First National Bank, Mount Airy, NC (Charter 4896)

Postcard of the First National Bank of Mount Airy, North Carolina, ca1900s. Courtesy of Heritage Auctions

First National Bank, Mount Airy, NC (Chartered 1893 - Closed (Merger) 1974)

Town History

The old First National Bank of Mount Airy, now the Mount Airy Visitors Center, located on the corner of Main Street and Moore Avenue, Mount Airy. Courtesy of Google Maps, ca2023

Mount Airy is a city within Surry County, North Carolina. As of the 2020 United States census, the city's population was 10,672. In 1890 the population was 1,768, growing to 6,045 by 1930. Mount Airy is a part of the Piedmont Triad metropolitan region.

The region was originally settled in the 1750s by predominantly English, Scotch-Irish, and German settlers. The native Cheraw people were known to inhabit the area prior to the arrival of these European settlers. As westward expansion progressed following the French and Indian War, Mount Airy started to develop, serving as a stagecoach stop on the road connecting Winston-Salem, North Carolina and Galax, Virginia. The city derived its name from a plantation in the vicinity.

Officially incorporated in 1885, Mount Airy quickly thrived due to the region's abundant natural resources, specifically granite and tobacco. This led to the establishment of the North Carolina Granite Corporation, the world's largest open-face granite quarry. The locally quarried granite has been used in famous structures, including the Wright Brothers National Memorial and the Arlington Memorial Bridge. Mount Airy became a significant hub for the textile and furniture manufacturing industries in the late 19th and early 20th centuries. Companies such as Spencer's Incorporated and Renfro Corporation established mills in the city. However, the latter half of the 20th century brought economic challenges due to increased global competition and industry automation.

Gaining fame as the birthplace of actor Andy Griffith and the believed inspiration for the fictional town of Mayberry in the "Andy Griffith Show," Mount Airy capitalized on its connection with the series. It established annual events like Mayberry Days and tourist attractions such as Floyd's Barber Shop and the Andy Griffith Museum.

Mount Airy had one National Bank chartered during the Bank Note Era, and it issued National Bank Notes.

Bank History

Organized March 28, 1893
Chartered April 29, 1893
Bank was Open past 1935
For Bank History after 1935 see FDIC Bank History website
Merged into North Carolina National Bank in Charlotte, NC, May 17, 1974

In October 1884, Thomas A. Fawcett, a private banker of London, Ontario, failed. His liabilities roughly were $800,000, possibly as high as $1,000,000.

In April 1887 Mt. Airy's bank, one of the leading enterprises of the town, changed from Planters Bank of Mount Airy to Exchange Bank. Mr. H.C. Brown was elected cashier in place of G.D. Hensley, Esq., resigned.

In May 1892, Messrs. W.R. Daggett of Iowa and C.T. Ramsdell of New Hampshire who had lately been visiting Mt. Airy, bought Mr. Thomas Fawcett's interest in the Planters' Bank, the stock of which would be largely increased. Ramsdell was the son of the former Governor of New Hampshire and current president of the First National Bank of Nashua, George A. Ramsdell. The officers of the Planters' Bank of Mount Airy were W.R. Daggett, president; R.L Gwyn, vice president; and C.T. Ramsdell, cashier. The directors were W.R. Daggett, Rufus Roberts, J.H. Fulton, J.H. Sparger, L.W. Ashby, R.L. Gwyn and C.T. Ramsdell.

In March 1893, the Planters' Bank of Mount Airy with $50,000 in paid up capital had as officers Thos. Fawcett, president; R.L. Gwyn, first vice president; Jas. H. Sparger, second vice president; and M.L. Fawcett, cashier.  The directors were Thos. Fawcett, Rufus Roberts, J.H. Fulton, J.H. Sparger, L.W. Ashby, and R.L. Gwyn.

On April 20, 1893, the comptroller of the currency, Alonzo Barton Hepburn, authorized The First National Bank of Mount Airy to commence the business of banking.

The Planters' Bank at Mt. Airy has bloomed into a national bank.  The Reidsville Review May 12, 1893.

In May 1893, the First National Bank with capital of $50,000 paid up had as officers Thos. Fawcett, president; R.L. Gwyn, first vice president; Jas. H. Sparger, second vice president; and M.L. Fawcett, cashier. The directors were Thos. Fawcett, Rufus Roberts, J.H. Fulton, J.H. Sparger, L.W. Ashby, and R.L. Gwyn.

In March 1897, the officers were Thos. Fawcett, president; C.L. Hanks, vice president; and M.L. Fawcett, cashier. The directors were Thos. Fawcett, J.H. Sparger, M.L. Fawcett, D.M. Ausley, and C.L. Hanks.

In June 1900, the only lady in attendance at the sessions of the North Carolina Bankers' Association was Miss Belle M. Faucett, representing the First National Bank of Mt. Airy. Miss Faucett, a young lady of charming appearance, was the recipient of much attention. She was the daughter of the president of the First National Bank, her sister was the efficient cashier.

In January 1903, at the annual meeting of the directors, Mr. Geo. D. Fawcett was elected cashier. On behalf of the officers and directors, Mr. C.L. Hanks, vice president; and Mr. A. G. Trotter, presented the retiring cashier, Miss Mary L. Fawcett with a handsome silver tea service. Resolutions were adopted, "Whereas, during the twelve years of continuous service in this position, she has ever been faithful, efficient and courteous in the discharge of her duty; now, therefore, be it resolved, that it is with unfeigned regret that we accept her resignation..." The directors were Thos. Fawcett, C.L. Hanks, M.L. Fawcett, A.G. Trotter, and G.D. Fawcett.

In March 1911, the bank's cashier, T.G. Fawcett, reported total resources of $390,164.92. The capital was $75,000, surplus and undivided profits $16,313.97, circulation $50,000 and deposits of over $224,000. A.G. Trotter, Geo. D. Fawcett, and M.L.F. Armfield were directors that attested to the correctness of the report.

On May 8, 1920, Mr. George D'Espray Fawcett, president of the First National Bank of Mt. Airy, and oldest son of banker Thomas Fawcett, passed away after a short illness. Mr. Fawcett was born in March 1877 near London, Ontario. During his adolescent years his parents moved to Kalamazoo, Michigan and later to Mt. Airy where the elder Fawcett engaged in the banking business. In 1907, he married Miss Essie Brower, daughter of Congressman John M. Brower.

In April 1973, North Carolina National Bank agreed to exchange two shares of its stock for each of the 60,000 outstanding shares of First National Bank of Mount Airy. The transaction had a value of about $4.5 million. First National had deposits of approximately $20 million. The Comptroller of the Currency approved a merger between North Carolina National Bank and First National Bank of Mount Airy. The merger was scheduled to take place at the close of business on May 17, 1974. Thomas Fawcett was president of the Mount Air Bank and Luther H. Hodges, Jr., was chairman of the board of NCNB. The First National Bank of Mount Airy had moved up 7 places to the 40th largest bank in North Carolina.

Official Bank Title(s)

1: The First National Bank of Mount Airy, NC

Bank Note Types Issued

1882 Date Back $20 bank note with stamped signatures of T.G. Fawcett, Cashier and Geo. D. Fawcett, President. Courtesy of Heritage Auctions, www.ha.com

1902 Plain Back $10 bank note with stamped signatures of E.G. Smith, Cashier and T.G. Fawcett, President. Courtesy of Heritage Auctions, www.ha.com

A total of $776,600 in National Bank Notes was issued by this bank between 1893 and 1935. This consisted of a total of 62,128 notes (62,128 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
1882 Brown Back	3x10-20	1 - 1590
1882 Date Back	3x10-20	1 - 2947
1902 Date Back	3x10-20	1 - 3450
1902 Plain Back	3x10-20	3451 - 10995

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1893 - 1935):

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

Mount Airy, 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 Rocket, Rockingham, NC, Thu., Oct. 23, 1884.
The News and Observer, Raleigh, NC, Tue., Apr. 5, 1887.
Weekly Charlotte Observer, Charlotte, NC, Mon. May 2, 1892.
The Yadkin Valley News, Mount Airy, NC, Thu., May. 19, 1892.
The Yadkin Valley News, Mount Airy, NC, Thu., Mar. 16, 1893.
The Reidsville Review, Reidsville, NC, Fri., May 12, 1893.
The Yadkin Valley News, Mount Airy, NC, Thu., May 25, 1893.
The Yadkin Valley News, Mount Airy, NC, Thu., June 29, 1893.
The Mount Airy News, Mount Airy, NC, Thu., Mar. 25, 1897.
Greensboro Telegram, Greensboro, NC, Fri., June 15, 1900.
The Mount Airy News, Mount Airy, NC, Thu., Jan. 22, 1903.
The Mount Airy News, Mount Airy, NC, Thu., Mar. 16, 1911.
The Charlotte News, Charlotte, NC, Mon., May 10, 1920.
The News and Observer, Raleigh, NC, Wed., Apr. 25, 1973.
The Charlotte Observer, Charlotte, NC, Thu., May 2, 1974.
The Chapel Hill News, Chapel Hill, NC, Fri., May 3, 1974.
The News and Observer, Raleigh, NC, Fri., May, 24, 1974.