Peoples National Bank, Roanoke, VA (Charter 6798)

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Advertisement for the Peoples National Bank of Roanoke from January 1906.[1]

Peoples National Bank, Roanoke, VA (Chartered 1903 - Liquidated 1906)

Town History

Roanoke is an independent city in the Commonwealth of Virginia, located in Southwest Virginia along the Roanoke River, in the Blue Ridge range of the greater Appalachian Mountains. Roanoke is approximately 50 miles north of the Virginia–North Carolina border and 250 miles southwest of Washington, D.C., along Interstate 81. At the 2020 census, Roanoke's population was 100,011, making it the most-populous city in Virginia west of the state capital Richmond. It is the primary population center of the Roanoke metropolitan area, which had a population of 315,251 in 2020.

Roanoke had 10 National Banks chartered during the Bank Note Era, and all 10 of those banks issued National Bank Notes.

Bank History

On Monday, March 30, 1903, citizens interested in the new banking institution for Roanoke met in Judge King's office in the Terry Building to hear about progress made and to formulate plans for the early organization and election of officers. A committee was appointed to look after the matter of soliciting stock subscriptions. The new bank was given a name and would be known under the title of the Peoples National Bank with a capital of $100,000. Two locations were under consideration, one on Jefferson Street and the other on Campbell Avenue. A popular cashier employed in a Jefferson Street financial institution had accepted the position of cashier while the other officials had practically been named. The new Peoples bank was expected to be in operation by July 1st at the latest.[2]

On May 23, 1903, Thomas P. Kane, deputy and acting comptroller of the currency, authorized the Peoples National Bank to commence business.[3] The directors were R.R. Fairfax, S.B. Pace, J.H. Bear, I.J. Meals, D. Wm. Good, Jas. D. Johnston, J.R. Weaver, R.H. Angell, T.A. Watts, R.L. Ott, Roy B. Smith, Geo. H.P. Cole, W.H.H. Dorney, T.C. Berger, C.R. Caldwell, I.V. Johnson, and Louis Catogni. The officers were Geo. H.P. Cole, R.H. Angell, vice president; E.B. Spencer, cashier; and L.B. Davis, teller. The bank opened for business on June 8th at No. 27 Campbell Avenue, Roanoke.[4]

On Tuesday, January 10, 1905, the annual meeting of the stockholders of the Peoples National bank was held at 11 o'clock in the morning in the board room of the bank. Judge A.E. King, president, presided. The officers reported that the bank was in a flourishing condition. No national bank in the area had ever made such a showing during its first year's existence. The following directors were elected: D. William Good, I.V. Johnson, John L. Vaughan, T.C. Becker, J.D. Johnston, Roy B. Smith, R.R. Fairfax, S.B. Pace, J.R. Weaver, C.W. Saunders, I.J. Meals, J.H. Bear, R.H. Angell, C.R. Caldwell, E.A. Thurman, L. Catogni, and A.E. King. After the meeting, the board of directors convened and elected the following officers: A.E. King, president; E.B. Spencer, cashier; L.B. Davis, teller; W.L. Becker, Jr., and Mark Jackson, bookkeepers.[5]

On June 6, 1905, the Columbia Trust Company of Roanoke was incorporated with capital stock of $50,000.  L.H. Vaughan was president; Jas. D. Johnston, vice president; B. Spencer, secretary and treasurer.[6]

On July 9, 1905, the three-story building owned by R.H. Angell located In the center of the business district was gutted by fire. The total loss was estimated at from $20,000 to $25,000, fully covered by insurance. The losses were as follows: R.H. Angell, $8,000; Roanoke Carriage Company, $8,000; Dally Press, $3,000; Winfree & Camper, job printers, $2,000. A number of real estate brokers who had offices in the building lost their office furniture. It was thought the fire was caused by defective electric wiring on the lower floor. The Terry Building, the largest office building in Roanoke, adjoined the Angell Block and this was in great danger. Many of the window facings were burned out. The solid sheet-iron shutters on the Terry Building windows were open and it was said they had not been closed for years.[7][8]

On Tuesday, January 9, 1906, the stockholders made no change in the officers and elected two new directors: E.A. Thurman and J.A. Taylor. The board of directors was as follows: A.E. King, C.R. Caldwell, Jno. L. Vaughan, I.V. Johnson, J.R. Weaver, Roy B. Smith, C.W. Sanders, I.J. Meals, S.B. Pace, T.C. Berger, J.D. Johnston, Louis Catogni, R.H. Angell, E.A. Thurman, J.H. Bear, J.A. Taylor and J.S. Woodrum. The officers elected were A.E. King, president; R.H. Angell, vice president; E.B. Spencer, cashier; L. Davis, assistant cashier; Louis Becker, bookkeeper, Mark Jackson, assistant bookkeeper; and Miss Field, Stenographer.[9] On January 30th, 1906, the Peoples National Bank announced their purchase of stock of the National Exchange Bank leading to the consolidation of the two banks. A.E. King was president of the Peoples National and E.B. Spencer, cashier and they could be found at the National Exchange Bank.[10] The officers of the consolidated bank were as follows: J.B. Fishburn, president; E.W. Tinsley, cashier; N.W. Phelps, assistant cashier; T.T. Fishburne, vice president and chairman of the board; Edward L. Stone and L.H. Cocke, vice presidents; and E.B. Spencer, fourth vice president and auditor.[11]

On February 1, 1906, it was announced that the Roanoke Banking and Investment Company would consolidate with the Columbia Trust Company, which was run in connection with the Peoples National Bank. The new organization would be known as the Columbia Trust Company and would be located in the exchange building where the Roanoke Banking and Investment Company was located. The combined capital stock was $100,000 and a general banking, trust company, real estate and insurance business would be conducted. The officers of the Columbia Trust Company were:  L.H. Vaughn, president; James D. Johnston, vice president; Charles M. Armes, secretary and treasurer.  The directors were L.H. Vaughn, A.R. Neal, H.C. Elliott, John A. Taylor, James D. Johnston, R.H. Angell, T.J. Burk, R.M. Bibb, A.E. King, George W. Payne, George MacBain, W.G. Baldwin, C.M. Armes, W.H. Carter, C.A. Moomaw, and C.B. Moomaw.[12]

Official Bank Title

1: The Peoples National Bank of Roanoke, VA

Bank Note Types Issued

1902 Red Seal $10 bank note with pen signatures of E.B. Spencer, Cashier and A.B. King, President. Courtesy of Heritage Auctions, www.ha.com

A total of $131,850 in National Bank Notes was issued by this bank between 1903 and 1906. This consisted of a total of 10,548 notes (10,548 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
1902 Red Seal 3x10-20 1 - 2637

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1903 - 1906):

Presidents:

Cashiers:

Other Known Bank Note Signers

Bank Note History Links

Sources

  • Roanoke, 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 Roanoke Times, Roanoke, VA, Fri., Jan. 5, 1906.
  2. The World-News, Roanoke, VA, Tue., Mar. 31, 1903.
  3. The World-News, Roanoke, VA, Sat., May 30, 1903.
  4. The Roanoke Times, Roanoke, VA, Wed., June 3, 1903.
  5. The World-News, Roanoke, VA, Wed., Jan. 11, 1905.
  6. The World-News, Roanoke, VA, Wed., June 7, 1905.
  7. The Washington Post, Washington, DC, Mon., July 10, 1905.
  8. The World-News, Roanoke, VA, Mon., July 10, 1905.
  9. The World-News, Roanoke, VA, Wed., Jan. 10, 1906.
  10. The Roanoke Times, Roanoke, VA, Tue., Jan. 30, 1906.
  11. The World News, Roanoke, VA, Sat., Feb. 10, 1906.
  12. The World-News, Roanoke, VA, Thu., Feb. 1, 1906.