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Bank of Charleston - Stock Certificate - Banking Stocks For Sale
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Bank of Charleston - Stock Certificate - Banking Stocks:
$95.00
Stock printed by Walker, Ewens & Cogswell. Popular State! History from http://www.fundinguniverse.com: Wachovia Bank of South Carolina, N.A. is one of the three banks that constitute Wachovia Corporation, along with Wachovia Bank of North Carolina and Wachovia Bank of Georgia. Each of these three banks has a distinguished history, but the South Carolina Bank subsidiary\'s heritage goes back the furthest. Wachovia Bank of South Carolina has been at the forefront of the state\'s financial community since its inception, and offers customers the entire range of financial services, including conveniently located automated teller machines (ATMs), mortgage services, real estate advice, and insurance programs to fit every need. Wachovia Bank of South Carolina was chartered by the state as the Bank of Charleston in 1834, but its roots go back to the very beginning of banking in the United States. Following the ratification of the U.S. Constitution in 1789, the newly established First United States Bank opened a branch in Charleston in 1792. When the charter for the First United States Bank lapsed in 1811, the Second Bank of the United States was chartered in 1816. Yet there was intense disagreement among those people in the new capitol of Washington, D.C., over the issue of whether state chartered banks were preferable to national banks. This disagreement finally resulted in a veto of the bill to recharter the federal bank in 1832. Consequently, the branch office of the Second United States Bank in Charleston was forced to close, and the city was left without any financial institution. Realizing that their city was in need of a bank, and determined to maintain control of its operations, the city fathers convinced the South Carolina state legislature to charter the Bank of Charleston on December 17, 1834. Located in the same office as the national bank, and operating with almost the same staff, the Bank of Charleston was capitalized at $2 million and reported its first dividend only six months after it had opened for business. During the 1830s and 1840s, the bank was involved in highly successful domestic and international currency exchange. One of the methods that the bank used to increase its profitability was to issue and circulate its own notes. By exchanging its own bank notes for drafts on banks located in the North, and subsequently \"discounting\" that commercial paper, the Bank of Charleston reaped large profits. By 1845, the bank had also established an agency network that extended the length of the eastern seaboard and into some western states. The bank had initiated and established close working relations with 123 banks and agencies in states such as Georgia, Florida, Louisiana, and Kentucky to help the wholesale merchants in Charleston fill the orders of store owners in such budding American towns as Apalachicola, Florida, and Macon, Georgia. The Bank of Charleston had over $6 million in assets a Item ordered may not be exact piece shown. All original and authentic.
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