Planters National Bank, Fredericksburg, VA (Charter 13603)

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 1932 - Open past 1935)

Town History

Needed: a vintage photo of the bank

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 March 2, 1932
Chartered March 7, 1932
Succeeded 10325 (Planters National Bank, Fredericksburg, VA)
Bank was Open past 1935

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 which will give 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 will occupy the present bank building and the new bank proposed buying the bank building for $50,000.

On Tuesday, January 12, 1937, all directors and officers were re-elected. The officers were William K. Goolrick, president; J.C. Chichester and Dr. J.M. Massey, vice presidents; Paul Karsten, Jr., cashier; Carl T. Hill, assistant cashier; Miss Flossie Bailey and Mrs. Clarence Chewing, bookkeepers. The directorate consisted of Dr. F.H. Reichel, chairman, Dr. Massey, Mr. Goolrick, Mr. Chichester, Mr. P.L. Shannon, Mr. Claude Parcell, and Mr. Karsten.

In October 1938, the Farmers and Merchants State Bank became the largest state bank located outside of Richmond when it acquired all the assets and business of the Planters National Bank. The Farmers and Merchants was incorporated on August 27, 1938 and Jno. F. Gouldman, Jr., was president; Paul Karsten, Jr. and D.G. Gouldman, vice presidents; Grover C. Gouldman, cashier; and A.W. Biscoe, Carl T. Hill, and J. Garnett Gouldman, assistant cashiers. The bank had total resources of $5,683,088.85.

Official Bank Title(s)

1: The Planters National Bank in Fredericksburg, VA

Bank Note Types Issued

1929 Type 1 $20 bank note with SN 1 and printed signatures of Paul Karsten, Jr., Cashier and Wm. K. Goolrick, President. Courtesy of Lyn Knight Auctions, www.lynknight.com

A total of $242,380 in National Bank Notes was issued by this bank between 1932 and 1935. This consisted of a total of 30,526 notes (No large size and 30,526 small size notes).

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

Series/Type	Sheet/Denoms	Serial#s	Sheet Comments
1929 Type 1	6x5	1 - 1176
1929 Type 1	6x10	1 - 614
1929 Type 1	6x20	1 - 222
1929 Type 2	5	1 - 11268
1929 Type 2	10	1 - 5644
1929 Type 2	20	1 - 1542

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1932 - 1935):

Presidents:

William Kinloch Goolrick, 1932-1935

Cashiers:

Paul Karsten, Jr., 1932-1935

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
The Free Lance-Star, Fredericksburg, VA, Fri., Mar. 4, 1932.
The Free Lance-Star, Fredericksburg, VA, Tue., Jan. 12, 1937.
The Free Lance-Star, Fredericksburg, VA, Tue., Aug. 30, 1938
The Free Lance-Star, Fredericksburg, VA, Mon., Oct. 3, 1938.