National Bank, Fredericksburg, VA (Charter 1582)
National Bank, Fredericksburg, VA (Chartered 1865 - Closed (Merger) 2007)
Town History
Fredericksburg is an independent city in Virginia. As of the 2020 census, the population was 27,982. It is 48 miles south of Washington, D.C., and 53 miles north of Richmond. In 1900 the population was 5,068, growing to 6,819 by 1930.
Located near where the Rappahannock River crosses the Atlantic Seaboard fall line, Fredericksburg was a prominent port in Virginia during the colonial era. During the Civil War, Fredericksburg, located halfway between the capitals of the opposing forces, was the site of the Battle of Fredericksburg and Second Battle of Fredericksburg. These battles are preserved, in part, as the Fredericksburg and Spotsylvania National Military Park. More than 10,000 African-Americans in the region left slavery for freedom in 1862 alone, getting behind Union lines. Tourism is a major part of the economy. Approximately 1.5 million people visit the Fredericksburg area annually, including the battlefield park, the downtown visitor center, events, museums, art shops, galleries, and many historical sites.
The city has close associations with George Washington, whose family in 1738 moved to Ferry Farm in Stafford County near the Rappahannock River opposite Fredericksburg. Washington's mother, Mary, later moved to the city, and his sister Betty lived at Kenmore, a plantation house then outside the city.
Fredericksburg had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes.
Bank History
- Organized September 16, 1865
- Chartered October 11, 1865
- New national bank purchased the old Farmers Bank building
- Bank was Open past 1935
- For Bank History after 1935 see FDIC Bank History website
- Merged into PNC Bank, NA in Pittsburgh, PA, September 14, 2007
Founded as a branch of the state bank in 1812, the Farmers' Bank prospered at a time when there was no central currency. In addition to performing bank functions such as taking deposits and promoting commerce through its investments, the Farmers' Bank needed to distinguish between sound and unsound bank notes and succeeded in doing so until the Civil War. By the end of that conflict, however, its assets consisted largely of worthless Confederate notes, and the bank failed.
With the collapse of the Bank of the United States in 1811, the General Assembly of Virginia adopted legislation establishing the Farmers Bank of Virginia on February 13, 1812. The bill specified that there would be a mother bank in Richmond with branches in Norfolk, Fredericksburg, Lynchburg, Winchester, Staunton, and Petersburg. The branches were authorized to have 13 directors at each location, eight elected by the Legislature and five by stockholders.
The original location of the Farmers Bank of Fredericksburg was in a rented building at the northeast corner of George and Caroline Streets, one block east of the later bank. In 1819, directors voted to explore the possibility of erecting a proper building. Annual charges for the banking house and appurtenances amounted to about $750, equivalent to capital of $12,500 at 6% interest. A lot on Princess Anne Street across from the Episcopal Church was purchased from W.T. Smith and George Ellis agreed to erect the necessary buildings for $10,000. The building was completed in August 1820.[1]
In 1853, the directors of the Farmers Bank of Virginia, Fredericksburg branch, were John H. Wallace, John Coakley, George B. Scott, Stephen J. Blaydes, Samuel Gordon, Wm. F. Cheek, and Alex. K. Phillips.[2]
During the Civil War, Cashier William Ware took the bank's specie, records and notes to Danville. Dr. John H. Wallace, president, tried to conduct the affairs of the bank almost single-handedly. In April 1862 with Fredericksburg occupied by Union forces, General Marsena R. Patrick took over the Farmers Bank for his military headquarters. It was at this time that President Lincoln addressed soldiers and citizenry from the steps of the bank.[3]
The National Bank of Fredericksburg was chartered October 11, 1865. It purchased the Farmers Bank building and its remaining furnishings and fixtures for $10,000.[4] The building would house the main office of The National Bank from 1865 until 1975 and then operate as a full service branch office. Mr. William Ware and Mr. J.M. Wallace were the cashier and bookkeeper. The Herald reported these gentlemen returned every dollar and every book of the old Farmers' in perfect condition.[5]
On Tuesday, January 9, 1866, the directors re-elected were John E. Tackett, C. Armatt, J.G. Hurkamp, Wm. H. Cunningham, and A.K. Phillips.[6] Also in January 1866, the bank received its first installment of bank notes from the comptroller of the currency.[7]
In January 1895, the following officers and directors were elected for the ensuing year: C. Wistar Wallace, president; J. Arthur Taylor, cashier; C.C. Carmichael, bookkeeper; Hugh D. Scott, teller; George H. Warren, messenger; C.W. Wallace, A.W. Wallace, H.S. Doggett, Jacob Tome, J. Standbury Wallace, and W.H. Hurkamp.[8]
In January 1911, the following were elected officers and directors: Judge A.W. Wallace, president; H.L. Wallace, vice president; J. Arthur Taylor, cashier; George A. Scott, teller; Judge A.W. Wallace, S.G. Wallace, A.H. Wallace, Dr. J.P. Stiff, George A. Scott, Hugh D. Scott, George P. Lyon, and H.L. Wallace. The bank declared an annual dividend of 16%, the largest it had ever paid in its long, successful career.[9]
On Tuesday, January 10, 1922, stockholders elected the following directors: Judge A.W. Wallace, A.H. Wallace, S.G. Wallace, Dr. J.P. Stiff, Hugh D. Scott, H. Lewis, Wallace, and George A. Scott. The officers elected were H. Lewis Wallace president; Hugh D. Scott, cashier; George A. Scott, assistant cashier.[10]
On Tuesday, January 14, 1930, the directors were H. Lewis Wallace, A.H. Wallace, J.P. Stiff, Hugh D. Scott, Samuel G. Wallace, and George A. Scott. The officers were H. Lewis Wallace, president and chairman of the board; A.H. Wallace and S.G. Wallace, vice presidents; Hugh D. Scott, cashier; and George A. Scott, assistant cashier; M.B. Embrey, bookkeeper; Richard Hallberg, assistant bookkeeper; and William Rowe, note clerk and runner.. The bank had capital and surplus of $120,000.[11]
On Saturday evening, March 30, 1935, H. Lewis Wallace, prominent citizen of Fredericksburg, died suddenly. Judge Wallace was born in Fredericksburg on September 3, 1873, the son of Howison Hooe Wallace and Ellen Byrd Lewis Wallace, he mother being a daughter of Henry Byrd Lewis of Cleve, King George County, who was a grandson of Betty Lewis, sister of George Washington. His paternal grandfather was Dr. John Wallace, Mayor of Fredericksburg for several terms. Judge Wallace was a student at Locust Dale Academy. Upon completing his studies he returned to Fredericksburg and became connected with the National Bank. After a few years he went with the wholesale firm of Charles Wallace & Bro. in which his father was interested. Later, he studied law in the office of his uncle, Judge A.W. Wallace, and in 1907 was admitted to the Virginia Bar. He practiced his profession up to October 1925 when he was appointed by Governor E. Lee Trinkle as judge of the local Corporation Court. In 1926, he resigned to resume private practice. In 1928, he retired from private practice to devote his entire attention to the business of the National Bank of which he was president from about 1927 until his death. Judge Wallace served as Mayor of Fredericksburg from 1908-1912.[12]
On Tuesday, January 11, 1938, all officers and directors of the city's banks, the Commercial State Bank, National Bank, and Planters National Bank, were re-elected at annual meetings. For the National, officers were Hugh D. Scott, president; S.G. Wallace, vice president; M.P. Embrey, cashier; Richard Hallberg, assistant cashier. The directors were Hugh D. Scott, M.P. Embrey, Dr. John E. Cole, Richard Hallberg, D.L. Stoner, S. Bernard Coleman, S.G. Wallace and A.B. Young.[13]
On Tuesday, January 9, 1945, the officers and directors elected at the annual stockholders meeting were: Hugh D. Scott, president and chairman of the board; S.G. Wallace, vice president; M. Percy Embrey, cashier and vice president; and George A. Scott, Jr., assistant cashier and teller. The directors elected were Hugh D. Scott, M. Percy Embrey, dr. John E. Cole, W.B.F. Cole, S.G. Wallace, A.B. Young, D. Letcher Stoner, George L. Hunter, Jr., and Edwin A. Gibson.[14]
Official Bank Title(s)
1: The National Bank of Fredericksburg, VA
Bank Note Types Issued
A total of $1,508,710 in National Bank Notes was issued by this bank between 1865 and 1935. This consisted of a total of 194,535 notes (165,332 large size and 29,203 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments Original Series 4x5 1 - 3775 Original Series 3x10-20 1 - 2420 Series 1875 4x5 1 - 735 Series 1875 3x10-20 1 - 264 1882 Brown Back 4x5 1 - 5609 1882 Brown Back 3x10-20 1 - 1633 1902 Red Seal 4x5 1 - 1330 1902 Red Seal 3x10-20 1 - 1068 1902 Date Back 4x5 1 - 4575 1902 Date Back 3x10-20 1 - 3160 1902 Plain Back 4x5 4576 - 14794 1902 Plain Back 3x10-20 3161 - 9705 1929 Type 1 6x5 1 - 2298 1929 Type 1 6x10 1 - 1192 1929 Type 1 6x20 1 - 318 1929 Type 2 5 1 - 3620 1929 Type 2 10 1 - 2207 1929 Type 2 20 1 - 528
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1865 - 1935):
Presidents:
- Alexander Keene Phillips, 1865-1870
- Jacob Tome, 1871-1887
- Charles Wallace, 1888-1892
- Casper Wistar Wallace, 1893-1899
- Howson Hooe Wallace, 1900-1905
- John Stanbury Wallace, 1906-1908
- Judge Alexander Wellington Wallace, 1909-1919
- Judge Henry Lewis Wallace, 1920-1934
- Hugh Doggett Scott, 1935-1935
Cashiers:
- William Ware, 1865-1874
- John Michael Wallace, 1875-1881
- John Arthur Taylor, 1882-1919
- Hugh Doggett Scott, 1920-1934
- Melvin Percy Embrey, 1935-1935
Other Known Bank Note Signers
- No other known bank note signers for this bank
Bank Note History Links
Sources
- Fredericksburg, 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
- Predecessor Banks, The National Bank of Fredericksburg, PNC, accessed Feb. 2, 2024.
- ↑ National Register of Historic Places, Farmers Bank of Fredericksburg, National Park Service Form 10-900, July 13, 1983.
- ↑ Richmond Dispatch, Richmond, VA, Mon., Feb. 7, 1853.
- ↑ The Free Lance-Star, Fredericksburg, VA, Fri., Oct. 11, 1940.
- ↑ Baltimore Daily Commercial, Baltimore, MD, Thu., Oct. 26, 1865.
- ↑ Wilmington Daily Dispatch, Wilmington, NC, Thu., Nov. 23, 1865.
- ↑ Richmond Dispatch, Richmond, VA, Sat., Jan. 13, 1866.
- ↑ The Valley Virginian, Staunton, VA, Wed., Jan. 17, 1866.
- ↑ The Daily Star, Fredericksburg, VA, Tue., Jan. 22, 1895.
- ↑ The Richmond Times-Dispatch, Richmond, VA, Fri., Jan. 13, 1911.
- ↑ Richmond Times-Dispatch, Richmond, VA, Sun., Jan. 15, 1922.
- ↑ The Free Lance Star, Fredericksburg, VA, Tue., Jan. 14, 1930.
- ↑ The Free Lance Star, Fredericksburg, VA, Mon., Apr. 1, 1935.
- ↑ The Free Lance Star, Fredericksburg, VA, Wed., Jan. 12, 1938.
- ↑ The Free Lance Star, Fredericksburg, VA, Wed., Jan. 10, 1945.