NB of Commerce/Norfolk NB of Commerce and Trusts, Norfolk, VA (Charter 6032)

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Postcard of the Norfolk National Bank of Commerce and Trusts, postmarked 1929.
Postcard of the Norfolk National Bank of Commerce and Trusts, postmarked 1929.  Courtesy of Heritage Auctions, www.ha.com

NB of Commerce/Norfolk NB of Commerce and Trusts, Norfolk, VA (Chartered 1901 - Closed 1933)

Town History

Sketch of the National Bank of Commerce, ca1911
Sketch of the National Bank of Commerce, ca1911.

Norfolk (/ˈnɔːrfʊk/ ⓘ NOR-fuk) is an independent city in Virginia. As of the 2020 census, Norfolk had a population of 238,005, making it the third-most populous city in Virginia after neighboring Virginia Beach and Chesapeake, and the 95th-most populous city in the nation. Norfolk holds a strategic position as the historical, urban, financial, and cultural center of the Hampton Roads region (sometimes called "Tidewater"), which has more than 1.8 million inhabitants and is the 37th-largest metropolitan area in the U.S., with ten cities.

In 1634 King Charles I reorganized the Virginia Colony into a system of shires, and Elizabeth Cittie became Elizabeth City Shire. After persuading 105 people to settle in the colony, Adam Thoroughgood (who had immigrated to Virginia in 1622 from King's Lynn, Norfolk, England) was granted a large land holding, through the head rights system, along the Lynnhaven River in 1636. When the South Hampton Roads portion of the shire was separated, Thoroughgood suggested the name of his birthplace for the newly formed New Norfolk County. One year later, it was divided into two counties, Upper Norfolk and Lower Norfolk (the latter now incorporated into the City of Norfolk), chiefly on Thoroughgood's recommendation.

Norfolk was incorporated in 1705. Bordered to the west by the Elizabeth River and to the north by the Chesapeake Bay, the city shares land borders with the independent cities of Chesapeake to its south and Virginia Beach to its east. With coastline along multiple bodies of water, Norfolk has many miles of riverfront and bayfront property, including beaches on the Chesapeake Bay. The coastal zones are important for the economy. The largest naval base in the world, Naval Station Norfolk, is located in Norfolk along with one of NATO's two Strategic Command headquarters. Additionally, Norfolk is an important contributor to the Port of Virginia. It is home to Maersk Line, Limited, which manages the world's largest fleet of US-flag vessels. This low-lying coastal infrastructure is very vulnerable to sea level rise, with water levels expected to rise by more than 5.5 feet by the end of the 21st century.

The city has a long history as a strategic military and transportation point, where many railroad lines started. It is linked to its neighbors by an extensive network of interstate highways, bridges, tunnels, and three bridge-tunnel complexes. The Norfolk Naval Shipyard, often called the Norfolk Navy Yard and abbreviated as NNSY, is a U.S. Navy facility in Portsmouth, Virginia, for building, remodeling and repairing the Navy's ships. It is the oldest and largest industrial facility that belongs to the U.S. Navy as well as the most comprehensive. Located on the Elizabeth River, the yard is just a short distance upriver from its mouth at Hampton Roads.

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

Bank History

Main banking room ca1911
Main banking room ca1911.
Four views of the National Bank of Commerce's interior, ca1911. From top left to bottom right, shown are the officers quarters, directors' room, dining room for employees and interior of vault
Four views of the National Bank of Commerce's interior, ca1911. From top left to bottom right, shown are the officers quarters, directors' room, dining room for employees and interior of vault.
Cash of the Norfolk National Bank was moved under police protection January 9th, 1927, to the Norfolk National Bank of Commerce and Trusts, Main and Atlantic Streets
Cash of the Norfolk National Bank was moved under police protection January 9th, 1927, to the Norfolk National Bank of Commerce and Trusts, Main and Atlantic Streets.
  • Organized November 21, 1901
  • Chartered November 27, 1901
  • Opened for business December 2, 1901
  • 1: Succeeded Bank of Commerce
  • 1: Absorbed 4743 September 28, 1903, (City National Bank, Norfolk, VA)
  • 1: Assumed 3368 and its circulation by consolidation with title change January 7, 1927, (Norfolk National Bank, Norfolk, VA)
  • 2: Closed October 9, 1933
  • 2: Consolidated with 9885 October 9, 1933 (Virginia NB/NB of Commerce, Norfolk, VA)
  • 2: Circulation assumed by 9885 (Virginia NB/NB of Commerce, Norfolk, VA)
In 1878, the Bank of Commerce of Norfolk, Virginia, chartered under state authority, had the following directors:  J.E. Barry, W.A. Graves, B.T. Bockover, D.C. Whitehurst, J. Vickery, James Reid, Samuel Marsh, and A.F. Santos.  The officers were John Peters, president; and William S. Wilkinson, cashier.[1]

In 1878, eight years after organization as the Peoples National Bank, Charter 1704, a reorganization was brought about and the bank selected the name Bank of Commerce. In 1891, the original capital of $50,000 was increased to $100,000, and six years later the capital was again doubled.[2]

In June 1901, it was rumored that the Bank of Commerce would absorb the City National Bank. It was understood that the Bank of Commerce would secure a national charter in order to effect the merger.[3] On November 27, 1901, William B. Ridgely, Comptroller of the Currency, authorized the National Bank of Commerce of Norfolk, Virginia, to commence the business of banking. The National Bank of Commerce opened its doors on Monday, December 2nd, with deposits of $1,129,771.50 and total resources of $1,661,893.78 as of September 3rd.[4]

On Tuesday, January 14, 1902, stockholders elected the following directors: Robert P. Voight, K.B. Elliott, F.M. Whitehurst, Fred Greenwood, Tazewell Taylor, H.M. Kerr, T.S. Southgate, J.W. Hunter, Alvah H. Martin, B.T. Bockover, R.W. Santos, Cary P. Weston, Henry L. Schmelz, Thomas H. Willcox, and Nathaniel Beaman.[5]

In January 1903, the following officers were elected by the directors of the National Bank of Commerce: Nathaniel Beaman, president; Robert P. Voigt, vice president; Hugh M. Kerr, cashier; and M.C. Ferebee, assistant cashier.[6] In August 1903, officers of both the National Bank of Commerce and the City National Bank confirmed the report of negotiations in progress for the consolidation of the two institutions. Mr. A.E. Krise would retire from the presidency of the City National Bank and rest for a year before resuming business. Mr. Nathaniel Beaman, president of the Bank of Commerce, would be president of the consolidated banks. Negotiations for the purchase of the City National Bank by the Bank of commerce were commence over a year ago and had progressed steadily. One of the benefits of the consolidation was the economy of operation and additional security from the consolidated bank being one of the strongest in the state. The directors of the City National Bank were Floyd Hughes, S.L. Foster, R.A. Dodson, W.H. Minor, C.W. Fentress, B.W. Leigh, John Sheridan, A.E. Krise, D.F. Donovan, W.T. Simcoe, J.L. Roper, and Barton Myers.[7] On August 29, 1903, the management of the City National Bank and the National Bank of Commerce jointly announced the merging of the two banks and that business would be conducted at No. 242 Main Street, the banking quarters of the National Bank of Commerce[8] On September 28th, stockholders of the City National Bank ratified the action of the directors to merge the banks.[9]

In January 1907, the stockholders increased the capital stock to $1,000,000, thus doubling the capitalization. Stockholders re-elected the board of directors and added a new member, John H. Rodgers of Rodgers, McCabe & Co., Norfolk cotton factors. The directors chosen were E.C. Fosburgh, Fosburgh Lumber Co.; D.F. Donovan, Wm. Donovan & Co.; John L. Roper, John L. Roper Lumber Co.; Henry L. Schmelz, president, Bank of Hampton, Virginia; F.M. Whitehurst, Whitehurst and Hughes, attorneys; J.W. Hunter, president, Virginia Savings Bank and Trust Co.; Arthur C. Humphreys, U.S. Manager, Standard Marine Ins. Co., Ltd. of Liverpool, England; Tazewell Taylor, attorney at law; W.T. Simcoe, Simcoe & Thackett; Fred Greenwood, jeweler; Thomas H. Willcox, attorney at law; Alvah H. Martin, president, Merchants and Planters Bank, Berkley, Virginia; Frank E. Willcox, division manager, Virginia-Carolina Chemical Co.; H.M. Kerr, cashier; B.W. Leigh, capitalist; J.H. Cofer, grain; T.S. Southgate, president, T.S. Southgate & Co.; Nathaniel Beaman, president; John H. Rodgers, Rodgers, McCabe & Co.[10]

In 1907, the National Bank of Commerce completed a new, 13-story fireproof building with two additional floors below the street. The bank occupied the whole of the first floor and mezzanine on one of the most conspicuous corners in the business heart of Norfolk. Fronting the entrance, handsome doors of bronze enclosed the inner door leading to the main banking room with elevators located at the right. The counters were of Grecian marble extending down the room on either side intersected by columns of polished marble and surmounted by grille work of bronze. At the left of the entrance was the president's office. Next were the enclosed desks of the cashiers, then in order the various departments of the note teller, foreign and local exchange windows, general bookkeeping and the paying tellers, and in the center, the massive chrome-steel vault. All of the furniture and fittings were of metal; desks, cabinets, letter and document files, ledger shelves, all of metal construction, were grained so as to be scarcely distinguishable from walnut and mahogany. In the basement there was a vault for the storage of silverware and other valuables and a brick vault for books of record, and the lockers, toilet-rooms and bath for the clerical force. On the mezzanine floor were the directors' room, committee rooms and officers' toilet, locker and bath rooms. The officers were Nathaniel Beaman, president; Tazewell Taylor, vice president; Hugh M. Kerr, cashier; M.C. Ferebee and R.S. Cohoon, assistant cashiers.[11]

In 1926, perhaps the most important banking development in Norfolk in the last decade was the proposed merger of the National Bank of Commerce, Norfolk National Bank, and Trust Company of Norfolk, into an institution, Norfolk National Bank of Commerce and Trusts, with resources of more than $40 million, making it the third largest bank in Virginia. Directors of the banks had approved the merger plan and stockholders would vote on it early in the new year.[12] The physical merger of the three banking institutions involved was authorized by the comptroller of the currency to take place on Monday, January 10, 1927, at the banking house of the National Bank of Commerce, Main and Atlantic Streets, Norfolk. Forty directors of the merged institution, chosen from the directors of the three merged banks, then elected the following officers of the new institution: Robert S. Cohoon, president; A.E. Wharton, vice president and cashier; Tazewell Taylor, C.W. Grandy, A.B. Schwarzkopf, H.M. Kerr, J.B. Dey, Jr., A.W. Brock, C.S. Whitehurst, A.L. Eggleston, Z.A. Gay, vice presidents; R.C. Taylor, Jr., and R. Cornelius Taylor, assistant vice presidents; C.S. Phillips, I.T. Van Patten, Jr., Fred J. Schmole, E.D. Denby, R.H. Moore, and F.E. Tudor, assistant cashiers; J.H. Fanshaw, and H.B. Reardon, auditors; Charles Webster, trust officer; Tazewell Taylor, Hugh C. Davis, and Hugh W. Davis, attorneys. W.B. Baldwin was secretary to the board of directors.[13]

The Norfolk National Bank of Commerce and Trusts formally began operations on Monday, January 10, 1927, with resources over $40 million, capital of $2,500,000 and surplus and undivided profits of an equal amount. Cash of the Norfolk National Bank amounting to approximately $600,000 was moved under rigid police protection Saturday afternoon into the vaults of the Norfolk National Bank of Commerce and Trusts at Atlantic and Main Streets. Customers of the Trust Company of Norfolk could continue to do business at that bank's old home, Granby Street and City Hall Avenue. It would be known as the Granby Street Office of the consolidated bank. The branches of the Trust Company of Norfolk at Ocean View and Lamberta point would continue as branches.[14] The directors were Hugh C. Davis, attorney-at-law; F.S. Royster, F.S. Royster Guano Co.; Tazewell Taylor, attorney-at-law; John H. Rodgers, capitalist; C.W. Grandy, capitalist; T.S. Southgate, Southgate Terminals; C.F. Burroughs, vice president and general manager, F.S. Royster Guano Co.; R.D. Cooke, attorney at Law, Cooke, Wilcox & Cooke; L.P. Roberts, merchant; John E. Wales, president, Merchants and Mechanics Bank; R.B. Tunstall, attorney-at-law; C.W. Carr, Treasurer, F.S. Royster Guano Co.; J. watts Martin, J.E. Etheridge Co., Inc.; F.R. Barrett, Stevedorer; B.D. White, judge; R.M. Hughes, attorney-at-law; T.H. Willcox, Jr., Willcox, Cooke & Willcox; J.B. Dey, vice president; R.C. Taylor, assistant vice president; W.J. Stanworth, Norfolk & Western Railroad; E.C. Gunther, capitalist; W.B. Rodman, general counsel, Norfolk Southern Railway; J.D. Hofheimer, Hotel and Amusement Corp.; Hugh W. Davis, attorney-at-law; A.B. Schwarzkopf, vice president; R.S. Cohoon, president; S.L. Slover, publisher; J.S. Jenkins, Jr., of John S. Jenkins & Co.; R.S. Voight, assistant secretary, Guarantee Title and Trust Co.; W.B. Baldwin, Baldwin Bros.; G.R. Loyall, president, Norfolk Southern Railway; L.T. Dobie, Dobie & Bell, real estate and insurance; Robert P. Beaman, Beaman Co., cotton merchants; E.W. Knight, general counsel, Virginian Railway; C.R. Capps, vice president and transportation manager, Seaboard Air Line Railway; James A. Ridgewell, president, Geo. W. Duvall & Co.; James G. Martin, Martin and Martin, attorneys-at-law; H.M. Kerr, vice president; C.L. Wright, Postmaster, Norfolk, Virginia; W.W. Houston, coal operator; David Pender, capitalist; W.T. Simcoe, retired merchant; J.F. McLaughlin, vice president, Virginia Electric and Power Co.; C.W. Priddy, Charles W. Priddy & Co.; C.F. Harvey, attorney-at-law; G.W. Shaffer, president, Belt Line Railroad; W.C. Maher, Norfolk & Western Railway; and A.G. Bailey, coal and shipping.[15]

On October 10, 1933, the National Bank of Commerce of Norfolk was formed through the merger of Norfolk National Bank of Commerce and Trusts and the Virginia National Bank. The new bank had 6 offices located at Main Street at Atlantic, Granby Street at City Hall Avenue, Hampton Boulevard at 38th Street, Church and Freemason Streets, Ocean view at Granby Street, and Virginia Beach at Atlantic Avenue. The officers were Robert P. Beaman, president; C.W. Grandy, inactive vice president; Jas. B. Dey, Jr. Senior vice president; A.B. Schwarzkopf, A.W. Brock, C.S. Whitehurst, vice presidents; I.T. Van Patten, Jr., assistant vice president; John S. Alfriend, cashier; R. Cornelius Taylor, C.S. Phillips, J.J. Schmoele, E.D. Denby, R.H. Moore, S.E. Tudor, S.T. Northern, W.B. Wyatt, Jr., and C.M. Etheridge, assistant cashiers; J.H. Fanshaw, auditor; and Charles Webster, vice president and trust officer.[16]

Official Bank Title(s)

1: The National Bank of Commerce of Norfolk, VA

2: Norfolk National Bank of Commerce and Trusts (1/7/1927), Norfolk, VA

Bank Note Types Issued

1882 Brown Back $10 bank note with pen signatures of H.M. Kerr, Cashier and Nathaniel Beaman, President
1882 Brown Back $10 bank note with pen signatures of H.M. Kerr, Cashier and Nathaniel Beaman, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $20 bank note with stamped signatures of A.E. Wharton, Cashier and R.S. Cohoon, President
1902 Plain Back $20 bank note with stamped signatures of A.E. Wharton, Cashier and R.S. Cohoon, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $10 bank note with printed signatures of J.B. Dey, Jr., Cashier and R.S. Cohoon, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note
1929 Type 1 $10 bank note with printed signatures of J.B. Dey, Jr., Cashier and R.S. Cohoon, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of John S. Alfriend, Cashier and Robert P. Beaman, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plate used to produce this note
1929 Type 1 $20 bank note with printed signatures of John S. Alfriend, Cashier and Robert P. Beaman, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

A total of $22,239,740 in National Bank Notes was issued by this bank between 1901 and 1933. This consisted of a total of 1,787,470 notes (1,438,336 large size and 349,134 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1882 Brown Back 3x10-20 1 - 34200
1: 1882 Date Back 3x10-20 1 - 119000
1: 1882 Value Back 3x10-20 119001 - 181936
1: 1902 Plain Back 3x10-20 1 - 97886
2: 1902 Plain Back 3x10-20 1 - 45562
2: 1929 Type 1 6x10 1 - 45369
2: 1929 Type 1 6x20 1 - 12820

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1901 - 1933):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Norfolk, 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 Norfolk Virginian, Norfolk, VA, Sat., Sep., 28, 1878.
  2. ↑ The Bankers' Magazine, Vol. 82, Jan. 1911-June 1911, pp 271-274.
  3. ↑ The Virginian-Pilot, Norfolk, VA, Wed., June 19, 1901.
  4. ↑ The Virginian-Pilot, Norfolk, VA, Sun., Dec. 1, 1901.
  5. ↑ The Virginian-Pilot, Norfolk, VA, Wed., Jan. 15, 1902.
  6. ↑ Virginian-Pilot, Norfolk, VA, Sat., Jan. 24, 1903.
  7. ↑ The Virginian-Pilot, Norfolk, VA, Fri., Aug. 21, 1903.
  8. ↑ .The Virginian-Pilot, Norfolk, VA, Wed., Sep. 23, 1903.
  9. ↑ The Virginian-Pilot, Norfolk, VA, Tue., Sep. 29, 1903.
  10. ↑ Ledger-Star, Norfolk, VA, Tue., Jan. 8, 1907.
  11. ↑ The Bankers' Magazine, Vol. 82, Jan. 1911-June 1911, pp 271-274.
  12. ↑ The Virginian-Pilot, Norfolk, VA, Sat., Jan. 1, 1927.
  13. ↑ The Portsmouth Star, Portsmouth, VA, Fri., Jan. 17, 1927.
  14. ↑ The Virginian-Pilot, Norfolk, VA, Sun., Jan. 9, 1927.
  15. ↑ Ledger-Star, Norfolk, VA, Fri., Jan. 14, 1927.
  16. ↑ Ledger-Star, Norfolk, VA, Tue., Oct. 10, 1933.
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