Looking back: Tidewater Bank to merge with VNBPublished 8:58am Friday, June 28, 2013
by Clyde Parker
EDITOR’S NOTE: Looking Back features past articles from The Tidewater News with commentary by local historian Clyde Parker.
Friday, June 28, 1963
Clifford A. Cutchins III, President of Tidewater Bank and Trust Company in Franklin, and John S. Alfriend, Chairman of the Board of Virginia National Bank in Norfolk, today, announced merger of the two banks.
Tidewater Bank and Trust Co., headquartered in Franklin, is a new institution. It was formed last year through the merger of Vaughan and Company Bankers of Franklin with Bank of Capron and Meherrin Valley Bank of Boykins.
The decision for Tidewater Bank and Trust Co. to merge with Virginia National Bank came following much discussion by the Boards of Directors of both banks. During a meeting last week, Directors of Tidewater Bank and Trust Company voted unanimously for the merger. Later in the week, similar approval was given, informally, by the Directors of Virginia National Bank, with formal approval scheduled for the Board meeting on July 1.
Last month, National Bank of Suffolk and Farmers Exchange Bank of Bristol, following approval by their respective Boards, merged with Virginia National Bank.
The addition of the Tidewater Bank and Trust Company locations in Franklin, Boykins and Capron brings to 42 the total number of banking houses that are operated by Virginia National Bank. “Now, we are represented in 19 cities and towns throughout the state,” Alfriend, said.
Commenting on the merger, Cutchins said, “Now, with Virginia National Bank, we are able to bring a broader range of services to the people in Franklin, Boykins and Capron. This is what a large, statewide bank can do.”
Following the most recent series of mergers, Virginia National Bank has become the second largest independent bank in Virginia. Combined resources are close to $375 million. Now, Virginia National Bank has a legal lending limit of $3 million
Cutchins, a Franklin resident, is senior vice president and a member of the Board of Directors of Virginia National Bank.
Directors of the former Tidewater Bank and Trust Co. will continue to serve and function as a regional board for Virginia National Bank. It will be based in Franklin and Cutchins will serve as its Chairman. In addition to Cutchins, the directors are: H. L. Bain, Ira Barham, H. G. Barnes, Floyd Briggs, J. M. Britt, John M. Camp Jr., Ryland Camp, W. M. Camp, Kurt Hirsch, John Y. Mason, G. H. Parker, Daniel K. Peak, V. S. Pittman, R. H. Powell Jr., W. V. Rawlings, S. W. Rawls, B. J. Ray, J. E. Ray III, H. T. Smith, W. Eldridge Smith, Gilbert T. Stephenson, L. L. Thorpe and R. P. Watson
BE-LO TO OPEN ON JULY 1
Franklin’s newest supermarket will open its doors on July 1. Located just off South Street, near its intersection with South Main Street, Be-Lo is promoting its grand opening with grocery specials plus drawings for three grand prizes: a 14 foot fro/st-free Westinghouse refrigerator-freezer combination, a 21 inch portable Philco Town and Country television set and a six-piece set of club aluminum cookware.
The Be-Lo store and the shopping center is situated on the former Bogart property on which stood the “Bogart House” – one of the oldest historic structures in Franklin. Despite much protest, the house was torn down. Soon afterward, that site along with the surrounding property was redeveloped to make way for Franklin’s first shopping center.
Now, downtown Franklin has 3 supermarkets: The aforementioned Be-Lo store, the Colonial Store on First Avenue, and the A&P Store on East Second Avenue.
RAWLS OFFERS ART PROGRAM
Walter Cecil Rawls, founder and benefactor of the Rawls Library in Courtland, on Tuesday, told the Library Board of Trustees that he plans to make funds available to set up an art center in connection with the museum. Mrs. Mary Perts, an artist and art teacher in Suffolk, will direct the program – starting in October. The proposal calls for free classes for students – after school.
PURVIS TO SUCCEED CLAUD
The School Trustee Electoral Board appointed one new member and reappointed two others to the Southampton County School Board Wednesday night.
Kyle R. Purvis will fill the unexpired term of John T. Claud who resigned to run for county commissioner of revenue against incumbent L. A. Clements.
School Board members reappointed are William Howell of the Franklin District and L. A. Brantley of the Berlin-Ivor District.
Purvis is employed at the Southampton Correctional Center as Superintendent of its shoe manufacturing facility, which produces shoes for all state penal institutions.
CLYDE PARKER is a retired human resources manager for the former Franklin Equipment Co. and a member of the Southampton County Historical Society. His email address is email@example.com