First National Bank, Lenoir, NC (Charter 8445)
First National Bank, Lenoir, NC (Chartered 1906 - Liquidated 1931)
Town History
Lenoir is a city in and the county seat of Caldwell County, North Carolina. Lenoir is located in the foothills of the Blue Ridge Mountains. To the northeast are the Brushy Mountains, a spur of the Blue Ridge Mountains. Hibriten Mountain, located just east of the city limits, marks the western end of the Brushy Mountains range. Lenoir is one of the principal cities in the Hickory-Lenoir-Morganton, NC Metropolitan Statistical Area. The population was 18,263 at the 2020 census. In 1910 the population was 3,364 growing to 6,532 by 1930.
Lenoir was established in 1841 and incorporated in 1851. The city was named for Revolutionary War general and early North Carolina statesman William Lenoir, who settled north of present-day Lenoir. His restored home, Fort Defiance, is a tourist attraction.
Lenoir had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.
Bank History
- Organized October 5, 1906
- Chartered November 28, 1906
- Opened for business December 1, 1906
- Liquidated January 28, 1931
- Succeeded by 13523 (Union National Bank, Lenoir, NC)
- Circulation assumed by 13523 (Union National Bank, Lenoir, NC)
On Friday, October 5, 1906, the First National Bank formally organized by electing the following directors: T.J. Lutz, J.P. Coffey, R.L. Steele, H.T. Newland, J.B. Atkinson, F.P. Moore, A.A. Kent, O.P. Lutz, D.J. Craig, G.W. Henry, L.P. Henkel, and W.D. Hickman. The directors then met and elected T.J. Lutz, president; J.B. Atkinson, vice president; O.P. Lutz, cashier; S.S. Jennings, assistant cashier; and E.F. Allen, teller. The new bank opened for business in the Commercial Bank building on December 1st.
On March 5, 1908, the work of tearing down the old Commercial Hotel building commenced. This building was one of Lenoir's old landmarks having been erected back in the early 1840s. It would be replaced by a modern, up to date three-story brick structure and the first floor would be occupied by the First National Bank and the Lenoir Hardware and Furniture Co., while the second and third floors would be for offices.
On the morning of May 7, 1914, the doors of the First National Bank of Lenoir were closed, temporarily, pending further investigation by J. Kemp Doughton, national bank examiner. The action was no great surprise to the citizens of the town as it had been reported for several weeks that the bank was in financial straits due to the withdrawing of deposits by its patrons. About 30 days ago Mr. Lutz resigned as cashier of the bank and Ed. F. Allen who had been assistant cashier, was elected cashier. The amount due the bank by T.J. and O.P. Lutz was reportedly $50,000 to $60,000 and this amount was said to be well-secured. On May 22, at a meeting of directors, L.L. Jenkins, president of the American National Bank of Asheville and of the First National Bank of Gastonia, was elected president of the Lenoir institution. Lamar C. Pegram, formerly assistant cashier of the First National Bank of Gastonia was elected cashier. There was almost an entire reorganization of the board of directors and of the official staff. The opening of the bank relieved the fears of many Lenoir people who were anxiously awaiting the outcome. In June 1914, the directors were L.L. Jenkins, R.L. Steele, M.L. Greer, J.R. Hoover, W.J. Grandin, B.B. Dougherty, W.J. Lenoir, and L.C. Pegram. The officers were L.L. Jenkins, president; R.L. Steele, vice president; and L.C. Pegram, cashier.
In September 1914, Mr. L.C. Pegram tendered his resignation which was accepted by the directors and Mr. M.L. Cornwell, cashier of the Bank of Dallas, was elected to the position.
On Tuesday, January 12, 1915, the stockholders at the annual meeting elected the following directors: L.L. Jenkins, V.D. Guire, W.J. Lenoir, R.L. Steele, M.L. Cornwell, W.L. Greer, B.B. Dougherty, and J.F. Bost. The directors met after the stockholders' meeting and elected the following officers for the year: L.L. Jenkins, president; V.D. Guire, vice president; and M.L. Cornwell, cashier.
In January 1923, the officers were W.J. Lenoir, president; C.H. Hopkins, vice president; E.F. Allen, cashier; L.F. Stine, and L.A. Dysart, assistant cashiers.
On Tuesday afternoon, January 17, 1928, the stockholders re-elected the following officers: W.J. Lenoir, president; C.H. Hopkins, vice president; E.F. Allen, cashier; L.A. Dysart and L.F. Stine, assistant cashiers; W.J. Lenoir, C.H. Hopkins, E.F. Allen, M.L. Greer, R.L. Steele, B.B. Dougherty, L.E. Rabb and K.A. Link.
On New Year's Day 1930, the beautiful new building to house the First National Bank of Lenoir was thrown open to the public and all during the day a steady stream of admirers marched through on an inspection tour. E.F. Allen, cashier, was in his office which was banked with flowers. George E. Moore, one of the founders of the old Commercial Bank from which the First National developed, won the distinction of being the first depositor in the new building. He was the first depositor in the original institution nearly 30 years earlier and was on had at the opening to maintain his record. The officers were W.J. Lenoir, president; C.H. Hopkins, vice president; E.F. Allen, cashier; and L.F. Stine and L.A. Dysart, assistant cashiers. The directors were Mr. Lenoir, Mr. Hopkins, K.A. Link, B.B. Dougherty, R.L. Steele, and M.L. Greer. The death of L.E. Rabb, president of the Caldwell Furniture Company, left one vacancy on the board.
In January 1931, plans for reopening the First National Bank of Lenoir under the name of Union National with $150,000 paid in capital, were announced by Dr. J.H. Squires who was completing arrangements with Federal Reserve officials. Dr. Squires was vice president and one of the largest stockholders in the new institution. The Union National would take over the assets, liabilities and building of the former First National Bank which closed its doors on December 19th.
On Thursday morning, January 29, 1931, The Union National Bank of Lenoir opened at 8:30 o'clock as successor to the old First National Bank. Dr. Squires reported that deposits for the day totaled more than $80,000 and withdrawals were only about $20,000 showing a net gain of $60,000 for the new institution. At the organization meeting, F.H. Coffey, pioneer furniture manufacturer and one of the most prominent leaders in this entire section, was elected president. Dr. John H. Squires, brother of Mark Squires and widely-traveled financier and scientific expert, was elected vice president, while Louis Dysart, formerly assistant cashier of the old First National was elected cashier of the new bank. The board of directors consisted of the following businessmen: Mr. Coffey, Mr. Squires, Mr. Rysart, J.G. Ballew, J.B. Galvin, recently made manager of the Caldwell Furniture Co., Dr. C.L. Robbins, C.H. Hopkins, Robey S. Crisp and T.H. Broyhill.
On August 12, 1952, Walter J. Lenoir, 90, one of Lenoir's most prominent citizens, died after a short illness. Lenoir was president of the Mutual Building and Loan Association and a principal stockholder in a furniture company. He served as mayor for several terms, was on the board of education and served as Caldwell County commissioner. Lenoir was active in founding the First National Bank in Lenoir. He was a great-grandson of Gen. William Lenoir, hero of the battle of Kings Mountain and founder of Fort Defiance in the Yadkin Valley section of Caldwell County, where Walter J. Lenoir was born. He was a direct descendant of the French Hugenot family that settled in Virginia in 1685.
Official Bank Title(s)
1: The First National Bank of Lenoir, NC
Bank Note Types Issued
A total of $222,450 in National Bank Notes was issued by this bank between 1906 and 1931. This consisted of a total of 17,904 notes (16,668 large size and 1,236 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 - 460 1902 Date Back 3x10-20 1 - 1920 1902 Plain Back 3x10-20 1921 - 3707 1929 Type 1 6x10 1 - 177 1929 Type 1 6x20 1 - 29
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1906 - 1931):
Presidents:
- Thomas Jones Lutz, 1907-1913
- Laban Lineberger Jenkins, 1914-1915
- Finley Hezekiah Coffey, 1916-1916
- Dr. Alfred Abraham Kent Sr., 1917-1919
- Walter James Lenoir, 1920-1929
Cashiers:
- Otis Plato Lutz, 1907-1913
- Lamar Craig Pegram, 1914
- Marvin Lander Cornwell, 1914-1915
- Edgar Fulwood Allen, 1916-1929
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 Lenoir (Wikipedia)
- General information on Caldwell County (Wikipedia)
- General information on North Carolina (Wikipedia)
Sources
- Lenoir, 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 Lenoir News, Lenoir, NC, Tue., Oct. 9, 1906.
- The Charlotte News, Charlotte, NC, Fri., Mar. 6, 1908.
- Salisbury Evening Post, Salisbury, NC, Fri., May 8, 1914.
- Asheville Citizen-Times, Asheville, NC, Sat., May 23, 1914.
- The Lenoir News, Lenoir, NC, Fri., June 5, 1914.
- The Gastonia Gazette, Gastonia, NC, Fri., Sep. 11, 1914.
- The Lenoir News, Lenoir, NC, Fri., Jan. 15, 1915.
- Lenoir News-Topic, Lenoir, NC, Thu., Jan. 18, 1923.
- The Asheville Times, Asheville, NC, Fri., Jan. 20, 1928.
- The Asheville Times, Asheville, NC, Sat., Jan. 4, 1930.
- The Charlotte Observer, Charlotte, NC, Thu., Jan. 22, 1931.
- Marion Progress, Marion, NC, Thu., Jan. 29, 1931.
- Watauga Democrat, Boone, NC, Thu., Feb. 5, 1931.
- The Herald-Sun, Durham, NC, Wed., Aug. 13, 1952.