Virginia National Bank, Petersburg, VA (Charter 7709)
Virginia National Bank, Petersburg, VA (Chartered 1905 - Closed 1931)
Town History
Petersburg is an independent city in the Commonwealth of Virginia. As of the 2020 census, the population was 33,458. The Bureau of Economic Analysis combines Petersburg (along with the city of Colonial Heights) with Dinwiddie County for statistical purposes. The city is 21 miles south of Richmond, the state capital.
It is located at the fall line (the head of navigation of rivers on the U.S. East Coast) of the Appomattox River (a tributary of the longer larger James River which flows east to meet the southern mouth of the Chesapeake Bay at the Hampton Roads harbor and the Atlantic Ocean). In 1645, the Virginia House of Burgesses ordered Fort Henry built, which attracted both traders and settlers to the area. The Town of Petersburg, chartered by the Virginia legislature in 1784, incorporated three early settlements, and in 1850 the legislature elevated it to city status.
Petersburg grew as a transportation hub and also developed industry. It was the final destination on the Upper Appomattox Canal Navigation System, which opened in 1816, to a city mostly rebuilt after a devastating 1815 fire. When its Appomattox River port silted up, investors built an 8-mile railroad to City Point on the James River, which opened in 1838 (and was acquired by the city and renamed the Appomattox Railroad in 1847). In 1860, the city's industries and transportation combined to make it the state's second largest city (after Richmond). It connected commerce as far inland as Farmville, Virginia at the foothills of the Blue Ridge and the Appalachian Mountains chain, to shipping further east into the Chesapeake Bay and Atlantic Ocean. During the Civil War (1861–1865), because of this railroad network, Petersburg became critical to Union plans to capture the Confederate States capital established early in the war at Richmond. The 1864–65 Siege of Petersburg, which included the Battle of the Crater and nine months of trench warfare, devastated the city. Battlefield sites are partly preserved as Petersburg National Battlefield by the National Park Service.
Petersburg had six National Banks chartered during the Bank Note Era, and all six of those banks issued National Bank Notes.
Bank History
- Organized March 22, 1905
- Chartered April 25, 1905
- Opened for business May 1, 1905
- Closed September 30, 1931
- Consolidated with 3515 Sep 30, 1931 (National Bank/First NB & TC, Petersburg, VA)
- Circulation assumed by 3515 (National Bank/First NB & TC, Petersburg, VA)
In March 1905, the Virginia National Bank, Petersburg's new financial institution, was preparing for business. The stockholders of the Banking and Trust Company which would be merged into the larger bank started on the preliminary work. The new bank would have capital of $300,000, nearly all of which had been subscribed. The present building of the Petersburg Banking and Trust Company was to be enlarged and a new front installed.
On April 25, 1905, the comptroller of the currency authorized the bank to begin business with $300,000 in capital. August Wright was president; Joseph W. Seward, vice president; and Walter Sparklin, cashier. On June 27, a contract was announced for extensive improvements to the building. The award was to Messrs. Brister & Harrison, a well-known Petersburg firm. The Virginia National Bank and the Petersburg Banking and Trust Company occupied the same building. The remodeling would include a handsome new front, an entire change of the interior, and an additional story.
On Wednesday, January 10, 1906, the first annual meeting of the stockholders of the Virginia National Bank of Petersburg was held with 2,800 of the 3,000 shares of stock represented. The following board of directors were re-elected: C.C. Alley, E.J. Collins, Jacob Coleman, P. Fleetwood, J.A. Gill, H. Henneman, H.F. Munt, T.B. Maclin, W.E. Poole, Bartlett Roper, M.R. Saol, J.W. Seward, and A. Wright. Augustus Wright was re-elected president; J.W. Seward, vice president; and Walter Sparklin, cashier. The bank was organized eight months earlier with a paid up capital of $300,000 and a surplus of $30,000. Since then it had erected a handsome bank building. After running six months the bank declared a semi-annual dividend of 3%, leaving a surplus of $35,000 and undivided profits of $2,000.
On Wednesday, January 13, 1909, the annual meeting of the stockholder of the Virginia National Bank of Petersburg was held in their banking rooms. The stockholders by unanimous vote authorized an increase of the capital stock of the bank from $300,000 to $500,000 and elected the following board of directors: E.J. Collins, Jacob Coleman of Richmond; P. Fleetwood of Waverly; H. Heinemann, Charles Lunsford, H.F. Munt, Thomas B. Maclin, Wm. E. Poole, Bartlett Roper, Sr., Jos. W. Seward, Augustus Wright, Wm. W. Warren, J.E. Young, and Simon Seward. At a subsequent meeting of the board of directors, the following officers were elected: President Augustus Wright, Vice President Simon Seward, Cashier John W. Long. The clerical force was re-elected without change as follows: Teller, R.G. Spratley; general bookkeeper, J.C. Pettit; individual bookkeepers, Wilkes Madison and J.W. McCaleb; mall clerk, L.H. Eanes; discount clerk, Miss Carrie Evans; runner, Selwyn Hoag.
On April 15, 1909, Augustus Wright, one of Petersburg’s most prominent businessmen and wealthiest citizens died at his home on South Sycamore Street after a few days' illness from pneumonia. He was president of the Virginia National Bank, president of the Augustus Wright Shoe Manufactory, vice president of the Virginia Passenger and Power Company, and director in many other corporations. Mr. Wright was a native of Germany and was 68 years of age He came to Petersburg when a young man and worked at his trade, that of a shoemaker. After working at the bench for several years, he accumulated money enough to open a shoe store. Success crowned his every effort and at the time of his death he was easily the city’s leading businessman and one of its beloved citizens.
Bartlett Roper, Sr. was elected president to succeed Mr. Wright and G. Cleveland was elected a member of the board of directors and also vice president, William E. Poole was elected second vice president.
On Wednesday, January 12, 1910, Bartlett Roper was elected president, G.C. Wright and W.E. Poole, vice presidents, and J.W. Long, cashier. The old board of directors was re-elected.
On August 15, 1931, the merger of the National Bank of Petersburg and the Virginia National Bank into the First National Bank and Trust Company of Petersburg was announced, following adoption of resolutions by directors of both banks with tentative approval of the comptroller of the currency and the Federal Reserve Bank of Richmond. The merger required approval by the stockholders and a meeting was set for September 17. The merger would result in one of the strongest institutions ever to serve this section of the state, with total resources of more than $7,000,000. Charles E. Plummer, president of the National Bank, was expected to head the new institution. The consolidation had been expected for some time.
On October 1, 1931, the First National Bank and Trust Company of Petersburg, formed through the merger of the National Bank of Petersburg and the Virginia National Bank, officially began operations in the bank building of the former institution. Officers of the consolidated bank also were announced as follows: Charles E. Plummer, formerly president of the National Bank, president; Benjamin T, Kinsey, first vice president; W.D. Franklin, second vice president and cashier; William E. Poole, third vice president; H.W. Wells, assistant cashier; E.H. Beasley, assistant cashier; W. Hal Payne, trust officer. Directors were: W.H. Willcox, Thomas Whyte, J.G. Bohannan, J. Westmore Brown, Mark E. Holt, H.E. Wright, W.B. Beach, W.M. Rucker, B.F. Keeler, W.W. Presson, Paul Roper, W.E. Poole, W.E. Sherman, T.B. Maclin, C.E. Plummer, L.A. Rosenstock, V.W. Stewart, and S.H. Short. Money and other holdings of the Virginia National Bank were transferred to the other building under a heavy police guard and the new bank had an extremely busy opening day. The new bank began business with capital, surplus and undivided profits of $1,000,000 and total resources of over $7,600,000. Consolidation of the National Bank of Petersburg, which was organized in 1866, and the Virginia National Bank, organized in 1905, was approved by stockholders of both banks on September 17.
Official Bank Title(s)
1: The Virginia National Bank of Petersburg, VA
Bank Note Types Issued
A total of $15,078,580 in National Bank Notes was issued by this bank between 1905 and 1931. This consisted of a total of 1,439,994 notes (1,209,504 large size and 230,490 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 50-100 1 - 3652 1902 Date Back 4x5 1 - 33000 1902 Date Back 3x10-20 1 - 8800 1902 Date Back 50-100 1 - 2700 1902 Date Back 3x50-100 1 - 1900 1902 Plain Back 4x5 33001 - 108500 1902 Plain Back 3x10-20 8801 - 188800 1929 Type 1 6x5 1 - 14504 1929 Type 1 6x10 1 - 21061 1929 Type 1 6x20 1 - 2850
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1905 - 1931):
Presidents:
Cashiers:
- Walter Sparklin, 1905-1907
- John W. Long, 1908-1918
- Robert Gordon Spratley, 1919-1923
- Benjamin Thomas Kinsey, 1924-1930
Other Bank Note Signers
- There are currently no known Vice President or Assistant Cashier bank note signers for this bank.
Wiki Links
- Virginia Bank Note History
- General information on Petersburg (Wikipedia)
- General information on Petersburg County (Wikipedia)
- General information on Virginia (Wikipedia)
Sources
- Petersburg, VA, Wikipedia, https://en.wikipedia.org/wiki/Petersburg,_Virginia
- 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, Wed., Mar. 22, 1905.
- Richmond Times-Dispatch, Richmond, VA, Thu., Apr. 27, 1905.
- Richmond Times-Dispatch, Richmond, VA, Tue., June 27, 1905.
- Virginian-Pilot, Norfolk, VA, Wed., Jan. 10, 1906.
- Richmond Times-Dispatch, Richmond, VA, Sun., May 13, 1906.
- Richmond Times-Dispatch, Richmond, VA, Wed., Jan. 13, 1909.
- Virginian-Pilot, Norfolk, VA, Fri., Apr. 16, 1909.
- Richmond Times-Dispatch, Richmond, VA, Thu., Apr. 22, 1909.
- The Baltimore Sun, Baltimore, MD, Thu., Jan. 13, 1910.
- The Bristol Herald Courier, Bristol, TN, Sun., Aug. 16, 1931.
- Richmond Times-Dispatch, Richmond, VA, Fri., Oct. 2, 1931.