First National Bank, Newport News, VA (Charter 4635)
First National Bank, Newport News, VA (Chartered 1891 - Open past 1935)
Town History
Newport News is an independent city in the Commonwealth of Virginia in the United States. At the 2020 census, the population was 186,247. Located in the Hampton Roads region, it is the fifth-most populous city in Virginia and 140th-most populous city in the United States.
Newport News is included in the Hampton Roads metropolitan area. It is at the southeastern end of the Virginia Peninsula, on the northern shore of the James River extending southeast from Skiffe's Creek along many miles of waterfront to the river's mouth at Newport News Point on the harbor of Hampton Roads. Most of the area now known as Newport News was once a part of Warwick County. Warwick County was one of the eight original shires of Virginia, formed by the House of Burgesses in the British Colony of Virginia by order of King Charles I in 1634.
In 1881, fifteen years of rapid development began under the leadership of Collis P. Huntington, whose new Peninsula Extension of the Chesapeake and Ohio Railway from Richmond opened up means of transportation along the Peninsula and provided a new pathway for the railroad to bring West Virginia bituminous coal to port for coastal shipping and worldwide export. With the new railroad came a terminal and coal piers where the colliers were loaded. Within a few years, Huntington and his associates also built a large shipyard. In 1896, the new incorporated town of Newport News, which had briefly replaced Denbigh as the seat of Warwick County, had a population of 9,000. In 1958, by mutual consent by referendum, Newport News was consolidated with the former Warwick County (itself a separate city from 1952 to 1958), rejoining the two localities to approximately their pre-1896 geographic size. The more widely known name of Newport News was selected as they formed what was then Virginia's third largest independent city in population.
With many residents employed at the expansive Newport News Shipbuilding, the joint U.S. Air Force–Army installation at Joint Base Langley–Eustis, and other military bases and suppliers, the city's economy is very connected to the military. The location on the harbor and along the James River facilitates a large boating industry which can take advantage of its many miles of waterfront. Newport News also serves as a junction between the rails and the sea with the Newport News Marine Terminals located at the East End of the city.
Newport News had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized September 14, 1891
- Chartered September 19, 1891
- Absorbed 11028 March 18, 1932 (Schmelz National Bank, Newport News, VA)
- Conservatorship March 16, 1933
- Licensed March 20, 1933
- Bank was Open past 1935
- Merged with First and Merchants National Bank, Charter 1111 in 1962
In May 1891, C.B. Orcutt of New York and associates made application to the comptroller of the currency for authority to organize the First National Bank of Newport News. Mr. Orcutt, president of the Old Dominion Land Company and the Newport News Ship Building and Dry-Dock Company, was in negotiations for the building of several large industries in the Norfolk area.
A fine brick building would be erected on the corner of 27th St. and Washington Ave. In June 1892, George C. Moser, architect, published a solicitation for the erection of a bank and office building in Newport News for the First National Bank.
In June 1894, the directors were Theodore Livezey, M.B. Crowell, I. Eugene White, W.A. Post, C.B. Orcutt, J.R. Swinerton, J.A. Willet, R.G. Bickford and M.V.D. Doughty. The officers were Theo. Livezey, president; W.A. Post, vice president; and J.A. Willett, cashier.
In January 1898, the directors were W.A. Post, J.R. Swinerton, M.B. Crowell, M.V. Doughty, R.G. Bickford, C.B. Orcutt, I. Eugene White, and J.A. Willett. The officers were W.A. Post, president; J.R. Swinerton, vice president; and J.A. Willett, cashier. The bank had capital of $100,000 and surplus of $27,000.
In January 1923, the officers were H.L. Ferguson, president; J.A. Willett, active vice president; J.R. Swinerton and Saxton W. Hold, vice presidents; S.H. Plummer, cashier; W.A. Shell and D.L. Downing, assistant cashiers. In March the bank announced the addition of Trust Services.
In January 1931, the officers were H.L. Ferguson, president; J.A. Willett, J.R. Swinerton, and Saxton W. Holt, vice presidents; S.H. Plummer, executive vice president and cashier. In addition to these officers, W.B. Livezey, L.U. Noland, and J.W. Robinson were directors; W.A. Shell, D.L. Downing, B.G. Roy, assistant cashiers; and H.W. Chandler, auditor.
On Tuesday evening, January 5, 1932, the First National Bank of Newport News took over the assets and affairs of the Schmelz National Bank which closed its doors on December 28. The trust department of the First National would open at 9 o'clock Wednesday morning in the building at 25th Street and Washington Avenue previously occupied by the Schmelz National. Mr. B. Glenn Roy, trust officer and assistant cashier of the First National was in charge of the 25th Street office. All other business would be carried out at the First National Bank building. It was announced that a majority of the employees of the Schmelz National would be retained in service by the First National. Final signing of the documents to transfer the assets and affairs of the Schmelz National to the First National took place about 8 o'clock, culminating negotiations begun December 28th when the Schmelz National, one of the oldest financial institutions in the city, closed because of "frozen assets." Immediately after signing the transfer papers, funds on deposit in the Schmelz National, necessary records, and securities were moved to the First National. Bags of cash were placed in an armored car and police armed with riot guns stood guard at the car and at all the bank entrances.
In February 1932, the directors were J.R. Swinerton, J.A. Willett, Saxon W. Holt, H.L. Ferguson, I.U. Noland, S.H. Plummer, W.B. Livezey, J.B. Woodward, Jr., P.W. Murray and F.B. Skinner. The officers were H.L. Ferguson, president; J.A. Willett, J.R. Swinerton, and Saxon W. Hold, vice presidents; S.H. Plummer, executive vice president and cashier; D.L. Downing, and H.W. Chandler, assistant cashiers; B.G. Roy, assistant cashier and trust officer; and W.S. Parker, auditor. At the close of business on December 31, 1932, the bank reported loans and discounts $7,634,604.39, capital $300,000, surplus $100,000, undivided profits $41,434.43, circulation $300,000 and deposits of over $9.2 million. The total assets were $11,502,234.15.
On June 13, 1962, First and Merchants National Bank announced plans to merge with the First National Bank of Newport News under the title First and Merchants National Bank. The boards of directors of the two national banks approved the plans and announcement was made simultaneously by Robert T. Marsh, Jr., President of First and Merchants, and B. Glenn Roy, president of First National Bank of Newport News. The move was made possible under three provisions of a new statute enacted in 1962 permitting mergers anywhere in the state. The new law became effective on June 29th. Under the terms of the merger plan, First and Merchants would exchange 1.1 shares of its new stock for each share of Newport News $10 par value stock. First and Merchants had 19 offices in Richmond, Petersburg, Colonial Heights, Hopewell, Ashland, and Montpelier. A facility was also located in the Pentagon.
In January 1963, Robert T. Marsh, Jr., chairman of the board of the First and Merchants National Bank of Richmond stated "We had a good year in 1962, and we're looking forward to another good one, though not involving as many mergers perhaps." The bank reported assets of $284,452,664 at the end of 1962. During the year it acquired the Petersburg Savings and American Trust Company, the Augusta National Bank of Staunton, and the First National Bank of Newport News.
Official Bank Title(s)
1: The First National Bank of Newport News, VA
Bank Note Types Issued
A total of $3,817,690 in National Bank Notes was issued by this bank between 1891 and 1935. This consisted of a total of 349,099 notes (258,144 large size and 90,955 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 4x5 1 - 14000 1882 Brown Back 3x10-20 1 - 5240 1882 Date Back 4x5 1 - 2664 1882 Date Back 3x10-20 1 - 2334 1902 Date Back 3x10-20 1 - 6100 1902 Plain Back 3x10-20 6101 - 40298 1929 Type 1 6x10 1 - 8614 1929 Type 1 6x20 1 - 2154 1929 Type 2 10 1 - 21145 1929 Type 2 20 1 - 5202
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1891 - 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
- Virginia Bank Note History
- General information on Newport News (Wikipedia)
- General information on Newport News County (Wikipedia)
- General information on Virginia (Wikipedia)
Sources
- Newport News, VA, 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 Norfolk Virginian, Norfolk, VA, Sun., May 17, 1891.
- The Norfolk Virginian, Norfolk, VA, Sat., Aug. 29, 1891.
- The Virginian-Pilot, Norfolk, VA, Sun., Aug. 2, 1891.
- Richmond Dispatch, Richmond, VA, Wed., June 8, 1892.
- Virginia Gazette, Williamsburg, VA, Fri., June 8, 1894.
- Daily Press, Newport News, VA, Fri., Jan. 21, 1898.
- Daily Press, Newport News, VA, Daily Press, Sun., Jan. 7, 1923.
- Daily Press, Newport News, VA, Sun., Jan. 11, 1931.
- Daily Press, Newport News, VA, Wed., Jan. 6, 1932.
- Daily Press, Newport News, VA, Sun., Feb. 7, 1932.
- Daily Press, Newport News, VA, Sun., Oct. 23, 1932.
- Daily Press, Newport News, VA, Sun., Jan. 8, 1933.
- The Hopewell News, Hopewell, VA, Wed., June 13, 1962.
- The Richmond News Leader, Richmond, VA, Tue., Jan. 8, 1963.