Esmont National Bank, Esmont, VA (Charter 8003)
Esmont National Bank, Esmont, VA (Chartered 1905 - Liquidated 1933)
Town History
Esmont is a census-designated place (CDP) in Albemarle County, Virginia. The town was built from land purchased from the former Esmont plantation estate, built by Dr. Charles Cocke, and for which the town was named. Having rich soil, the town has historically been a farming community with a predominantly African American population. The area has been populated since the eighteenth century, though it did not acquire a post office until the later nineteenth century. Slate quarrying began near Esmont in 1883, and by the mid 1920s, the 6000 acre site was the nation's largest soapstone producer. The quarry operation stopped in the 1960s due to environmental concerns. At its peak, Esmont had a depot for the Chesapeake and Ohio Railway, 3 stores, St. Steven's Episcopal Church (built of wood in 1914 and still in operation) and a national bank (now converted into a post office). It has recently been the focus of an oral history project by the Carter Woodson institute.
Esmont is about 18 miles southwest of Charlottesville. The population as of the 2020 Census was 491.
Esmont had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.
Bank History
- Organized November 28, 1905
- Chartered December 11, 1905
- Opened for business December 12, 1905
- Conservatorship April 5, 1933
- Liquidated October 10, 1933
- Absorbed by 2594 (Peoples National Bank, Charlottesville, VA)
On December 11, 1906, The Esmont National Bank of Esmont (West Esmont post office), Virginia, received charter 8003. William B. Ridgely was Comptroller of the Currency. The capital was $25,000 with Edward W. Scott, Jr., president; William B. Forsyth, vice president; and C.R. Dorrier, cashier.[1][2]
A new state bank to be known as the Farmers' and Merchants' Bank at Altavista opened its doors on Saturday, August 18, 1917, with M.A. Martin as cashier. Mr. Martin was until recently cashier of the Esmont National Bank at Esmont.[3] In September 1921, he was elected president of the Farmers' and Merchants' Bank of Altavista.[4]
The morning of August 22, 1928, Mr. Edward W. Scott, retired banker and farmer and widely-known resident of Albemarle County, died at his home, "Donegal," at Warren. Mr. Scott was a native of Richmond, Virginia. In 1900 he married Miss Adelaide Pierson of Richmond who survived him with son Pierson Scott of Warren and daughter Miss Augusta Scott, traveling in Europe. Mr. Scott also left three brothers and two sisters, Fred W., Thomas, and George Cole Scott; and Miss Frances Scott and Mrs. Hugh Campbell all of Richmond.[5] Edward W. Scott, for many years one of the most prominent bankers of Richmond, took up the profession of engineering, but later in life became a banker. At the time of his death he was chairman of the board of the Esmont National Bank of which he was founder an president. His brothers, Frederick W. Scott, rector of the board of visitors of the University of Virginia, and Commander George Cole Scott, U.S. Naval Reserve, were among the foremost figures in the financial and social life of Richmond. The former recently gave $300,000 for the erection of a football stadium at the University of Virginia. General John Fred Pierson, soldier and industrialist of New York City, was born February 25, 1839, seventh in direct descent from Abraham Pierson, first president of Yale University. Enlisting as a private in the 7th Regiment, New York National Guard in 1857, he became captain of Company H., First New York Infantry in 1861. That same year he was promoted to Colonel and shortly before the end of the war, March 13, 1865, he was breveted brigadier general for gallant and meritorious service. Attached to the Army of the Potomac, he took part in most of the engagements of that army and was wounded at Glendale and again at Chancellorsville. He was take prisoner at Bristol Station and was confined in Libby Prison. Following the war he became president of the Ramapo Foundry and Wheel Works, the Ramapo Manufacturing Company, the New York Stamping Company and Pierson and Company, Inc. He was the father-in-law of Mr. Edward W. Scott.[6]
On April 25, 1933, under the terms of an agreement signed that morning, all deposit liabilities of the Esmont National Bank would be assumed by the Peoples National Bank of Charlottesville. All depositors in the old Esmont Bank would be paid in full by credit at the Peoples National Bank. It was particularly important, the local bank announced, that county residents, patrons of the Esmont institution, present their passbooks at Peoples Bank as no money would be paid through the Esmont Bank. Esmont Bank had never reopened on an unrestricted basis since the recent bank holiday, but had been operated by H.P. McCary as conservator. The difficulties of the Esmont institution were due entirely to depreciation in its bond account serious enough to impair capital of the bank. Under a recent ruling of the treasury department and the President's proclamation, no national bank could reopen with an impaired capital structure. The fact that depositors in the old Esmont Bank were to receive full and unrestricted use of their deposits was due to the cooperation of the stockholders of the old bank. The officers and directors were Dr. B.H. Early; H.P. McCary; Miss. B. Rose Staton, Edward W. Scott and J.S. Currier.[7]
Official Bank Title
1: The Esmont National Bank, Esmont, VA
Bank Note Types Issued
A total of $489,400 in National Bank Notes was issued by this bank between 1905 and 1933. This consisted of a total of 61,622 notes (52,064 large size and 9,558 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 - 900 1902 Red Seal 3x10-20 1 - 720 1902 Date Back 4x5 1 - 2050 1902 Date Back 3x10-20 1 - 1500 1902 Plain Back 4x5 2051 - 6927 1902 Plain Back 3x10-20 1501 - 4469 1929 Type 1 6x5 1 - 999 1929 Type 1 6x10 1 - 464 1929 Type 1 6x20 1 - 130
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1933):
Presidents:
Cashiers:
- Charles Richard Dorrier, Sr., 1906-1907
- Frederic Scott Campbell, Sr., 1908-1911
- Felix von Gemmingen, 1912-1914
- Marshall A. Martin, 1915-1916
- Harvey Payne McCary, 1917-1922
- Fred Pierson Scott, 1923-1924
- Bessie Rose (Staton) Harvey, 1925-1933
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Esmont, VA, on Wikipedia
- Scottsville Museum, The Esmont Community
- 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
- ↑ Richmond Times-Dispatch, Richmond, VA, Mon. Dec. 18, 1905.
- ↑ The Daily Progress, Charlottesville, VA, Mon. Jan. 22, 1906.
- ↑ The News and Advance, Lynchburg, VA, Sun., Aug. 12, 1917.
- ↑ The News and Advance, Lynchburg, VA, Thu., Sep. 15, 1921.
- ↑ The Daily Progress, Charlottesville, VA, Thu., Aug. 23, 1928.
- ↑ The Roanoke Times, Roanoke, VA, Sun., July 20, 1930.
- ↑ The Daily Progress, Charlottesville, VA, Tue., Apr. 25, 1933.