First National Bank of Charlotte
Encyclopedia
First National Bank of Charlotte was a bank located in Charlotte, North Carolina
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...

 from 1865 until 1930.

Early history

In 1853, John Wilkes, the son of Admiral
Admiral
Admiral is the rank, or part of the name of the ranks, of the highest naval officers. It is usually considered a full admiral and above vice admiral and below admiral of the fleet . It is usually abbreviated to "Adm" or "ADM"...

 Charles Wilkes
Charles Wilkes
Charles Wilkes was an American naval officer and explorer. He led the United States Exploring Expedition, 1838-1842 and commanded the ship in the Trent Affair during the American Civil War...

, moved to Charlotte to supervise his family's mining and milling business. He served under the Confederacy
Confederate States of America
The Confederate States of America was a government set up from 1861 to 1865 by 11 Southern slave states of the United States of America that had declared their secession from the U.S...

 during the Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...

, but he was pardoned by President
President of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....

 Andrew Johnson
Andrew Johnson
Andrew Johnson was the 17th President of the United States . As Vice-President of the United States in 1865, he succeeded Abraham Lincoln following the latter's assassination. Johnson then presided over the initial and contentious Reconstruction era of the United States following the American...

 and Secretary of State
United States Secretary of State
The United States Secretary of State is the head of the United States Department of State, concerned with foreign affairs. The Secretary is a member of the Cabinet and the highest-ranking cabinet secretary both in line of succession and order of precedence...

 William Seward
William H. Seward
William Henry Seward, Sr. was the 12th Governor of New York, United States Senator and the United States Secretary of State under Abraham Lincoln and Andrew Johnson...

. Soon after the end of the war, Wilkes started the first national bank in the South
Southern United States
The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive area in the southeastern and south-central United States...

 after the war. By December 15, 1865, Wilkes had received $500,000 in U.S. bonds. The same year, First National Bank became the only North Carolina bank printing National Bank Note
National Bank Note
National Bank Notes were United States currency banknotes issued by National banks chartered by the United States Government. The notes were usually backed by United States bonds the bank deposited with the United States Treasury.- Background :...

s.

This bank played a major role in Charlotte's growth, as did the city's railroad access to other areas. Rufus Y. McAden, founder of the mills and mill village that became McAdenville
McAdenville, North Carolina
McAdenville, also known as Christmastown USA, is a town in Gaston County, North Carolina, United States and is considered to be a suburb of both Charlotte and Gastonia. The population was 619 at the 2000 census....

, succeeded Wilkes as bank president in 1867. Robert M. Oates became president in 1891, and McAden's son Henry M. McAden served as president from 1907 until the bank's failure in 1930.

Later years

Rufus McAden and his family actually lived in the bank's three-story building on South Tryon Street. His son demolished the building in 1925 and chose Louis Asbury, a leading Charlotte architect
Architect
An architect is a person trained in the planning, design and oversight of the construction of buildings. To practice architecture means to offer or render services in connection with the design and construction of a building, or group of buildings and the space within the site surrounding the...

 who had designed Henry's Myers Park
Myers Park, Charlotte, North Carolina
Myers Park is an affluent neighborhood in Charlotte, North Carolina. Though its boundaries originally coincided with the boundaries of the John Spring Myers farm, by 2008 the neighborhood comprised and a population of 9,809...

 home in 1916, to design what became the second tallest building
112 Tryon Plaza
112 Tryon Plaza is a 22-story skyscraper in Charlotte, North Carolina. It was the second tallest building in North Carolina when completed in 1927, and the tallest building in Charlotte for about 35 more years. It is currently the 21st tallest building in the city. Located on "The Square" at the...

 in the state. The opening of the 250-foot, 21-story building, built at a cost of $1.8 million, was announced September 9, 1927, and the Charlotte News proclaimed Charlotte's strength as a banking center.

Later in 1927, the Federal Reserve opened its branch office on the building's ninenteenth floor. This showed Charlotte appeared likely to become a major banking center. However, three years after it opened, the building was only 30 percent occupied. The bank would not rent to just anyone, unlike the nearby Johnston Building.

Failure

On December 4, 1930, First National Bank announced it was closed. One reason given for the bank's failure was the ambitious building program, combined with the inability to make money from the new skyscraper. At the time, First National had only $1.6 million in deposits, the least of seven commercial banks in the city.
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK