Page TWENTY
THE PILOT—Southern Pines, North Carolina
THURSDAY, APRIL 12. 1962
Citizens Bank, Chartered 1905, Expands Through Years
Early in 1905 a group of leading
citizens organized to start a bank
in Southern Pines.
Thirty-five persons subscribed
for $10,000 of stock and on March
4, 1905, by a special act of the
General Assembly, The Citizens;
Bank and Trust Company of
Southern Pines was chartered.
Charles B. Grout, a former
mayor, was elected president,
Peter H. Beck, vice president, andi
G. B[. Kimball, cashier. Directors
were C. T. Patch, C. D. Tarbell,
W. H. Junge, C. B. Grout and P.
H. Beck. The bank opened for
business May 22, on West Broad
Street where the Arcade Build
ing now stands.
The first order of business for
the dii'2ctors appears to have
been to set up requirements with
(regards' to loans since the min
utes of their first meeting state
that “on motion made and duly
seconded it was ordered that all
(unsecured) paper offered the
bank for discount shall bear the
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Gilbey’s
HISTORIC PHOTO—The home of the Citizens
Bank and Trust Company of Southern Pines
in 1908 is pictured here, with four men of whom
one is still active in the local business com
munity. Pictured, left to right, are: C. T. Patch,
director; Fred Chatfield, builder; W. H. Gold
smith (in window); Sam B. Richardson, a
veteran of banking, business and farming acti-*
vities in the Sandhills, who is now associated
with the Stevens Real Estate Agency; and C.
B. Grout, president of the bank. Mr. Richardson,
over 80 years of age, is the only survivor of the
group. The Citizens Bank is opening its new
South Broad Street Drive-In Office on Monday,
April 16, retaining in use also its main banking
office on N. W. Broad St.
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endorsement of one, two, or three
names as endorsers, with the bor
rower, as the executive commit
tee may require.”
Another early order of business
was for the bank to become de
pository of the funds of the Town
of Southern Pines, the start of a
relationship which has continued
uninterrupted for fifty years.
N. B. Wells was granted a loan
of $75 to become the first borrow
ing customer of the bank.
At the first anniversary meet
ing of the directors, according to
the minutes of the event, the di
rectors noted that “the first year
of the bank’s existence had pass
ed without any losses of any
kind.”
New Home
In 1908 the bank built and
moved into a new homte—a brick
building 20x50 feet, with walls
twelve inches thick, erected for
Broad Street and Ne-w Hamp-
Bhire Avenue. This building, with
altered front, is now a part of
Patch's Department Store.
In 1910, H. 0. Riggan became
cashier. By 1910 assets had in-
icreased' to $55,000 and have con
tinued to mount—1920, $328,000;
1930, $502,000; 1940, $785,000;
1945, $2,931,000; 1950, $3,140,000;
1961, $6,996,000.
Growth was consistent in th^.
years preceding World War <ahd
in the year 1916 deposits more
than doubled, from $81,072 to
$169,426.
In January 19lS President
Grout and Directors Patch and
■Junge retired. Their holdings
Were secured by the Page bank
ing interests of Aberdeen and R.
N. Page became president.
In 1924, having outgrown the
little brick building, the bank
•engaged one of the country’s
foremost architects, Aymar Em
bury II, to design another, which
was built farther down the same
block. The bank moved in Jan
uary, 1925, to its new home of
brick with stone trim, classic'aUy
d'esigned, facing a tree-shaded
courtyard.
In another quarter century the
•bank again was cramped for space
and in 1950 the building was en
larged to increase the work area
land add a new directors’ room at
the rear, and was enlarged again
in 1961.
On re-sale of the Page holdings
in 1927 to Joseph B. Bernstein,
Mr. Riggafi was elected president,
retaining this position until his
death in 1933.
Bank ftbliday
This was the year in which, fol
lowing the impact of the depres
sion the nation-wide “Bank Hol
iday” was declared. The Citizens
Bank anidi’"Trust Company was
one of the first to resume opera
tions bn an unlimited basis.
N. L. Hodgkins, the bank’s
ipreSenf president, became cashier
in 1935 imder President D. G.
Stiitz, Mr. Hodgkins succeeding
ihim in 1940. Mr. Hodgkins pur-
chated the former Bernstein stock
holdings in 1937.
'The years from 1933 until the
outbreak of World War II were
for the bank as for the country,
years of adjustment to and re
covery from' the depression. By
the close of 1941 deposits had ris
en to $889,000, the highest figures
up to that time, outstanding loans
were composed of first class paper
and the bank had placed itself in
shape to be of benefit in the war
effort.
During World War II Southern
Pines and Moore County foimd
tl'-^mselves adjoining large mili
tary mstallations at Fort Bragg
and Camp Mackall, with conse
quent heavy demands for bank
ing and other services.
In 1946 after the war the bank,
in common with most other banks
throughout the county, had the
largest deposits it ever held up
until that time, and only a small
amount of outstanding loans.
Foundation
The dose of the war found
both the bank and the communi
ty with a solid foundation on
which to build. The community
retained its pre-war resort busi
ness, while attracting more and
more permanent residents. This
in turn called for construction of
new homes and their financing,
and has resulted in an increased
demand for consumer credit, and
for personal and commercial
loans. In all of this the bank has
taken its. part.
In the county as a whole, in
creased industrialization, added
•to previously existing farming
and other emplosrment has crea
ted new jobs and new needs, and
has required financing to satisfy
new desires. '
’The bank comes to the year
lies with the largest balance
sheet figures in it® history EUid
confidence in the future.
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CYpress 4-3412 i Pinehurst, N. C.