Commercial National Bank, Raleigh, NC (Charter 9067)
Commercial National Bank, Raleigh, NC (Chartered 1908 - Receivership 1931)
Town History
Raleigh (/ˈrɑːli/; RAH-lee) is the capital city of the state of North Carolina and the seat of Wake County. It is the second-most populous city in North Carolina, after Charlotte. Raleigh is the tenth-most populous city in the Southeast, the 41st-most populous city in the U.S., and the largest city of the Research Triangle metro area. Raleigh is known as the "City of Oaks" for its many oak trees, which line the streets in the heart of the city. The U.S. Census Bureau counted the city's population as 467,665 in the 2020 census, making it one of the fastest-growing cities in the United States. The city of Raleigh is named after Sir Walter Raleigh, who established the now-lost Roanoke Colony in present-day Dare County.
Raleigh is home to North Carolina State University (NC State) and is part of the Research Triangle together with Durham (home of Duke University and North Carolina Central University) and Chapel Hill (home of the University of North Carolina at Chapel Hill). The name of the Research Triangle (often shortened to the "Triangle") originated after the 1959 creation of Research Triangle Park (RTP), located in Durham and Wake counties, among the three cities and universities. The Triangle encompasses the U.S. Census Bureau's Raleigh-Durham-Cary Combined Statistical Area (CSA), which had an estimated population of 2,037,430 in 2013.
Raleigh is an early example in the United States of a planned city. Following the American Revolutionary War when the U.S. gained independence, the area was chosen as the site of the state capital in 1788 and incorporated in 1792 as such. The city was originally laid out in a grid pattern with the North Carolina State Capitol at the center, in Union Square. During the American Civil War, the city was spared from any significant battle. It fell to the Union in the closing days of the war and struggled with the economic hardships in the postwar period, related to the reconstitution of labor markets, over-reliance on agriculture and the social unrest of the Reconstruction Era.
Raleigh had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized February 15, 1908
- Chartered March 14, 1908
- Conversion of The Commercial & Farmers Bank of Raleigh
- Opened for business March 16, 1908
- Receivership December 21, 1931
In August 1907, the officers of the Commercial & Farmers Bank were J.J. Thomas, President; B.S. Jerman, cashier; and H.W. Jackson, assistant cashier. The bank had capital and surplus $200,000.[5]
In January 1908, the directors of the Commercial & Farmers Bank were J.J. Thomas, chairman of the board; Alf. A. Thompson, president, Raleigh Cotton Mills; Carey J. Hunter, superintendent, Union Central Life Insurance Co.; R.B. Ramen, gen. agent, Penn Mutual Life Insurance Co.; Thos. H. Briggs of Thos. H. Briggs & Sons, hardware; Joshua B. Hill of J.R. Ferrall & Co., grocers; James E. Shepherd of Shepherd & Shepherd, attorneys-at-law; Henry A. London, attorney-at-law, Pittsboro, N.C.; Geo. W. Watts, director, American Tobacco Co., Durham, N.C.; Aahley Horne, president, Clayton Banking Co., Clayton, N.C.; D.Y. Cooper, capitalist, Henderson, N.C.; Ashby L. Baker, president, Virginia Cotton Mills; B.S. Jarman, president; and H.W. Jackson, cashier. The officers elected were J.J. Thomas, Chairman; B.S. Jerman, President; H.W. Jackson, cashier; and E.B. Crow, assistant cashier.[6]
The officers and directors of the Commercial & Farmers Bank announced the conversion of this institution into the Commercial National Bank of Raleigh, beginning Monday, March 16, 1908. The officers were B.S. Jerman, president; A.A. Thomson, vice president; H.W. Jackson, cashier; E.B. Crow, assistant cashier; and J.J. Thomas, chairman of the board.[7]
On Tuesday, January 1, 1911, at the annual stockholders meeting, the directors elected were Thomas H. Briggs, Ashley Horne, B.F. Montague, Alf. A. Thompson, Carey J. Hunter, Joshua B. Hill, E.B. Crow, Ashby L. Baker, Henry T. Hicks, B.S. Jerman, Henry A. London, Herbert W. Jackson, A.B.D. Johnson, and D.H. Hill. At the meeting of the directors, the following officers were elected: B.S. Jerman, president; Alf. A. Thompson, vice president; E.B. Crow, cashier; A.P. Bauman, assistant cashier. The staff of the bank consisted of A.P. Bauman and E.E. Culbreth, tellers, B.H. Little and G.G. Sherwood, individual bookkeepers; J.M. Sherwood, general bookkeeper, W.M. Upchurch and J.J. Thomas, transit department Andrew H. Green, Jr., collector; and Russell L. Jones, stenographer. Resolutions were passed by the stockholders concerning the death of Capt. J.J. Thomas, former president and chairman of the board. "In 1891 when the Commercial and Farmers Bank was organized, its stockholders knew that its best asset was the character and standing of the men who were chosen as its active officers. As the chief executive and man at the head of the institution, the late Capt. J.J. Thomas was chosen. His long experience as one fo the most prudent and successful businessmen in the State, his sound judgement, his ripe wisdom and his reputation for conservatism, prudence and sterling honesty, gave to the bank at once the confidence of the people of the State." In 1907 Captain Thomas retired as president of the bank, but continued as chairman of the board of directors.[8]
In January 1912, the John T. Wilson Company of Richmond, Virginia, planned to begin construction of the Commercial National Bank building in about a month. The work of tearing away the old Wyatt storeroom would begin around February 15th. At the 1911 report of the president, Mr. B.S. Jerman outlined the needs for this largest North Carolina bank building and the plans for such banking house were submitted. The committee authorized purchase of the Wyatt property west of the bank's location and the committee produced plans for a ten-story steel beauty with 91 feet on Martin Street and 81 feet on Wilmington. Plans were drawn by Mr. Thornton Marye of Atlanta, noted architect, and the contract was awarded to Mr. John T. Wilson of Richmond. Because of its strength, the government named the Commercial National the postal depository for Wake County. It long had held the striking trademark "Sir Walter Raleigh," and it coveted the name it had won by merit, "The Welcome Bank." The big new building would pay from its start with nearly every available room spoken for. The directors of the Commercial National were B.S. Jerman, president; Alf. A. Thompson, president, Raleigh Cotton Mills, Carey J. Hunter, Superintendent, Union Central Life Insurance Co.; Thos. H. Briggs of Thos. H. Briggs & Sons, hardware; Joshua B. Hill of J.R. Ferrall & Co., grocers; Henry A. London, attorney-at-law, Pittsboro, N.C.; Ashley Horne, president, Clayton Banking Co., Clayton, N.C.; Ashby L. Baker, president, Virginia Cotton Mills; H.W. Jackson, president, Virginia Trust Co., Richmond, VA; B.F. Montague, capitalist; Henry T. Hicks of the Capudine Chemical Co.; A.R.D. Johnson of Johnson & Johnson Co., coal, ice, etc.; D.H. Hill, president, N.C.A. & M. College; John A. Mills, president, Raleigh & Pamlico Sound Railroad; C.W. Horne of A. Horne & Sons Co.; E.B. Crow, cashier.[9] A.L. Banker was president of the Commercial Building Co. Officers of the Commercial National Bank were B.S. Jerman, president; A.A. Thompson, vice president; E.B. Crow, cashier and A.P. Bauman, assistant cashier.[10]
The Commercial National Bank would celebrate its birthday in style, occupying its own building on September 30th, 1913, Raleigh's first skyscraper, in quarters unsurpassed by any bank in the South. The ten-story building contained the bank, two stores, and ten office floors with a total of 180 rooms. There was a special entrance to the bank and one to the office section. In the latter were some of the foremost insurance companies in the State as well as other prominent concerns. There were three elevators within the building, one extending to the deep basement and all going to the roof. On the roof would be an electric searchlight of very high power, estimated to be visible for some fifty miles. The banking room had two of the largest steel vaults in the state, one for money and the other for safe deposits.[11]
The condensed statement of condition as of the close of business, December 31, 1921, showed the Commercial National Bank had total resources of $5,273,580.34 with capital stock $300,000, surplus and undivided profits $189,430.29, circulation $161,500, and deposits $4,373,377.28. The directors were B.W. Baker, manufacturer; C.B. Barbee of Barbee & Co., cotton merchants; J. Dwight Barbour, J.G. Barbour & Sons, Clayton, N.C.; Thomas H. Briggs, of Thomas H. Briggs & Sons, hardware; M.B. Chamblee, M.C. Chamblee & Sons, Wakefield, N.C.; E.B. Crow, vice president; Henry T. Hicks, president, Capudine Co.; D.H. Hill, Author and Historian; Charles W. Horne, farmer, Clayton, N.C.; K.G. Hudson, Hudson-Belk Co.; Carey J. Hunter, superintendent, Union Central Life Insurance Co.; A.B. Hunter, merchant and banker, Apex, N.C.; H.W. Jackson, president, Virginia Trust Co., Richmond, Va.; B.S. Jerman, president; J. Beale Johnson, planter, Cardenas, N.C.; B.W. Kilgore, director, Agricultural Experiment Station; A.H. London, merchant and manufacturer, Pittsboro, N.C.; John A. Mills, capitalist, Raleigh, N.C.; B.E. Montague, capitalist, Raleigh, N.C.; J.E. O'Donnell, manager for North Carolina National Cash Register Co.; Wm. M. Sanders, merchant and planter, Smithfield, N.C.; R.B. Whitley, merchant and planter, Wendell, N.C.; and Howard White, wholesale lumber. The officers were B.S. Jerman, president; Carey J. Hunter vice president; E.B. Crow, active vice president; A.P. Bauman, cashier; B.H. Little and J.M. Sherwood, assistant cashiers.[12]
On Tuesday, January 13, 1931, stockholders of the Commercial National Bank in their 40th annual meeting held at the bank re-elected the board of directors who in turn re-elected all officers. Directors of the bank were A.P. Bauman, M.B. Chamblee, E.B. Crow, Henry T. Hicks, K.G. Hudson, A.B. Hunter, J. Rufus Hunter, B.S. Jerman, B.W. Kilgore, A.H. London, H.H. Mahler, D.B. Oliver, J.E. O'Donnell, and R.B. Whitley. The officers were B.S. Jerman, president; E.B. Crow, A.P. Bauman, and B.W. Kilgore, vice presidents; B.H. Little, cashier; W.M. Upchurch, A.M. Haynes, E. Headon, and J.M. Sherwood, assistant cashiers; C.A. Gosney, trust officer; and A. Wray White, assistant trust officer. During the past year the bank declared its usual dividend of 6%.[13]
The situation at Raleigh banks was quieter than on Thursday, December 17th, when the Commercial National Bank failed to open its doors after 40 years of operation. However, unusual activity continued at the Morris Plan Bank with a steady, but smaller stream of customers. On Friday, the Bank of Wake, sole remaining bank at Wake Forest, failed to open its doors following steady withdrawals which were attributed to the closing of the Commercial National, although there was no connection whatsoever between the two institutions.[14] On Tuesday, December 22, 1931, A.D. Burrows, a member of the regular staff of receivers of the comptroller of the currency arrived and took charge of the affairs of the Commercial National Bank. Mr. Burrows was also receiver for four other national banks in North Carolina, the First National of Benson, The First National of Dunn, The First National of Laurinburg, and the National Bank at Fayettesville.[15]
On February 9, 1932, stockholders of the Commercial National Bank of Raleigh, which closed on December 16, 1931, received by registered mail notices of stock assessment in the full amount of the capitalization of the bank which consisted of 6,000 shares of a par value of $100 each. The $600,000 assessment required each stockholder to pay the full par value of every share of stock on or before March 8th was signed by F.G. Awalt, acting Comptroller of the Currency, and directed Alfred D. Burrowes, receiver of the bank, to take all necessary proceedings by suit or otherwise to enforce the individual liability of shareholders. The assessment was accompanied by a notice from the receiver that an extension without interest would be given to shareholders who paid 25% of the assessment on or before March 8th and gave a written obligation, satisfactorily guaranteed, to pay the remainder in three equal installments at intervals of 30 days each. Suits were expected against all stockholders who did not pay their assessments in whole or in part by that date.[16]
Official Bank Title
1: The Commercial National Bank of Raleigh, NC
Bank Note Types Issued
A total of $3,128,960 in National Bank Notes was issued by this bank between 1908 and 1931. This consisted of a total of 431,998 notes (369,892 large size and 62,106 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 2000 1902 Red Seal 4x10 1 - 2000 1902 Date Back 4x5 1 - 21750 1902 Date Back 4x10 1 - 20800 1902 Plain Back 4x5 21751 - 46628 1902 Plain Back 4x10 20801 - 41845 1929 Type 1 6x5 1 - 7282 1929 Type 1 6x10 1 - 3069
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1908 - 1931):
Presidents:
Cashiers:
- Herbert Worth Jackson, 1908-1909
- Edmund Burwell Crow, 1910-1920
- Albert Penick Bauman, Sr., 1921-1929
- Burke Haywood Little, 1930-1930
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
- Commercial National Bank, Raleigh, NC History (NB Lookup)
- North Carolina Bank Note History (BNH Wiki)
Sources
- Raleigh, 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. 85, July - Dec. 1912, p. 766.
- ↑ The Raleigh Times, Raleigh, NC, Thu., Apr. 9, 1908.
- ↑ The News and Observer, Raleigh, NC, Sun., Jan. 15, 1922.
- ↑ The News and Observer, Raleigh, NC, Sun., Jan. 10, 1926.
- ↑ The News and Observer, Raleigh, NC, Fri., Aug. 2, 1907.
- ↑ The News and Observer, Raleigh, NC, Sun., Jan. 19, 1908.
- ↑ The News and Observer, Raleigh, NC, Tue. Mar. 17, 1908.
- ↑ The News and Observer, Raleigh, NC, Wed., Jan. 11, 1911.
- ↑ The News and Observer, Raleigh, NC, Sun., Jan. 21, 1912.
- ↑ The News and Observer, Raleigh, NC, Sun., Mar. 9, 1913.
- ↑ The Bankers' Magazine, Vol. 87, July 1913 - Dec. 1913, pp 90-91.
- ↑ The News and Observer, Raleigh, NC, Sun., Jan. 15, 1922.
- ↑ The News and Observer, Raleigh, NC, Thu., Jan. 15, 1931.
- ↑ The News and Observer, Raleigh, NC, Sat., Dec. 19, 1931.
- ↑ The News and Observer, Raleigh, NC, Wed., Dec. 23, 1931.
- ↑ The News and Observer, Raleigh, NC, Wed., Feb. 10, 1932.