Bell National Bank, Pineville, KY (Charter 7215)

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Ad shows a sketch of the bank.
1907 advertisement for the Bell National Bank of Pineville, Kentucky.

Bell National Bank, Pineville, KY (Chartered 1904 - Receivership 1932)

Town History

The old Bell National Bank of Pineville located on the corner of Pine Street and Kentucky Avenue ca2023
The old Bell National Bank of Pineville located on the corner of Pine Street and Kentucky Avenue, ca2023. Courtesy of Google Maps

Pineville (locally /ˈpaɪnvəl, -vɪl/) is a home rule-class city in Bell County, Kentucky and is the seat of its county. It is located on a small strip of land between the Cumberland River and Pine Mountain. The population was 1,732 as of the 2010 census. In 1900 the population was 2,072, growing to 3,567 by 1930.

Pineville is one of the oldest settlements in Kentucky, located at the crossing of the Cumberland River by the Wilderness Road. It was established as Cumberland Ford in 1781 and formed part of Governor Isaac Shelby's land tracts. When Bell County was formed in 1867, Cumberland Ford was formally laid off; local landowner J.J. Gibson's 1869 land grant permitted it to be selected as the county seat, but the courthouse was not completed until 1871. The settlement was renamed "Pineville" in 1870 and formally incorporated in 1873.

One of the earliest branches of the Sojourner Truth Woman's Christian Temperance Union (WCTU) was formed in Pineville in 1906 with 15 members - at the time, it was affiliated with the white women's branch of the Kentucky WCTU.

Its riverside location has made it subject to flooding, including a devastating incident on April 4, 1977, in which a floodwall built in 1952 was overwhelmed and 200 houses were destroyed or damaged. The U.S. Army Corps of Engineers upgraded the floodwall in 1988.

The economy is dependent on the coal mining industry, local family owned businesses and on tourism. Many enjoy visiting Pine Mountain State Resort Park, where the popular attraction "Chained Rock" is located. Thanks to works done by the community organization Main Street Pineville, the town is working on revitalizing downtown Pineville to its historical roots.

Every Memorial Day weekend (from Wednesday to Sunday) the town of Pineville welcomes all to the Kentucky Mountain Laurel Festival, named for the Mountain Laurel flower which grows wild on Pine Mountain. The first Kentucky Mountain Laurel Festival was presented in 1931 at the suggestion of Annie Walker Burns, a descendant of Dr. Thomas Walker, the first European to enter Kentucky and who, along with a party of explorers, visited the present site of Pineville in 1750. Burns was captivated by the history and beauty surrounding Pineville and appealed to Governor Flem D. Sampson of Barbourville to initiate some type of event to honor Dr. Walker. She gained the support of other influential Bell Countians, and the 1931 Festival was staged at Clear Creek Springs on June 4.

Pineville had two National Banks chartered during the Bank Note Era, and both of those banks issued National Bank Notes.

Bank History

  • Organized March 28, 1904
  • Chartered April 18, 1904
  • Succeeded the Private Bank of J.R. Rice
  • Receivership January 28, 1932

In March 1904, the application of J.R. Rice, T.F. Gibson, L.K. Rice, D.B. Logan, and C.J. Johnston to organize the Bell National Bank of Pineville, Kentucky, with $25,000 capital, was approved by the comptroller of the currency.[1] J.R. Rice would be president and E.G. Conant, formerly of the Manufacturers' Bank of Middlesborough, cashier. The board of directors was composed of J.R. Rice, T.F. Gibson, C.J. Johnson, W.R. Wood, T.R. Ware, L.K. Rice, and E.G. Conant.[2] The bank purchased the building and equipment and succeeds to the business of the bank of J.R. Rice, opening on May 1st.[3]

In February 1907, the officers were D.B. Logan, president; Dr. C.C. Durham, vice president; and E.G. Conant, cashier.[4] 

In May 1908, the Rice State Bank was permanently located in its new and handsome building recently erected at the corner of Pine Street and Virginia Avenue.  Mr. J.R. Rice, the cashier, had a large experience in the banking business having filled the position of cashier for five years for the First National Bank in Pineville.  He also had been in the private banking business for a number of years.  He was a founder and president for one year of the Bell National Bank of Pineville.[5]

In July 1916, H.A. Brooking of Pineville who had been a salesman in Southeastern Kentucky for the Power Grocery Company of Paris, resigned to accept the cashiership of the Bell National Bank.[6]

In November 1919, H.H. Asher was elected president, succeeding Judge J.M. Gilbert, resigned.[7]

In January 1922, the Bell National bank had capital and surplus of $150,000 and total resources of 1,200,000. The officers were Hugh H. Asher, president; J.L. Phillips, vice president; N.R. Patterson, vice president; and G.C. May, cashier.[8]

On Tuesday, January 9, 1923, C.C. Byrley was elected as a new director of the Bell National Bank. Other members of the board were J.L. Phillips, G.C. May, M.J. Moss, H.H. Asher, J.T. Bradley, N.R. Patterson, Ben F. Logan, and F.M. Meadows. All the officers were re-elected.[9]

On March 23, 1929, more than 300 families were driven from their homes when the Cumberland River flowed seven feet deep in the streets of Pineville. A number of houses were washed away and virtually every house in the city was flooded. Both hotels and the entire business district were under water. The waters flowed three feet deep at the doors of the Bell National Bank. Damage in the Pineville section was estimated at $1,000,000.[10]

On July 7, 1932, Receiver White F. Varven of the Bell National Bank said that he received orders from the comptroller of the currency to liquidate the bank immediately. He stated that all debtors of the bank should pay up forthwith.[11] On October 26th, announcement of the first dividend of 28% payable to depositors with proven claims was declared and checks were ready to be delivered. The dividend was being paid from funds acquired by the receiver in the ordinary course of liquidation, supplemented by a loan from the Reconstruction Finance Corporation. This loan was secured by a lien on the remaining assets of the bank which would have to be retired before additional distributions could be paid.[12]

Official Bank Title(s)

1: The Bell National Bank of Pineville, KY

Bank Note Types Issued

1902 Plain Back $10 bank note with stamped signatures of G.C. May, Cashier and H.H. Asher, President. This is a replacement note with hybrid numbers--both 4s have a modern appearance while other numbers are of an old font
1902 Plain Back $10 bank note with stamped signatures of G.C. May, Cashier and H.H. Asher, President. This is a replacement note with hybrid numbers--both 4s have a modern appearance while other numbers are of an old font. Courtesy of Adam Stroup
1902 Plain Back $10 bank note with stamped signatures of B.O. Howard, Cashier and G.C. May, President
1902 Plain Back $10 bank note with stamped signatures of B.O. Howard, Cashier and G.C. May, President. Courtesy of Heritage Auctions, www.ha.com
1929 Type 1 $20 bank note with printed signatures of B.O. Howard, Cashier and J.L. Phillips, President
1929 Type 1 $20 bank note with printed signatures of B.O. Howard, Cashier and J.L. Phillips, President. Courtesy of Heritage Auctions, www.ha.com

A total of $1,190,580 in National Bank Notes was issued by this bank between 1904 and 1932. This consisted of a total of 95,520 notes (78,984 large size and 16,536 small size notes).

This bank issued the following Types and Denominations of bank notes:

Series/Type Sheet/Denoms Serial#s Sheet Comments
1902 Red Seal 3x10-20 1 - 360
1902 Date Back 3x10-20 1 - 960
1902 DB/PB 3x10-20 961 - 1080 Type uncertain
1902 Plain Back 3x10-20 1081 - 19386
1929 Type 1 6x10 1 - 2124
1929 Type 1 6x20 1 - 632

Bank Presidents and Cashiers

Bank Presidents and Cashiers during the National Bank Note Era (1904 - 1932):

Presidents:

Cashiers:

Other Known Bank Note Signers

  • No other known bank note signers for this bank

Bank Note History Links

Sources

  • Pineville, KY, on Wikipedia
  • Don C. Kelly, National Bank Notes, A Guide with Prices. 6th Edition (Oxford, OH: The Paper Money Institute, 2008).
  • Dean Oakes and John Hickman, Standard Catalog of National Bank Notes. 2nd Edition (Iola, WI: Krause Publications, 1990).
  • Banks & Bankers Historical Database (1782-1935), https://spmc.org/bank-note-history-project
  1. ↑ The Courier-Journal, Louisville, KY, Thu., Mar. 17, 1904.
  2. ↑ The Middlesborough News, Middlesboro, KY, Sat., Mar. 26, 1904.
  3. ↑ The Evening Bulletin, Maysville, Kentucky · Monday, April 25, 1904.
  4. ↑ The Middlesborough News, Middlesboro, KY, Thu., Feb. 28, 1907.
  5. ↑ The Middlesborough News, Middlesboro, KY, Sat., May 16, 1908.
  6. ↑ The Lexington Herald, Lexington, KY, Sun., July 02, 1916.
  7. ↑ Richmond Daily Register, Richmond, KY, Fri., Nov. 28, 1919.
  8. ↑ The Harlan Daily Enterprise, Harlan, KY, Fri., Jan. 13, 1922.
  9. ↑ Middlesboro Daily News, Middlesboro, KY, Mon., Jan. 15, 1923.
  10. ↑ The Kentucky Post, Covington, KY, Sun., Mar. 24, 1929.
  11. ↑ Middlesboro Daily News, Middlesboro, KY, Thu., July 7, 1932.
  12. ↑ Middlesboro Daily News, Middlesboro, KY, Wed., Oct. 26, 1932.
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