Peoples National Bank, Winston, NC (Charter 4292)

Postcard postmarked 1910 with a view of the Peoples National Bank Block, Winston, North Carolina. First building on left was the old First National Bank Building prior to its merger with the Peoples National Bank. It was located on the corner of Liberty and Third Streets. Courtesy of Heritage Auctions, www.ha.com

Peoples National Bank, Winston, NC (Chartered 1890 - Receivership 1931)

Town History

Needed: a recent photo of the bank or another postcard.

Salem

The origin of the town of Salem dates to 1753, when Bishop August Gottlieb Spangenberg, on behalf of the Moravian Church, selected a settlement site in the three forks of Muddy Creek. He called this area "die Wachau" (Latin form Wachovia) after the ancestral estate of Count Nicolaus Ludwig von Zinzendorf. The land, just short of 99,000 acres, was subsequently purchased from John Carteret, 2nd Earl Granville. The town established on the chosen site was given the name of Salem (from "Shalom", Hebrew meaning "Peace", after the Canaanite city mentioned in the Book of Genesis) chosen for it by the Moravians' late patron Count Zinzendorf. On January 6, 1766, the first tree was felled for the building of Salem. Salem was a typical Moravian settlement congregation, with the public buildings of the congregation grouped around a central square (today Salem Square). These included the church, a Brethren's House, and a Sisters' House for the unmarried members of the congregation, which owned all the property in town. For many years, only members of the Moravian Church were permitted to live in the settlement. This practice had ended by the Civil War. Many of the original buildings in the settlement have been restored or rebuilt and are now part of Old Salem Museums & Gardens. Salem was incorporated as a town in December 1856.

Winston

In 1849, the Salem Congregation sold land north of Salem to the newly formed Forsyth County for a county seat. The new town was called "the county town" or Salem until 1851, when it was renamed Winston for a local hero of the Revolutionary War, Joseph Winston. For its first two decades, Winston was a sleepy community. In 1868, work began by Salem and Winston business leaders to connect the town to the North Carolina Railroad. By the 1880s, there were many different tobacco factories in the town, with notable factories owned by Pleasant Hanes and R.J. Reynolds. Pleasant Hanes would later go on to found Hanes (formerly called Shamrock Knitting Mills) in 1900. Reynolds Co.'s success during this period can also be measured by the concurrent success of many Winston companies that received large amounts of business from Reynolds: Wachovia National Bank became one of the largest banks in the Southeast, and the company's law firm Womble Carlyle Sandridge & Rice became the largest law firm in North Carolina. The Wachovia National Bank was co-founded by James Alexander Gray and William Lemly and received its charter on June 3, 1879.

Winston-Salem

Robert Gray, as a featured speaker at the 1876 centennial celebration, was the first to mention the two towns as one. In the 1880s, the US Post Office began referring to the two towns together as Winston-Salem. In 1899, after nearly a decade of contention, the United States Post Office Department established the Winston-Salem post office in Winston, with the former Salem office serving as a branch. After a referendum the towns were officially incorporated as "Winston-Salem" in 1913.

The Reynolds family, namesake of the R.J. Reynolds Tobacco Company, played a large role in the history and public life of Winston-Salem. By the 1940s, 60% of Winston-Salem workers worked either for Reynolds or in the Hanes textile factories. The Reynolds company imported so much French cigarette paper and Turkish tobacco for Camel cigarettes that Winston-Salem was designated by the United States federal government as an official port of entry for the United States, despite the city being 200 miles inland. Winston-Salem was the eighth-largest port of entry in the United States by 1916.

Winston had four National Banks chartered during the Bank Note Era, and all four of those banks issued National Bank Notes. Salem had one National Bank chartered during the Bank Note Era and it issued National Bank Notes. Winston-Salem had two national banks chartered during the Bank Note Era, and one issued National Bank Notes.

Bank History

• Organized March 24, 1890
• Chartered April 28, 1890
• Assumed 2319 by consolidation February 15, 1897 (First National Bank, Winston, NC)
• Receivership June 29, 1931

On Saturyday night, January 4, 1890, the stockholders of the proposed new bank met in the rooms of the Chamber of Commerce and elected a board of directors. Among the 16 directors were J.C. Buxton, Frank Miller, F.M. Roberts, Geo. W. Binshaw, J.L. Patterson and W.A. Blair. There had been $100,000 worth of stock subscribed and it was decided to increase the stock to $150,000. The name chosen for the new bank was the People's National Bank.

On April 28, 1890, the comptroller of the currency authorized the Peoples National Bank of Winston, North Carolina, to begin business with capital of $100,000. The bank planned to open its office for business on or before Tuesday, June 3rd, with W.A. Blair, president; G.W. Hinshaw, vice president; F.E. Patterson, cashier; and T.A. Wilson, teller. The directors were Thomas B. Bailey, Moses Baldwin, William A. Blair, Charles Buford, Romulus L. Cox, R.R. Crawford, W.J. Ellis, G.W. Hinshaw, A.E. Holton, Joseph Jacobs, G.W. Maslin, Frank Miller, J.B. Moseley, J.L Patterson, G.F. Shepherd, and Thos. J. Wilson.

In February 1897, the Peoples National Bank and the First National Bank of Winston were consolidated with the former institution purchasing the building of the latter and moving into it on the 15th.

In January 1907, the stockholders re-elected the former officers. The directors were J.W. Fries, Clement Manly, R.W. Gorrell, J.B. Vaughn, H.D. Poindexter, and W.A. Blair. The officers re-elected were John W. Fries, president; W.A. Blair, vice president and cashier. It was decided to increase the bank's capital from $200,000 to $300,000 at once and to pay an extra dividend of about 5%.

On Tuesday, January 11, 1916, the 26th annual meeting of the stockholders was held and the following directors were unanimously elected for the ensuing year: John W. fries, R.W. Gorrell, G.C. Hine, W.A. Blair, Geo. W. Flynt, P.A. Thompson, O.W. Hanner, M.S. Lewis. Mr. John W. Fries was re-elected president and Wm. A. Blair, vice president. Mr. M.S. Lewis of South Carolina was elected cashier, Col. Blair acting as vice president and cashier since the death of Mr. T.A. Wilson a few years ago.

In January 1917, M.S. Lewis resigned as cashier. At the meeting of the directors, J.W. Fries was re-elected president, W.A. Blair, vice president and N. Mitchell, cashier. The new cashier had been with the institution for several years, rendering faithful and efficient service. Mr. Jasper Dean, another loyal member of the bank force for many years was given a deserved promotion.

On June 25, 1931, the Peoples National Bank with deposits of $1,164,670.61 as of the last statement failed to open. A notice, signed by C.W. Vreeland, president, said "To protect the interests of all depositors, the board of directors at a meeting held this morning ordered the bank closed." The bank was under the direction of the comptroller of the currency with Thomas F. Kane, national bank examiner, in charge. The officers of the bank in addition to Mr. Vreeland were Col. W.A. Blair, chairman of the board; Taylor Simpson, vice president and cashier; L.F. Vincent, assistant cashier. The directors were Mr. Vreeland, Colonel Blair, C.C. Taylor, Taylor Simpson, H.W. Spaugh, Fred F. Bahnson, all of Winston-Salem; George W. Steele, Arthur P. Smith, and Francis L. Still, of New York. Around August 12, the receiver, W.H. Spradlin, began accepting claims from depositors.

Official Bank Title(s)

1: The Peoples National Bank of Winston, NC

Bank Note Types Issued

1882 Brown Back $10 bank note with printed signatures of William A. Blair, Cashier and John W. Fries, President. Courtesy of Heritage Auctions, www.ha.com

1902 Date Back $10 bank note with printed signatures of William A. Blair, Cashier and John W. Fries, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $20 bank note with printed signatures of Taylor M. Simpson, Cashier and William A. Blair, President. Courtesy of Heritage Auctions, www.ha.com

A total of $3,692,870 in National Bank Notes was issued by this bank between 1890 and 1931. This consisted of a total of 295,684 notes (275,716 large size and 19,968 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	3x10-20	1 - 11620
1882 Date Back	3x10-20	1 - 5883
1902 Date Back	3x10-20	1 - 24100
1902 Plain Back	3x10-20	24101 - 51426
1929 Type 1	6x10	1 - 2549
1929 Type 1	6x20	1 - 779

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1890 - 1931):

Presidents:

• William Allen Blair, 1890-1895
• John William Fries, 1896-1926
• William Allen Blair, 1927-1929
• C. W. Vreeland, 1930-1930

Cashiers:

• Francis Engle "Frank" Patterson, 1890-1890
• Thomas Andrew Wilson, 1891-1904
• William Allen Blair, 1905-1915
• M. S. Lewis, 1916-1916
• Nicholas Mitchell, 1917-1921
• Jasper Milton Dean, 1922-1926
• Taylor Moten Simpson, 1927-1930

Other Bank Note Signers

• Wm. A. Blair signed notes as Vice President.
• There are currently no known Assistant Cashier bank note signers for this bank.

Wiki Links

• North Carolina Bank Note History
• General information on Winston (Wikipedia)
• General information on Forsyth County (Wikipedia)
• General information on North Carolina (Wikipedia)

Sources

• Winston, 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