Wayne National Bank, Goldsboro, NC (Charter 10614)
Wayne National Bank, Goldsboro, NC (Chartered 1914 - Receivership 1932)
Town History
Goldsboro, originally Goldsborough, is a city and the county seat of Wayne County, North Carolina. The population was 36,437 at the 2010 Census. It is the principal city of and is included in the Goldsboro, North Carolina Metropolitan Statistical Area. The nearby town of Waynesboro was founded in 1787, and Goldsboro was incorporated in 1847. The city is situated in North Carolina's Coastal Plain and is bordered on the south by the Neuse River and the west by the Little River, approximately 40 miles southwest of Greenville, 50 miles southeast of Raleigh, the state capital, and 75 miles north of Wilmington in Southeastern North Carolina. Seymour Johnson Air Force Base is located in Goldsboro.
In 1961, two 3.8 megaton hydrogen bombs were dropped accidentally on the village of Faro, 12 miles north of Goldsboro, after a B-52 aircraft broke up in mid air. The two Mark 39 weapons were released after the crew abandoned a B-52 bomber which had suffered mid-flight structural failure. Both bombs went through several steps in the arming sequence, but neither detonated. One bomb was recovered. Although much of the second bomb was also recovered, a missing piece containing uranium was believed to have sunk deep into the swampy earth and could not be recovered. The piece remains in land that the Air Force eventually purchased in order to prevent any land use or digging.
Goldsboro had two National Banks chartered during the Bank Note Era, The Wayne National Bank (Charter 10614) and the National Bank of Goldsboro (Charter 5048). Both banks issued National Bank Notes.
Bank History
- Organized September 11, 1914
- Chartered September 14, 1914
- Conversion of The Bank of Wayne, Goldsboro, NC
- Absorbed The People's Bank and Trust Company, Goldsboro, NC in May 1927
- Receivership February 17, 1932
Bank of Wayne, Goldsboro, North Carolina
The General Assembly in March 1885 passed Act 110 to incorporate the Bank of Wayne at Goldsboro. When the Bank was chartered it absorbed in its organization the branch house of the old Bank of New Hanover at Wilmington, which had been Goldsboro's only bank.
The Tar Heel of the University of North Carolina reported on two alumni, W.E. Borden, class of '89, promoted to teller of the Bank of Wayne and E.B. Borden, Jr., also class of '89, as secretary and treasurer of Wayne Agricultural Works of Goldsboro.
Cashier Robert P. Howell of Goldsboro was thrown from his buggy and seriously hurt, breaking his arm, while returning from a fox hunt. In January 10, Captain Howell, who recently resigned as cashier, made an assignment in Atlanta, turning over his property to his creditors. His liabilities were estimated at $45,000. He was one of the foremost citizens of Goldsboro. The assignment was unexpected and caused a sensation. The bank's statement for January 31, 1894 showed resources of $473,620.75, capital of $125,000, Surplus of $26,618.67, and undivided profits of $14,613.60.
In December 1899, the officers were E.B. Borden, president; W.E. Borden, cashier; and C.N. Edgerton, assistant cashier. The directors were E.B. Borden, Henry Lee, J.B. Edgerton, W.H. Borden, Henry Weil, J.A. Westbrook, F.K. Borden, and Charles Dewey. The bank had capital of $125,000 and surplus of $40,000.
The statement published April 26, 1900, listed resources of $441,149.09 with capital of $125,000, surplus $40,000, and undivided profits of $15,679.01. The cashier was W.E. Border, with the correctness attested to by directors Henry Lee, Henry Weil, and F.K Borden.
The Wayne National Bank of Goldsboro
The statement published June 30, 1914, listed resources of $1,120,683.59 with capital of $325,000, surplus $50,000, and undivided profits of $77,743.68. The cashier was W.E. Border, with the correctness attested to by directors F.K Borden, J.M. Wood, and C. Dewey. The notary was W.E. Stroud.
On September 14, 1914, John Skelton Williams, Comptroller of the Currency, authorized The Wayne National Bank of Goldsboro to commence the business of banking. The was a conversion of the Bank of Wayne, Goldsboro, North Carolina.
On August 2, 1916, Greene County's First National Bank began business at Snow Hill with a capitalization of $25,000. The officers were President Josiah C. Exum; vice president J. Paul Frizelle; cashier C.M. Mendenhall, former cashier of the Bank of Hookerton. Each officer was a director. Other directors were: A.F. Moye, W.W. Ormond, J.M. Gregory, and W.E. Stroud. Mr. Stroud was cashier of the Wayne National Bank of Goldsboro and aided in getting the new bank started in Snow Hill.
In March 1917, The Wayne National Bank had Capital and surplus of $400,000. The officers were E.B. Borden, president; F.K. Borden, vice president; W.E. Borden, cashier; W.E. Stroud, assistant cashier; and R.H. Stevens, auditor.
In June 1923, construction of a new, 10-story bank building was underway with a frontage of 42 feet on Walnut Street, running back 105 feet on James Street. The ground floor, basement and mezzanine floor were for the bank whose growing business made new and larger quarters necessary. On the eight other office floors, 127 well lighted offices were planned with two high-speed elevators. Special study was given to the construction of the vault which was reported to be the most modern in the state, protected by the best electrical burglar alarm system. To carry out the work, the bank retained the services of the well-known bank building specialist, Alfred C. Bossom of New York who designed a great number of other banks throughout the country, including the Virginia Trust Company and First National Bank of Richmond and the Charlotte National Bank. The general contractors were J.W. Stout and Co., of Sanford, North Carolina. The building opened for business on June 14, 1924. Much discussion among members of the North Carolina Hankers' Association revolved around the bank's new counting room. This room was 30 feet in height, 45 feet in width, and extended nearly the entire length of the building, 110 feet. The celling of the counting room closely resembled the famous coffered one of the School of St. Mark in Venice. It therefore suggests that great city of Italy which for centuries was a financial and commercial center, for to its wharves came the products of the surrounding country and the world. The thriving city of Goldsboro also is a central point for the distribution of the products of the vast surrounding territory. The emblem of that great municipality known as the Queen of the Adriatic, the Lion of St. Mark, was also a symbol of financial strength and power. Its use as a motif for the celling decoration of the Wayne National Bank was therefore appropriate.
On May 17, 1927, The Wayne National Bank announced that all unassigned funds on deposit in the People's bank and Trust Company would be available for payment at the Wayne National Bank. The People's Bank and Trust Company closed it's doors in January and the Wayne National had taken over its affairs.
On Tuesday, January 13, 1931, all officers and directors were re-elected by the stockholders. Officers re-elected were F.K. Borden, president; W.E. Stroud, vice president and cashier; Edward Y. Cox, trust officer; and R.H. Stevens and W. Borden Cobb, assistant cashiers. Directors re-elected were: F.K. Borden F.K. Borden, Jr., E.B. Borden III, Dr. W.H. Cobb, F.B. Daniels, A.H. Edgeton, Nathan O'Berry, George K. Freeman, Graves J. Smith, Leslie Weil, and W.E. Stroud. Stroud was also president of the North Carolina Bankers' Association.
On December 27, 1931, the board of directors of the Wayne National Bank decided not to open the bank the following morning. "Owing to continued and heavy withdrawals based on rumors we decided to close" said W.E. Stroud, cashier of the bank. Mr. Stroud declined to give any detailed statement on the affairs of the Wayne National saying that one of the troubles with banks now was that the newspapers had played up bank troubles too much. Mr Stroud said the bank board had been in touch with the comptroller of the currency in Washington and that a national bank examiner would arrive in Goldsboro in a day. The closing of the Wayne National, one of the oldest and best known institutions in the State, left only one commercial bank in Goldsboro, the Branch Banking and Trust Company. The other bank was the Hood Industrial Bank.
On March 3rd, Around 1,800 depositors of the closed Wayne National Bank unanimously voted to adopt a creditors' agreement offered at a called meeting at the Wayne court house. The plan was presented by George K. Freeman, attorney for the bank with Judge D.H. Bland presiding. Trustees for the organization and formation of a new bank were: F.K. Borden, W.L. Rawlings, Herman Weil, D.H. Bland, H.G. Maxwell, George S. Daniels, John R. Crawford, and Lonnie B. Smith. In addition, three are to be named by the depositors to supervise the work of the trustees and to represent the depositors to see that their interest was pressed before that of the trustees.
In April 1932, W.E. Stroud, the vice president and cashier of the Wayne National Bank when it closed in February announced today that he had accepted a position with the office of the Reconstruction Finance Corporation in Washington and would leave Sunday night to enter upon his duties Mr. Stroud had been working with the reorganization committee handling plans for a depositors' agreement under which a new bank would be formed in Goldsboro, but his place in this capacity has been filled and his going to Washington was not expected to delay the work of the committee.
On December 1, 1932, the new Bank of Wayne opened for business in Goldsboro and the receiver for the Wayne National Bank which closed the previous December paid a 40% dividend. Gurney P. Hood, state bank commissioner and a native of Wayne County formally opened the bank at 9 AM and saw a first deposit of $83,000 made by the Wayne Holding Corporation. A score of people were on hand as the doors opened and crowds increased during the day.
Frank B. Daniels, president of the new bank, and Herman Weil, vice president, were chosen from the five men selected as board of directors for the bank. The other three men on the board were F.K. Borden, D.C. Humphrey, and H.G. Maxwell. J.C. Jones, assistant to Receiver Frank F. Fagan, was in charge of handing out the dividend checks. This work went slowly as there were identifications to be made and forms to be signed. The dividends were made available from funds acquired by the receiver in the ordinary process of liquidation and through sale of the bank building to the Wayne Corporation, a subsidiary of the new bank, for $100,000 supplemented by a loan from the Reconstruction Finance Corporation. Mr. Fagan stated that the loan received from the Reconstruction Finance Corporation is secured by the remaining assets of the Wayne National Bank and must of course be repaid before further dividend disbursements can be made to the depositors by the receiver. The loan simply liquified some of the assets of the bank, thus making it possible to pay a dividend without waiting for the regular process of liquidation through the collection of accounts due the closed bank. The new bank was capitalized for $200,000 and of this amount $100,000 was invested in the bank building as the surplus and the remaining $100,000 was being used as working capital. The difference between the $200,000 capitalization and the $100,000 worth of stock purchased by depositors in the Wayne National was purchased by non depositors in the closed bank.
Official Bank Title
1: The Wayne National Bank of Goldsboro, NC
Bank Note Types Issued
A total of $2,764,010 in National Bank Notes was issued by this bank between 1914 and 1932. This consisted of a total of 347,536 notes (289,660 large size and 57,876 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 - 6000 1902 Date Back 3x10-20 1 - 4800 1902 Plain Back 4x5 6001 - 43196 1902 Plain Back 3x10-20 4801 - 29219 1929 Type 1 6x5 1 - 6038 1929 Type 1 6x10 1 - 2916 1929 Type 1 6x20 1 - 692
Bank Presidents and Cashiers
Bank Presidents and Cashiers during the National Bank Note Era (1914 - 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
- North Carolina Bank Note History
- General information on Goldsboro (Wikipedia)
- General information on Wayne County (Wikipedia)
- General information on North Carolina (Wikipedia)
Sources
- Goldsboro, 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
- Weekly Raleigh Register, Raleigh, NC, Wed., Mar. 18, 1885.
- The Daily Tar Heel, Chapel Hill, NC, Thu., Mar. 30, 1893.
- The Atlanta Constitution, Atlanta, GA, Thu., Jan. 11, 1894.
- The Norfolk Virginian, Norfolk, VA, Thu., Oct. 12, 1893.
- Goldsboro Weekly Argus, Goldsboro, NC, Thu., Feb. 8, 1894.
- Goldsboro Weekly Argus, Goldsboro, NC, Thu., Dec. 21, 1899.
- Goldsboro Daily Argus, Goldsboro, NC, Thu., May 3, 1900.
- Goldsboro Weekly Argus, Goldsboro, NC, Thu., July 9, 1914.
- Goldsboro Weekly Argus, Goldsboro, NC, Wed., Nov. 11, 1914.
- Goldsboro Daily Argus, Goldsboro, NC, Thu., Mar. 16, 1916.
- The News and Observer, Raleigh, NC, Thu., Aug. 3, 1916.
- Goldsboro Daily Argus, Goldsboro, NC, Tue., Mar. 13, 1917.
- The News and Observer, Raleigh, NC, Fri., May 4, 1923.
- The Charlotte Observer, Charlotte, NC, Sun., June 10, 1923.
- Asheville Citizen-Times, Asheville, NC, Mon. June 16, 1924.
- The News and Observer, Raleigh, NC, Wed., May 18, 1927.
- The News and Observer, Raleigh, NC, Mon. Dec. 21, 1931.
- The News and Observer, Raleigh, NC, Fri., Mar. 4, 1932.
- The News and Observer, Raleigh, NC, Sun., Apr. 24, 1932.
- The Charlotte Observer, Charlotte, NC, Fri., Dec. 2, 1932.
- The News and Observer, Raleigh, NC, Fri., Dec. 2, 1932.