been adopted in various forms by many national bank and became an almost necessary adjunct to any bank.

Over a quarter of a century since the establishment of the Carolina National Bank the city of Columbia grew from a small county town of 10,000 to a manufacturing and commercial city of 50,000. During this period several large manufacturing industries had grown up, including a number of large cotton mills, fertilizer factories, and cotton-seed oil mills. It also had grown into quite a railroad center and the center of three great railroad systems: the Southern, the Atlantic Coast Line, and the Seaboard Air Line. Other industries also developed and the Carolina National was an important factor by extending necessary financial aid and in otherwise promoting the industrial interests of the city. 

In 1907, the bank erected on one of the most valuable corners in Columbia a commodious and handsome building. For the previous forty years, the bank did business on the original location of the Bank of the State. This site was purchased from the State of South Carolina by the Carolina National Bank upon its organization. When those quarters proved wholly inadequate for the demands of its growing business, the bank purchased the site of the city hall after it was destroyed by fire in 1899. In 1907 it constructed upon that corner a beautiful and attractive building. The public was invited to visit the new home on Monday, December 16th, 1907.[7]

The charter of the bank which was the first granted to a bank in South Carolina outside the city of Charleston, had been twice extended, the last extension being in 1908. In 1914, the statement of the bank showed capital stock $300,000, surplus and profits $165,000, circulation $200,000, deposits $1,400,000 with gross assets of $2,200,000. The president, Mr. Clark, was serving in his 33rd year as president and for the past 20 years had found it necessary to retire from the active practice of the law and devote his entire attention to the bank. Under his management deposits had grown from $100,000 to $1,400,000. Columbia had ten banks in active operation having been organized in the past 20 years. Among them were four national banks, two with capital of $500,000 and all doing a successful and profitable business. The banks were all associated in a clearing-house through which clearings were made daily and through the medium of which the associated banks placed in circulation clearing-house certificates during the panic of 1907. This relieved the situation until returns could be had from shipments of cotton, so the panic was little felt in Columbia. The officers in 1914 were W.A. Clark, president; T.S. Bryan, vice president; Jos. M. Bell, cashier; Jno. D. Bell, assistant cashier; and Washington Clark, solicitor. The board of directors consisted of W.A. Clark, president; Julian B. Friday, merchant; Thos. S. Bryan, president, Bryan Book Co.; R.S. DesPortes, capitalist; Jos. M. Bell, cashier; Iredell Jones, Jr., treasurer and general manager, Palmetto Guano Corp.; J.H. Bollin, real estate and insurance; W.B. Lowrance, cotton broker; Robt. Moorman, president, Realty Company of Columbia; Washington Clark, attorney-at-law; J.F. Walker, Clerk of Circuit Court; and B.B. Kirkland, president, Kirkland Distributing Co.[8]

On Sunday evening, January 23, 1898, Captain Richard S. DesPortes died of typhoid fever in Columbia. His death was a sad loss to the community. He had long been identified with the development of Columbia, having moved there in 1880.[9] His grandfather was a Frenchman of the First Empire following Napoleon and rewarded for his valor with enrollment in the ranks of the Old Guard. The charge of that body under Ney was a last effort to turn the tide of battle at Waterloo where this French officer rode among the first and where his bones lie entombed. He left a wife and two children who emigrated to America.[10] In 1886, Richard S. DesPortes was vice president of the Carolina National Bank and he and his son, R.S. DesPortes, Jr., were directors of the Central National Bank of Columbia upon his death.[11][12]

In January 1919, the stockholders elected the following directors: W.A. Clark, Joseph M. Bell, J.F. Walker, R.S. DesPortes, T.S. Bryan, Lee A. Lorick, Fred Germany, B.B. Kirkland, Irdell Jones, Robert Moorman, E.C. McGregor, and J.D. Bell. At a meeting of the board of directors upon the adjournment of the stockholders' meeting, the following officers were elected: W.A. Clark, president; T.S. Bryan, vice president; Joseph M. Bell, cashier; John D. Bell, assistant cashier; and Robert Moorman, solicitor. The only change in the official force of the bank was the election of Robert Moorman as solicitor, succeeding the late Washington Clark.[13]

On Tuesday, January 11, 1921, W.A. Clark was re-elected president of the Carolina National Bank, entering upon his 41st year in that capacity. Other officers elected were T.S. Bryan and R.S. DesPortes, vice presidents; J.M. Bell, cashier; J.D. Bell, assistant cashier. W.H. Cary was elected as a member of the board of directors to serve in place of the late J. Frost Walker. Other directors were as follows: W.A. Clark, T.S. Bryan, Joseph M. Bell, R.S. DesPortes, Iridell Jones, J.T. Reese, Lee A. Lorick, B.B. Kirkland, Fred Germany, E.C. McGregor and Robert Moorman.[14]

On Tuesday, January 13, 1925, the annual meeting of stockholders was held at the banking house, 1401 Main Street, Columbia.[15] No changes were made in either the officers or the directors of the bank. Officers re-elected were W.A. Clark, chairman of the board; Joseph M. Bell, president; R.S. DesPortes, vice president; John D. Bell, vice president and cashier; Thomas J. Fickling, James R. Robb and John B. DuBose, assistant cashiers. The directors were W.A. Clark, Joseph M. Bell, R.S. DesPortes, W.H. Cary, Fred Germany, Iradell Jones, Jr., B.B. Kirkland, Robert Moorman, E.C. McGregor, J.T. Reese, and John D. Bell.[16] W.A. Clark, for 42 years president of the bank who retired at his own request on January 1, 1923, was chairman. Gen. Wilie Jones was for many years cashier of the bank, resigning to accept the presidency of the Palmetto National Bank of Columbia and was later with the American Bank and Trust Company. Joseph M. Bell who since August 9, 1889 had been connected with the bank in various capacities from runner or outdoor collection clerk to cashier, was made president of the bank to succeed Mr. Clark. As a boy Mr. Bell showed financial genius and his ability was quickly recognized and his years of experience added to the breadth of his vision as a financier. He was recognized as one of the leading bankers of the state and was a member of the chamber of commerce and other civic and commercial organizations. John D. Bell, cashier, succeeding his brother on January 1st, had been with the bank since 1892, starting also in that year as a runner. His diligence, ability and insight into financial matters resulted in his steady promotion. Thomas J. Fickling and James J. Robb who became assistant cashiers on January 1st had given the bank many years of efficient service and were able and experienced financiers. W.A. R.S. DesPortes, vice president, had also been prominent in the development of the bank and in the management of its affairs.[17] 

In December 1925, the Norwood-Carolina Bank of Charleston with branches at Greenville and Columbia was chartered by the secretary of state with capital $200,000 and Robert S. Small, president; A.R. LaCoste, George Norwood, J.M. Bell, and B.M. Edwards, vice presidents; G.W. Walker, secretary and A.L. Riley, cashier.[18]

On Tuesday, January 12, 1926, the annual meeting of Norwood-Carolina National Bank, formerly the Carolina National, was held at Charleston. Robert S. Small, president of the Bank of Charleston, N.B.A., who headed the banking merger in which his bank, the Carolina National, and the Norwood National were included, was named president, and the presidents of the former Carolina and the Norwood banks, Joseph M. Bell and George Norwood, were named vice presidents, as were A.R. LaCoste and B.M. Edwards. G. W. Walker of Charleston was named cashier with the cashier of the former Carolina, John D. Bell, and the cashier of the Norwood National, Wesley Key, named as assistant cashiers. Gen. W.A. Clark would remain with the organization in an advisory capacity. A state charter was issued recently to the Norwood-Carolina Bank, but since then the bank had been nationalized.[19]

On Monday, March 1, 1926, a charter was granted for the South Carolina National Bank, made up of the combination of three banks, the Carolina National Bank of Columbia; the Bank of Charleston, N.B.A. of Charleston; and the Norwood National Bank of Greenville under Charter No. 2044. The total resources of the new institution were $25 million. R.S. Small of Charleston was president; A.R. Lacoste of Charleston, George Norwood of Greenville, J.M. Bell, and B.M. Edwards, both of Columbia, were vice presidents. G.W. Walker of Charleston, Wesley Key of Greenville, and John D. Bell of Columbia were cashiers. The directors of the bank were prominent businessmen of Columbia, Charleston and Greenville.[20] The consolidated concern had a main office and five branches, three of the branches in Charleston, one in Columbia and one in Greenville.[21] The consolidated statement of the affiliated institutions at the close of business, December 31, 1925, showed total resources of $27,851,035.38 with capital $1,450,000, surplus, profits and reserves $1,326,647.27, circulation $1,000,000, and deposits of $22,408,569.20.[22]

Official Bank Title

1: The Carolina National Bank of Columbia, SC

Bank Note Types Issued

Original series 50-100 proof sheet
Original series 50-100 proof sheet with plate date of March 15, 1871.Courtesy of the Smithsonian Institution Archives
1882 Brown Back $5 bank note
1882 Brown Back $5 bank note with pen signatures of T.H. Meighan, Cashier and W.A. Clark, President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $20 bank note
1902 Date Back $20 bank note with pen signatures of Joseph M. Bell, Cashier and W.A. Clark, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $10 bank note
1902 Plain Back $10 bank note with pen signatures of Jno. D. Bell, Cashier and Joseph M. Bell, President. Courtesy of Heritage Auctions, www.ha.com

A total of $4,088,450 in National Bank Notes was issued by this bank between 1868 and 1926. This consisted of a total of 432,360 notes (432,360 large size and No small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
Original Series 3x10-20 1 - 4900
Original Series 50-100 1 - 1000
Series 1875 3x10-20 1 - 400
Series 1875 50-100 1 - 608
1882 Brown Back 4x5 1 - 11705
1882 Brown Back 3x10-20 1 - 6171
1882 Brown Back 50-100 1 - 2638
1902 Red Seal 4x5 1 - 1750
1902 Red Seal 3x10-20 1 - 1400
1902 Date Back 4x5 1 - 20415
1902 Date Back 3x10-20 1 - 14734
1902 Plain Back 4x5 20416 - 48105
1902 Plain Back 3x10-20 14735 - 31536

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1868 - 1926):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Columbia, SC, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ The Bankers' Magazine, Vol. 88, Jan. - June 1914, pp 209.
  2. ↑ The Bankers' Magazine, Vol. 88, Jan. - June 1914, pp 212.
  3. ↑ The Bankers' Magazine, Vol. 88, Jan. - June 1914, pp 213.
  4. ↑ The Bankers' Magazine, Vol. 88, Jan. - June 1914, pp 214.
  5. ↑ The State, Columbia, SC, Wed., Jan. 3, 1923.
  6. ↑ The State, Columbia, SC, Sun., Dec. 15, 1907.
  7. ↑ The State, Columbia, SC, Sun., Dec. 15, 1907.
  8. ↑ The Bankers' Magazine, Vol. 88, Jan. - June 1914, pp 209-216.
  9. ↑ The Newberry Herald and News, Newberry, SC, Fri., Jan. 28, 1898.
  10. ↑ The Fairfield News and Herald, Winnsboro, SC, Wed., Jan. 26, 1898.
  11. ↑ The Dispatch-News, Lexington, SC, Wed., Feb. 9, 1898.
  12. ↑ The Dispatch-News, Columbia, SC, Wed., Feb 3, 1886.
  13. ↑ The State, Columbia, SC, Wed., Jan. 15, 1919.
  14. ↑ The Columbia Record, Columbia, SC, Tue., Jan. 11, 1921.
  15. ↑ The State, Columbia, SC, Sun., Jan. 11, 1925.
  16. ↑ The Columbia Record, Columbia, SC, Tue., Jan. 13, 1925.
  17. ↑ The Sunday Record, Columbia, SC, Sun., Mar. 1, 1925.
  18. ↑ The Item, Sumter, SC, Wed., Dec. 2, 1925.
  19. ↑ The State, Columbia, SC, Tue., Jan. 12, 1926.
  20. ↑ The Atlanta Journal, Atlanta, GA, Mon., Mar. 1, 1926.
  21. ↑ The Item, Sumter, SC, Wed., Mar., 3, 1926.
  22. ↑ The State, Columbia, SC, Tue., Jan. 12, 1926.
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