Charlotte National Bank, Charlotte, NC (Charter 5055)
Charlotte National Bank, Charlotte, NC (Chartered 1897 - Open past 1935)
Town History
Charlotte is the most populous city in the U.S. state of North Carolina. Located in the Piedmont region, it is the county seat of Mecklenburg County. The population was 874,579 at the 2020 census, making Charlotte the 16th-most populous city in the U.S., the seventh most populous city in the South, and the second most populous city in the Southeast behind Jacksonville, Florida. In 1900, the population was 18,091 growing to 100,899 by 1940.
Nicknamed the "Queen City", like its county a few years earlier, Charlotte was named in honor of German princess Charlotte of Mecklenburg-Strelitz, who had become the Queen Consort of Great Britain and Ireland in 1761, seven years before the town's incorporation. A second nickname derives from the American Revolutionary War, when British commander General Charles Cornwallis, 1st Marquess Cornwallis occupied the city but was driven out by hostile residents. He wrote that Charlotte was "a hornet's nest of rebellion", leading to the nickname "The Hornet's Nest".
In 1799, in nearby Cabarrus County, 12-year-old Conrad Reed found a 17-pound rock, which his family used as a doorstop. Three years later, a jeweler determined it was nearly solid gold, paying the family a paltry $3.50. The first documented gold find in the United States of any consequence set off the nation's first gold rush. Many veins of gold were found in the area throughout the 19th and early 20th centuries, leading to the 1837 founding of the Charlotte Mint. North Carolina was the chief producer of gold in the United States, until the Sierra Nevada find in 1848, although the volume mined in the Charlotte area was dwarfed by subsequent rushes.
Some groups still pan for gold occasionally in local streams and creeks. The Reed Gold Mine operated until 1912. The Charlotte Mint was active until 1861, when Confederate forces seized it at the outbreak of the Civil War. The mint was not reopened at the war's end, but the building, albeit in a different location, now houses the Mint Museum of Art.
Charlotte is home to the corporate headquarters of Bank of America, Truist Financial, and the east coast headquarters of Wells Fargo, which along with other financial institutions has made it the second-largest banking center in the United States.
Charlotte had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized December 8, 1896
- Chartered January 2, 1897
- Succeeded Heath Bros.
- Bank was Open past 1935
- Merged with Wachovia Bank and Trust Company, June 1939
In July 1896, the comptroller of the currency announced the organization of the Charlotte National Bank of Charlotte, North Carolina, with capital of $125,000. B.D. Heath, C. Valaer, C.F. Wadsworth, R.M. Oates, John M. Scott, and J.T. Anthony were named as organizers. The stand being fitted up for the Charlotte National Bank was the birthplace of six banks. The first was the Bank of Charlotte, followed by the City Bank, founded by Brenizer, Kellogg & Company, Capt. A.G. Brenizer's first banking venture. Then came the Commercial National and after it the Merchants' and Farmers' National, followed by the Traders.
The Charlotte National Bank opened its doors on Monday, February 1, 1897. It started with a good line of depositors, succeeding the old house of Heath Brothers, bankers. The bank began in very modest quarters located at No. 9, East Trade Street. The building which was leased was being remodeled. The paper hangers and decorators had completed their work and the vaults and safe were in place, but there was a delay in the arrival of the furniture. The directors determined that it would be best to fit the bank temporarily with furniture and begin business as the entire capital had been paid up and everything else was ready. The directors were B.D. Heath, J.F. Robertson, Vinton Liddell, John M. Scott, Chas. W. Tillett, J.W. Hunt, C. Valaer, Chas. F. Wadsworth, and Dr. R.J. Brevard.
On January 13, 1903, at the Charlotte National Bank, Mr. C. Valaer was made chairman of the stockholders' meeting. It was the unanimous opinion of the stockholders that the board of directors that consisted of seven, be increased to nine. This was done. Messrs. R.H. Jordon and H.N. Pharr were elected as the two new members. The board then consisted of B.D. Heath, J.M. Scott, R.J. Brevard, C.F. Wadsworth, J.F. Robertson, Vinton Liddell, C. Valaer, R.H. Jordan and H.N. Pharr. The directors met afterwards and elected B.D. Heath president; W. H. Twitty, cashier; and Frank C. Jones, teller. The regular clerical force was re-elected.
On January 8, 1907, the old officers and directors were all re-elected. The directors were B.D. Heath, J.M. Scott, H.N. Pharr, C.F. Wadsworth, Vinton Liddell, C. Valaer, R.H. Jordon. The directors re-elected B.D. Heath, president; John M. Scott, vice president; W.H Twitty, cashier and F.H. Jones, assistant cashier. During the year the bank paid out in dividends $12,500 or 10% of capital stock.
On Tuesday, January 12, 1909, there was no change in the board of directors or officers. The board consisted of Messrs. W.H. Belk, John G. Bryce, W.J. Chambers, J.M. Davis, B.D. Heath, O.P. Heath, H.G. Link, Vinton Liddell, W.M. Long, W.O. Nisbet, C.M. Patterson, H.N. Pharr, J.F. Robertson, John M. Scott, W.H. Twitty, C. Valaer, W.A. Waton, and J.W. Zimmerman. The officers were B.D. Heath, president; John M. Scott and J.H. Little, vice presidents; and W.H. Twitty, cashier.
In February 1909, Contractor J.A. Jones, who was in charge of the work constructing the Realty Building from beginning to end, expected to turn over the structure to owners. The Charlotte National Bank would begin placing its new, Woodall & Sheppard fixtures and expected to take possession about March 1st. The move from East Trade Street was made and opening day was May 18. The public was invited to see the new, 12-story combined bank and office building with the bank's quarters located on the ground floor. Of special interest was the massive vault door, giving entrance to the fire and burglar-proof safe deposit vaults. The weight of this door together with the vestibule and steel lining was 86,000 pounds. The door was 17 inches thick and equipped with quadruple time locks as well as 24 steel bolts. The vault walls used solid masonry lined with alternate layers of Bessemer and chrome steel. Double windows admitted light to the main banking room which was arranged for the convenience and comfort of patrons and the transaction of business. All corner pilasters and cornices were of Grecian marble. The main baking room featured bronze screens topped with bronze art metal screens, while the woodwork throughout was of solid mahogany of special design and finish. A well-appointed ladies' rest and writing room received much attention during the perfection of plans.
In 1910, the officers were B.D. Heath, president; John M. Scott and J.H. Little, vice presidents; and W.H. Twitty, cashier. The record of growth in deposits and total assets (below, click on 'Expand') indicated the vigorous management of the bank as well as the bank's capacity to supply an important share of the banking capabilities to Charlotte and the surrounding areas.
| Date | Deposits | Total Assets |
|---|---|---|
| Dec. 15, 1897 | 154,390.25 | 349,888.96 |
| Dec. 10, 1901 | 561,132.16 | 944,248.86 |
| Nov. 12, 1906 | 780,356.23 | 1,260,845.65 |
| Nov. 10, 1909 | 1,273,525.32 | 1,913,115.27 |
In January 1911, Mr. B.D. Heath resigned as president and his place was filled by the first vice president, Mr. J.H. Little. Dr. J.F. Robertson was elected in Mr. Little's place and Messrs. Carey Butt and W.B. McClintock were elected tellers.
On December 29, 1911, the engagement or Miss Murl Pickard to Mr. William Banks McClintock was announced at a party, given by Mrs. E.A. Cole. A silver tray on which lay a large satin bag was placed upon the table. When it was opened a Maltese kitten jumped out. A large bow of red ribbon was around its neck and attached to it was a card bearing "Murl and Banks, January 16, 1912." Miss Pickard was a stenographer at the Charlotte National Bank for five years, and commanded the esteem of the entire banking force. Mr. McClintock was the receiving teller in the Charlotte National Bank for the same length of time as his fiancée. The love affair began with their association as "bankers."
On Tuesday, January 14, 1919, stockholders met for the last time in the present quarters, as the bank expected to occupy its new banking house under construction at the corner of Tryon and Fourth Streets. The former board was unanimously re-elected as follows: John G. Bryce, W.H. Belk, W.J. Chambers, Joseph Garibaldi, B.D. Heath, A.M. McDonald, P.L. McMahon, Dr. W.O. Nisbet, H.N. Pharr, J.F. Robertson, John M. Scott, W.H. Twitty, C. Valaer, Geo. P. Wadsworth and J.W. Zimmerman. At the meeting of the directors immediately following that of the stockholders, the following officers were re-elected: President, John M. Scott; vice presidents, W.J. Chambers and J.F. Robertson; cashier, W.H. Twitty; assistant cashier, C.W. Butt. The directors then elected W. B. McClintock to the office of assistant cashier, giving two assistants to the cashier, and H.L. Evans was elected teller of the bank.
The bank featured Greek Doric columns weighing 26 tons each, the largest columns on any bank building in the Carolinas or Virginias. In point of construction it was essentially a Charlotte product, the stone coming from the famous Mount Airy, North Carolina, quarries. It was cut and set by the John J. Morton Co., the cutting executed at their plant at West Fifth Street and Railroad, Charlotte.
In January 1939, a satisfactory year for 1938 was reported by officers of the Charlotte National Bank. They stated that prospects for the new year were good. Directors re-elected were W.H. Belk, James A. Bell, John G. Bryce, Thomas Griffith, B.F. Matthews, John M. Scott, James A. Stokes, E.A. Terrell, W.H. Twitty, and J.W. Zimmerman. Directors re-elected the following officers: John M. Scott, president; W.H. Twitty, executive vice president; James A. Stokes and J.W. Zimmerman, vice presidents; W.B. McClintock, cashier; and Roger B. Duval and Fresca Brown, assistant cashiers.
Mr. Scott was a member of the original board of directors and was elected president in January 1912. As a young man, he founded John M. Scott & Co., local wholesale drug concern after his graduation in pharmacy in Baltimore. When the bank merged with the Wachovia Bank and Trust Company in June 1939, Mr. Scott became chairman of the board of directors of the Charlotte branch, in which capacity he continued until his death in 1945. Mr. Scott had extensive textile interests and was also a director of the Mutual Building and Loan Association of Charlotte.
On May 19, 1939, directors of the Charlotte National Bank unanimously approved a plan for merger with the Wachovia Bank & Trust Company. Wachovia directors unanimously approved the merger. The consolidation proposal provided for the stockholders of the Charlotte National Bank to receive common stock of the Wachovia Bank in exchange for their holdings. The basis of the proposed exchange of stock was not announced pending the completion of remaining details of the negotiation. Under the merger, the management and personnel of the Charlotte bank would remain the same, but through the consolidation Charlotte and its trade territory would receive all the advantages of the resources and facilities of an institution having nearly a $90 million in assets. The Wachovia Bank & Trust Co., a state-wide institution had offices in Winston-Salem, Raleigh, Asheville, High Point, and Salisbury. The Charlotte National Bank would become the Charlotte office of the Wachovia and it was expected that the equipment and personnel will be augmented to take care of the additional business because of the merger. The directors of the Charlotte National Bank would become members of the Charlotte Board of the Wachovia Bank & Trust Co. and continue to supervise and direct the affairs of the bank in Charlotte. The directors of both institutions had approved the merger unanimously and had called special meetings of stockholders to consider the action of the directors. Stockholders of the Charlotte National Bank were called to meet at the bank on May 29th. The merger was expected to have the effect of adding nearly $90 million of banking resources to the city, placing Charlotte on a par with Atlanta, Baltimore, Richmond, and Washington from a banking standpoint. The last published statement of the Wachovia showed resources of $90 million and the Charlotte National Bank with resources in excess of $6 million The combined capital funds of would be in excess of $7 million. Robert M. Hanes of Winston-Salem was president of the Wachovia Bank & Trust Co. and first vice president of the American Bankers’ Association, and according to custom would become president at the annual meeting of the association in Seattle in September. Wachovia Bank & Trust Company was in its 60th year of continuous service to Carolinians.
Official Bank Title(s)
1: The Charlotte National Bank, Charlotte, NC
Bank Note Types Issued
A total of $5,350,085 in National Bank Notes was issued by this bank between 1897 and 1935. This consisted of a total of 431,235 notes (337,000 large size and 94,235 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1882 Brown Back 3x10-20 1 - 12145 1882 Date Back 3x10-20 1 - 23000 1882 Value Back 3x10-20 23001 - 23790 1902 Plain Back 3x10-20 1 - 48315 1929 Type 1 6x10 1 - 9016 1929 Type 1 6x20 1 - 2462 1929 Type 2 5 1 - 101 1929 Type 2 10 1 - 20464 1929 Type 2 20 1 - 4802
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1897 - 1936):
Presidents:
Cashiers:
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- North Carolina Bank Note History
- General information on Charlotte (Wikipedia)
- General information on Mecklenburg County (Wikipedia)
- General information on North Carolina (Wikipedia)
Sources
- Charlotte, NC, 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
- The Bankers' Magazine, Vol. 80, January 1910-June 1910, pp 165-168.
- The Wilmington Messenger, Wilmington, NC, Tue., July 14, 1896.
- The Charlotte Observer, Charlotte, NC, Tue., Dec. 22, 1896.
- The Charlotte Observer, Charlotte, NC, Sat., Jan. 16, 1897.
- The Charlotte Observer, Charlotte, NC, Tue., Jan. 19, 1897.
- Raleigh Daily Tribune, Raleigh, NC, Sat., Jan. 30, 1897.
- The Charlotte News, Charlotte, NC, Tue., Jan. 13, 1903.
- The Charlotte News, Charlotte, NC, Tue., Jan. 8, 1907.
- The Charlotte News, Charlotte, NC, Tue., Jan. 12, 1909.
- The Charlotte News, Charlotte, NC, Thu., Feb. 11, 1909.
- The Evening Chronicle, Charlotte, NC, Tue., Jan. 10, 1911.
- The Charlotte News, Charlotte, NC, Sat., Dec. 30, 1911.
- The Charlotte News, Charlotte, NC, Tue., Jan. 14, 1919.
- The Charlotte Observer, Charlotte, NC, Wed., Jan. 11, 1939.
- The Charlotte News, Charlotte, NC, Fri., May 19, 1939.
- The Charlotte Observer, Charlotte, NC, Mon., Oct. 29, 1945.