First Charter Bank
Encyclopedia
First Charter Bank a subsidiary of First Charter Corporation, was a bank
headquartered in Charlotte
, North Carolina
, USA. From its 1888 founding as Concord National Bank until its 2001 move to Charlotte, the bank was headquartered in Concord, North Carolina
. The bank became part of Fifth Third Bank
in 2008.
companies in Concord, North Carolina
such as Cannon Mills needed a bank, and while they had the money to start it, they needed someone to run it. Daniel Branson Coltrane, a Confederate
veteran who served with J.E.B. Stuart
in the Civil War
, returned to North Carolina in 1888, and Concord National Bank opened in July as North Carolina's first national bank.
In 1925, Concord National Bank moved to the newly built Concord Hotel, a six-story Beaux Arts Classical Revival
building with arch
windows, "faced with ashlar limestone
ornamented with classical motifs", designed by William Lee Stoddart
.
Bob Bratton became Chief Financial Officer
of Concord National Bank in 1977, serving in that position until 2005. He played a major role in the bank's evolution as it changed its name to First Charter Bank and acquired Bank of Union, Carolina State Bank, Home Federal Savings, Carolina First BancShares, ten insurance agencies and Southeastern Employee Benefit Services.
In 1984, Concord National Bank merged with Citizens National Bank, founded in 1905 and also in Concord. The name change to First Charter, since Concord National was the state's first chartered bank, took place at that time.
On December 1, 1998, First Charter broke ground on a $35 million operations center in the UNC-Charlotte area, intended for as many as 800 employees. The headquarters, however, remained in Concord.
After buying Home Federal Savings in Charlotte, First Charter renamed that bank's seven-story building but later moved its branch across the street to the Johnston Building. The Home Savings building closed but later reopened with new owners.
In a deal valued at $260 million, on November 8, 1999, First Charter Corporation agreed to buy Carolina First BancShares of Lincolnton, North Carolina
, owner of Lincoln Bank of North Carolina, Cabarrus Bank of North Carolina and Community Bank and Trust, with assets of $774 million and 31 offices.
First Charter began moving to its new $40 million University Research Park headquarters in February 2001.
In January 2006, First Charter opened three branches, its first in the North Carolina's Triangle, in former SouthTrust
locations closed after that bank's purchase by Wachovia
. Also, First Charter planned 24 ATMs
in Food Lion
grocery stores. By 2010, First Charter hoped to have 10 Triangle branches.
On August 16, 2007, Fifth Third Bank
announced its purchase of First Charter.
First Charter had deposits of $3.2 billion and assets of $4.8 billion, with 60 branches, four insurance offices and 137 automated-teller machines in North Carolina and Georgia, as well as loan offices in Asheville, N.C., and Reston, Va. The $1.1 billion deal gave Fifth Third a major presence in the Southeastern United States
, adding to its Georgia
branches and giving it an entry into the Charlotte market and the Carolinas. The deal closed in June 2008.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
headquartered in Charlotte
Charlotte, North Carolina
Charlotte is the largest city in the U.S. state of North Carolina and the seat of Mecklenburg County. In 2010, Charlotte's population according to the US Census Bureau was 731,424, making it the 17th largest city in the United States based on population. The Charlotte metropolitan area had a 2009...
, North Carolina
North Carolina
North Carolina is a state located in the southeastern United States. The state borders South Carolina and Georgia to the south, Tennessee to the west and Virginia to the north. North Carolina contains 100 counties. Its capital is Raleigh, and its largest city is Charlotte...
, USA. From its 1888 founding as Concord National Bank until its 2001 move to Charlotte, the bank was headquartered in Concord, North Carolina
Concord, North Carolina
Concord is a city in the U.S. state of North Carolina. According to Census 2010, the city has a current population of 79,066. It is the largest city in Cabarrus County and is the county seat. In terms of population, the city of Concord is the second largest city in the Charlotte Metropolitan Area...
. The bank became part of Fifth Third Bank
Fifth Third Bank
Fifth Third Bank is a U.S. regional banking corporation, headquartered in Cincinnati, Ohio and is the principal subsidiary of holding company Fifth Third Bancorp ....
in 2008.
History
TextileTextile
A textile or cloth is a flexible woven material consisting of a network of natural or artificial fibres often referred to as thread or yarn. Yarn is produced by spinning raw fibres of wool, flax, cotton, or other material to produce long strands...
companies in Concord, North Carolina
Concord, North Carolina
Concord is a city in the U.S. state of North Carolina. According to Census 2010, the city has a current population of 79,066. It is the largest city in Cabarrus County and is the county seat. In terms of population, the city of Concord is the second largest city in the Charlotte Metropolitan Area...
such as Cannon Mills needed a bank, and while they had the money to start it, they needed someone to run it. Daniel Branson Coltrane, a Confederate
Confederate States Army
The Confederate States Army was the army of the Confederate States of America while the Confederacy existed during the American Civil War. On February 8, 1861, delegates from the seven Deep South states which had already declared their secession from the United States of America adopted the...
veteran who served with J.E.B. Stuart
J.E.B. Stuart
James Ewell Brown "Jeb" Stuart was a U.S. Army officer from Virginia and a Confederate States Army general during the American Civil War. He was known to his friends as "Jeb", from the initials of his given names. Stuart was a cavalry commander known for his mastery of reconnaissance and the use...
in the Civil War
American Civil War
The American Civil War was a civil war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ; the other 25...
, returned to North Carolina in 1888, and Concord National Bank opened in July as North Carolina's first national bank.
In 1925, Concord National Bank moved to the newly built Concord Hotel, a six-story Beaux Arts Classical Revival
Neoclassicism
Neoclassicism is the name given to Western movements in the decorative and visual arts, literature, theatre, music, and architecture that draw inspiration from the "classical" art and culture of Ancient Greece or Ancient Rome...
building with arch
Arch
An arch is a structure that spans a space and supports a load. Arches appeared as early as the 2nd millennium BC in Mesopotamian brick architecture and their systematic use started with the Ancient Romans who were the first to apply the technique to a wide range of structures.-Technical aspects:The...
windows, "faced with ashlar limestone
Limestone
Limestone is a sedimentary rock composed largely of the minerals calcite and aragonite, which are different crystal forms of calcium carbonate . Many limestones are composed from skeletal fragments of marine organisms such as coral or foraminifera....
ornamented with classical motifs", designed by William Lee Stoddart
William Lee Stoddart
William Lee Stoddart was an architect best known for urban hotels in the eastern United States. Even though he was born in Tenafly, New Jersey, the bulk of his commissions were in the South. He maintained offices in Atlanta and New York City....
.
Bob Bratton became Chief Financial Officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
of Concord National Bank in 1977, serving in that position until 2005. He played a major role in the bank's evolution as it changed its name to First Charter Bank and acquired Bank of Union, Carolina State Bank, Home Federal Savings, Carolina First BancShares, ten insurance agencies and Southeastern Employee Benefit Services.
In 1984, Concord National Bank merged with Citizens National Bank, founded in 1905 and also in Concord. The name change to First Charter, since Concord National was the state's first chartered bank, took place at that time.
On December 1, 1998, First Charter broke ground on a $35 million operations center in the UNC-Charlotte area, intended for as many as 800 employees. The headquarters, however, remained in Concord.
After buying Home Federal Savings in Charlotte, First Charter renamed that bank's seven-story building but later moved its branch across the street to the Johnston Building. The Home Savings building closed but later reopened with new owners.
In a deal valued at $260 million, on November 8, 1999, First Charter Corporation agreed to buy Carolina First BancShares of Lincolnton, North Carolina
Lincolnton, North Carolina
Lincolnton is a city in Lincoln County, North Carolina, United States, within the Charlotte metropolitan area. The population was 10,683 at the 2010 census. Lincolnton is located northwest of Charlotte, on the South Fork of the Catawba River, and near the junction of State Highway 27 and U.S. Route...
, owner of Lincoln Bank of North Carolina, Cabarrus Bank of North Carolina and Community Bank and Trust, with assets of $774 million and 31 offices.
First Charter began moving to its new $40 million University Research Park headquarters in February 2001.
In January 2006, First Charter opened three branches, its first in the North Carolina's Triangle, in former SouthTrust
SouthTrust
SouthTrust Corporation was a banking company headquartered in Birmingham, Alabama. In 2004, SouthTrust reached an agreement to merge with Wachovia in a stock-for-stock deal. At the time of the merger with Wachovia was completed, SouthTrust had $53 Billion in assets. SouthTrust was listed on the...
locations closed after that bank's purchase by Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
. Also, First Charter planned 24 ATMs
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
in Food Lion
Food Lion
Food Lion LLC is an American grocery store company headquartered in Salisbury, North Carolina that operates approximately 1,300 supermarkets in 11 Mid-Atlantic and South Atlantic states as well as Tennessee, Kentucky and West Virginia under the Food Lion, Harveys Supermarket, Bloom, Bottom Dollar...
grocery stores. By 2010, First Charter hoped to have 10 Triangle branches.
On August 16, 2007, Fifth Third Bank
Fifth Third Bank
Fifth Third Bank is a U.S. regional banking corporation, headquartered in Cincinnati, Ohio and is the principal subsidiary of holding company Fifth Third Bancorp ....
announced its purchase of First Charter.
First Charter had deposits of $3.2 billion and assets of $4.8 billion, with 60 branches, four insurance offices and 137 automated-teller machines in North Carolina and Georgia, as well as loan offices in Asheville, N.C., and Reston, Va. The $1.1 billion deal gave Fifth Third a major presence in the Southeastern United States
Southeastern United States
The Southeastern United States, colloquially referred to as the Southeast, is the eastern portion of the Southern United States. It is one of the most populous regions in the United States of America....
, adding to its Georgia
Georgia (U.S. state)
Georgia is a state located in the southeastern United States. It was established in 1732, the last of the original Thirteen Colonies. The state is named after King George II of Great Britain. Georgia was the fourth state to ratify the United States Constitution, on January 2, 1788...
branches and giving it an entry into the Charlotte market and the Carolinas. The deal closed in June 2008.