National Bank/National Bank & TC, Charlottesville, VA (Charter 10618)

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The old National Bank of Charlottesville located on Main Street
The old National Bank of Charlottesville located on Main Street, May 2025. Courtesy of Adam Stroup

National Bank/NB & TC, Charlottesville, VA (Chartered 1914 - Open past 1935)

Town History

The old National Bank of Charlottesville ca2025
The old National Bank of Charlottesville located at 123 Main Street, ca2025. Courtesy of Adam Stroup

Charlottesville, colloquially known as C'ville, is an independent city in Virginia. It is the seat of government of Albemarle County, which surrounds the city, though the two are separate legal entities. At the 2020 census, the city's population was 46,553. In 1870 the population was 2,838, growing to 15,245 by 1930.

Charlottesville was the home of two U.S. presidents, Thomas Jefferson and James Monroe. During their terms as Governors of Virginia, they lived in Charlottesville and traveled to and from Richmond, along the 71-mile historic Three Notch'd Road. Orange, located 26 miles northeast of the city, was the hometown of President James Madison. The University of Virginia, founded by Jefferson, straddles the city's southwestern border. Jefferson's home and primary plantation, Monticello, located 3 miles southeast of the city, is, along with the University of Virginia, a UNESCO World Heritage Site, each attracting thousands of tourists from across the country every year.

An Act of the Assembly of Albemarle County established Charlottesville in 1762. Thomas Walker was named its first trustee. It was situated along a trade route called Three Notched Road (present day U.S. Route 250), which led from Richmond to the Great Valley. The town took its name from the British queen Charlotte of Mecklenburg-Strelitz.

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

Bank History

A 1923 photo of the National Bank of Charlottesville
A 1923 photo of the National Bank of Charlottesville, Virginia.[1]
Detail work on the National Bank of Charlottesville
Detail work on the National Bank of Charlottesville. At top, corner showing the bank's eaves with decorative soffit and brackets. At bottom, detail of the frieze showing symbols of coins or medals and the date, 1920. Courtesy of Adam Stroup, May 2025

By early September 1914, the new National Bank of Charlottesville was rapidly rounding into form and would be ready for business September 21st. Temporary quarters had been secured at the corner of Main and Fourth Streets in the building directly opposite the Peoples National Bank. Workmen were making necessary repairs and fitting up the rooms for occupancy by the 21st. As soon as arrangements could be completed, a modern steel frame six-story office building would be erected as the permanent home of the new bank. The sixth floor of the new building would be occupied by the Rinehart & Dennis Company. Mr. Hollis Rinehart was the president with Mr. R.T. Minor, Jr., recently of Richmond and formerly of Charlottesville, was cashier. The directors were Hollis Rinehart, Dr. Thos. L. Watson, S.C. Chancellor, M. Kaufman, J. Anderson Chisholm, John L. Livers, Dr. Chas. W. Kent, John M. White of Ivy, R.W. Holsinger, J.E. Shepherd, J. Dean Tilman, Judge R.T.W. Duke, H.S. Martin of Covesville, C.W. Rogers, and J.G. Carter.[2]

On Friday, May 14, 1920, from four o'clock until 9 in the evening the public was the guest of the officers and board of directors of the National Bank of Charlottesville. People were invited to inspect the magnificent new, modern structure that constituted the city's first sky-scraper and many thousands poured through the big storm doors at the Main Street entrance, the total estimated at between 4 and 5 thousand. Music was furnished by Colgan's Orchestra which was stationed just within the main banking room. Refreshing fruit punch a la grape juice and cakes supplied the home-like touch that made the affair complete. A profusion of cut and wild flowers and shrubs piled on every available table and counter lent a spring-like and gala air to the scene. Mr. Hollis Rinehart, the genial and talented president, and Mr. R.T. "Rich" Minor, Jr., the first cashier, now active vice president who made "politeness" the business watch-word of the new institution since it opened on September 21, 1914. The other officers were equally active and alert to receive and welcome the good natured crowd included Judge R.T.W. Duke, Jr., Garland W. McNutt, and Jno. L. Livers, all vice presidents and directors R.W. Holsinger, F.W. Twyman, J.G. Carter, J. Dean Tilman, W.C. Shackelford, J.Y. Brown, John M. Fry, Dr. W.M. Forrest, John S. Chapman, L.W. Graves, Allen N. White, C.W. Rogers, J.H. Lindsay, S.C. Chancellor, Geo. T. Omohundro, J.T. Wood, P.H. Faulconer, A.S. Yancey, J.T. Houchens, and L.R. Thomas. It was a most memorable event in the history of the city from every angle considered, and evoked both enthusiastic comment and most sanguine predictions of the city's forward march toward its destined prosperity and importance in the future. The people were invited all over the huge structure of 8-stories and were given free access to examine all the intricate features of the vault and great time-locked door, as well the magnificent accommodations for the business staff and executive branches of this progressive institution, with its of $2,500,000 of capital and surplus of $540,000 to work on, safe guard and develop. And a trip up to the well-guarded roof platform to view the panorama of the city's wonderful landscape and mountain scenery gave a fitting climax to the enjoyment of all who chose to make the ascent on the smooth-running and comfortable elevator of one ton capacity.[3] 

In June, the National Bank of Charlottesville sold the lot and improvements, corner of Main and N. First Street to M.C. Thomas Furniture Co. for $27,500.[4]

On Tuesday, January 9, 1923, the National Bank of Charlottesville re-elected the old board of directors as follows: J.Y. Brown, J.G. Carter, R.W. Holsinger, J. Dean Tilman, G.M. McNutt, P.H. Faulconer, John S. Chapman, Hollis Rinehart, R.T.W. Duke, C.E. Gentry, J.L. Livers, A.N. White, L.G. Roberts, J.A. O'Neill, W.C. Shackelford, G.T. Omohundro, A.S. Yancey, J.M. Fray, R.L. McElroy, J.T. Houchens, J.H. Lindsay, John E. Shepherd, W.A. Rinehart II, H.L. Fonda, T.J. Wood, and R.T. Minor, Jr. The directors met immediately afterwards and the following officers were elected: Hollis Rinehart, president; R.T. Minor, Jr., active vice president; R.T.W. Duke, G.M. McNutt, J.L. Livers, and C.T. O'Neill, vice presidents; and T.P. Peyton, cashier. Mr. O'Neill had charge of the Personal Service department for some time and was elevated to an official position but would continue to serve in his former capacity.[5]

A notice dated March 8, 1926, was published announcing a meeting of the stockholders of the National Bank of Charlottesville to be held on Tuesday, April 6th in the National Bank Building at 11 o'clock a.m.. the purpose was to consider and act upon the consolidation of the National Bank of Charlottesville and the Farmers & Merchants National Bank of Charlottesville. R.T. Minor, vice president and secretary of the board of directors, signed the notice.[6] On April 5th, stockholders of the National Bank of Charlottesville and The Farmers & Merchants National Bank approved the merger of the two banks. In addition to ratifying the merger, the stockholders elected the following directors: Bennett H. Barnes, J.Y. Brown, J.G. Carter, John S. Chapman, M.C. Elliott, C.H. Ergenbright, P.H. Faulconer, Henry L. Fonda, J.M. Fray, C.E. Gentry, W.B. Gillum, W.D. Haden, H.H. Hankins, R.W. Holsinger, J.T. Houchens, Percy Hudson, E.A. Joachim, J.H. Lindsay, John L. Livers, P.K. Massie, J.R. Maupin, Robert L. McElroy, George T. Omohundro, J.A. O'Neill, Randolph Ortman, Hollis Rinehart, Hollis Rinehart, Jr., W.A. Rinehart, L.G. Roberts, R.M. Robinson, W.G. Shackelford, John E. Shepherd, N.T. Shumate, L.F. Smith, R.N. Stephens, C.R. Thomas, M.C. Thomas, J. Dean Tilman, A.P. Walker, Allen N. White, R.L. Witt, and D.J. Wood. Following the shareholders' meeting, the directors met and elected officers as follows: Hollis Rinehart, chairman of the board; N.T. Shumate, president; Richmond T. Minor, Jr., active vice president; C.T. O'Neill, active vice president and trust officer; John L. Livers, J.Y. Brown, J.D. Tilman, W.D. Haden, and H.H. Hankins, vice presidents; H.E. Dinwiddie, cashier; and W.A. Gibson, assistant cashier. Transfer of assets, books, records, etc., would be made after business hours on Saturday, April 10th, so all would be ready for business the following Monday morning in the quarters already occupied by the National Bank of Charlottesville.[7]

In January 1927, it was announced that a group of local capitalists allied with the National Bank of Charlottesville and headed by Mr. N.T. Shumate had recently acquired control of the Scottsville National Bank and application would be made to the comptroller of the currency for permission to increase the capital from $25,000 to $50,000. Mr. Shumate would become president of the Scottsville National but the present active officers and directors would remain in charge of the enlarged institution. The Scottsville National Bank was organized with a paid-in capital of $25,000 and had been from the beginning a most successful bank. The most recent statement showed capital, surplus and profits $106,000, deposits $500,000, and total resources over $600,000. The stock value was approximately $425 a share. The Scottsville bank would continue to operate under its own charter and entirely separate and distinct from the National Bank of Charlottesville.[8]

In 1934 the National Bank and Trust Company of Charlottesville bought the Scottsville National Bank. James F. Dorrier, cashier since 1922, was made manager of the Scottsville branch of the National Bank and Trust Company, holding this position until he retired December 31, 1953.[9] 

In March 1940, plans were under way with work to begin shortly on enlarging the quarters of the Fork Union branch of the National Bank and Trust Company of Charlottesville. Dr. P.W. Haden was president. The building would be of brick with colonial exterior and equipped with modern banking facilities. Lewis A. Brown, Jr., of Charlottesville was the architect. The bank, originally known as the Fluvanna County Bank, was organized in 1906. The merger was effected following action of the stockholders on February 24th. Under the new directorship, it was being operated by J.B. Early of Charlottesville as one of three branch banks of the larger institution, the two others being located at Scottsville and Crozet. Retiring from the presidency of the Fluvanna County Bank was B.A. Burgess, E.B. Weaver, vice president; Mrs. Bernice B. Thomas, cashier; and Mrs. Iva L. White, assistant cashier. Weathering the depression and surviving five robberies, the bank which served Fluvanna and Buckingham Counties had shown an increase in deposits since 1934 from $60,000 to $142,000 and boasted having charged off its books as losses only $317 during the 34 years of its existence.[10]

In January 1946, National Bank and Trust stockholders re-elected the entire slate of directors who later met to re-elect the bank's entire list of officers. Directors renamed were J. Dean Tilman, John L. Livers, Hunter Faulconer, H.A. Haden, P.H. Faulconer, Jack Rinehart, C.T. O'Neill, W.B. Gillum, R.F. Loving, C.R. Thomas, Frank, Jr., Hope W. Gleason, Llewellyn P. Haden, and A.G. Fray. Officers re-elected were H.A. Haden, president; C.T. O'Neill, vice president and trust officer; John L. Livers, P.H. Faulconer, and Z.P. Miller, vice presidents; Llewellyn Miller, assistant to the president; E.C. Brown, cashier; M.A. Early and Evelyn Poss, assistant cashier; Laura A. Johnson, assistant trust officer; J.F. Dorrier, branch manager at Scottsville; W.A. McClanaham, branch manager at Fork Union; and Edwin H Morris, branch manager at Palmyra.[11]

On Thursday, December 31, 1953, James F. Dorrier, Scottsville banker since 1921, retired as branch manager of the Scottsville branch of the National Bank and Trust Company. Bank president Henry A. Haden presented Dorrier with a gold watch at his Scottsville home commemorating the banker's 32 year's of banking service. He was replaced by William McClanahan of Scottsville who assumed his duties as branch manager Monday.[12]

In January 1971, the directors were Hovey S. Dabney, president; Channing W. Daniel, Jr., vice president & trust officer; M.R. Eavers, Eavers Brothers Supply, J. Frank Elliott, III, secretary, Faulconer Construction Co.; Hunter Faulconer, vice president, horse breeder and farmer; A.G. Fray, retired merchant; H.A. Haden, chairman of the board; W.D. Haden, Jr., M.D., physician; Frank S. Kaulback, Jr., dean, McIntire School of Commerce, University of Virginia; J.A. Kessler, Jr., president, R.E. Lee & Son, Inc.; Garrett W. Kirksey, farmer; R.F. Loving, secretary-treasurer, Farmington Inc.; A. Preston Moore, treasurer and business manager, Woodberry Forest School; F. Bradley Peyton, III, president, Peyton Pontiac Cadillac, Inc.; J. William Price, Jr., vice president, Madison Flooring Co.; M. Jack Rinehart, investor; W.A. Rinehart, III, president, City Mortgage & Insurance Co.; Louie L. Scribner, senior partner, Stainback & Scribner, architects; V.R. Shackelford, Jr., attorney at law; J. Dean Tilman, Jr., president, Tilman's Inc.; Joseph L. Vaughan, professor, school of engineering & applied science, University of Virginia; Wyatt A. Williams, farmer; S.L. Williamson, president, S.L. Williamson Co., Inc. The bank reported total assets at the end of 1970 of $131,083,619 which compared to $118,343,920 a year earlier. The total capital for 1970 was $9,921,235 compared to $8,976,393 a year earlier.[13]

A 1980 advertisement for Jefferson Bankshares, Inc.
A 1980 advertisement for Jefferson Bankshares, Inc., formed on December 31, 1979, by the consolidation of Southern Bank of Richmond, National Bank and Trust Company of Charlottesville, Bank of Powhatan, Jefferson Bank of the Valley, and Bank of Goochland. The headquarters of the new holding company was located at 123 East Main Street, Charlottesville, Virginia. Jefferson Bankshares, Inc., had assets of over $600 million and a total of 58 branch offices with an established Richmond base to serve the commercial center of Virginia as well as a stronghold in central Virginia and the Valley to serve the Commonwealth's agricultural and expanding manufacturing markets.[14]

On Tuesday, January 23, 1979, the board of directors of NB Corp. of Charlottesville and Southern Bankshares, Inc. of Richmond announced an agreement in principle to consolidate the two bank holding companies. The new parent company would be called Jefferson Bankshares, Inc. with total assets of approximately $700 million by the end of 1979, the target date for the consolidation. H. Hiter Harris, Jr., board chairman of Southern Bankshares would become board chairman of Jefferson Bankshares. Hovey S. Dubney, board chairman and president of NB Corp., would be president of the holding company. Harris and Dubney said they believed that a consolidation of the two holding companies would strengthen the positions of their respective banks and enable them to compete more effectively with the larger banking organizations of the state. Charlottesville would be the headquarters for the Jefferson Bankshares, but executive offices would be maintained in both cities. The merger agreement provided that holders of common stock in Southern Bankshares would receive 1.79 shares of Jefferson Bankshares common stock for each share while NB Corp. stockholders would receive one share of Jefferson Bankshares for each share of NB stock. Southern Bankshares reported year-end assets of $327 million and had affiliate banks with 24 office in metropolitan Richmond and in Williamsburg. In addition to Southern Bank and Trust Co., it controlled the Bank of Goochland and Bank of Powhatan. NB Corp. had year-end assets of $312 million and affiliate banks in Charlottesville, Roanoke and Richmond. Before the consolidation, NB Corp. pointed out that several changes would be made in its organization. The proposed merger would not affect the previously announced decision by NB Corp. to sell its Roanoke affiliate, New Bank of Roanoke to Virginia National Bankshares, Inc. In addition, NB Corp. said that at the end of June it expected to merge New Bank of Culpeper into National Bank and Trust Co. At the same time three Augusta County branches of National Bank and Trust Co., having total assets of approximately $15 million, would be spun off to form NB Bank of the Valley. NB Corp. also planned to acquire the State Bank of Keysville. NB Corp's Richmond affiliate, NB Bank of Richmond would be taken over by Southern Bank.[15] 

NB Bank of Richmond formed in September 1975 from Peoples Bank & Trust Company and New Bank of Richmond, each with one office. After the merger a new downtown office at 814 East Main Street opened with another planned.[16] The fourth branch office opened at 3720 Mechanicsville Turnpike in January 1976.[17]

In May 1999, Wachovia named James C. Cherry as president of its Virginia banking operations effective in July. Cherry, a native of Lynchburg who had been with Wachovia for 25 years, was executive vice president in charge of the Winston-Salem, North Carolina-based bank's central region. He succeeded O. Kenton McCartney, III, as president of Virginia Banking. McCartney was also a Lynchburg native. He joined Jefferson Bankshares in 1984 and became president and chief executive officer in 1994. Jefferson Bankshares was merged with Wachovia in 1997.[18]

Official Bank Titles

1: The National Bank of Charlottesville, VA

2: National Bank and Trust Company at (6/30/1928), Charlottesville, VA

Bank Note Types Issued

1902 Plain Back $20 bank note
1902 Plain Back $20 bank note with stamped signatures of H.E. Dinwiddie, Cashier and N.T. Shumate, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note
1929 Type 1 $20 bank note with printed signatures of H.E. Dinwiddie, Cashier and N.T. Shumate, President. Courtesy of. Heritage Auctions, www.ha.com

A total of $6,492,850 in National Bank Notes was issued by this bank between 1914 and 1935. This consisted of a total of 538,041 notes (392,212 large size and 145,829 small size notes).

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

Series/Type Sheet/Denoms Serial#s Sheet Comments
1: 1902 Date Back 4x5 1 - 4750
1: 1902 Date Back 3x10-20 1 - 4000
1: 1902 Plain Back 4x5 4751 - 5550
1: 1902 Plain Back 3x10-20 4001 - 83471
2: 1902 Plain Back 3x10-20 1 - 9032
2: 1929 Type 1 6x10 1 - 17750
2: 1929 Type 1 6x20 1 - 4566
2: 1929 Type 2 10 1 - 9488
2: 1929 Type 2 20 1 - 2445

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1914 - 1935):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Charlottesville, 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 Daily Progress, Charlottesville, VA, Thu., May 31, 1923.
  2. ↑ The Daily Progress, Charlottesville, VA, Fri. Sep. 4, 1914.
  3. ↑ The Daily Progress, Charlottesville, VA, Sat., May 15, 1920.
  4. ↑ The Daily Progress, Charlottesville, VA, Thu., June 24, 1920.
  5. ↑ The Daily Progress, Charlottesville, VA, Thu., Jan. 11, 1923.
  6. ↑ The Daily Progress, Charlottesville, VA, Mon., Mar. 8, 1926.
  7. ↑ The Daily Progress, Charlottesville, VA, Tue., Apr. 6, 1926.
  8. ↑ The Daily Progress, Charlottesville, VA, Fri., Jan. 7, 1927.
  9. ↑ The Daily Progress, Charlottesville, VA, Thu., Mar. 30, 1961.
  10. ↑ The Richmond Times-Dispatch, Richmond, VA, Wed., Mar. 20, 1940.
  11. ↑ The Daily Progress, Charlottesville, VA, Tue. Jan. 8, 1946.
  12. ↑ The Richmond News Leader, Richmond, VA, Fri., Jan. 1, 1954.
  13. ↑ The Daily Progress, Charlottesville, VA, Wed., Jan. 13, 1971.
  14. ↑ Richmond Times-Dispatch, Richmond, VA, Sun., Jan. 13, 1980.
  15. ↑ Richmond Times-Dispatch, Richmond, VA, Wed., Jan. 24, 1979.
  16. ↑ Richmond Times-Dispatch, Richmond, VA, Mon., Sep 15, 1975.
  17. ↑ Richmond Times-Dispatch, Richmond, VA, Thu., Jan. 15, 1976.
  18. ↑ Richmond Times-Dispatch, Richmond, VA, Fri., May 14, 1999.
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