Carolina National Bank, Spartanburg, SC (Charter 12146)
Carolina NB (No Issue), Spartanburg, SC (Chartered 1922 - Receivership 1929)
Town History
Spartanburg is the second-largest city in the greater Greenville–Spartanburg–Anderson Combined Statistical Area, which has a population of 1,385,045 as of 2014. It is part of a 10-county region of northwestern South Carolina known as "The Upstate," and is located 98 miles northwest of Columbia, 80 miles west of Charlotte, North Carolina, and about 190 miles northeast of Atlanta, Georgia.
Spartanburg was formed in 1785, after a deal was made with the Cherokee Nation in 1753, and was named after a local militia called the Spartan Regiment in the American Revolutionary War. The Spartan Regiment, commanded by Andrew Pickens, participated in the nearby Battle of Cowpens. In 1831, Spartanburg was incorporated, later becoming known as the "Hub City": railroad lines radiated from the city forming the shape of a wheel hub.
It became a center of textile manufacturing in the late 19th century, with around 40 textile mills being established through the early 1900s. Spartanburg is the home of Wofford College, Converse University, and Spartanburg Community College, and the area is home to USC Upstate and Spartanburg Methodist College. It is also the site of headquarters for Denny's.
Spartanburg had five National Banks chartered during the Bank Note Era, and four of those banks issued National Bank Notes.
Bank History
- Organized January 16, 1922
- Chartered March 25, 1922
- 1902 Plain Back plates made
- Receivership December 30, 1929
- Non-issuing bank
In November 1920, the Bank of Spartanburg, which was reported recently as being in serious straits due to excessive loans, was reorqanized by the election of Arch B. Calvert to the position of chairman of the board and the election of Howard B. Carlisle, president of three other banks in Spartanburg County, as president. W.S. Glenn was placed in charge as active vice president to carry out the policy of placing the bank’s paper in liquid shape. J.N. Cudd, local capitalist, J. Elford Morgan, wholesale merchant, and J.A. Leathers, senior partner of Leathers, were also in this organization. The bank's New York correspondent wired its full approval and assurance of continued support.
On December 22, 1921, the Carolina National Bank of Spartanburg with a capital of $200,000 and $20,000 surplus was formally organized by the following officers: President William S. Glenn; vice presidents Howard B. Carlisle and Arch B. Calvert; cashier J. Wirron Willson. The incorporators of the new institution who are in effect directors pending the annual meeting required by law to be held on the second Tuesday in January were the following: H.B. Carlisle, W.S. Glenn, O.L. Johnson, J. Wirron Willson, E.O. Page, A.B. Calvert, C.E. Daniel and G.A. Reese. The capital stock had been oversubscribed to a considerable extent. Notice was given to the subscribers that 50 per cent of the amount of their subscriptions would be called for on January 4, 1922. The bank would be located in the three-story banking house then occupied by the Bank of Spartanburg. The stockholders of the Bank of Spartanburg which The Carolina National Bank succeeded, met on December 23rd pursuant to a call recently issued and unanimously sanctioned the action previously taken by their directors providing for nationalization. The Dollar Savings bank with capital of $100,000 and $15,000 surplus which had been allied with the Bank of Spartanburg occupying the same quarters since its organization had leased for a period of five years the building next door recently vacated by the Bank of Commerce and planned to occupy its new quarters as soon a changes in the building could be completed
Much local interest was attached to the statement of the condition of the Bank of Spartanburg at the close of business December 31, 1921 furnished to the state bank examiner by the cashier J. Wirron Willson. Early in the fall of 1926 the Bank of Spartanburg underwent a complete reorganization after it became known that the clearing house banks of the city had been carrying heavy obligations for the institution for several months. The situation was much the same as that which a few days earlier brought brought about the merger of several of the largest banks in Chicago. The Spartanburg situation attracted attention throughout the state and adjoining territory because it was realized that under conditions then existing the failure of an Institution of the standing of the Bank of Spartanburg would in all probability precipitate panicky conditions resulting in untold financial troubles to the entire section. The eyes of the South were on the situation in Spartanburg. The banks of Spartanburg through the Clearing House Association continued to support the Bank of Spartanburg until last month. Accompanying the published statement, officers of the bank reported the bank had paid all its obligations to the clearing house bank currently cleared with each one daily. It also had paid 7% interest on every dollar of its obligations carried by the clearing house banks during the past 16 months. W.S. Glenn was placed in charge of the Bank of Spartanburg at the time of its reorganization late in 1920.
On December 30, 1929, the Carolina National Bank and the Dollar Savings Bank failed to open their doors. Notices posted on the doors of both institutions stated the affairs were in the hands of the state bank examiner “by order of the board of directors." The Dollar Savings was a subsidiary of the Carolina National The last financial statement showed the deposits in the two banks to have been more than $1,000,000. The last financial statement of the Dollar Savings Bank showed deposits of $376,633.33 and the institution was capitalized at $100,000. A financial statement issued by the Carolina National Bank showed it was capitalized at $200,000. Neither W.S. Glenn, president of the Carolina Bank nor Howard Carlisle, president of the Dollar Savings Bank made any statements.
Official Bank Title(s)
1: The Carolina National Bank of Spartanburg, SC
Bank Note Types Issued
No National Bank Notes were issued by this bank.
The Bureau of Engraving and printing prepared two plates, a 5-5-5-5 plate and a 10-10-10-20 plate in May 1922 and proofs were made.
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1922 - 1929):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Carolina NB (No Issue), Spartanburg, SC History (NB Lookup)
- South Carolina Bank Note History (BNH Wiki)
Sources
- Spartanburg, 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
- Huntoon, Peter, Chapter P11, "Photo Gallery of Proofs from Large Size Plates Made For Banks That Did Not Issue," The Encyclopedia of U.S. National Bank Notes, published by the National Currency Foundation and Society of Paper Money Collectors.
- The State, Columbia, SC, Sun., Nov. 14, 1920.
- The State, Columbia, SC, Fri., Dec. 23, 1921.
- The State, Columbia, SC, Sun., Jan. 8, 1922.
- The Press and Standard, Walterboro, SC, Wed., Jan. 1, 1930.