County National Bank, Lincolnton, NC (Charter 8184)

Needed: a contemporary postcard or photo of the bank.

County National Bank, Lincolnton, NC (Chartered 1906 - Liquidated 1927)

Town History

Lincolnton is a city in Lincoln County, North Carolina, within the Charlotte metropolitan area. Lincolnton is northwest of Charlotte, on the South Fork of the Catawba River. The city is the county seat of Lincoln County.

In June 1780 during the American Revolutionary War, the future site of Lincolnton was the site of the Battle of Ramsour's Mill, a small engagement in which local Loyalists were defeated by pro-independence forces. Some historians consider the battle significant because it disrupted Loyalists organizing in the region at a crucial time.

After the Revolution, the legislature organized a new county by splitting this area from old Tryon County (named in the colonial era for a royally appointed governor). The 1780 battle site was chosen for the seat of Lincoln County. The new city and the county were named for Major General Benjamin Lincoln, who served in the Continental Army during the Revolutionary War and was selected by Washington to receive the sword of Cornwallis upon his surrender at Yorktown. The population was 10,486 at the 2010 census. In 1900, the population was 898 growing to 2,413 by 1910.

Lincolnton had two National Banks chartered during the Bank Note Era, The First National Bank (Charter 6744) and The County National Bank. Both of these banks issued National Bank Notes.

Bank History

Organized April 9, 1906
Chartered April 20, 1906
Opened for business April 26, 1906
Liquidated February 8, 1927
Absorbed by Commercial Bank & Trust Company of Gastonia

In March 1906, the Comptroller of the Currency authorized the County National bank of Lincolnton to organize with capital of $40,000. W.E. Griggs, B.F. Griggs, R.S. Reinhardt, A. Costner, and J.M. Rhodes were named as incorporators.

In February 1907, the directors were Ambrose Costner, proprietor, Pioneer Roller Mills; J.M. Rhodes, Pres. and Treas. Rhodes Mfg. Co. and Pres., Gaston Mfg. Co.; R.S. Reinhardt, Treas., Elm Grove Cotton Mills; A.L. Quickle, Attorney; B.F. Grigg, retired merchant; T.C. Quickel, physician; R.M. Rosemant, Agricultural implements, phosphate, etc.; W.E. Grigg, cashier.

In August 1919, the County National Bank purchased from Miss Kate Michael the property on Main Street occupied by the Bijou picture show. This addition to the bank's corner lot gives the bank frontage of about 48 feet on Main Street. W.E. Grigg, president of the County National Bank, said that the new bank building to be erected by this banking house at an early date, would occupy both of these lots fronting on Main street and running back 80 or 90 feet. It was not the plan of the bank to build more than one story at the present, though the walls were to be so constructed that they would allow for additional stories later, and it is understood from Mr. Grigg that later perhaps 3 or 4, and possibly ten stories may be added to the bank building, giving Lincolnton a skyscraper. The new bank building was to be modern and up to date, faced with either granite or Equitable brick, a building that the town will be proud to see on its main street. It was expected to begin work on the new bank within a month, but since the additional lot had been acquired, all the plans and specifications would have to be changed to suit the larger frontage on Main Street.

In January 1920, at a meeting of the stockholders of the County National bank Harold E. Grigg who for a number of years was a teller in the bank was elected cashier to succeed M.C. Quickel whose resignation was accepted with regret by the bank officers. With the excepton of 12 months spent with the AEF in France and a period of several months with the Charlotte National Bank in Charlotte, Mr. Grigg has been connected with the County National since finishing school in 1915. M.C. Quickel planned to enter business for himself; he was connected with the bank for 11 years. Aside from the election of Dr C. Hoover of Crouse on the board directors to suceeed D.L. Young, no other changes were made in the list of officers and directors. The County National enjoyed one of the most prosperous years its history.

On Tuesday, January 8, 1924, stockholders re-elected directors as follows: R.S. Reinhardt, A.Q. Kale, C.H. Hoover, W.E. Grigg, and Dr. L.A. Crowell. The officers were W.E. Grigg, president; R.S. Reinhardt, vice president; Harold E. Grigg, cashier.

In June 1926, Lincolnton boasted of seven churches, four of which had buildings costing over $75,000 each; 15 cotton mills, foundry and machine shops, two electrically operated flour mills; a rubber goods factory, ice plant and ice cream factory. For finances there were two national banks, the First National with capital and surplus of $200,000 and resources of 1,361,317; and The County National Bank with capital of $80,000 and surplus of $40,000. Both banks recently erected new banking houses. The Lincoln County Court House had recently completed a new court house located on Union Square at a cost of $250,000.

On January 6, 1927, negotiations were completed whereby Lincolnton would have greatly increased banking facilities. The officers and directors of the County National Bank of Lincolnton arranged to consolidate its resources with the assets and resources of the Commercial Bank and Trust Company of Gastonia. Under the plan of consolidation the County National Bank would surrender its national charter and continue business at its present location in Lincolnton under the name of the Commercial Bank and Trust Company of Lincolnton. The present stockholders of the County National bank would automatically become stockholders in the new organization and the bank would continue to do business without interruption in its present banking house. The County National Bank had a capital stock of $100,000 and surplus and profits of $52,000 and after the consolidation, the new organization would have a capital of $500,000 and surplus and undivided profits of $140,000, thereby affording the banking public of Lincolnton and the surrounding country facilities equal with the largest cities in western North Carolina. The Commercial Bank & Trust Co., operated with its principal office in Gastonia and maintained banking houses in Kings Mountain, Cherryville and Mount Holly. Mr. W. Thomas Love, a well-known manufacturer, capitalist and banker of Gaston County was serving as president of the Commercial Bank & Trust Co. and would continue to head the organization after the consolidation.

On Monday, February 7, 1927, the stockholders of the County National Bank in Lincolnton and the Commercial Bank and Trust Company of Gastonia formally ratified the consolidation action. The Commercial Bank and Trust Company was a combination of the Third National Bank of Gastonia (Charter 11477) with individual banks in Kings Mountain, Cherryville and Mount Holly.

Official Bank Title(s)

1: The County National Bank of Lincolnton, NC

Bank Note Types Issued

1902 Plain Back $10 bank note with printed signatures of Harold E. Grigg, Cashier and W.E. Grigg, President. Courtesy of Heritage Auctions, www.ha.com

A total of $933,900 in National Bank Notes was issued by this bank between 1906 and 1927. This consisted of a total of 74,712 notes (74,712 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
1902 Red Seal	3x10-20	1 - 1700
1902 Date Back	3x10-20	1 - 3560
1902 Plain Back	3x10-20	3561 - 16978

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1906 - 1927):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Lincolnton, 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
Greensboro Daily News, Greensboro, NC, Fri., March 30, 1906.
The Lincoln County News, Lincolnton, NC, Fri., Feb. 8, 1907.
The Lincoln County News, Lincolnton, NC, Mon., Aug. 18, 1919.
The Charlotte Observer, Charlotte, NC, Fri., Jan. 16, 1920.
The Charlotte Observer, Charlotte, NC, Sun., June 13, 1926.
The Charlotte Observer, Charlotte, NC, Fri., Jan. 7, 1927.
The Charlotte News, Charlotte, NC, Thu., Feb. 10, 1927.
The Lincoln County News, Lincolnton, NC, Mon., Jan. 14, 1924.