Planters National Bank, Fredericksburg, VA (Charter 10325)

The old Planters National Bank located on the corner of Princess Anne and Commerce [now William] Streets, ca2023. Courtesy of Google Maps

Planters National Bank, Fredericksburg, VA (Chartered 1913 - Liquidated 1932)

Town History

Fredericksburg is an independent city in Virginia. As of the 2020 census, the population was 27,982. It is 48 miles south of Washington, D.C., and 53 miles north of Richmond. In 1900 the population was 5,068, growing to 6,819 by 1930.

Located near where the Rappahannock River crosses the Atlantic Seaboard fall line, Fredericksburg was a prominent port in Virginia during the colonial era. During the Civil War, Fredericksburg, located halfway between the capitals of the opposing forces, was the site of the Battle of Fredericksburg and Second Battle of Fredericksburg. These battles are preserved, in part, as the Fredericksburg and Spotsylvania National Military Park. More than 10,000 African-Americans in the region left slavery for freedom in 1862 alone, getting behind Union lines. Tourism is a major part of the economy. Approximately 1.5 million people visit the Fredericksburg area annually, including the battlefield park, the downtown visitor center, events, museums, art shops, galleries, and many historical sites.

The city has close associations with George Washington, whose family in 1738 moved to Ferry Farm in Stafford County near the Rappahannock River opposite Fredericksburg. Washington's mother, Mary, later moved to the city, and his sister Betty lived at Kenmore, a plantation house then outside the city.

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

Bank History

Organized February 4, 1913
Chartered February 5, 1913
Liquidated April 23, 1932
Succeeded by 13603 (Planters National Bank in Fredericksburg, VA)
Receivership May 3, 1934

On February 7, 1913, The Planters National Bank of Fredericksburg opened its doors with capital of $75,000 and $15,000 surplus. The officers were Captain M.B. Rowe, president; Captain R. Conroy Vance and Allen Smith, vice presidents; W.J. Ford, cashier; Paul Karsten, Jr. and H.B. Lane, assistant cashiers. The directors were Frank C. Baldwin, Alexander, Berger, W.J. Ford, Captain M.B. Rowe, Henry Warden, Captain R.C. Vance. Two other directors were yet to be named.

Captain R.C. Vance whose untimely death in the Knickerbocker Theatre collapse, shocked the entire community.  The evening of Jan. 28, 1922, the roof of the Knickerbocker Theater fell in upon the audience due to the heavy load of snow that had fallen. Capt. and Mrs. Clarissa Vance had orchestra seats under the balcony to see the silent film "Get Rich Quick Wallingford." The cave-in of the roof sent the balcony crashing to the lower floor. Capt. Vance was an Irishman by birth, an ex-officer of the British Army and had seen active service in the Boer War.  He was 49 and had been in the United States about 18 years. Mrs. Vance was a New England lady. Capt. Vance purchased an estate near Fredericksburg with an old Southern mansion which he put into repair as their residence, naming it Mannsfield Hall after an older house then in ruin. Capt. Vance took up the breeding of Jersey cattle, becoming a member of the American Jersey Cattle Club in July 1909.  Captain Vance started a successful creamery in Fredericksburg and the Planters National Bank.

The Vance's estate would become the Mansfield Hall Country Club and later the Fredericksburg Country Club.

On Tuesday, January 9, 1923, the stockholders re-elected the following directors: Frank C. Baldwin, A.L. Brulle, J.B.A. Dratt, W.J. Ford, Geo. Freeman, Jr., Dr. J.W. Massey, Capt. M.B. Rowe, Alvin T. Rowe, Allen Smith. The directors organized by re-electing the following officers: Capt. M.B. Rowe, president; J. Conway Cichester and Allen Smith, vice presidents; W.J. Ford, cashier; Paul Karsten, Jr. and H.B. Lane, assistant cashiers.

In October 1926, the Planters National Bank was constructing a new banking house at the corner of Princess Anne and Commerce Streets. Completion was expected around January 1st at a total cost of about $80,000. Mr. Herfurth, Jr., Inc. of Alexandria was the contractor and Philip N. Stern of Fredericksburg and F.C. Baldwin of Washington were the architects.

In December 1926, a stone carver named John Brinzanik was hewing designs and ornamental pieces out of solid stone for final placement on the new Planters National Bank building. Mr. Brinzanik, a native of Hungary and a new resident of Washington, was using pneumatic tools instead of the old method of a hammer and chisel. The artisan, following designs furnished by the architects, first would draw an outline of his work on the sawed stone and then gradually drill it out. The contractors encountered serious delays due to failure to receive masonry material, stone for the cornices, steel for the roof, trimmings and the cast iron framings for the large windows.

On Tuesday, January 11, 1927, the stockholders met and elected the following directors: W.J. Ford, J. Conway Chichester, A.L. Brulle, B.A. Dratt, M.H. Dickinson, F.C. Baldwin, Alvin T. Rowe, Dr. J.W. Massey, Price L. Shannon, Allan Smith, W.K. Goolrick. With the exception of Mr. Goolrick who was elected to fill the vacancy caused by the death of the late O.P. Wright, all the above served on the board last year. The officers chosen by the directors following the stockholders' meeting were W.J. Ford, president and chairman of the board; J. Conway Chichester and Allen Smith, vice presidents; Paul Karsten, Jr., cashier; H.B. Lane, assistant cashier.

On Tuesday, September 6, 1927, The Planters National Bank opened for business in its handsome new home. The bank moved equipment, furnishings, securities, money and books on Monday during the Labor Day holiday. The banking quarters were formally opened on Saturday during which a large number of visitors inspected the new bank.

On Tuesday, January 12, 1932, stockholders elected the following directors: J.C. Chichester, Dr. F.H. Reichel, Dr. J.W. Massey, M.H. Dickinson, B.A. Dratt, A.L. Brulle, Claude Parcell, Alvin T. Rowe, P.L. Shannon and Wm. K. Goolrick. The following officers were re-elected for the coming year: Wm. K. Goolrick, president; J. Conway Chichester and Dr. F.H. Reichel, vice presidents; Paul Karsten, Jr., cashier; Carl T. Hill and Alvin W. Biscoe, assistant cashiers. On February 2, the bank expanded its board of directors from ten to eleven with the election of John F. Gouldman, Jr. as a director. Mr. Gouldman was cashier of the Farmers & Merchants State Bank and a stockholder in the Planters National for some time.

Effective Tuesday, March 8, 1932, the Planters National Bank’s reorganization would be effected. After the recent election of Jno. F. Gouldman, Jr., as a director of the Planters National Bank upon the request of the directors, Mr. Gouldman made a thorough examination of the assets of the bank. This examination showed that there was considerable depreciation in the securities owned by the bank and considering the large amount of money invested in the bank building it was deemed advisable by the directors that a new bank be organized to take over the deposits in the old bank. A new bank was organized and application for charter had been approved by the United States Treasury Department This new bank will be known as the Planters National Bank in Fredericksburg. There would be 1,000 shares of stock of the par value of $100 per share. This stock has been subscribed and paid for at $120 per share, giving the new bank a paid in capital of $100,000 and a surplus of $20,000. The deposits of the old bank would be turned over to the new bank and all deposit liability of the old bank would be assumed by the new bank. The new bank occupied the present bank building and the new bank proposed buying the bank building for $50,000.

In February 1938, J.F.T. O'Connor, comptroller of the currency, announced the completion of the liquidation of 21 receiverships during the month of January. Depositors and creditors of record of the Planters National Bank of Fredericksburg, Virginia, were paid in full by assumption of liabilities by another bank. A receiver was appointed May 3, 1934 for the purpose of collecting a stock assessment covering deficiency in value of assets sold and completing unfinished liquidations. Total disbursements under this receivership including offsets allowed aggregated $228,108 representing 100% of total liabilities. Assets and stockhoders' unpaid assessments with book values of $78,455 and $25,800, respectively, and cash in the sum of $37,816 were transferred to an agent elected by the shareholders.

Official Bank Title(s)

1: The Planters National Bank of Fredericksburg, VA

Bank Note Types Issued

1902 Plain Back $5 bank note with stamped signatures of Paul Karsten, Jr., Cashier and W.J. Ford, President. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $20 bank note with printed signatures of Paul Karsten, Jr., Cashier and Wm. K. Goodrick, President. The Government Printing Office (GPO) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

1929 Type 1 $5 bank note with printed signatures of Paul Karsten, Jr., Cashier and Wm. K. Goodrick, President. Barnhart Brothers & Spindler (BBS) prepared the overprinting plate used to produce this note. Courtesy of Heritage Auctions, www.ha.com

A total of $1,214,290 in National Bank Notes was issued by this bank between 1913 and 1932. This consisted of a total of 152,576 notes (128,348 large size and 24,228 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1902 Date Back	4x5	1 - 3650
1902 Date Back	3x10-20	1 - 2740
1902 Plain Back	4x5	3651 - 19225
1902 Plain Back	3x10-20	2741 - 12862
1929 Type 1	6x5	1 - 2469
1929 Type 1	6x10	1 - 1261
1929 Type 1	6x20	1 - 308

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1913 - 1932):

Presidents:

Cashiers:

Other Bank Note Signers

There are currently no known Vice President or Assistant Cashier bank note signers for this bank.

Wiki Links

Sources

Fredericksburg, 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
Richmond Times-Dispatch, Richmond, VA, Thu., Jan. 9, 1913
Richmond Times-Dispatch, Richmond, VA, Sat., Feb. 8, 1913.
The Free Lance-Star, Fredericksburg, VA, Feb. 16, 1922.
The Free Lance-Star, Fredericksburg, VA, Tue., May 9, 1922.
The Daily Star, Fredericksburg, VA, Tue., Jan. 9, 1923.
The Free Lance-Star, Fredericksburg, VA, Fri., Oct. 8, 1926.
The Free Lance-Star, Fredericksburg, VA, Wed., Dec. 1, 1926.
The Free Lance-Star, Fredericksburg, VA, Tue., Jan. 11, 1927.
The Free Lance-Star, Fredericksburg, VA, Tue., Sep. 6, 1927.
The Free Lance-Star, Fredericksburg, VA, Tue., Jan. 12, 1932.
The Free Lance-Star, Fredericksburg, VA, Tue., Feb. 2, 1932.
The Free Lance-Star, Fredericksburg, VA, Fri., Mar. 4, 1932.
Richmond Times-Dispatch, Richmond, VA, Wed., Feb. 9, 1938.