Elkin National Bank, Elkin, NC (Charter 5673)
Elkin National Bank, Elkin, NC (Chartered 1901 - Receivership 1932)
Town History
Elkin is a town in Surry and Wilkes counties in the U.S. state of North Carolina, along the Yadkin River. Elkin shares its name with the surrounding township of Elkin Township. The population was 4,083 at the 2020 census. In 1900 the population was 860 growing to 2,357 by 1930.
The flowing together of the Yadkin River and Big Elkin Creek has drawn people to the area of what is now Elkin since the coming of the Paleo-Indians 10,000 years ago. The name Elkin was first applied to the creek which flows through the town into the Yadkin. Traditions were that years ago elk wandered down from the mountains and when chased by hunters would take to the creek and thus the trail would be lost. The disappointed comment would be "elk-in." Another version is that a hunter shot an elk which fell into the creek. The hunter's joyous shout was "elk-in."
Alexander Chatham opened a small woolen mill in 1877 that grew to become Elkin's largest industry for many decades, The Chatham Manufacturing Company. Chatham Manufacturing was famous for making World War II wool blankets for soldiers. Along with other mills in the area it has dwindled. The Northwestern North Carolina Railroad arrived in 1890; the town was ready to take the opportunities the railroad brought for commercial and industrial expansion. Its strategic location near the Yadkin River and the Big Elkin Creek and as a stop on the railroad caused prosperity that produced brick stores, many industries, and fine houses.
Elkin had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized December 19, 1900
- Chartered January 9, 1901
- Receivership January 26, 1932
In May 1900, an application was filed at the Treasury for the establishment of the Elkin National Bank. Among those named in the application were John W. Fries and W.A. Blair of Winston, and A.M. Smith and G.V. Roth of Elkin.
On January 9, 1901, the comptroller of the currency authorized the Elkin National Bank to begin business, capital $25,000, with R.J. Thurmond, president; Thomas J. Lillard, cashier; and Hugh G. Chatham, vice president.
In January 1902, at the annual meeting of stockholders, the following directors were elected: R.J. Thurmond, A.G. Click, A. Chatham, G.T. Roth, H.G. Chatham, of Elkin, and W.A. Blair and J.W. Fries of Winston-Salem. R.J. Thurmond was re-elected president; A. Chatham, vice president; and T.J. Lillard, cashier.
On Tuesday, January 14, 1908, the stockholders elected the following directors: H.G. Chatham, G.T. Roth, R.M. Chatham, J.W. Ring, A. Chatham, Sr., Hon. R.A. Doughton, A. Chatham, Jr., Miss Margaret Thurmond, and J.F. Hendren. The directors elected A. Chatham, president; H.G. Chatham, vice president; and A. Chatham, Jr., cashier. Resolutions in regard to Col. R.J. Thurmond who was president at the time of his death, were adopted.
In August 1915, the Snow Clothing Company who recently purchased the stock of the Piedmont Clothing Company moved into the commodious building adjoining the Elkin National Bank. This building, formerly occupied by the Piedmont Clothing Company, had recently been remodeled and improved throughout the interior, and had a new front added, making it one of the most attractive locations in town.
In April 1919, the directors were A. Chatham, Gov. R.A. Doughton, H.G. Chatham, J.F. Hendren, Alex. Chatham, Jr., R.M. Chatham, C.G. Armfield, A.G. Click, G.T. Roth, J.W. Ring, and J.G. Ray. The officers were A. Chatham, president; A. Chatham, Jr., vice president; C.G. Armfield, cashier; J.W. Ring, vice president; and Bettie Allen, assistant cashier. The bank at the close of business on March 4th had capital stock $25,000, Surplus and undivided profits $30,178.72, circulation $25,000 and deposits of $675,351.34.
In January 1921, the stockholders elected the following directors: G.T. Roth, A.G. Click, J.W. Ring, J.F. Hendren, Alex Chatham, and C.G. Armfield. The officers were Alex Chatham, president; G.T. Roth and J.W. Ring, vice presidents; C.G. Armfield, cashier; Miss Bettie Allen, assistant cashier; and Miss Sadie Franklin, teller. The bank declared a dividend of 10%.
On May 27, 1921, bank examiners took charge of the affairs of the Farmers and Merchants Bank of Elkin; Alexander Chatham was named as receiver.
In January 1931 all officers and directors were re-elected for another year at the annual meeting of stockholders. A spirit of optimism over the year was manifested on the part of the bank authorities an the institution entered the new year in good condition after experiencing a better year in 1930 than could reasonably been predicted under the general depression existing. The officers were Alex Chatham, president; C.G. Armfield, vice president and cashier; E.F. McNeer, vice president; Miss Bettie Allen, assistant cashier; Miss Ophelia Paul and Davis Reece, tellers. The directors were C.G. Armfield, Alex Chatham, J.F. Hendren, R.M. Chatham, T.M. Lillard, W.A. Neaves, E.F. McNeer, and J.G. Ray.
On January 18, 1932, at a meeting of the directors at the close of business, a decision was made to discontinue the paying out or receiving of any funds. The next morning, this notice appeared on the doors: "To our customers and depositors: On account of the continued steady withdrawals of our deposits for the last several days and in order to protect the interests of all depositors, the directors of the Elkin National Bank at the close of business on January 18, 1932, decided to discontinue paying out or receiving any funds until further notice. It is hoped that plans for reorganization will be worked out." It was signed by Alex Chatham, president; and C.G. Armfield, cashier. The Elkin National was Elkin's oldest banking institution and was capitalized at $50,000. The bank at the close of the third quarter, October 15, 1931, had deposits of $571,353.62 and total resources of $750,784. After an effort to continue business through agreement with depositors, the directors found it necessary to place the institution in the hands of the comptroller of the currency. On January 26, 1932, W.H. Spradlin, receiver of Peoples National Bank of Winston-Salem, was named receiver of the Elkin National Bank by J.W. Pole, comptroller of the currency.
On March 4, 1937, final dividend checks representing 6 44/100% were available on claims against the Elkin National Bank. The total of the five dividends paid represented 41.41% of the deposits. John D. Biggs, receiver, said the receivership would be closed on March 31st. The final dividend was made possible through the sale of the bank building and other assets of the defunct bank.
In October 1937, the Bank of Elkin moved from its former location on East Main to its new building and held an open house for patrons and friends. Since the purchase of the former Elkin National Bank building by the Bank of Elkin, contractors had been rebuilding the structure. Punch and cake were served during the receiving hours. R.C. (Cleve) Lewellyn of Dobson was president. He was treasurer of the North Carolina Bankers' Association and president of three Surry County banks: The Bank of Elkin at Elkin; Surry County Loan and Trust Company of Dobson; and Surry County Loan and Trust Company at Mount Airy.
On December 15, 1971, Miss Bettie Allen, 83, of 138 Church Street, Elkin, died at the medical center at Winston-Salem. Miss Allen, Faith Elizabeth "Betty" Allen, was born on August 21, 1888, in Yadkin County to John H. and Mary Casstevens Allen. She was a graduate of Duke University and had worked at the Elkin National Bank for 13 years and later taught in the Surry County public schools. She was a charter member of Delta Kappa Gamma, International Honor Society.
Official Bank Title(s)
1: The Elkin National Bank, Elkin, NC
Bank Note Types Issued
A total of $465,400 in National Bank Notes was issued by this bank between 1901 and 1932. This consisted of a total of 37,376 notes (33,368 large size and 4,008 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 - 1840 1882 Date Back 3x10-20 1 - 1780 1882 Value Back 3x10-20 1781 - 2987 1902 Plain Back 3x10-20 1 - 3515 1929 Type 1 6x10 1 - 531 1929 Type 1 6x20 1 - 137
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1932):
Presidents:
- Richard Jackson Thurmond, 1901-1907
- Alexander Chatham, (Sr.), 1908-1919
- Alexander Chatham (Jr.), 1919-1920
- Arthur Wesley George, 1921-1921
- Alexander Chatham (Jr.), 1922-1931
Cashiers:
- Thomas James Lillard, 1901-1902
- Alexander Chatham, (Sr.), 1903-1907
- Alexander Chatham (Jr.), 1908-1917
- Charles Gray Armfield, 1918-1931
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 Elkin (Wikipedia)
- General information on Surry County (Wikipedia)
- General information on North Carolina (Wikipedia)
Sources
- Elkin, 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 Morning Post, Raleigh, NC, Tue., May 8, 1900.
- The Greensboro Patriot, Greensboro, NC, Wed., Jan. 16, 1901.
- The Charlotte Observer, Charlotte, NC, Sat., Feb. 1, 1902.
- The Mount Airy News, Mount Airy, NC, Thu., Jan. 16, 1908.
- The Elkin Tribune, Elkin, NC, Thu., Jan. 1, 1914.
- News and Record, Greensboro, NC, Sat., Aug. 28, 1915.
- The Elkin Tribune, Elkin, NC, Thu., Apr. 3, 1919.
- News and Record, Greensboro, NC, Sun., Jan. 30, 1921.
- Asheville Citizen-Times, Asheville, NC, Sat., May 28, 1921.
- The Sentinel, Winston-Salem, NC, Fri., Jan. 16, 1931.
- The Sentinel, Winston-Salem, NC, Tue., Jan. 19, 1932.
- Winston-Salem Journal, Winston-Salem, NC, Wed., Jan. 27, 1932.
- Winston-Salem Journal, Winston-Salem, NC, Fri., Mar. 5, 1937.
- Winston-Salem Journal, Winston-Salem, NC, Fri., Oct. 8, 1937.
- Winston-Salem Journal, Winston-Salem, NC, Thu., Feb. 24, 1938.
- Winston-Salem Journal, Winston-Salem, NC, Thu., Dec. 16, 1971.