First National Bank, Winston, NC (Charter 2319)
First National Bank, Winston, NC (Chartered 1876 - Liquidated 1897)
Town History
Salem
The origin of the town of Salem dates to 1753, when Bishop August Gottlieb Spangenberg, on behalf of the Moravian Church, selected a settlement site in the three forks of Muddy Creek. He called this area "die Wachau" (Latin form Wachovia) after the ancestral estate of Count Nicolaus Ludwig von Zinzendorf. The land, just short of 99,000 acres, was subsequently purchased from John Carteret, 2nd Earl Granville. The town established on the chosen site was given the name of Salem (from "Shalom", Hebrew meaning "Peace", after the Canaanite city mentioned in the Book of Genesis) chosen for it by the Moravians' late patron Count Zinzendorf. On January 6, 1766, the first tree was felled for the building of Salem. Salem was a typical Moravian settlement congregation, with the public buildings of the congregation grouped around a central square (today Salem Square). These included the church, a Brethren's House, and a Sisters' House for the unmarried members of the congregation, which owned all the property in town. For many years, only members of the Moravian Church were permitted to live in the settlement. This practice had ended by the Civil War. Many of the original buildings in the settlement have been restored or rebuilt and are now part of Old Salem Museums & Gardens. Salem was incorporated as a town in December 1856.
Winston
In 1849, the Salem Congregation sold land north of Salem to the newly formed Forsyth County for a county seat. The new town was called "the county town" or Salem until 1851, when it was renamed Winston for a local hero of the Revolutionary War, Joseph Winston. For its first two decades, Winston was a sleepy community. In 1868, work began by Salem and Winston business leaders to connect the town to the North Carolina Railroad. By the 1880s, there were many different tobacco factories in the town, with notable factories owned by Pleasant Hanes and R.J. Reynolds. Pleasant Hanes would later go on to found Hanes (formerly called Shamrock Knitting Mills) in 1900. Reynolds Co.'s success during this period can also be measured by the concurrent success of many Winston companies that received large amounts of business from Reynolds: Wachovia National Bank became one of the largest banks in the Southeast, and the company's law firm Womble Carlyle Sandridge & Rice became the largest law firm in North Carolina. The Wachovia National Bank was co-founded by James Alexander Gray and William Lemly and received its charter on June 3, 1879.
Winston-Salem
Robert Gray, as a featured speaker at the 1876 centennial celebration, was the first to mention the two towns as one. In the 1880s, the US Post Office began referring to the two towns together as Winston-Salem. In 1899, after nearly a decade of contention, the United States Post Office Department established the Winston-Salem post office in Winston, with the former Salem office serving as a branch. After a referendum the towns were officially incorporated as "Winston-Salem" in 1913.
The Reynolds family, namesake of the R.J. Reynolds Tobacco Company, played a large role in the history and public life of Winston-Salem. By the 1940s, 60% of Winston-Salem workers worked either for Reynolds or in the Hanes textile factories. The Reynolds company imported so much French cigarette paper and Turkish tobacco for Camel cigarettes that Winston-Salem was designated by the United States federal government as an official port of entry for the United States, despite the city being 200 miles inland. Winston-Salem was the eighth-largest port of entry in the United States by 1916.
Winston had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. Salem had one National Bank chartered during the Bank Note Era and it issued National Bank Notes. Winston-Salem had two national banks chartered during the Bank Note Era, and one issued National Bank Notes.
Bank History
- Organized Jan 25, 1876
- Chartered Feb 2, 1876
- Liquidated Feb 15, 1897
- Consolidated with 4292 (Peoples National Bank, Winston, NC)
On Monday, January 24, 1876, the First National Bank of Winston was organized with the election of the following officers: J.A. Bitting, president; J.W. Alspaugh, cashier; J.A. Bitting, J.M. Stafford, G.W. Norwood, C. Hamlin, T.J. Brown, T.L. Vaughn, and S.H. Hodgin.[1]
In January 1881, at the annual election of officers, the following were chosen: Col. J.A. Bitting, president; S.H. Hodgin, vice president; Col. J.W. Alspaugh, cashier; W.A. Whitaker, C. Hamlen, T.J. Brown, N.D. Sullivan, J.E. Gilmer, and S.H. Hodgin, directors.[2]
On Saturday, February 15, 1890, a meeting of the stockholders, old and new, was held in Winston for the reorganization of the First National Bank. Those present from Charlotte were Col. R.M. Oates, president of the First National Bank of Charlotte, Dr. John H. McAden, president of the Merchants and Farmers National bank of Charlotte; Mr. H.G. Springs, vice president of the Merchants Bank and Mr. George E. Wilson. Col. Oates was made president of the stockholders' meeting. The board of directors elected was as follows: Dr. John H. McAden, Mr. George E. Wilson, Mr. Robert F. Phifer, M.N. Williamson, Capt. S.E. Allen, J.C. Buxton, and C. Hamlin. The directors met and elected J.C. Buxton president of the bank in place of Mr. Bidding. Mr. Hamlin was elected vice president and J.W. Alspaugh was re-elected cashier and Mr. Pegram, assistant cashier. The capital stock was increased from $100,000 to $200,000. The subscription books were kept open 30 days as required by law. A committee was appointed to secure a new and more convenient banking house.[3]
On Tuesday, January 28, 1896, stockholders met and elected as directors Messrs. J.C. Buxton, W.A. Whitaker, E.B. Jones, G.A. Follin, A.B. Gorrell, J.G. Young, C.D. Ogburn, Wm. T. Brown, and B.J. Sheppard. The directors met and re-elected all officers.[4]
On February 13, 1897, the Peoples National Bank purchased the building and business of the First National Bank. Mr. J.W. Fries was president of the Peoples bank and Hon. J.C. Buxton held the same office with the latter since its reorganization in 1893. On Monday, February 15th, the Peoples National Bank moved into the building formerly owned and occupied by the First National Bank where its future business would be conducted. This was perhaps the most magnificent bank building in the state, fitted-up with modern fixtures, antique oak furniture, tile floors and a front of Moore County, North Carolina, brown stone.[5]
Official Bank Title(s)
1: The First National Bank of Winston, NC
Bank Note Types Issued
A total of $291,870 in National Bank Notes was issued by this bank between 1876 and 1897. This consisted of a total of 24,384 notes (24,384 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 Series 1875 3x10-20 1 - 5512 1882 Brown Back 4x5 1 - 431 1882 Brown Back 3x10-20 1 - 153
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1876 - 1897):
Presidents:
Cashiers:
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Winston, 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
- ↑ Statesville Record and Landmark, Statesville, NC, Sat., Jan. 29, 1876.
- ↑ The Union Republican, Winston-Salem, NC, Thu., Jan. 27, 1881.
- ↑ The Charlotte News, Charlotte, NC, Mon., Feb. 17, 1890.
- ↑ The Union Republican, Winston-Salem, NC, Thu., Jan. 30, 1896.
- ↑ The News and Observer, Raleigh, NC, Sun., Feb. 14, 1897.