First National Bank, Stuart, VA (Charter 11901)

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Logo, The First National Bank Organized 1920, from bank letterhead.  The bank is pictured with 4 people outside.
Logo, The First National Bank Organized 1920, from bank letterhead.  The bank is pictured with 4 people outside.

First National Bank, Stuart, VA (Chartered 1920 - Closed (Merger) 1999)

Town History

A letter dated Oct. 10, 1928 to Mr. B. Clifford Goode of Martinsville, Virginia from Cashier Elbert C. Price stating that 5 shares of Townes-Cawley Funeral Home, Inc. were accepted as collateral for a $300.00 note and that 3 shares of the preferred stock of the Craig Furniture Company, Inc. were being returned. The letterhead has the bank's logo and officers with Dr. G.T. Thomas and T.J. George lined out as T.J. George succeeded the late Dr. Thomas in 1925 and J.R. Clark became vice president. Elbert C. Price was Cashier and L.B. Rucker was Assistant Cashier.
An example of the bank's letterhead signed by Elbert C. Price, cashier, in 1928.
An American Bank Note Company Specimen Stock Certificate for the First National Bank of Stuart featuring a portrait of J.E.B. Stuart and it is roulette cancelled with a date of "2/20/81."
An American Bank Note Company Specimen Stock Certificate for the First National Bank of Stuart featuring a portrait of J.E.B. Stuart and it is roulette cancelled with a date of "2/20/81." Courtesy of Heritage Auctions, www.ha.com

Stuart is a town in Patrick County, Virginia, where it is the county seat. The population was 1,408 at the 2010 census. In 1920 the population was 401, growing to 849 by 1950.

The Town of Stuart was first incorporated as Taylorsville, Virginia, in 1792, in honor of early settler George Taylor. Stuart has been the county seat of Patrick County since 1791, when the county was organized from territory of Henry County, Virginia. Following the economic difficulties of the Civil War, the residents of Taylorsville focused their energies on expanding railroads to connect to markets and boost the economy. The Danville and New River Railroad was chartered in 1873, with the line completed to Martinsville, Virginia in nearby Henry County by 1881. In 1883, citizens of Patrick County approved a bond of $150,000 to expand the line. The first train pulled into Taylorsville in August 1884. With the growth associated with the railroad, Taylorsville was incorporated as a town in 1884 and was renamed Stuart in honor of Confederate Major General J.E.B. Stuart, who was born 20 miles west of town in Ararat, Virginia.

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

Bank History

  • Organized December 16, 1920
  • Chartered December 31, 1920
  • Conversion of The Citizens Bank of Stuart
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website

In March 1920, The Citizens' Bank of Stuart was chartered with a capital stock of $25,000. A site was purchased and construction of a bank building was planned with its opening early in the fall. Dr. G.T. Divers was president.

On August 29, 1925, Dr. George Thomas Divers passed away. He spent his life practicing medicine in Patrick County. He built a hospital to continue the work started by his father-in-law, Dr. Rawley Martin, and that is where he died. He was a founder and first president of the First National Bank and was succeeded by the vice president, T.J. George.

On September 1, 1995, the Institution name was changed to The First Bank of Stuart.

On July 16, 1999, the bank merged and became part of Branch Banking and Trust Company of Virginia in Norfolk, VA.

Official Bank Title(s)

1: The First National Bank of Stuart, VA

Bank Note Types Issued

1902 Plain Back $10 bank note with printed signatures of Elbert C. Price, Cashier and T.B. George, President.
1902 Plain Back $10 bank note with printed signatures of Elbert C. Price, Cashier and T.B. George, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of Elbert C. Price, Cashier and T.B. George, President. The Government Printing Office prepared the overprinting plate used for this note.
1929 Type 1 $10 bank note with printed signatures of Elbert C. Price, Cashier and T.B. George, President. The Government Printing Office prepared the overprinting plate used for this note. Courtesy of Lyn Knight Auctions, www.lynknight.com
1929 Type 2 $20 bank note with printed signatures of Elbert C. Price, Cashier and T.B. George, President. Barnhart Brothers & Spindler of Chicago prepared the overprinting plate used for this note.
1929 Type 2 $20 bank note with printed signatures of Elbert C. Price, Cashier and T.B. George, President. Barnhart Brothers & Spindler of Chicago prepared the overprinting plate used for this note. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $576,810 in National Bank Notes was issued by this bank between 1920 and 1935. This consisted of a total of 74,172 notes (45,924 large size and 28,248 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Plain Back 4x5 1 - 7278
1902 Plain Back 3x10-20 1 - 4203
1929 Type 1 6x5 1 - 2094
1929 Type 1 6x10 1 - 1146
1929 Type 1 6x20 1 - 308
1929 Type 2 5 1 - 4440
1929 Type 2 10 1 - 2004
1929 Type 2 20 1 - 516

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1920 - 1936):

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

  • Stuart, VA, Wikipedia, https://en.wikipedia.org/wiki/Stuart,_Virginia
  • 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
  • Daily Press, Newport News, VA, Tue., Mar. 9, 1920.
  • The Times Dispatch, Richmond, VA, Thu., Sep. 3, 1925.
  • The Times Dispatch, Richmond, VA, Tue., Sep. 8, 1925.
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