First National Bank/First National Exchange Bank, Roanoke, VA (Charter 2737)

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Postcard of the Terry Building ca1900s. In 1890, the Terry Building Company contracted with F.J. Amweg, engineer and contractor of Philadelphia. The Terry building was seven stories in height with 75 feet on Jefferson Street and 100 feet on Campbell Avenue and cost $90,000.[1] The Roanoke Trust, Loan and Safe Deposit Company was located in the corner bank. In 1892, the First National Bank moved in until 1910. The Exchange National Bank was the next occupant as can be seen above. Courtesy of Adam Stroup
Postcard of the First National Bank of Roanoke, ca1910s. On Monday, December 26, 1910, the First National Bank moved into its new home located on the corner of Salem Avenue and Jefferson Street.[2] The former home of the First National Bank was purchased by the Liberty Trust Company and the Old Dominion Fire Insurance Company after the 1925 consolidation with the National Exchange Bank.[3] Courtesy of Heritage Auctions, www.ha.com

First National Bank/First National Exchange Bank, Roanoke, VA (Chartered 1882 - Closed (Merger) 1997)

Town History

Postcard showing a sketch of the First National Exchange Bank of Roanoke, Virginia, ca1920s. Courtesy of Heritage Auctions, www.ha.com
The old First National Exchange Bank of Roanoke, Virginia, ca2019. At left is a clock with Colonial American Bank and a sign for the American National Bank & Trust Company. Courtesy of Google Maps

Roanoke is an independent city in the Commonwealth of Virginia, located in Southwest Virginia along the Roanoke River, in the Blue Ridge range of the greater Appalachian Mountains. Roanoke is approximately 50 miles north of the Virginia–North Carolina border and 250 miles southwest of Washington, D.C., along Interstate 81. At the 2020 census, Roanoke's population was 100,011, making it the most-populous city in Virginia west of the state capital Richmond. It is the primary population center of the Roanoke metropolitan area, which had a population of 315,251 in 2020.

The Roanoke Valley was originally home to members of the Siouan-speaking Tutelo tribe. However, in the 17th and early-to-mid 18th centuries, Scotch-Irish and later German American farmers gradually drove those Native Americans out of the area as the American frontier pressed westward. In 1882, the Norfolk and Western Railway (N&W) chose the small town of Big Lick as the site of its corporate headquarters and railroad shops. Within two years, the town had become the City of Roanoke. With a 2,300% population growth rate in the decade from 1880 to 1890, the young city experienced the advantages and disadvantages of its boomtown status. During the 20th century, Roanoke's boundaries expanded through multiple annexations from the surrounding Roanoke County, and it became Southwest Virginia's economic and cultural hub. The 1982 decision by N&W to relocate their headquarters out of the city, combined with other manufacturing closures, led Roanoke to pivot to a primarily service economy. In the 21st century, a robust healthcare industry and the development and increased marketing of its outdoor amenities have helped reverse prior declining population trends.

The railroad built its new depot just south of a small town named Gainesborough, but named the depot after Big Lick, another small community located just to the east, which itself was named after the salt deposits that had drawn game to the area for years.  Gainesborough increasingly became referred to as Big Lick (and later as Old Lick) once development drifted farther south towards the depot. Growth in the area was stalled by the Civil War; Roanoke County voted 850–0 in favor of secession and lost many of its men in the subsequent fighting.  The burgeoning tobacco trade helped the region's recovery during Reconstruction. Within a decade of the war's end, there were no fewer than six tobacco factories near the Big Lick Depot.

In 1874, the community surrounding the depot applied for and received a town charter, and the Town of Big Lick was formally established with John Trout, father of Henry S. Trout, as mayor.[4] Eight years later, efforts by town boosters succeeded in securing Big Lick as the junction of the Shenandoah Valley Railroad and the Norfolk and Western Railway (N&W).  The two companies also relocated their respective headquarters to the town (the two lines would officially merge in 1890). Big Lick's relatively small size compared to the nearby county seat, Salem, worked in its favor as a draw for the companies. Big Lick's ample farmland and nearby water sources were well suited to the railroads' goal of building much of the town from scratch, including railroad shops, offices, a hotel, and suitable housing for their many employees.

In the early 1880s, Big Lick's residents voted to rename the town "Kimball" after Frederick J. Kimball, an executive for the two railroad companies who played a significant role in their new location.  Kimball turned down the honor, saying, "On the Roanoke River in Roanoke County – name it Roanoke."  The town obliged, officially becoming the Town of Roanoke on February 3, 1882.  The new charter also annexed nearly two and a half square miles of additional land, including the Town of Gainesborough (later shortened to Gainsboro), which by that point had already become the center of the area's African American community.  Kimball chose a wheat field north of the railroad tracks and east of Gainsboro for the N&W's new hotel, and the 69-room Hotel Roanoke – designed originally in the Queen Anne style before numerous rebuilds and expansions gave it its current Tudor Revival appearance – opened its doors in 1882.

Roanoke is known for the Roanoke Star, an 88.5-foot-tall illuminated star that sits atop a mountain within the city's limits and is the origin of its nickname, "The Star City of the South". Other points of interest include the Hotel Roanoke, a 330-room Tudor Revival structure built by N&W in 1882, the Taubman Museum of Art, designed by architect Randall Stout, and the city's farmer's market, the oldest continuously operating open-air market in the state. The Roanoke Valley features 26 miles of greenways with bicycle and pedestrian trails, and the city's location in the Blue Ridge Mountains provides access to numerous outdoor recreation opportunities.

Roanoke had 10 National Banks chartered during the Bank Note Era, and all 10 of those banks issued National Bank Notes.

Bank History

Building showing recent addition made by the National Exchange Bank now used by the consolidated First National Exchange Bank, located on the corner of Jefferson Street and Campbell Avenue.[5]
An 1886 Sanborn Fire Insurance map of Roanoke, Virginia. The First National Bank was on the southeast corner of Salem Avenue and Henry Streets and the Roanoke National was a few buildings to the north above the confectionery store on Salem Avenue.[6]
  • Organized June 14, 1882
  • Chartered June 24, 1882
  • 1: Assumed 4027 by consolidation December 31, 1925 with title change (National Exchange Bank, Roanoke, VA)
  • 1: Assumed its circulation
  • Bank was Open past 1935
  • For Bank History after 1935 see FDIC Bank History website
  • Merged into First Union National Bank in Charlotte, NC, July 31, 1997
According to Henry S. Trout, in the early part of 1881, reports reached Big Lick that the Shenandoah Valley Railroad then being built wanted to connect with the Norfolk & Western Railroad at some point west of Lynchburg. The Virginia & Tennessee road had in 1870 merged into the Atlantic, Mississippi & Ohio under the management of General William Mahone. In April 1881 the property of the A.M. & O. was purchased by Mr. Clarence H. Clark of Philadelphia and other capitalists and designated as the Norfolk & Western Railroad Company. Engineers surveyed a line to Montvale, Bonsack, Big Lick and to Salem. A subscription of $5,000 was raised and the donation of an acre of land to the Shenandoah Valley agreed upon contingent on the Shenandoah Valley Railroad making Big Lick their terminus. A messenger in the person of Mr. Charles W. Thomas. was secured to take the message to the directors meeting in Lexington and the offer was well-received. When it was decided that the Shenandoah Valley Railroad would make Big Lick its terminus, Mr. F.J. Kimball, was president of the railroad and William G. Macdowell was treasurer. There was one small bank in Big Lick with $25,000 capital, known as the Bank of Virginia.  Mr. E.G. McClanahan was president and Quinn M. Word, cashier. Mr. Kimball said that Big Lick should have a national bank of $50,000 capital and that he and his friends would take all the stock the citizens of Big Lick could not take, but that a president and cashier must be furnished. Mr. Kimball approached me to be the president, I protested and told him that I knew nothing about the banking business, that I was simply a plain farmer. After talking the matter over a while he told me to come back the next morning and meet with them again and at that meeting I agreed to accept the presidency.  The bank was organized and it was first located in a shed room on Commerce Street. The president was myself, the cashier Mr. J.W. Shields, Jr. and the runner Mr. D.S. Meadows. Dr. J.C. Johnson, the popular druggist, had the distinction of being the first depositor in the First National Bank of Roanoke.  Later the bank was moved to Salem Avenue above Henry Street and still later to the Terry Building.[7]

In June 1882, all $50,000 worth of the stock in the First National Bank of Roanoke had been taken, most by capitalists in Lynchburg and the balance in Roanoke. The stockholders had the privilege of increasing the capital stock to $250,000 and would meet in Roanoke on July 4th to organize.[8] At the organization meeting H.S. Trout was elected president; D.E. Spence, vice president; and J.W. Shields, assistant cashier and teller. The office of cashier was left vacant but was filled temporarily with Peter J. Otey.[9] David E. Spence was the president of the Lynchburg National Bank and Peter J. Otey was its cashier. After a few days a permanent organization was effected with Mr. Trout, president, David E. Spence, vice president; and J.W. Shields, Jr., cashier. The directors were H.S. Trout, David W. Flickwir, P.L. Terry, J.M. Gambill, B.N. Hatcher, D.S. Read, David E. Spence, R.H.T. Adams, C.H. Clark, F.J. Kimball and Charles Blackwell. The bank began business in limited quarters on Salem Avenue and Commerce Street.[10]

In February 1884, stockholders met and elected officers as follows: H.S. Trout, president; P.L. Terry, vice president; D.W. Flickwir, W.G. Evans, T.M. Starkey, F.J. Kimball, T.C. Denton, J.M. Gambill, and B.N. Hatcher, directors.[11]

On Tuesday, January 10, 1899, officers elected were H.S. Trout, president; B.N. Hatcher, vice president; J.W. Shields, Jr., cashier; and J. Tyler Meadows, assistant cashier.[12]

In January 1902, officers of the First National Bank were H.S. Trout, president; F.P. Harman, vice president; J.W. Shields, Jr., cashier; J. Tyler Meadows, assistant cashier; E.B. Shaver, paying teller, H.C. Penn, receiving teller, H.E. Erb and W.E. Airheart, bookkeepers, W.W. Williams and A.S. Greer, clerks; Messrs. H.S. Trout, F.P. Harman, J.M. Gambill, J.D. Kirk, A.M. Nelson, T.C. Denton, and Frank W. Read, directors.[13]

On Tuesday, January 14, 1908, stockholders elected the following directors: H.S. Trout, J.M. Gambill, T.C. Denton, A.L. Sibert, David W. Flickwir, J.D. Kirk, A.M. Nelson, Frank W. Read, L.H. Vaughan, and J. Tyler Meadows. Only three original directors were living, Messrs. H.S. Trout, J.M. Gambill, and D.W. Flickwir. The officers elected were H.S. Trout, president; D.W. Flickwir, vice president; J. Tyler Meadows, vice president and cashier; J.C. Davenport, assistant cashier; H.C. Penn, paying teller, W.E. Airheart, receiving teller; Charles H. Shields, assistant to tellers; J.H. Matthews, general bookkeeper; F.E. Cocke, C.E. Holcomb, B.B. Greene, individual bookkeepers; J.J. Shelton, collection clerk; E. Gray Linney and Robert R. Camp, assistant to bookkeepers; and Miss Fannie S. Eanes, exchange clerk.[14]

In 1910, the First National Bank purchased the southwest corner of Salem Avenue and Jefferson Street and in the same year erected an eight-story bank and office building which was occupied in December 1910. It's previous location was the Terry Building, southeast corner of Campbell Avenue and Jefferson Street which it occupied in 1892.The World-News, Roanoke, VA, Mon., Nov. 30, 1936.

On Tuesday, January 8, 1918, the following officers were re-elected: H.S. Trout, president; David W. Flickwir, vice president; J. Tyler Meadows, vice president and cashier; J.C. Davenport, J.H. Matthews, and W.E. Airheart, assistant cashiers. With the exception of the election of S.B. Cary in place of the late A.L. Sibert, the board of directors remained the same. The board was composed of the following men: H.S. Trout, David W. Flickwir, J.D. Kirk, A.M. Nelson, Frank W. Read, J. Tyler Meadows, L.H. Vaughan, N.D. Maher, Jas. E. Walker, R. Lee Lynn, Chas. D. Fox, Jno. M. Hart, W.J. Henson, and S.B. Cary.[15]

On October 14, 1925, the directors of the First National Bank and the directors of the National Exchange Bank voted to consolidate the two institutions under the name of the First National Exchange Bank of Roanoke. This would bring together the two oldest and largest banks in Roanoke, making one of the strongest as well as one of the largest financial institutions in the State. The consolidated bank would have a capital of $1,000,000 a surplus of $1,000,000, undivided profits and reserves of more than $250,000, deposits of around $18 million and total resources in excess of $21 million. E.B. Spencer was slated to be president and J. Tyler Meadows, chairman of the board.[16] The First National Bank and the National Exchange Bank of Roanoke consolidated on January 1st, 1926 under the title of The First National Exchange Bank of Roanoke. Patrons of the First National Bank would find a change in the location of their bank to the quarters recently enlarged by the National Exchange Bank.[17]

In January 1926, the directors of the First National Exchange Bank were J.B. Andrews, W.K. Andrews, H.C. Barnes, Lucian H. Cocke, C.B. Cole, Frank S. Cooper, Jno. S. Crumpacker, J.A. Dove, J.B. Fishburn, B.J. Fishburn, Junius P. Fishburn, David W. Flickwir, Chas. D. Fox, M.C. Franklin, T.W. Goodwin, John M. Hart, W.J. Henson, P.C. Huff, D.D. Hull, Jr., W.J. Jenks, E.R. Johnson, A.J. Kennard, A.E. King, J.D. Kirk, C.I. Lunsford, R. Lee Lynn, N.D. Maher, W.S. McClanahan, S.H. McVitty, J. Tyler Meadows, I.J. Meals, A.C. Needles, A.M. Nelson, Jno. B. Newton, John H. Parrott, Geo. W. Payne, N.W. Phelps, Frank W. Read, E.B. Spencer, W.C. Stephenson, Edward L. Stone, D.M. Taynor, F.B. Thomas, L.H. Vaughan, Jas. E. Walker, J.W. Waynick, Sr., and James P. Woods. The officers were J. Tyler Meadows, chairman of the board; J.B. Fishburn, Chairman of executive committee; David W. Flickwir, chairman of finance committee; E.B. Spencer, president; N.W. Phelps, active vice president; Lucian H. Cocke, Junius P. Fishburn, A.M. Nelson, Edward L. Stone, and D.M. Taylor, vice presidents; J.H. Matthews, cashier; T.L. Engleby, W.E. Airheart, C.H. Shields, F.M. Kulp, E.G. Linney, F.S. Eanes, A.F. Rawson, and C.W. Beerbower, assistant cashiers and Paul S. Stonesifer, trust officer.[18]

On Tuesday, January 9, 1934, stockholders elected the following directors: C. Francis Cocke, J.B. Fishburn, B.J. Fishburn, J.P. Fishburn, David W. Flickwir, P.C. Huff, D.D. Hull, Jr., E.R. Johnson, A.J. Kennard, C.I. Lunsford, R. Lee Lynn, J. Tyler Meadows, A.C. Needles, A.M. Nelson, John R. Parker, N.W. Phelps, E.B. Spencer, W.C. Shephenson, George S. Shackleford, Jr., and F.B. Thomas. Officers re-elected were J. Tyler Meadows, chairman of the board; J.B. Fishburn, chairman of the executive committee; David W. Flickwir, chairman of the finance committee; E.B. Spencer, president; N.W. Phelps, active vice president; C. Francis Cocke, A.M. Nelson, and J.P. Fishburn, vice presidents; J.H. Matthews, cashier; T.L. Engleby, C.H. Shields, W.E. Airheart, A.F. Rawson, and C.W. Beerbower, assistant cashiers; Paul S. Stonesifer, trust officer and H.G. Nicholson, auditor. At the end of 1933, the bank's deposits were more than $19 million and its resources were greater than $22 million.[19]

  • 01/26/1980 Acquired Eagle Rock Bank, Inc. (FDIC #13009) in Eagle Rock, VA.
  • 04/22/1982 Acquired The First National Bank of Galax (Charter 8691) (FDIC #6849) in Galax, VA.
  • 06/17/1982 Acquired Southwest Virginia National Bank (FDIC #10367) in Bluefield, VA.
  • 02/17/1983 Acquired The First National Exchange Bank of Montgomery County (FDIC #21378) in Blacksburg, VA.
  • 02/20/1984 Changed Institution Name to Dominion Bank, National Association.
  • 06/16/1984 Acquired First Bassett Bank & Trust (FDIC #6816) in Bassett, VA.
  • 10/20/1984 Acquired Dominion Bank of Bristol, National Association (FDIC #21204) in Abingdon, VA.
  • 09/14/1985 Acquired Dominion Bank of the Cumberlands, National Association (FDIC #10725) in Haysi, VA.
  • 12/28/1990 Acquired Dominion Bank of Richmond, National Association (FDIC #19460) in Henrico County, VA.
  • 12/31/1990 Acquired Dominion Bank of Northern Virginia, National Association (FDIC #18271) in McLean, VA.
  • 03/08/1991 Acquired Dominion Bank of Shenandoah Valley, National Association (FDIC #6858) in Bridgewater, VA.
  • 03/30/1991 Acquired Dominion Bank of Greater Hampton Roads, National Association (FDIC #19339) in Norfolk, VA.
  • 07/22/1993 Changed Institution Name to First Union National Bank of Virginia.
  • 07/22/1993 Acquired Dominion Trust Company (FDIC #91279) in Roanoke, VA.
  • 07/22/1993 Acquired First Union Bank of Virginia (FDIC #33751) in Vienna, VA.
  • 10/27/1993 Acquired First American Bank of Virginia (FDIC #18956) in McLean, VA.
  • 04/02/1995 Acquired Ameribanc Savings Bank, FSB (FDIC #31335) in Annandale, VA.
  • 11/03/1995 Acquired Columbia First Bank, a Federal Savings Bank (FDIC #28093) in Arlington, VA.
  • 06/21/1996 Main Office moved to 7711 Plantation Road, N.W., Roanoke County, VA 24033.
  • 07/31/1997 Merged and became part of First Union National Bank (FDIC #4885) in Charlotte, NC.
  • 02/26/1998 Merged and became part of First Union National Bank (FDIC #33869) in Charlotte, NC.
  • 04/01/2002 Changed Institution Name to Wachovia Bank, National Association.

Official Bank Titles

1: The First National Bank of Roanoke, VA

2: The First National Exchange Bank of Roanoke, VA (12/31/1925)

Bank Note Types Issued

1902 Red Seal $10 bank note with stamped signature of J. Tyler Meadows, Cashier and pen signature of David W. Flickwir, Vice President. Courtesy of Heritage Auctions, www.ha.com
1902 Date Back $10 bank note with stamped signatures of J. Tyler Meadows, Cashier and H.S. Trout, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with the second title and engraved signatures of J.H. Matthews, Cashier and E.B. Spencer, President. Courtesy of B. Gruver.
1929 Type 1 $10 bank note with printed signatures of J.H. Matthews, Cashier and E.B. Spencer, President. Courtesy of Heritage Auctions, www.ha.com
Letter dated April 3, 1899, to Hon. Jno. D. Coffeeman [?] of Charleston, South Carolina, signed by H.S. Trout, Treas. Courtesy of B. Gruver.

A total of $12,279,300 in National Bank Notes was issued by this bank between 1882 and 1935. This consisted of a total of 992,627 notes (659,924 large size and 332,703 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: Series 1875 3x10-20 1 - 3260
1: 1902 Red Seal 3x10-20 1 - 9800
1: 1902 Date Back 3x10-20 1 - 32500
1: 1902 Plain Back 3x10-20 32501 - 89899
2: 1902 Plain Back 3x10-20 1 - 62022
2: 1929 Type 1 6x10 1 - 33798
2: 1929 Type 1 6x20 1 - 9288
2: 1929 Type 2 10 1 - 59593
2: 1929 Type 2 20 1 - 14594

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1882 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Roanoke, 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
  1. ↑ The Roanoke Times, Roanoke, VA, Fri., Sep. 26, 1890.
  2. ↑ .The World-News, Roanoke, VA, Fri., Dec. 23, 1910.
  3. ↑ The Roanoke Times, Roanoke, VA, Thu., Jan. 14, 1926.
  4. ↑ The Roanoke Times, Roanoke, VA, Wed., Aug. 4, 1915.
  5. ↑ The Roanoke Times, Roanoke, VA, Thu., Jan. 14, 1926.
  6. ↑ . Sanborn Map Company, Jan, 1886. Map.
  7. ↑ The World-News, Roanoke, VA, Thu., May 1, 1913.
  8. ↑ The News and Advance, Lynchburg, VA, Fri., June 16, 1882.
  9. ↑ Richmond Dispatch, Richmond, VA, Thu., July 6, 1882.
  10. ↑ The World-News, Roanoke, VA, Fri., Dec. 23, 1910.
  11. ↑ The News and Advance, Lynchburg, VA, Sun., Feb. 17, 1884.
  12. ↑ The News and Advance, Lynchburg, VA, Thu., Jan. 12, 1899.
  13. ↑ The Roanoke Times, Roanoke, VA, Wed., Jan. 15, 1902.
  14. ↑ The Roanoke Times, Roanoke, VA, Wed., Jan. 15, 1908.
  15. ↑ The Roanoke Times, Roanoke, VA, Wed., Jan. 9, 1918.
  16. ↑ The Roanoke Times, Roanoke, VA, Thu., Oct. 15, 1925.
  17. ↑ The Roanoke Times, Roanoke, VA, Wed., Dec. 30, 1925.
  18. ↑ The Roanoke Times, Roanoke, VA, Sat., Jan. 2, 1926.
  19. ↑ The Roanoke Times, Roanoke, VA, Wed., Jan. 10, 1934.
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