Norfolk National Bank, Norfolk, VA (Charter 3368)

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The Norfolk National Bank in 1911.
The Norfolk National Bank in 1911 after the rebuilding and expansion by Hoggson Brothers. The bank was located at 242 Main Street.

Norfolk National Bank, Norfolk, VA (Chartered 1885 - Closed 1927)

Town History

Stereograph from 1896 showing the battleship Maine coming into the Norfolk Navy Yard
Stereograph from 1896 showing the battleship Maine coming into the Norfolk Navy Yard. Courtesy of the Library of Congress

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

Six different views of the Norfolk National Bank interior
Interior of the Norfolk National Bank, ca1911. From left to right, photos of the tellers' wickets and ladies' alcove, ladies' alcove, bank kitchen, public lobby, public lobby looking toward main entrance, and officers' space.

On May 29, 1885, a meeting of the subscribers and interested parties in the establishment of a new bank in Norfolk was held. The formal application to the comptroller of the currency was signed by the following committee representing the subscribers: C.W. Grandy, C.G. Ramsey, E.V. White, H. Phoebus, W.H. Morris, D. Lowenburg, and M.L. Eure. The Norfolk National Bank was selected as the name.[1]

On June 10, 1885, the subscribers held a meeting at the Cotton Exchange. The articles of incorporation were adopted and the meeting proceeded to an election of directors to hold office until the next annual meeting. The following gentlemen were unanimously elected: C.G. Ramsey, Luther Sheldon, J.G. Womble, C. Billups, J.T. Bornum, D. Lowenberg, W.D. Rountree, M.L. Eure, W.H. White, Charles Reid, T.R. Ballentine, C.W. Grandy, G.S. Brown, E. Kelly and H. Phoebus. The organization certificate was read by the secretary and adopted.[2]

On July 24, 1885, a telegram from Washington stated that the comptroller of the currency authorized the Norfolk National Bank to commence business with a capital of $400,000. The bank purchased the building formerly occupied by the Exchange National Bank at a price of $30,100.[3] The Exchange National Bank went into receivership back on April 9th. On Saturday, August 1st, the newly organized national bank opened its doors for business in the old Exchange Bank building, poised to relieve the financial pressures in Norfolk business circles. The merchants in the cotton business would all have their transactions at the new institution. The rate of interest on money loaned was reported at 6% per annum.[4][5]

On Tuesday, January 14, 1896, at the annual meeting of the stockholders of the Norfolk National Bank, the following board of directors was elected: C.W. Granby, M.L.T. Davis, W.D. Rountree, Wm. H. White, George Tait, Luther Sheldon, John N. Vaughan, D. Lowenberg, J.G. Womble, C.A. Woodard, C. Billups, Thomas R. Ballentine, Alex. Brown of Baltimore; Henry Walker, and Caldwell Hardy. The officers of the Norfolk Bank for Savings and Trusts were C.W. Grandy, president; Geo. Tait, vice president; and C. Hardy, cashier. It was located in the Norfolk National Bank building.[6] 

On February 1, 1896, Assistant Secretary of the Navy McAdoo arrived from Newport News in the Admiral's launch and lunched with Admiral Brown.  He left at 1:30 for the Roads where he met and boarded the battleship Maine which came to the yard at 3 p.m.[7] The Assistant Secretary of the Navy was frequently mistaken for William Gibbs McAdoo,  who was later in the Cabinet of President Wilson and married one of Wilson's daughters.  The McAdoo's were law partners for five years between 1898 and 1903 in New York and devoted friends since their first meeting in 1885 in Chattanooga where William Gibbs McAdoo was then practicing law and politics.  William Gibbs McAdoo was the Secretary of the Treasury from 1913-1918.[8]

On Tuesday, January 9, 1900, the stockholders elected the following directors: C.W. Grandy, M.L.T. Davis, W.D. Rountree, Wm. H. White, F.S. Royster, R.P. Waller, John N. Vaughan, D. Lowenberg, J.G. Womble, C.A. Woodard, C. Billups, Thomas R. Ballentine, Caldwell Hardy, Wm. H. Whaley, and Henry Kirn.[9]

In 1909, building in Norfolk accounted for $2,456,953 in construction costs. The new, beautiful home of the Virginia Bank and Trust Company on Main and Granby Streets, heart of the business district, was included among the structures finished. The Norfolk National Bank was also having built a new banking house on Main Street.[10]

On Tuesday, January 11, 1910, stockholders re-elected all directors and added the name of W.A. Godwin to the list. The directors were C.W. Grandy, Wm. H. White, F.S. Royster, R.P. Walter, J.G. Womble, C. Billups, Caldwell Hardy, Wm. M. Whaley, T.A. Jones, Henry Kirn, G.M. Serpell, William Sloane, E.T. Lamb, W.T. Ham, James M. Barr, Leroy W. Davis Robert B. Tunstall, Hugh C. Davis, Chas. W. Priddy, C.W. Grandy, Jr., A.B. Schwarzkopf, A.R. Turnbull, W.C. Cobb and W.A. Godwin. The directors were expected to meet in about a day and re-elect the present officers, Messrs. Caldwell Hardy, president; E.T. Lamb, vice president; A.B. Schwarzkopf, vice president; and W.A. Godwin, cashier. The bank showed assets of $7,135,174 and net earnings over the past year of $63,714.[11]

In 1911, the rebuilding of the Norfolk National Bank was recently finished by Hoggson Brothers of New York. To say the building was new was not justified by the facts. The foundations, side and rear walls and floor levels were retained by Hoggson Brothers, the builders, from the old bank. The rest, and by far the largest part of the bank was new. It was a one-story building with mezzanine floors at either end entirely devoted to the banking business. It was a fine example of the Greek Corinthian style of architecture with a white marble front, four Corinthian pilasters supporting and entablature and pediment. Except for the capitals, the front was without embellishment. Between the two center pilasters, the entrance rose to the full height of the main floor and of the height of the mezzanine. The door piece and grill were of ornamental iron, carrying the feeling of the front in classical lines. The doors were of simple bronze design and in the entrance way, two electric torches set in the walls, were above bronze plates with the name of the bank. The name was also carved across the frieze above the for front pilasters.[12] 

On September 20, 1917, stockholders of the Norfolk Bank for Savings and Trusts approved formation of a $1,000,000 trust company called the Trust Company of Norfolk. The officers of the Norfolk Bank for Savings and Trusts were H.M. Kerr, president; C.W. Grandy, Jr., vice president; W.W. Vicar, cashier; A.W. Brock, assistant cashier; A.L. Eggleston, assistant secretary.  The directors were J.G. Womble, C.W. Grandy, George L. Arps, W.W. Vicar, William H. White, William M. Whaley, L.P. Roberts, E.T. Lamb, Dr. R.L. Payne, Hugh C. Davis, C.W. Grandy, Jr., W.A. Marable, Norman R. Hamilton, Robert M. Hughes, Charles F. Borroughs, and H.M. Kerr.  The capital stock was $100,000 and the surplus $200,000.[13] In 1919 the Trust Company of Norfolk moved from what were becoming cramped quarters on Main Street to commodious rooms in the Royster Building, 201 Granby Street, Norfolk.[14]

On Tuesday, January 12, 1926, the Norfolk National Bank added three new directors to its board. J.B. Dey, Jr., the vice president and cashier was also elected a director. J.F. McLaughlin, vice president of the Virginia Electric and Power Co., was added to the board as was John S. Jenkins, Jr., widely known young businessman of Norfolk. Other members of the board were: John R. Kilby, George W. Roper, Hugh C. Davis, Louis T. Dobie, C.W. Grandy, E.C. Gunther, W.T. Ham, Jno. S. Jenkins, Jr., T.A. Jones, Arthur G. King, Harry L. Lowenbery, Charles W. Priddy, L.P. Roberts, F.S. Royster, A.B. Schwarzkopf, George S. Shafer, Robert B. Tunstall, A.R. Turnbull, William M. Whaley, and Clinton L. Wright.Ledger-Star, Norfolk, VA, Tue., Jan. 12, 1926. Officers were A.B. Schwarzkopf, president; J.B. Dey, Jr., vice president and cashier; C.S. Whitehurst, vice president; I.T. Van Patten, Jr., E.D. Denby, and R.H. Moore, assistant cashiers; and H.B. Reardon, auditor. The bank had capital and surplus of $2,354,000 and resources of $15 million.[15]

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.[16] 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.[17]

Official Bank Title

1: The Norfolk National Bank, Norfolk, VA

Bank Note Types Issued

1882 Brown Back $5 bank note with SN 1C and pen signatures C. Hardy, Cashier and C.G. Ramsay, President
1882 Brown Back $5 bank note with SN 1C and pen signatures C. Hardy, Cashier and C.G. Ramsay, President. Courtesy of Heritage Auctions, www.ha.com
1882 Brown Back $10 bank note with pen signatures of A.B. Schwarzkopf, Cashier and C. Hardy, President
1882 Brown Back $10 bank note with pen signatures of A.B. Schwarzkopf, Cashier and C. Hardy, President. Courtesy of Heritage Auctions, www.ha.com
1902 Plain Back $5 bank note with printed signatures of J.B. Dey, Jr., Cashier and W.A. Godwin, President
1902 Plain Back $5 bank note with printed signatures of J.B. Dey, Jr., Cashier and W.A. Godwin, President. Courtesy of Heritage Auctions, www.ha.com

A total of $17,092,360 in National Bank Notes was issued by this bank between 1885 and 1927. This consisted of a total of 2,055,740 notes (2,055,740 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
1882 Brown Back 4x5 1 - 3575
1882 Brown Back 3x10-20 1 - 31986
1902 Red Seal 4x5 1 - 24000
1902 Red Seal 3x10-20 1 - 14900
1902 Date Back 4x5 1 - 84830
1902 Date Back 3x10-20 1 - 64400
1902 Plain Back 4x5 84831 - 259238
1902 Plain Back 3x10-20 64401 - 180236

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1885 - 1927):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

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. ↑ Richmond Dispatch, Richmond, VA, Sat., May 30, 1885.
  2. ↑ The Norfolk Virginian, Norfolk, VA., Thu., June 11, 1885.
  3. ↑ The Virginian-Pilot, Norfolk, VA, Sat., July 25, 1885.
  4. ↑ Richmond Dispatch, Richmond, VA, Sat., Aug. 1, 1885.
  5. ↑ The Virginian-Pilot, Norfolk, VA, Sun., Aug. 2, 1885.
  6. ↑ The Norfolk Virginian, Norfolk, VA, Tue., Jan. 14, 1896.
  7. ↑ The Norfolk Virginian, Norfolk, VA., Sun., Feb. 2, 1896.
  8. ↑ The Boston Globe, Boston, MA, Sat., June 07, 1930.
  9. ↑ The Virginian-Pilot, Norfolk, VA, Wed., Jan. 10, 1900.
  10. ↑ Ledger-Star, Norfolk, VA, Sat., Jan. 1, 1910.
  11. ↑ Ledger-Star, Norfolk, VA, Tue., Jan. 11, 1910.
  12. ↑ The Bankers' Magazine, Vol. 82, Jan. 1911-June 1911, pp 670-674.
  13. ↑ The Virginian-Pilot, Norfolk, VA, Wed., Sep. 5, 1917.
  14. ↑ Ledger-Star, Norfolk, VA, Thu., Jan. 1, 1920.
  15. ↑ The Virginian-Pilot, Norfolk, VA, Wed., Aug. 4, 1926.
  16. ↑ The Virginian-Pilot, Norfolk, VA, Sat., Jan. 1, 1927.
  17. ↑ The Portsmouth Star, Portsmouth, VA, Fri., Jan. 17, 1927.
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