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Sovran Bank was a US-based
regional bank A regional bank is a depository institution, i.e. a bank, savings and loan, or credit union, which is larger than a community bank, which operates below the state level, but smaller than a national bank, which operates either nationally or intern ...
that operated in
Virginia Virginia, officially the Commonwealth of Virginia, is a state in the Mid-Atlantic and Southeastern regions of the United States, between the Atlantic Coast and the Appalachian Mountains. The geography and climate of the Commonwealth are ...
between 1983 and 1990, and was the leading subsidiary of Sovran Financial Corporation. It was itself a product of a merger between ''First & Merchants Bank'' of
Richmond Richmond most often refers to: * Richmond, Virginia, the capital of Virginia, United States * Richmond, London, a part of London * Richmond, North Yorkshire, a town in England * Richmond, British Columbia, a city in Canada * Richmond, Californi ...
and ''Virginia National Bankshares'' of
Norfolk Norfolk () is a ceremonial and non-metropolitan county in East Anglia in England. It borders Lincolnshire to the north-west, Cambridgeshire to the west and south-west, and Suffolk to the south. Its northern and eastern boundaries are the Nor ...
, both of which could trace back their history to the 1860s. In 1990, it was merged with
Citizens & Southern National Bank Citizens and Southern National Bank (C&S) began as a Georgia institution that expanded into South Carolina, Florida and into other states via mergers. Headquartered in Atlanta, Georgia; it was the largest bank in the Southeast for much of the 20th ...
to form C&S/Sovran Corp., which in turn merged with NCNB to form
NationsBank NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. The company named NationsBank was formed through the merger of several other banks in 1991, and prior to that had been through mul ...
which became
Bank of America The Bank of America Corporation (often abbreviated BofA or BoA) is an American multinational investment bank and financial services holding company headquartered at the Bank of America Corporate Center in Charlotte, North Carolina. The bank ...
in 1998.


History


First & Merchants Bank

Richmond had no bank after the federal government had revoked charters of banks whose loyalty was questioned. So eight days after
Robert E. Lee Robert Edward Lee (January 19, 1807 – October 12, 1870) was a Confederate general during the American Civil War, towards the end of which he was appointed the overall commander of the Confederate States Army. He led the Army of Nor ...
's
surrender at Appomattox The Battle of Appomattox Court House, fought in Appomattox County, Virginia, on the morning of April 9, 1865, was one of the last battles of the American Civil War (1861–1865). It was the final engagement of Confederate General in Chief, Robe ...
, the city's financial leaders started a new federally chartered bank after meeting with Hamilton G. Fant. First National Bank opened for business in the
Customs House A custom house or customs house was traditionally a building housing the offices for a jurisdictional government whose officials oversaw the functions associated with importing and exporting goods into and out of a country, such as collecting ...
. Lee was one of the new bank's early customers. 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 (1900).Federal, State and Local Historic Districts
,
National Park Service The National Park Service (NPS) is an agency of the United States federal government within the U.S. Department of the Interior that manages all national parks, most national monuments, and other natural, historical, and recreational properti ...
''. Retrieved March 21, 2007.
National Bank of Virginia merged with First National Sept. 1, 1912.''Moody's Bank & Finance Manual'', 1983, Vol. 1, p. 1830.
Alfred Charles Bossom Alfred Charles Bossom, Baron Bossom GCStJ FRIBA (6 October 1881 – 4 September 1965) was an architect in the United States who returned to his native England and became a Conservative Party politician. He also wrote books on architecture. ...
of
Clinton & Russell Clinton and Russell was a well-known architectural firm founded in 1894 in New York City, United States. The firm was responsible for several New York City buildings, including some in Lower Manhattan. Biography Charles W. Clinton (1838� ...
in
New York City New York, often called New York City or NYC, is the List of United States cities by population, most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the L ...
designed Richmond's first
skyscraper A skyscraper is a tall continuously habitable building having multiple floors. Modern sources currently define skyscrapers as being at least or in height, though there is no universally accepted definition. Skyscrapers are very tall high-ri ...
at 9th and Main streets, completed in downtown Richmond in 1913.
BB&T BB&T Corporation (previously known as the Branch Banking and Trust Company) was one of the largest banking and financial services firms in the United States, based in Winston-Salem, North Carolina. In 2019, BB&T announced its intentions to merge ...
later occupied the building, which is on the
National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...
. Merchants National Bank merged with First National February 27, 1926, at which time the bank became First & Merchants Bank. In 1981, The National Bank of Fairfax merged with First & Merchants Bank. The first bank in
Fairfax, Virginia The City of Fairfax ( ), colloquially known as Fairfax City, Downtown Fairfax, Old Town Fairfax, Fairfax Courthouse, FFX, or simply Fairfax, is an independent city (United States), independent city in the Commonwealth (U.S. state), Commonwealth ...
, 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. Banks which merged with First & Merchants Bank: *Savings Bank & Trust Co., January 30, 1959 *First National Bank,
Ashland, Virginia Ashland is a town in Hanover County, Virginia, United States, located north of Richmond along Interstate 95 and U.S. Route 1. As of the 2010 census it had a population of 7,225, up from 6,619 at the 2000 census. Ashland is named after the Le ...
, December 31, 1959 * Petersburg Savings & American Trust Co., December 30, 1961 *Augusta National Bank, Staunton, September 29, 1962 *First National Bank,
Newport News Newport News () is an independent city in the U.S. state of Virginia. At the 2020 census, the population was 186,247. Located in the Hampton Roads region, it is the 5th most populous city in Virginia and 140th most populous city in the Uni ...
, November 1, 1962 *Peoples National Bank & Trust Co., Lynchburg, January 31, 1963 *First National Bank, Waynesboro, July 31, 1964 *Loudoun National Bank, Leesburg, September 1, 1965 *Bank of
Virginia Beach Virginia Beach is an independent city located on the southeastern coast of the Commonwealth of Virginia in the United States. The population was 459,470 at the 2020 census. Although mostly suburban in character, it is the most populous ci ...
, January 1, 1966 *Bank of
Chesapeake Chesapeake often refers to: *Chesapeake people, a Native American tribe also known as the Chesepian * The Chesapeake, a.k.a. Chesapeake Bay *Delmarva Peninsula, also known as the Chesapeake Peninsula Chesapeake may also refer to: Populated plac ...
, January 31, 1966 *Suburban National Bank of Virginia, McLean, August 1, 1970 *First National Bank, Danville, June 30, 1979 *Services National Bank, Arlington, November 30, 1979 *The Bank of Chatham, October 1980 *The National Bank of Fairfax, June 30, 1981


Virginia National Bank

Norfolk National Bank was organized in 1885 and became "not only the leading bank of Norfolk, but probably the leading bank of Virginia, having recently increased its capital to one million dollars, with a surplus of half a million." Norfolk National Bank, Trust Company of Norfolk (1895) and National Bank of Commerce (1867) joined to become Norfolk National Bank of Commerce & Trusts, which joined with Virginia National Bank of Norfolk to become National Bank of Commerce of Norfolk October 9, 1933.''Moody's Bank & Finance Manual'', 1971, p. 368. People's National Bank was organized in 1903 in Roanoke. In 1920, Church Street Bank at Church and Freemason streets in Norfolk became American Exchange Bank, whose deposits were taken over in 1924 by Virginia National Bank. Cliff Cutchins, who in 1980 became chairman and CEO of Virginia National Bankshares Inc. and held the same positions at Sovran until his 1989 retirement, started out as a teller in 1947 at Vaughan & Co. Bankers in
Franklin, Virginia Franklin is the southwesternmost independent city in Hampton Roads, Commonwealth of Virginia. As of the 2020 census, the population was 8,180. The Bureau of Economic Analysis combines the city of Franklin with Southampton County for statisti ...
. In 1960, he became president of the bank, which his grandfather had founded in 1886. In 1962, a merger with two
Southampton County Southampton County is a county located on the southern border of the Commonwealth of Virginia. North Carolina is to the south. As of the 2020 census, the population was 17,996. Its county seat is Courtland. History In the early 17th centu ...
banks formed Tidewater Bank and Trust Co., which in turn became part of Virginia National Bank. Virginia National Bank's 24-story Norfolk headquarters opened in January 1968. Richmond's Virginia Trust Company could be chartered only after special legislation, since
trust companies A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trust ...
were new in the south and not all banks could have trust departments. The original board of directors included a number of
tobacco Tobacco is the common name of several plants in the genus '' Nicotiana'' of the family Solanaceae, and the general term for any product prepared from the cured leaves of these plants. More than 70 species of tobacco are known, but the ...
company executives. James B. Pace, the first president, was a tobacco executive and the head of Planters National Bank (which became United Virginia Bank). The Virginia Trust Company building, also designed by Bossom, opened May 31, 1921, was an example of Neo-Classical Revival architecture, using
granite Granite () is a coarse-grained ( phaneritic) intrusive igneous rock composed mostly of quartz, alkali feldspar, and plagioclase. It forms from magma with a high content of silica and alkali metal oxides that slowly cools and solidifies un ...
,
marble Marble is a metamorphic rock composed of recrystallized carbonate minerals, most commonly calcite or dolomite. Marble is typically not foliated (layered), although there are exceptions. In geology, the term ''marble'' refers to metamorphose ...
,
bronze Bronze is an alloy consisting primarily of copper, commonly with about 12–12.5% tin and often with the addition of other metals (including aluminium, manganese, nickel, or zinc) and sometimes non-metals, such as phosphorus, or metalloids suc ...
and
mahogany Mahogany is a straight- grained, reddish-brown timber of three tropical hardwood species of the genus '' Swietenia'', indigenous to the AmericasBridgewater, Samuel (2012). ''A Natural History of Belize: Inside the Maya Forest''. Austin: U ...
, with a "gilded, coffered ceiling" and "a facade patterned directly after a Roman triumphal arch." Virginia Trust Company merged with Virginia National Bank in 1973. Banks which merged with what became Virginia National Bankshares, Inc.: *Merchants & Planters Bank, Norfolk, November 4, 1957 *People's National Bank of Central Virginia,
Charlottesville Charlottesville, colloquially known as C'ville, is an independent city in the Commonwealth of Virginia. It is the county seat of Albemarle County, which surrounds the city, though the two are separate legal entities. It is named after Queen ...
, April 26, 1963 *National Bank of
Suffolk Suffolk () is a ceremonial county of England in East Anglia. It borders Norfolk to the north, Cambridgeshire to the west and Essex to the south; the North Sea lies to the east. The county town is Ipswich; other important towns include ...
, August 23, 1963 *Farmers Exchange Bank of Abingdon, September 13, 1963 *Farmers & Merchants Bank, Staunton and Tidewater Bank & Trust, Franklin, December 13, 1963 *First National Bank of
Buena Vista Buena Vista, meaning "good view" in Spanish, may refer to: Places Canada *Bonavista, Newfoundland and Labrador, with the name being originally derived from “Buena Vista” *Buena Vista, Saskatchewan * Buena Vista, Saskatoon, a neighborhood in ...
and Southern Bank of Commerce, Danville, April 3, 1964 *Bank of Glade Spring, January 29, 1965 *People's National Bank of
Farmville ''FarmVille'' is a series of agriculture-simulation social network game developed and published by Zynga in 2009. It is similar to '' Happy Farm'' and ''Farm Town''. Its gameplay involves various aspects of farmland management, such as plowi ...
and First National Bank of Gate City, April 8, 1965 *Merchants National Bank and Bank of Phoebus,
Hampton Hampton may refer to: Places Australia *Hampton bioregion, an IBRA biogeographic region in Western Australia *Hampton, New South Wales *Hampton, Queensland, a town in the Toowoomba Region * Hampton, Victoria Canada * Hampton, New Brunswick *Ha ...
, November 5, 1965 *Peoples National Bank,
Victoria Victoria most commonly refers to: * Victoria (Australia), a state of the Commonwealth of Australia * Victoria, British Columbia, provincial capital of British Columbia, Canada * Victoria (mythology), Roman goddess of Victory * Victoria, Seychelle ...
and
Wythe County Wythe County is a county located in the southwestern part of the U.S. state of Virginia. As of the 2020 census, the population was 28,290. Its county seat is Wytheville. History Wythe County was formed from Montgomery County in 1790. It w ...
National Bank, Wytheville, April 11, 1966 * Pulaski National Bank and Bank of
Crewe Crewe () is a railway town and civil parish in the unitary authority of Cheshire East in Cheshire, England. The Crewe built-up area had a total population of 75,556 in 2011, which also covers parts of the adjacent civil parishes of Willaston ...
, August 26, 1966 *Farmers & Merchants Bank, Lawrenceville, National Bank of
Woodstock Woodstock Music and Art Fair, commonly referred to as Woodstock, was a music festival held during August 15–18, 1969, on Max Yasgur's dairy farm in Bethel, New York, United States, southwest of the town of Woodstock. Billed as "an Aq ...
, June 29, 1968 * Northampton County Trust Bank, Cape Charles, November 15, 1968 *Commonwealth National Bank, Arlington, August 15, 1969 *First National Bank, Quantico, December 19, 1969 *First National Bank, Harrisonburg, March 15, 1970 *Merchants & Farmers Bank, Smithfield, June 1, 1970 * Carroll County Bank, Hillsville, November 23, 1970 *First National Bank, Troutville, 1981 *Farmers Exchange Bank, Coeburn, 1981 *Old Colony Bank & Trust, Williamsburg *
South Boston South Boston is a densely populated neighborhood of Boston, Massachusetts, located south and east of the Fort Point Channel and abutting Dorchester Bay. South Boston, colloquially known as Southie, has undergone several demographic transformat ...
Bank & Trust Co., 1982 *First State Bank of Wise, 1982 *Northern Virginia Bank of Springfield, 1982 *First City Bank, Newport News, 1982 *Citizens National Bank, Fries, 1982 *Farmers Bank, Mathews, 1982


Growth of Sovran Bank

The name Sovran came from Glenn Monigle & Associates Inc. of
Denver, Colorado Denver () is a consolidated city and county, the capital, and most populous city of the U.S. state of Colorado. Its population was 715,522 at the 2020 census, a 19.22% increase since 2010. It is the 19th-most populous city in the Unit ...
.Jay McIntosh, "N.C. Banks' Merger Plan Starts More Takeover Talk," ''The Charlotte Observer'', January 18, 1990. In 1985, Sovran announced a merger with Suburban Bancorp, the fourth-largest bank in
Maryland Maryland ( ) is a state in the Mid-Atlantic region of the United States. It shares borders with Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware and the Atlantic Ocean t ...
at the time. Silver Spring National Bank, the first bank in
Silver Spring, Maryland Silver Spring is a census-designated place (CDP) in southeastern Montgomery County, Maryland, United States, near Washington, D.C. Although officially unincorporated, in practice it is an edge city, with a population of 81,015 at the 2020 ce ...
, in 1910, moved in 1925 when the
Baltimore and Ohio Railroad The Baltimore and Ohio Railroad was the first common carrier railroad and the oldest railroad in the United States, with its first section opening in 1830. Merchants from Baltimore, which had benefited to some extent from the construction of ...
underpass was built. The name changed to Suburban National Bank in 1938 when the bank took over Takoma Park Bank. In 1986, Sovran took over ''D.C. National Bancorp'', based in
Bethesda, Maryland Bethesda () is an unincorporated, census-designated place in southern Montgomery County, Maryland. It is located just northwest of Washington, D.C. It takes its name from a local church, the Bethesda Meeting House (1820, rebuilt 1849), which ...
. In 1987, Sovran added
Kentucky Kentucky ( , ), officially the Commonwealth of Kentucky, is a state in the Southeastern region of the United States and one of the states of the Upper South. It borders Illinois, Indiana, and Ohio to the north; West Virginia and Virginia ...
and
Tennessee Tennessee ( , ), officially the State of Tennessee, is a landlocked U.S. state, state in the Southeastern United States, Southeastern region of the United States. Tennessee is the List of U.S. states and territories by area, 36th-largest by ...
by buying 71-year-old ''Commerce Union'' of
Nashville, Tennessee Nashville is the capital city of the U.S. state of Tennessee and the seat of Davidson County. With a population of 689,447 at the 2020 U.S. census, Nashville is the most populous city in the state, 21st most-populous city in the U.S., and ...
. Sovran Bank was the largest bank in Virginia and in the
District of Columbia ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument and Lincoln Memorial on the National Mall, United States Capitol, Logan Circle (Washington, D.C.), Logan Circle, Jefferson Memoria ...
, and it had offices in Tennessee and Maryland. In September 1989, Sovran and Citizens & Southern of
Atlanta Atlanta ( ) is the capital and most populous city of the U.S. state of Georgia. It is the seat of Fulton County, the most populous county in Georgia, but its territory falls in both Fulton and DeKalb counties. With a population of 498,7 ...
announced plans for a stock-swap merger. The combined bank had $47 billion in assets, $34 billion in deposits and 976 branches in eight states. It was originally to be named Advantor Financial Corporation. However, it was eventually called C&S/Sovran. The merged bank had dual headquarters in Atlanta and Norfolk. Only two years later, C&S/Sovran was sent reeling by problem loans in the Washington/Northern Virginia market. Under the circumstances, it had little choice but to agree to merge with NCNB Corporation of Charlotte. Ironically, C&S had merged with Sovran to fend off a hostile takeover attempt by NCNB. The merged bank became NationsBank.


References


External links


Photo of First National Bank building in Richmond, VirginiaPhoto of First National Bank Building entrance in Richmond, VirginiaPhoto of Virginia National Bank headquarters in NorfolkPhoto of Sovran Bank Building in Norfolk, Virginia (September, 1986)
{{Bank of America Banks based in Virginia Defunct banks of the United States Bank of America legacy banks Banks established in 1983 Companies based in Norfolk, Virginia Banks disestablished in 1990 1983 establishments in Virginia 1990 disestablishments in Virginia Defunct companies based in Virginia