National Bank/First NB, High Point, NC (Charter 3490)

Needed: a contemporary postcard or photo of the bank.

National Bank/First NB, High Point, NC (Chartered 1886 - Liquidated 1907)

Town History

High Point is a city in the Piedmont Triad region of North Carolina. Most of the city is in Guilford County, with parts extending into Randolph, Davidson, and Forsyth counties. High Point is North Carolina's only city that extends into four counties. As of the 2020 census, the city had a total population of 113,887. High Point is the ninth-largest municipality in North Carolina, the third-largest municipality in the Piedmont Triad metropolitan area, and the 259th-largest city in the U.S.

Major industries in High Point include furniture, textiles, and bus manufacturing. The city's official slogan is "North Carolina's International City" due to the semi-annual High Point Furniture Market that attracts 100,000 exhibitors and buyers from around the world. It is home to High Point University, a private Methodist-affiliated institution founded in 1924. High Point was at the highest point of the 1856 North Carolina Railroad between Charlotte and Goldsboro, where it intersected the 1852 Great Western Plank Road. Its central location and access to transportation allowed for the delivery of raw materials like cotton and lumber as well as import and export of processed goods, contributing to its early growth.

High Point had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

• Organized March 13, 1886
• Chartered April 21, 1886
• 2: Liquidated November 28, 1907
• 2: Absorbed by 4568 (Commercial National Bank, High Point, NC)

In December 1891, the officers were W.J. Armfield, president; Dr. A.J. Sapp, Vice President; E.M. Armfield, cashier; and A.B. Sapp, bookkeeper. The directors were Dr. A.J. Sapp, Jno. A. Lindsay, W.P. Pickett, W.J. Armfield, and W.H. Ragan. The bank had capital of $50,000, surplus of $7,500, and undivided profits of $4,000.

In December 1900, the officers were W.J. Armfield, president; J.A. Lindsay, Vice President; and E.M. Armfield, cashier. The directors were J.A. Lindsay, N.C. English, J.H. Millis, W.H. Ragan, and W.J. Armfield. The bank had capital of $50,000, surplus and undivided profits of $38,013.98, and total resources of $404,793.37.

On Tuesday, January 8, 1907, the shareholders met in the banking rooms on North Main Street and 843 shares were represented out of a total of 1,000. The old officers were re-elected, viz.: W.J. Armfield, president; E.M. Armfield, cashier, Frank C. Boyles, assistant cashier; W. Ray Newby and R.G. Ferree, bookkeepers. The directors elected were W.J. Armfield, A.M. Rankin, N.C. English, John A. Lindsay, A.E. Tate, E.M. Armfield, M.J. Wrenn, and J.E. Kirkman. The capital stock was $100,000 and the surplus $85,000.

In March 1907, the stock of the Commercial National Bank of High Point was increased from $50,000 to $150,000 and the surplus and profit account was increased from $50,000 to $75,000.  The increase went into effect on March 1st when the bank received a certificate from the comptroller of the currency authorizing same.  More than fifty new stockholders were now invested in this institution.

On April 13, 1907, Lee A. Briles, a native of Randolph County, was elected vice-president of the First National Bank of High Point. Mr. and Mrs. Briles had recently removed to High Point from Florida where Mr. Briles was established in handling naval stores. In June at a meeting of the board of directors, Mr. N.C. English was elected to the vice presidency to succeed the lamented late Mr. John A. Lindsay.

National Bank Examiner F.A. Hull was in Greensboro when the news of the liquidation of the First National Bank of High Point reached this city. He was at once sought by a reporter for the News and asked for an opinion regarding the High Point situation and also that of the banks in general. Mr. Hull spoke very freely on the subject, authorizing the following statement: "The assets of the First National Bank of High Point exceed its liabilities by at least four to one. The liquidation was brought about by an extended line of credit for which ample security is held. The deposits have been transferred to other banks and the depositors can obtain their money at any time they may want it. The action by the directors of the bank was advisable under the circumstances, and has no bearing whatsoever on the stability of the other banks of High Point or other communities."

On January 2, 1908, it was announced that arrangements were made to transfer accounts and securities of the First National Bank to the High Point branch of the Wachovia Loan and Trust Company and the Commercial National Bank of High Point. It was stated the First National was overloaded with a lot of good paper, but could not realize on this paper and secure sufficient funds to keep going. Examiner Hull and the Comptroller of the Currency advised liquidation. Voluntary liquidation was preferable to appointment of a receiver which would have been a very expensive and a great inconvenience to the community.

Official Bank Titles

1: The National Bank of High Point, NC

2: The First National Bank of High Point, NC (3/13/1906)

Bank Note Types Issued

1882 Brown Back $5 bank note with pen signatures of C.W. Worth, Cashier and A.J. Sapp, Vice President. Courtesy of Heritage Auctions, www.ha.com

1882 Brown Back $10 pen signature of J.A. Lindsay, Vice President. Courtesy of Heritage Auctions, www.ha.com

A total of $357,960 in National Bank Notes was issued by this bank between 1886 and 1907. This consisted of a total of 46,044 notes (46,044 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
1: 1882 Brown Back	4x5	1 - 6148
1: 1882 Brown Back	3x10-20	1 - 3375
2: 1902 Red Seal	4x5	1 - 1105
2: 1902 Red Seal	3x10-20	1 - 883

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1886 - 1907):

Presidents:

• Wyatt Jackson Armfield, 1886-1907

Cashiers:

• Charles William Worth, 1886-1888
• Eugene Morehead Armfield, 1889-1907

Other Bank Note Signers

• Andrew Jackson Sapp, Vice President 1886-1891
• John Alexander Lindsay Vice President 1900...1907
• Franklin Columbus Boyles, Assistant Cashier 1907

Wiki Links

• North Carolina Bank Note History
• General information on High Point (Wikipedia)
• General information on Guilford County (Wikipedia)
• General information on North Carolina (Wikipedia)

Sources

• High Point, 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
• The Courier, Asheboro, NC, Thu., Dec. 3, 1891.
• The Weekly High Point Enterprise, High Point, NC, Fri., Dec. 14, 1900.
• The Weekly High Point Enterprise, High Point, NC, Wed., Jan. 16, 1907.
• The Weekly High Point Enterprise, High Point, NC, Wed., Mar. 6, 1907.
• Greensboro Daily News, Greensboro, NC, Sun., Apr. 14, 1907.
• The Weekly High Point Enterprise, High Point, NC, Thu., June 20, 1907.
• Greensboro Daily News, Greensboro, NC, Sun., Dec. 22, 1907.
• The Courier, Asheboro, NC, Thu., Jan. 2, 1908.