Sovran Bank: Difference between revisions
Redirect to bank that took it over, itself now part of Bank of America. An article is called for, however |
Vchimpanzee (talk | contribs) Changed from redirect to article (I know it's not much, but this information is hard to find) |
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'''Sovran Bank''' of [[Norfolk, Virginia]] began in 1983 with the merger of '''First & Merchants Bank''' and '''Virginia National Bankshares''', the largest banking merger in the history of [[Virginia]] up to that time. The largest bank in Virginia, it lasted until a 1990 merger with [[Citizens & Southern National Bank]] to form C&S/Sovran Corp., which in turn merged with [[NCNB]] to form [[NationsBank]], now [[Bank of America]]. |
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#redirect [[Citizens & Southern National Bank]] |
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==First & Merchants Bank== |
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In the 1860s [[Robert E. Lee]] was among the customers of the [[Richmond, Virginia]] bank that would eventually become Sovran.<ref name="bofa">http://www.referenceforbusiness.com/history2/18/Bank-of-America-Corporation.html, Retrieved on 2009-04-23.</ref> Richmond had no bank after the federal government had revoked charters of banks whose loyalty was questioned. So eight days after Lee's [[Battle of Appomattox Courthouse|surrender at Appomattox]], the city's financial leaders started a new federally chartered bank after meeting with [[Hamilton G. Fant]]. First National Bank used in the [[U.S. Post Office and Customhouse (Richmond, Virginia)|Customs House]]. Later it merged with National exchange Bank and moved to 10th and Main Streets. Despite the [[Panic of 1893|financial crises of the 1890s]] First National Bank had the most assets of any Richmond Bank at the turn of the century. |
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[[Alfred Charles Blossom]] of [[Clinton & Russell]] in [[New York City]] designed Richmond's first [[First National Bank Building (Richmond, Virginia)|skyscraper]] at 9th and Main Streets, completed in downtown Richmond in 1913. [[BB&T]] later occupied the building, which is on the [[National Register of Historic Places]]. <ref>http://www.nps.gov/nr/travel/richmond/FirstNationalBank.html, Retrieved on 2009-04-23.</ref> |
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Merchants Bank became First & Merchants Bank in 1965.<ref>http://www.discoverrichmond.com/dis/entertainment/attractions/museums/article/virginia_center_for_architecture/1422/, Retrieved on 2009-04-23.</ref><ref>http://lordsfinance.com/first-merchants-bank-locations, Retrieved on 2009-04-23.</ref> |
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In 1981, the National Bank of Fairfax merged with First & Merchants Bank. The first bank in [[Fairfax, Virginia]], it was organized in 1902. In 1931, the bank completed construction of a new building on the site of the former Willcoxon Tavern. The Moore and McCandlish law firm, which had offices on the second floor of the former bank building built in 1905, occupied the building until 1972. [[Community Bank of Northern Virginia]], organized in 1992 in [[Sterling, Virginia|Sterling]], moved into the building that same year.<ref>http://www.historicfairfax.org/HFCI21.pdf, Retrieved on 2009-04-23.</ref> |
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==Virginia National Bank== |
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Norfolk National Bank became part of Virginia National Bank.</ref>http://www.norfolkhistorical.org/highlights/10.html, Retrieved on 2009-04-23.</ref> |
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In 1920, Church Street Bank at Church and Freemason Streets became American Exchange Bank, whose deposits were taken over in 1924 by Virginia National Bank.<ref>http://www.npl.lib.va.us/absoluteig/gallery.asp?action=viewimage&imageid=209&text=&categoryid=103&box=&shownew=, Retrieved on 2009-04-23.</ref> |
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==Growth of Sovran Bank== |
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In 1986, Sovran took over [[D.C. National Bancorp]], based in [[Bethesda, Maryland]]. In 1987, Sovran took added [[Kentucky]] and [[Tennessee]] by buying 71-year-old [[Commerce Union]] of [[Nashville, Tennessee]].<ref name="bofa"/> |
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Sovran Bank was the largest bank in Virginia and in the [[District of Columbia]], and it had offices in Tennessee and Maryland. In September 1989, Sovran and Citizens & Southern of [[Atlanta, Georgia]] announced plans to merge in a stock swap to form Avantor Financial Corporation, the 14th largest banking company in the United States. If completed, the bank would have $47 billion in assets, $34 billion in deposits and 976 branches in eight states.<ref>http://www.nytimes.com/1989/10/19/business/sovran-reports-rise-in-profits.html, Retrieved on 2009-04-23.</ref><ref>http://www.nytimes.com/1990/07/25/business/company-news-fed-approves-sovran-merger.html, Retrieved on 2009-04-23.</ref> |
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==References== |
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{{reflist}} |
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==External links== |
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[http://www.monumenthouse.com/richmond/landmarks/3052 Photo of First National Bank building entrance in Richmond, Virginia] |
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[[Category:Banks based in Virginia]] |
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[[Category:Bank of America legacy banks]] |
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Revision as of 16:44, 23 April 2009
Sovran Bank of Norfolk, Virginia began in 1983 with the merger of First & Merchants Bank and Virginia National Bankshares, the largest banking merger in the history of Virginia up to that time. The largest bank in Virginia, it lasted until a 1990 merger with Citizens & Southern National Bank to form C&S/Sovran Corp., which in turn merged with NCNB to form NationsBank, now Bank of America.
First & Merchants Bank
In the 1860s Robert E. Lee was among the customers of the Richmond, Virginia bank that would eventually become Sovran.[1] Richmond had no bank after the federal government had revoked charters of banks whose loyalty was questioned. So eight days after Lee's surrender at Appomattox, the city's financial leaders started a new federally chartered bank after meeting with Hamilton G. Fant. First National Bank used in the Customs House. Later it merged with National exchange Bank and moved to 10th and Main Streets. Despite the financial crises of the 1890s First National Bank had the most assets of any Richmond Bank at the turn of the century.
Alfred Charles Blossom of Clinton & Russell in New York City designed Richmond's first skyscraper at 9th and Main Streets, completed in downtown Richmond in 1913. BB&T later occupied the building, which is on the National Register of Historic Places. [2]
Merchants Bank became First & Merchants Bank in 1965.[3][4]
In 1981, the National Bank of Fairfax merged with First & Merchants Bank. The first bank in Fairfax, Virginia, it was organized in 1902. In 1931, the bank completed construction of a new building on the site of the former Willcoxon Tavern. The Moore and McCandlish law firm, which had offices on the second floor of the former bank building built in 1905, occupied the building until 1972. Community Bank of Northern Virginia, organized in 1992 in Sterling, moved into the building that same year.[5]
Virginia National Bank
Norfolk National Bank became part of Virginia National Bank.</ref>http://www.norfolkhistorical.org/highlights/10.html, Retrieved on 2009-04-23.</ref>
In 1920, Church Street Bank at Church and Freemason Streets became American Exchange Bank, whose deposits were taken over in 1924 by Virginia National Bank.[6]
Growth of Sovran Bank
In 1986, Sovran took over D.C. National Bancorp, based in Bethesda, Maryland. In 1987, Sovran took added Kentucky and Tennessee by buying 71-year-old Commerce Union of Nashville, Tennessee.[1]
Sovran Bank was the largest bank in Virginia and in the District of Columbia, and it had offices in Tennessee and Maryland. In September 1989, Sovran and Citizens & Southern of Atlanta, Georgia announced plans to merge in a stock swap to form Avantor Financial Corporation, the 14th largest banking company in the United States. If completed, the bank would have $47 billion in assets, $34 billion in deposits and 976 branches in eight states.[7][8]
References
- ^ a b http://www.referenceforbusiness.com/history2/18/Bank-of-America-Corporation.html, Retrieved on 2009-04-23.
- ^ http://www.nps.gov/nr/travel/richmond/FirstNationalBank.html, Retrieved on 2009-04-23.
- ^ http://www.discoverrichmond.com/dis/entertainment/attractions/museums/article/virginia_center_for_architecture/1422/, Retrieved on 2009-04-23.
- ^ http://lordsfinance.com/first-merchants-bank-locations, Retrieved on 2009-04-23.
- ^ http://www.historicfairfax.org/HFCI21.pdf, Retrieved on 2009-04-23.
- ^ http://www.npl.lib.va.us/absoluteig/gallery.asp?action=viewimage&imageid=209&text=&categoryid=103&box=&shownew=, Retrieved on 2009-04-23.
- ^ http://www.nytimes.com/1989/10/19/business/sovran-reports-rise-in-profits.html, Retrieved on 2009-04-23.
- ^ http://www.nytimes.com/1990/07/25/business/company-news-fed-approves-sovran-merger.html, Retrieved on 2009-04-23.
External links
Photo of First National Bank building entrance in Richmond, Virginia