Bank of Wilmington - Wilmington, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1865*
Location: Wilmington, North Carolina (34.226, -77.945)

Metadata

Model: gpt-5-mini
Short Digest: 52c726c5

Response Measures

None

Description

Article is a historical account noting the Bank of Wilmington (founded about 1850) was forced to suspend during the reaction in financial affairs following the civil conflict. No later reopening or receivership is mentioned in this excerpt, so I classify as a suspension that remained closed. Date approximated to 1865 (post–Civil War reaction) based on text.

Events (1)

1. January 1, 1865* Suspension

Cause: Macro News
Cause Details: Forced to suspend during the post–Civil War financial reaction (stringencies following the Civil War).
Newspaper Excerpt: the Bank of Wilmington was founded about 1850 ... it, too, was forced to suspend during the reaction in financial affairs following the civil conflict
Source: newspapers

Newspaper Articles (1)

1. June 28, 1903 The News & Observer Raleigh, NC

Article from The News & Observer, June 28, 1903

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Article Text

Early History of Banking In City of Wilmigton be paid at the time of subscription, and Wilmington, N. C., June 27. one-fourth in two, four and six months The history of the banking industry thereafter until the full amount was paid in Wilmington dates back to the estabin. lishment of the old Bank of Cape Fear, The Act provided for eleven directors, all of whom were to be citizens of the State which was founded a few years prior to of North Carolina, of whom at least 1806, and which continued in business, seven were required to be residents of enjoying the proud distinction of being Wilmington, or within fifteen miles thereone of the leading institutions in the of, and were elected yearly by the stockState, until a few years after the close holders at a general meeting to be held at Wilmington on the first Monday in Januof the Civil War, when it was forced ary of each year. out of business by the stringencies of The charter of 1804 provided for a those times The first authentic record branch ban kto be established at Fayetteof the bank, available now, is November ville, in the discretion of the corporation. And it was further provided that the 1st, 1860, when Joshua Grainger Wright State might become interested in said was its President. Upon the death of bank to the extent of 250 shares ot the Mr. Wright the affairs of the bank were par value of $100 each. turned over to Richard Bradley; later In 1807, an Act was passed providing that the notes of the bank should be reto Dr. Jno. Hill, Dr. Thos. H. Wright, ceived in payment of all public dues at Jno. D. Jones, and still later to Mr. the public treasury. In 1814, the original William A. Wright, who was president charter was amended providing for an increase of the capital stock by adding of the bank during and after the war, thereto 5,250 shares, making a total capiuntil it was closed. The bank did a very tal stock of $775,000, and 1,000 shares of large business all over the State and bethis was reserved for the State of North fore the war as early as 1830 had estabCarolina. There is a peculiar provision in the lished, branches in Washington, N. C., charter, which required that in "considwith Thos. H. Hardenburg as Cashier; at eration of this amended charter granted Greensboro, with J. J. Lindley as Cashier, to the said bank" the State should be enand at Raleigh and Asheville with oftitled to 180 shares of the said 1,000 shares ficers in charge, whose names cannot be reserved for it, without paying anything therefor, and that the State should relearned. ieive its dividends on the 180 shares just There were also in existence here beas if it had paid the regular subscriptions. fore and after the war the "Old State In the year 1833, the charter was again Bank" and a branch of the Bank of the amended and the capital stock was increased to 8,000 shares at the par value State, all of which enjoyed a large clienof $100 per share, and many restrictions telage. The Bank of Cape Fear occupied were placed upon the bank and many adthe site upon which the handsome new ditional powers given it under this amendMasonic Temple was built here in 1899, ed charter. Among other things, there and many of the employes and officers of was the following provision, "That the president and directors of the said bank the bank, either for purposes of security shall at all times, from and after the or convenience, lived with their families passing of this Act and during the conin the same building tinuance of the same, be bound and The Commercial Bank was organized obliged to make a loan or loans to the in the seventies, and also was a flourishState of North Carolina, if required and ing institution until forced out of busiauthorized by law, of any sum or sums ness by conditions following the war. O. of money, not exceeding in the whole at G. Parsley was its leading president and any one time 1-10 part of the actual Timothy Savage its cashier. The Bank stock of said bank, and at a rate of inof Wilmington was founded about 1850 terest not exceeding 6 per cent. per year, with John MacRae President and Steto be paid half yearly." phen Jewett Cashier; afterwards WilIt seems that the State of North Caroliam L Smith was Cashier until it. too, lina in granting powers and privileges to was forced to suspend during the reaction the bank took good pains to protect itin financial affairs following the civil conself and to receive some benefit from flict between the State. The old State the charter which it was granting. Bank enlisted the services as directors In 1836 the capital stock was increased and officers of such men as Jno. A. Tayto $1,500,000. and there was served for the lor, Gilbert Potter, Col. E. D. Hall, Jno. State of North Carolina 3,000 shares of A. Lillington, William E. Anderson, Wilthis. liam Reston and others long since gone to their reward. And the Act of 1836 provided that the said bank "shall establish two or more adThe banking interests of the city were ditional branches in this State, neither of very much unsettled just after the war, which shall be less than one hundred and the careers of institutions of that miles distant from the principal bank, and period were usually very short and unone of which shall be west of the Yadkin." distinguished. James G. Burr was assoBranch banks were established at ciated for a short while with Mr. Swepson, of Raleigh, but the business lasted Washington, Fayetteville, Greensboro and only a short time and ended in ruin. other places in North Carolina. At the same time the late John Dawson The Bank of Cape Fear was the leadconducted a large brokerage business, ing and strongest financial institution of with a banking feature, and was reasonably its kind in the State, and from 1804 up successful. Very soon after the war he to the close of the Civil War, did an exwent into the banking business exclutensive business in the State of North sively, and Dawson's Bank was founded Carolina as well as in other States. with the late I. B. Grainger as Cashier. During the war, Mr. William A. In 1870 E. E. Burruss came here from Wright was President, and Mr. James Petersburg, Va., and also embarked in G. Burr, Cashier; Julius Gardner was banking. Later he consolidated his busiTeller, and the bookkeepers were Thomas ness with that of John Dawson, calling H. Hardin and Joseph McLaurin. The the new institution the First National bank rendered valuable assistance to the Bank of Wilmington, which continued State of North Carolina and to its busiin the old banking house of the Cape ness interests from 1860 to 1865, but Fear Bank until 1883, when it went out finally was forced to suspend business of business About the same time that on account of the crash that followed the First National Bank was established, the Civil War. the late I. B. Grainger left Mr. Dawson