Murchison National Bank, Wilmington, NC (Charter 5182)
Murchison National Bank, Wilmington, NC (Chartered 1899 - Liquidated 1929)
Town History
Wilmington is a port city in and the county seat of New Hanover County in coastal southeastern North Carolina. With a population of 115,451 at the 2020 census, it is the eighth-most populous city in the state. Wilmington is the principal city of the Wilmington Metropolitan Statistical Area, which includes New Hanover and Pender Counties in southeastern North Carolina, which had a population of 285,905 in 2020. In 1890 the population was 20,056 growing to 32,270 by 1930.
During the Civil War, the port was the major base for Confederate and privately owned blockade runners, which delivered badly needed supplies from England. The Union mounted a blockade to reduce the goods received by the South. The city was captured by Union forces in the Battle of Wilmington in February 1865, about one month after the fall of Fort Fisher had closed the port. As nearly all the military action took place some distance from the city, numerous antebellum houses and other buildings survived the war years.
Wilmington's historic downtown has a 1.75-mile riverwalk, developed as a tourist attraction in the late 20th century. City residents live between the Cape Fear River and the Atlantic Ocean, with four nearby beach communities just outside Wilmington: Fort Fisher, Wrightsville Beach, Carolina Beach, and Kure Beach, all within half-hour drives from downtown Wilmington. The city is home to University of North Carolina Wilmington (UNCW), which provides a wide variety of programs for undergraduates, graduate students, and adult learners, in addition to cultural and sports events open to the community.
In 2003, the city was designated by the U.S. Congress as a "Coast Guard City", one of 29 cities that currently bear that designation, and was the home port for the USCGC Diligence, a United States Coast Guard medium-endurance cutter until 2020. On September 2, 2020, then-President Trump officially declared Wilmington as the first World War II Heritage City in the country. The World War II battleship USS North Carolina, now a war memorial, is moored across from the downtown port area, and is open to the public for tours. Other attractions include the Cape Fear Museum of History and Science, The Children's Museum of Wilmington, and the Wilmington Hammerheads United Soccer Leagues soccer team.
Wilmington had seven National Banks chartered during the Bank Note Era, and all seven of those banks issued National Bank Notes.
Bank History
- Organized February 18, 1899
- Chartered February 28, 1899
- Succeeded Murchison & Co.
- Assumed 4726 by consolidation January 18, 1908 (Atlantic National Bank, Wilmington, NC)
- Assumed 7913 by consolidation September 12, 1913 (Southern National Bank, Wilmington, NC) and also its circulation
- Liquidated September 21, 1929
- Succeeded by The Murchison Bank of Wilmington
On August 30, 1894, announcement of the expiration by limitation occurred where the co-partnership that had existed for 28 years between Mr. Geo. W. Williams of Wilmington, Col. K.M. Murchison and Mr. W.F. Sorey of New York, and Mr. H.C. McQueen of Wilmington. For the past 28 years, these gentlemen have done a large and successful business in banking and in buying and exporting cotton and naval stores, both in Wilmington and at 74 Wall Street, New York, the firm name being Williams Murchison in Wilmington and Murchison & Co., in New York. Mr. Williams retired from the firm, but the business continued by the other partners under the firm name of Murchison & Co., both in Wilmington and New York.
The Murchison National Bank commenced business on March 1st, 1899 with capital, $200,000, net profit $15,000 and deposits as of November 7, 1899, $353,835.18. H.C. McQueen was president and J.V. Grainger, cashier.
On Tuesday, January 9, 1900, the first stockholders meeting convened and the following directors were elected: Colonel K.M. Murchison, N. Jacobi, T.M. Emerson, W.H. Sprunt, R.W. Wallace, W.J. Corbett, A.S. Williams, J.A. Springer, J.C. Stevenson, J.V. Granger, W.B. Cooper, Fred Kidder, A.B. Nichols, N.B. Rankin, and H.C. McQueen. The directors met after the stockholders meeting and re-elected H.C. McQueen, president; and Mr. J.V. Granger, cashier.
K.M. Murchison died in Baltimore on June 3, 1904. Colonel Kenneth McKenzie Murchison was the second son of Duncan Murchison and was born at Manchester, near Fayetteville in February 1831. At he outbreak of the Civil War, Col. Murchison hastened back to the South and cast his lot with the Confederacy. He was an officer of Shaw's 8th North Carolina, but when that command was captured at Roanoke Island, he was absent on special duty. He raised a company from which he was promoted to Colonel of the 54th North Carolina regiment, Hoke's brigade, serving from the beginning of the war until he was taken prisoner, being on Johnson's Island at the close of the struggle. After the war Col. Murchison returned to New York and re-engaged in business. Branch connections at Wilmington and Fayetteville were under the firm names of Williams & Murchison and J.D. Williams & Co., respectively. A few years earlier he retired from active business life in New York and spent much time at Orton plantation. Resolutions of esteem were adopted by the board of directors of the Murchison National Bank.
On December 23, 1907, the working forces of the Murchison and Atlantic National Banks were engaged from early evening until after midnight in transferring the books and other effects of the Atlantic to the Murchison bank, the later having absorbed the former by consolidation. Beginning on Christmas Day, the business of both institutions would be conducted from the enlarged Murchison bank.
On December 18, 1907, at a meeting of the directors of the Carolina Savings and Trust Company which was allied with the Atlantic National Bank, recently merged with the Murchison National, it was decided to accept the offer of the People's Savings Bank to consolidate with that institution, the terms of the merger being a payment by the People's Bank of 26% above the book value of the stock. The People's was the savings bank of the Murchison National and consolidated with the Carolina, it planned to occupy the handsome banking house soon to be vacated by the Atlantic National Bank at the northwest corner of Front and Princess Streets.
On Thursday, January 16, 1908, a special meeting of the shareholders was held at the banking house at Front and Chestnut Streets, the regular annual meeting having been postponed from Tuesday. The meeting was presided over by Capt. L.S. Belden and Cashier J.V. Grainger, acting as secretary. The stockholders adopted a resolution recommended by the directors to increase the capital stock of the bank a sufficient amount to satisfy the old shareholders and customers of the Atlantic National Bank. The increase would depend upon the applications received. The eleven old directors were re-elected and the last nine named were the new members of the board taken from the directorate of the Atlantic bank. The directors were Walker Taylor, M.J. Corbett, J.A. Springer, M.W. Jacobi, W.B. Cooper, M.W. Divine, J.V. Grainger, J.L. Coker of Hartsville, South Carolina; Shirley Carter of Baltimore; John F. McNair of Laurinburg; H.C. McQueen, Wm. Calder, J.H. Chadbourn, W.E. Worth, H.L. Vollers, H.B. Short of Lake Waccamaw; C.W. Yates, J.S. Armstrong, N.M. McEachern, and J.W. Northwood of Greenville, South Carolina. On the 23rd, the directors of the enlarged board which increased from 11 to 20 met and elected the following officers: H.C. McQueen, president; J.V. Grainger, vice president; J.W. Yates, vice president; C.S. Grainger, cashier. Mr. Yates was formerly cashier of the Atlantic National Bank. The new cashier, Mr. Charles S. Grainger, had been assistant cashier for some time. Since the transfer several weeks ago, the business of the combined institution was transacted from the Murchison National Bank. Plans were in preparation by an architect for throwing the entire lower floor into one room for use of the bank, cutting out the entrance hall and the directors room which were on the Chestnut Street side of the building. A new entrance for the upper stories was planned.
On Tuesday, January 14, 1913, the board of directors was re-elected as follows: J.A. Springer, M.W. Divine, Marcus Jacobi, J.J. Corbett, William Calder, H.L. Vollers, C.W. Yates, Walker Taylor, H.C. McQueen, John F. McNair, J.V. Grainger, Shirley Carter of Baltimore; C.E. Taylor, Jr., D. McEachern, and James H. Chadbourn. Immediately after the shareholders' meeting, the directors met and re-elected all officers as follows: H.C. McQueen, president, J.V. Grainger and J.W. Yates, vice presidents; Chas. S. Grainger, cashier; M.F. Allen and Warren S. Johnson, assistant cashiers. The Murchison National Bank was Wilmington's oldest and largest commercial institution, located on Front and Chestnut Streets. Mr. McQueen, a native of North Carolina, has been at the head of the bank since its organization and from his youth was associated with Col. Murchison from whom the bank takes its name. He was formerly a leading cotton dealer and exporter of Wilmington before establishing himself in New York where he was most successful. Mr. McQueen was also president of the Peoples' Savings Bank, one of the largest in North Carolina; the Carolina Insurance Co.; and other enterprises. Mr. J.V. Grainger, like his father was before him trained as a banker and before becoming connected with the Murchison, was president of the New Hanover Bank. Mr. Yates was also an experienced banker and the president of the Home Savings Bank.
In June 1913, the directors, owners of the old Cape Fear Club property at the corner of Front and Chestnut Streets, planned to begin the construct of a very handsome and modern building strictly for the purpose of the banking business. Start of work was planned for about August 1st and the club would likely be in its new home on the corner of Second and Chestnut Streets by that time. The estimated cost was about $100,000.
On Tuesday, August 8, 1913, the formal transfer of the Southern National Bank to the Murchison National Took place and patrons of the former institution transacted business at the Murchison where the entire clerical force of the Southern was at work. The Murchison, with capital of $825,000, planed to increase its capital to at least $1,000,000. The Murchison bank was the largest in the Carolinas.
On Tuesday, January 11, 1921, at the annual meeting J. Victor Grainger was named to succeed H.C. McQueen as president and Mr. McQueen was made chairman of the board of directors. The board of directors were re-elected as follows: M.J. Corbett, H.L. Vollers, M.W. Devine, Walker Taylor, F.W. Dick, J.L. Sprunt, C.E. Taylor, J.V. Grainger, H.C. McQueen, M.W. Jacobi, and John F. McNair. The other officers elected by the board were Joseph W. Yates, vice president; C.S. Grainger, cashier; and M.F. Allen, W.S. Johnson, A.M. McKoy, and I.B. Grainger, assistant cashiers.
On June 27, 1929, announcement of the formation of the largest bank in North Carolina was made, it being formed by the planned merger of Raleigh, Greensboro and Wilmington banks. North Carolina Bank and Trust Company would be the new institution formed through merger combining the Citizens National of Raleigh; Atlantic Bank and Trust Co. of Greensboro; American Exchange National Bank of Greensboro and Murchison National Bank of Wilmington which had combined capital and surplus of $7,000,000 and combined resources of $60,000,000. The merger was promoted by former Governor Angus McLean, president of the National Bank of Lumberton, and W.S. Ryland, president of the Citizens Bank of Raleigh which recently merged the First National Bank of Rocky Munt and the Rocky Mount Savings Bank and Trust Co. The proposed bank would only be rivaled in North Carolina by the Wachovia Bank and Trust Co. of Winston-Salem which had branches in Raleigh, Asheville, High Point and Salisbury.
On Saturday, September 28, 1929, the State Banking Department issued a certificate authorizing the North Carolina Bank and Trust Co. recently formed through merger of several important banks to begin operation Monday of the Central Bank and South Greensboro and Denim branches in Greensboro and branches in Raleigh, Wilmington, Burlington, Rocky Mount, High Point, Salisbury, Spencer, Scotland Neck, Nashville, and Middlesex. The Citizen's Bank of Raleigh which surrendered its national charter to become a State bank in order to become a part of the merged institutions because of the Federal banking law prohibiting chain banking would open Monday as the Raleigh office of the North Carolina Banking and Trust Co. The Murchison National likewise became the state-chartered Murchison Bank of Wilmington in order to effect the merger.
The board of directors of the new institution, which would begin with a capital of $2,500,000 and a surplus of $1,500,000 and approximate resources of $40,000,000, met in Greensboro Friday and finally approved the merger details. Headquarters of the bank would be in the old American National Bank quarters where former Governor A.W. McLean, chairman of the board of directors, and President W.S. Ryland formerly president of the Citizens National Bank of Raleigh would have their desks. The Atlantic Bank and Trust Co. of Greensboro, one of the institutions entering the merger, would close its business and most of the personnel would transfer to the old American National. The Atlantic branches at Burlington, High Point, Salisbury and Spencer would continue to operate as branches of the new bank. J.V. Grainger of Wilmington had been elected acting secretary of the whole system and also was vice chairman of the board. William C. York and E.S. Parker, Jr., were attorneys for the bank. It was emphasized that the local units would continue to function as they had with the same personnel and the same consideration for local customers and conditions.
On Monday, September 30, 1929 six well-known and long-established banking institutions of North Carolina were merged into a state-wide organization known as the North Carolina Bank and Trust Company with resources of more than $40 million and executive offices in Greensboro. The directors were A.B. Andrews, Raleigh; W.C. Boring, Greensboro; F.C. Boyles, Greensboro; Julius W. Cone, Greensboro; T.W. Davis, Wilmington; J.S. Duncan, Greensboro; N.A. Dunn, Raleigh; Chas. W. Gold, Greensboro; I.B. Grainger, Wilmington; J.V. Grainger, Wilmington; Angus W. McLean, Lumberton; H.C. McQueen, Wilmington; George Marsh, Raleigh; Julian Price, Greensboro; H.S. Richardson, Greensboro; William S. Ryland, Raleigh; J.W. Simpson, Greensboro; J.L. Sprunt, Wilmington; Walker Taylor, Wilmington; J.J. Towler, Raleigh; and R.G. Vaughn, Greensboro. The general officers were Angus W. McLean, chairman of the board of directors; J.V. Grainger, vice chairman of the board of directors; R.G. Vaughn, Chairman of the executive committee; Julius W. Cone, vice chairman of the executive committee; William S. Ryland, president; I.B. Grainger, executive vice president.
Official Bank Title(s)
1: The Murchison National Bank of Wilmington, NC
Bank Note Types Issued
A total of $9,692,250 in National Bank Notes was issued by this bank between 1899 and 1929. This consisted of a total of 788,966 notes (788,966 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 4x5 1 - 14750 1882 Brown Back 50-100 1 - 6595 1882 Date Back 4x5 1 - 65100 1882 Date Back 3x10-20 1 - 5000 1882 Date Back 50-100 1 - 4520 1882 Date Back 3x50-100 1 - 5374 1882 Value Back 4x5 65101 - 73050 1882 Value Back 3x10-20 5001 - 8041 1902 Plain Back 3x10-20 1 - 90469
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1899 - 1929):
Presidents:
Cashiers:
- John Victor Grainger, 1899-1907
- Charles Stedman Grainger, 1908-1923
- Mitchell Ferris Allen, 1924-1928
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- North Carolina Bank Note History
- General information on Wilmington (Wikipedia)
- General information on New Hanover County (Wikipedia)
- General information on North Carolina (Wikipedia)
Sources
- Wilmington, 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
- Wilmington Daily Dispatch, Wilmington, NC, Tue., July 3, 1866.
- The Wilmington Messenger, Wilmington, NC, Sat., Sep. 1, 1894.
- The Wilmington Messenger, Wilmington, NC, Sun., Dec. 10, 1899.
- The Wilmington Messenger, Wilmington, NC, Wed., Jan. 10, 1900.
- The Wilmington Morning Star, Wilmington, NC, Sun., June 5, 1904.
- The Semi-Weekly Messenger, Wilmington, NC, Tue., Dec. 24, 1907.
- The Weekly High Point Enterprise, High Point, NC, Wed., Dec. 25, 1907.
- The Chatham Record, Pittsboro, NC, Thu., Dec. 26, 1907.
- The Wilmington Messenger, Wilmington, NC, Fri., Jan. 17, 1908.
- The Wilmington Messenger, Wilmington, NC, Fri., Jan. 24, 1908.
- The Wilmington Morning Star, Wilmington, NC, Wed., Jan. 15, 1913.
- Fayetteville Weekly Observer, Fayetteville, NC, Wed., June 4, 1913.
- The Wilmington Morning Star, Wilmington, NC, Sun., Aug. 17, 1913.
- The Wilmington Morning Star, Wilmington, NC, Wed., Jan. 12, 1921.
- The News and Observer, Raleigh, NC, Thu., June 27, 1929.
- The News and Observer, Raleigh, NC, Sun., Sep. 29, 1929.
- The Greenville News, Greenville, SC, Mon., Sep. 30, 1929.