![]() ![]() “In the first place they are a tribute to the competency and enterprise of the state’s banks. “These comparative figures have a double significance,” noted Professor C. In the early part of the 20th Century, the state’s economic development was reflected by a 209% jump over a decade in bank assets, while the increase was only 101% in the rest of the country. Surviving banks were generally those most conservatively run and invested.īy the last decade of the 19th century, renewed financialĬapabilities saw the establishment of several North Carolina insurers that Periodic financial panics - today labeled deep recessions or depressions - hit the economy from the 1870s through the 1930s. ![]() Federally chartered banks at the time could not make loans with land as the security, plus limits on loans to any one person posed a significant impediment to those harvesting and marketing cotton and tobacco, which required large funds at certain seasons.īanks often were created as an adjunct to a new bright leaf tobacco market being launched - for example in Smithfield (the Bank of Smithfield) - or area textile industrialization, such as in Charlotte and surrounding counties. Just a few insurers survived the warįollowing the Civil War, new banks were launched with federal and state charters. Remainder faced bankruptcy immediately after the conflict with the canceling of state war debt. InsuranceĬompanies also faced financial catastrophe due to destruction and anĮconomic depression during the war. There were insurers in Raleigh, Greensborough, Fayetteville, Milton,ĭuring the Civil War, many banks were closed and the Insurance Company (selling fire insurance) started in Raleigh in 1847. ![]() The first successful North Carolina insurer was apparently the North Carolina Mutual Insurance agents representing insurance companies in the state, theĪttempts to form insurers began as early as 1794, although In addition, there were numerous antebellum Prior to the Civil War, there were at least 9 NorthĬarolina insurance companies selling fire, marine and life insurance. Located in such towns as: Salisbury, Morganton, etc. There were five banksĪnd branches in Fayetteville, four banks and branches in Wilmington, three banksīanks and branches each in Charlotte, Greensboro and Raleigh. Only five cities had more than one bank or branch. List) chartered by the state were the Bank of Cape Fear (1804), the Bank of New Bern (1804) and the State Bank of North Carolina (1810).īy 1860, there were 36 state-chartered banksĬarolina. Likewise, insurance companies were few until the 20th Ceturry. But today, North Carolina banks have become national and regional leaders. Perhaps, it reflected the agricultural nature of the state. North Carolina was the last of the thirteen original states to have a bank created. ![]()
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