National Loan and Exchange Bank, Columbia, SC (Charter 6871)
National Loan and Exchange Bank, Columbia, SC (Chartered 1903 - Receivership 1933)
Town History
Columbia is the capital of the U.S. state of South Carolina. With a population of 136,632 as of the 2020 U.S. Census, it is the second-largest city in South Carolina. The city serves as the county seat of Richland County, and a portion of the city extends into neighboring Lexington County. It is the center of the Columbia metropolitan statistical area, which had a population of 829,470 and is the 72nd-largest metropolitan statistical area in the nation. The name Columbia is a poetic term used for the United States, derived from the name of Christopher Columbus. Columbia is often abbreviated as Cola, leading to its nickname as "Soda City."
The city is located about 13 miles northwest of the geographic center of South Carolina. It lies at the confluence of the Saluda River and the Broad River, which merge at Columbia to form the Congaree River. As the state capital, Columbia is the site of the South Carolina State House, the center of government for the state. In 1860, the South Carolina Secession Convention took place in Columbia; delegates voted for secession, making South Carolina the first state to leave the Union in the events leading up to the Civil War.
Columbia is home to the University of South Carolina, the state's flagship public university and the largest in the state. The area has benefited from Congressional support for Southern military installations. Columbia is the site of Fort Jackson, the largest United States Army installation for Basic Combat Training.
Columbia had nine National Banks chartered during the Bank Note Era, and all nine of those banks issued National Bank Notes. Columbia also had three Obsolete Banks that issued Obsolete Bank Notes during the Obsolete Bank Note Era (1782-1866).
Bank History
- Organized July 4, 1903
- Chartered July 7, 1903
- Succeeded Loan and Exchange Bank of South Carolina
- Absorbed 9687 December 10, 1932 (Union NB/Liberty NB of South Carolina, Columbia, SC)
- Conservatorship March 14, 1933
- Receivership July 5, 1933
In May 1893 Edwin W. Robertson with Gilbert B. Berry as his associate established the Canal Dime Savings Institution with a capital of $30,000 which was increased to $50,000 in the Fall of 1895 when the name was changed to The Canal Bank. On January 1, 1898, the Canal Bank bought a controlling interest in The Loan and Exchange Bank of which Col. A.C. Haskell was the founder and president and the two institutions were merged into The Loan and Exchange Bank with Mr. Robertson as president and Col. Haskell as vice president. The Bank then had a capital of $150,000. In February 1903, the bank bought a controlling interest in The Central National Bank of Columbia (Charter 1765) and the two institutions were merged into The Loan and Exchange Bank with a capital stock of $300,000.
In May 1903, the secretary of state issued a commission to the Columbia Trust Company of Columbia. The company would do a general banking business, dealing in stocks and bonds on a capital of $100,000. Henry W. Parsons of New York City, E.W. Robertson and B.L. Abney of Columbia were the petitioners and the Columbia Trust would be closely associated with the Loan and Exchange Bank of South Carolina.
On 25 June, 1903, a special meeting of the stockholders of the Loan and Exchange Bank of South Carolina was called to vote on the proposal to organize as a National Banking Association under the name of The National Loan and Exchange Bank of Columbia with capital stock of $500,000. Edwin W. Robertson was president and G.M. Berry, secretary.
On July 7, 1903, the Comptroller of the Currency approved the report of the national bank examiner, Mr. William A. Lamson, examiner for Philadelphia and the state of Delaware, and issued a charter for The National Loan and Exchange Bank of Columbia. With capital stock of $500,000, this made the bank the strongest in terms of capitalization in the state. The same executive officers would be retained with Edwin W. Robertson, president; A.C. Haskell and Edward Ehrlich, vice presidents; and Gilbert M. Berry, cashier. The new national bank would conduct business in the banking house of the Loan and Exchange bank until its new home in the skyscraper was completed.
On July 16, 1903, the following were elected as directors: B.L. Abney, division counsel, Southern Railway; J.W. Babcock, superintendent, State Hospital; Gilbert M. Berry, cashier National Loan and Exchange Bank; John A. Crawford, cotton factor; H.G. Carrison, president, Bank of Camden; Thos. K. Elliott, president, Winnsboro Bank, Winnsboro; Edward Ehrlich, boots and shoes and vice president; A.C. Haskell, vice president, National Loan and Exchange Bank; R.S. Hill, president, Farmers' and Merchants' Bank, Anderson; F.H. Hyatt, general agent for South Carolina Mutual Life Insurance Company; August Kohn, manager, Columbia bureau, The News and Courier; John M. Kinard, president, Commercial Bank, Newberry; William A. Law, vice president, Central National Bank, Spartanburg; B. Hart Moss, president, Edisto Savings Bank, Orangeburg; T.T. Moore, dental surgeon; D.D. McColl, president, Bank of Marlboro, Bennettsville, W.R. Muller, H. Muller & Sons, grocers; W.J. Murray, Murray Drug Co., wholesale drugs; J.B. Norris, Norris-Cooner Co., wholesale grocers; Emslie Nicholson, Wm. A. Nicholson & Son, bankers, Union; Henry Parsons, New York City; Edwin W. Robertson, president, National Loan and Exchange Bank; J. Caldwell Robertson, capitalist; W.J. Roddey, president, National Union Bank, Rock Hill; Ellison A. Smyth, president, Pelzer Manufacturing Co., Pelzer; W.F Stevenson, president, Merchants' and Farmers' Bank, Cheraw; and Jno. C. Sheppard, president, Bank of Edgefield, Edgefield.
On March 15, 1933, T.J. Robertson was appointed as conservator for The National Loan and Exchange Bank of Columbia.
On Tuesday, April 18, a plan to form a new national bank was offered to depositors of the National Loan and Exchange Bank of Columbia, and their cooperation asked by the special depositors' committee which had secured approval of the plan from the comptroller of the currency. Joseph Walker was chairman of the depositors’ committee. Other members of the Walker committee were: C.H. Jones, C.S. Lemon, J.E. Timberlake, and G.H. Crawford. When the committee presented its plan to the group of depositors, the depositors voiced their approval. A resolution was adopted expressing faith in the proposals submitted and clothing the committee with authority to continue its negotiations. Members of the depositors' committee were Legare Bates, C.M. Asbill, Macfie Anderson, Dr. W.R. Barron, and J.J. Gayden. The comptroller of the currency had refused to license the bank to reopen on an unrestricted basis on account of frozen assets and impairment of its liquid condition.
The First National Bank of Columbia received charter 13720 on June 30, 1933 with capital of $200,000, surplus of $25,000 and undivided profits of $25,000. The officers were Thomas J. Robertson, president; William J. Keenan, vice president; Burnell Sloan, cashier; Edward S. Cardwell and B.F. Hutto, assistant cashiers.
C.H. Dixon was appointed receiver of the National Loan and Exchange Bank to liquidate assets as rapidly as possible. Mr. Dixon was a former Columbian and was connected with a local bank several years ago, but now lived in Florence.
Official Bank Title(s)
1: The National Loan and Exchange Bank of Columbia, SC
Bank Note Types Issued
A total of $7,547,050 in National Bank Notes was issued by this bank between 1903 and 1933. This consisted of a total of 941,780 notes (805,124 large size and 136,656 small size notes).
This bank issued the following Types and Denominations of bank notes:
Series/Type Sheet/Denoms Serial#s Sheet Comments 1902 Red Seal 4x5 1 - 13000 1902 Red Seal 3x10-20 1 - 13950 1902 Date Back 4x5 1 - 34250 1902 Date Back 3x10-20 1 - 25200 1902 Plain Back 4x5 34251 - 106029 1902 Plain Back 3x10-20 25201 - 68302 1929 Type 1 6x5 1 - 13761 1929 Type 1 6x10 1 - 7346 1929 Type 1 6x20 1 - 1669
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1933):
Presidents:
Cashiers:
- Gilbert Milo Berry, 1903-1917
- John Wells Simpson Sr., 1918-1919
- Gilbert Milo Berry, 1920-1922
- Thomas James Robertson, 1923-1925
- Burnell Carl Sloan, 1926-1932
Other Known Bank Note Signers
Bank Note History Links
- National Loan and Exchange Bank, Columbia, SC History (NB Lookup)
- South Carolina Bank Note History (BNH Wiki)
Sources
- Columbia, SC, 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 State, Columbia, SC, Sun., May 24, 1903.
- The Gaffney Ledger, Gaffney, SC, Tue., May 26, 1903.
- The State, Columbia, SC, Fri., July 10, 1903.
- The State, Columbia, SC, Fri., July 17, 1903.
- The Sunday Record, Columbia, SC, Sun., June 13, 1926.
- The Columbia Record, Columbia, SC, Fri., Mar. 17, 1933.
- The Columbia Record, Columbia, SC, Wed., Apr. 19, 1933.
- The Columbia Record, Columbia, SC, Thu., Apr. 20, 1933.
- The State, Columbia, SC, Sat., July 1, 1933.
- The Columbia Record, Columbia, SC, Wed., Aug. 9, 1933.