Citizens & Southern National Bank
Encyclopedia
Citizens and Southern National Bank (C&S) began as a Georgia institution that expanded into South Carolina, Florida and into other states via mergers. C&S became part of NationsBank
(formerly North Carolina National Bank) in 1991 when NationsBank bought newly merged C&S/Sovran. Both are now part of the modern day Bank of America
.
A former Charleston, SC, C&S location is the second oldest bank building in the U.S. and possibly the oldest still used as a bank. Constructed in 1798 as the Bank of South Carolina it later became the home for the Charleston Library Society (1835), then belonged to the Charleston Chamber of Commerce (1914), and finally became a bank again when C&S purchased the two-story building in 1966. Located at 50 Broad Street, it is now a private office building.
The bank began in Georgia
with the merger of the Citizens Bank of Savannah (established November 2, 1887) and its crosstown rival, the Southern Bank of Georgia in 1906. Mills B. Lane had begun at Citizens Bank as a vice president and director in 1891. In 1901, Lane became president of Citizens Bank. In 1906, Lane and his associates purchased Southern Bank of Georgia enabling them to merge the two banks as the new C&S Bank. The newly merged banks were officially named the Citizens and Southern Bank of Georgia.
In 1922 Citizens and Southern absorbed Central Bank and Trust
Corp., the bank founded by Coca-Cola
co-founder Asa Griggs Candler
.
In preparation to open offices in South Carolina, Citizens and Southern Bank received its charter from the Comptroller of the Currency on May 2, 1927. The "place where its operations ... are to be carried on," is described in that charter as the "City of Savannah, in the County of Chatham and State of Georgia." Mills Lane Jr.
and Hugh C. Lane were important figures in the growth and success of C&S. Mills Lane Jr., serving as president, vice chairman and chairman between 1946 and 1973, made C&S the South's largest bank as well as the most profitable of the 50 largest U.S. banks. Hugh C. Lane was elected chairman of C&S in 1960.
In South Carolina, parties associated with C&S of Georgia purchased all the stock of Charleston
-based Atlantic Savings Bank and Atlantic National Bank. Atlantic Savings Bank, renamed in 1918, opened October 1, 1874, as the Germania Savings Bank. In May 1928, the names of the two Atlantic banks were changed to Citizens and Southern Bank of South Carolina, although the bank was operating only in Charleston with two locations on King Street and was owned by C&S of Georgia.
and Georgia
. In 1940, preparing for new federal rules that prohibited banks from operating in multiple states, C&S of South Carolina became a separate corporate entity from C&S of Georgia, allowing South Carolina to have a large "local" bank. In 1956, C&S of South Carolina merged with Growers Bank and Trust in Inman, South Carolina
In 1960, C&S of South Carolina installed computers which improved efficiency allowing accountholders with $100 minimum balance per month to have free checking, a first in South Carolina.
In 1985, the Citizens and Southern Georgia Corporation agreed to acquire Citizens and Southern National Bank of South Carolina for $400m or $55/share, reuniting (in 1986) the two banks which had been separated in 1940. At the time the two C&S banks reunited, C&S of South Carolina had assets of $2.5 billion while C&S of Georgia's assets were $12.3 billion.
C&S of Georgia also acquired Landmark Banks of Florida in 1985. The Landmark Bank became The Citizens & Southern National Bank of Florida. C&S of Georgia doubled its size in eighteen months as a result of the acquisition of Landmark Banks and C&S of South Carolina.
C&S had several affiliated companies including the C&S Corporation, the C&S Realty Corporation, the C&S Computer Services Corporation, and the C&S Housing Corporation.
Sovran Bank
, soon to be purchased by C&S, acquired D.C. National Bancorp in 1986, then Commerce Union Bank in 1987.
In 1988, C&S (before the Sovran merger) initiated merger talks with First Federal Savings Bank in Brunswick Ga. However, First Federal rejected the deal claiming C&S's offer was insufficient and C&S ended the talks. Later, First Federal unsuccessfully sued C&S/Sovran to block the NCNB/C&S/Sovran merger.
Shortly afterward, NCNB, which had grown from a one-state bank into a regional powerhouse, announced plans for a hostile takeover of C&S, and started buying up large blocks of C&S stock. Partly to fend off further takeover attempts, C&S acquired Sovran Financial Corporation
of Norfolk, Virginia
. The merged company took the name C&S/Sovran, with dual headquarters in Atlanta and Norfolk. The merger created a $47 billion bank with branches in Florida
, Georgia, South Carolina, Virginia, Tennessee, Kentucky and the District of Columbia. It appeared to be an enormous Southern super-regional bank rich enough to resist takeover attempts by other banks.
NCNB, which had been busy expanding by taking over distressed banks like Texas' First Republic Bank Corporation, quickly recognized that C&S/Sovran was also "distressed". The NCNB purchase of First Republic almost doubled NCNB's assets which helped it to acquire the weakened C&S/Sovran in 1991. C&S/Sovran had $49 billion in assets compared to NCNB's $69 billion in assets upon merger. The merged company took the name NationsBank
, headquartered in NCNB's old hometown of Charlotte
.
Before the NCNB/C&S/Sovran merger, NCNB was ranked 10th in the US in terms of assets while C&S/Sovran was ranked 12th. Following the merger, NationsBank was ranked 3rd.
C&S/Sovran merged into NCNB as a stock swap transaction and was valued at $4.259 billion. NCNB issued .84 of its shares for each C&S/Sovran shares. Based on NCNB's closing stock price of $37 on July 19, 1991, the last full trading day prior to the announcement, each share of C&S/Sovran was valued at $31.08.
As part of the merger, some C&S branches were sold to other banks. The Moncks Corner
(SC) C&S was sold to First National Bank, C&S in Marion
, Barnwell
, Chester
, St. George
, Darlington
, and Williston, SC, were sold to First Citizens Bank
. NCNB of South Carolina also sold some branches to other South Carolina banks. NCNB's Hilton Head, SC, branch went to First Union of NC
.
NationsBank continued to expand, eventually buying BankAmerica Corp. which had previously merged with Security Pacific National Bank of Los Angeles, another large California bank. Although NationsBank was the surviving company, it adopted the better-known Bank of America
marque, replacing the old BankAmerica eagle logo with a new stylized logo based on the U.S. flag.
J. Mack Robinson College of Business Administration Building
. It was built in 1901,and has 14 floors. It was the first steel framed building to be built in Atlanta. It was known as the Empire Building from 1901–1920, the Atlanta Trust Company Building from 1920–1929, and as the Citizens and Southern National Bank Building from 1929-1992. This building was given as a gift to GSU in 1992 following the acquisition of C&S by NCNB. J. Mack Robinson
was a director and large stockholder of NCNB rival, Wachovia Bank.
In 1968, C&S moved its headquarters to the newly built C&S Bank Tower (built 1964–1968) which was designed by Richard Aeck (1912–1996). A unique building for that time in Atlanta, it echoed Frank Lloyd Wright's design used in the Johnson Wax Research Tower (1944).
The Aeck C&S Bank Tower building was dismantled piece by piece after the NationsBank Plaza building opened in June 1992.
Construction of a new, much larger headquarters building in Atlanta was not completed until after NCNB had acquired C&S/Sovran and adopted the NationsBank brand. The new building would never be a headquarters for C&S. It was renamed NationsBank Plaza in 1992, and then renamed to Bank of America Plaza
in 1998 after the NationsBank/BankAmerica merger and NationsBank adopted the Bank of America brand to operate its banking operations under.
NationsBank
NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.-Corporate history:...
(formerly North Carolina National Bank) in 1991 when NationsBank bought newly merged C&S/Sovran. Both are now part of the modern day Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
.
A former Charleston, SC, C&S location is the second oldest bank building in the U.S. and possibly the oldest still used as a bank. Constructed in 1798 as the Bank of South Carolina it later became the home for the Charleston Library Society (1835), then belonged to the Charleston Chamber of Commerce (1914), and finally became a bank again when C&S purchased the two-story building in 1966. Located at 50 Broad Street, it is now a private office building.
History
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...
with the merger of the Citizens Bank of Savannah (established November 2, 1887) and its crosstown rival, the Southern Bank of Georgia in 1906. Mills B. Lane had begun at Citizens Bank as a vice president and director in 1891. In 1901, Lane became president of Citizens Bank. In 1906, Lane and his associates purchased Southern Bank of Georgia enabling them to merge the two banks as the new C&S Bank. The newly merged banks were officially named the Citizens and Southern Bank of Georgia.
In 1922 Citizens and Southern absorbed Central Bank and Trust
Central Bank and Trust (Atlanta)
The Central Bank and Trust Corp. was a bank founded in 1906 by Coca-Cola co-founder Asa Griggs Candler. It had its headquarters in the Candler Building in Downtown Atlanta.In 1922 it was merged into Citizens & Southern National Bank....
Corp., the bank founded by Coca-Cola
Coca-Cola
Coca-Cola is a carbonated soft drink sold in stores, restaurants, and vending machines in more than 200 countries. It is produced by The Coca-Cola Company of Atlanta, Georgia, and is often referred to simply as Coke...
co-founder Asa Griggs Candler
Asa Griggs Candler
Asa Griggs Candler was an American business tycoon who made his fortune selling Coca-Cola. He also served as the 44th Mayor of Atlanta, Georgia from 1916 to 1919...
.
In preparation to open offices in South Carolina, Citizens and Southern Bank received its charter from the Comptroller of the Currency on May 2, 1927. The "place where its operations ... are to be carried on," is described in that charter as the "City of Savannah, in the County of Chatham and State of Georgia." Mills Lane Jr.
Mills Lane (banker)
Mills B. Lane, Jr. was a banker in Atlanta, Georgia.He was born in Savannah, Georgia, and after graduating from Yale University in 1934 took a job as a clerk at a Citizens & Southern National Bank branch in Valdosta, Georgia...
and Hugh C. Lane were important figures in the growth and success of C&S. Mills Lane Jr., serving as president, vice chairman and chairman between 1946 and 1973, made C&S the South's largest bank as well as the most profitable of the 50 largest U.S. banks. Hugh C. Lane was elected chairman of C&S in 1960.
In South Carolina, parties associated with C&S of Georgia purchased all the stock of Charleston
Charleston, South Carolina
Charleston is the second largest city in the U.S. state of South Carolina. It was made the county seat of Charleston County in 1901 when Charleston County was founded. The city's original name was Charles Towne in 1670, and it moved to its present location from a location on the west bank of the...
-based Atlantic Savings Bank and Atlantic National Bank. Atlantic Savings Bank, renamed in 1918, opened October 1, 1874, as the Germania Savings Bank. In May 1928, the names of the two Atlantic banks were changed to Citizens and Southern Bank of South Carolina, although the bank was operating only in Charleston with two locations on King Street and was owned by C&S of Georgia.
Split, growth, and reunification
Quick growth ensued in both South CarolinaSouth Carolina
South Carolina is a state in the Deep South of the United States that borders Georgia to the south, North Carolina to the north, and the Atlantic Ocean to the east. Originally part of the Province of Carolina, the Province of South Carolina was one of the 13 colonies that declared independence...
and 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...
. In 1940, preparing for new federal rules that prohibited banks from operating in multiple states, C&S of South Carolina became a separate corporate entity from C&S of Georgia, allowing South Carolina to have a large "local" bank. In 1956, C&S of South Carolina merged with Growers Bank and Trust in Inman, South Carolina
Inman, South Carolina
Inman is a city in Spartanburg County, South Carolina, United States. The population was 2,321 at the 2010 census.Inman is a small community located in the Upstate region of South Carolina...
In 1960, C&S of South Carolina installed computers which improved efficiency allowing accountholders with $100 minimum balance per month to have free checking, a first in South Carolina.
In 1985, the Citizens and Southern Georgia Corporation agreed to acquire Citizens and Southern National Bank of South Carolina for $400m or $55/share, reuniting (in 1986) the two banks which had been separated in 1940. At the time the two C&S banks reunited, C&S of South Carolina had assets of $2.5 billion while C&S of Georgia's assets were $12.3 billion.
C&S of Georgia also acquired Landmark Banks of Florida in 1985. The Landmark Bank became The Citizens & Southern National Bank of Florida. C&S of Georgia doubled its size in eighteen months as a result of the acquisition of Landmark Banks and C&S of South Carolina.
C&S had several affiliated companies including the C&S Corporation, the C&S Realty Corporation, the C&S Computer Services Corporation, and the C&S Housing Corporation.
"Distressed" due to mergers
From 1984–1986, the Southeastern Regional Banking Compact allowed Southern banks with primarily Southern deposits to acquire or be acquired by each other while keeping the feared New York, Chicago, and West Coast banks out. This led numerous Southern banks to begin buying regional competitors.Sovran Bank
Sovran Bank
Sovran Bank of Norfolk, Virginia began in 1983 with the merger of First & Merchants Bank and Virginia National Bankshares, the largest banking merger in the history of Virginia up to that time...
, soon to be purchased by C&S, acquired D.C. National Bancorp in 1986, then Commerce Union Bank in 1987.
Sovran Financial Corp.
Shortly afterward, NCNB, which had grown from a one-state bank into a regional powerhouse, announced plans for a hostile takeover of C&S, and started buying up large blocks of C&S stock. Partly to fend off further takeover attempts, C&S acquired Sovran Financial Corporation
Sovran Bank
Sovran Bank of Norfolk, Virginia began in 1983 with the merger of First & Merchants Bank and Virginia National Bankshares, the largest banking merger in the history of Virginia up to that time...
of Norfolk, Virginia
Norfolk, Virginia
Norfolk is an independent city in the Commonwealth of Virginia in the United States. With a population of 242,803 as of the 2010 Census, it is Virginia's second-largest city behind neighboring Virginia Beach....
. The merged company took the name C&S/Sovran, with dual headquarters in Atlanta and Norfolk. The merger created a $47 billion bank with branches in Florida
Florida
Florida is a state in the southeastern United States, located on the nation's Atlantic and Gulf coasts. It is bordered to the west by the Gulf of Mexico, to the north by Alabama and Georgia and to the east by the Atlantic Ocean. With a population of 18,801,310 as measured by the 2010 census, it...
, Georgia, South Carolina, Virginia, Tennessee, Kentucky and the District of Columbia. It appeared to be an enormous Southern super-regional bank rich enough to resist takeover attempts by other banks.
NationsBank
The hasty merger of C&S and Sovran Financial was intended to create a strong, dominant regional bank. However, two problems soon emerged that made C&S/Sovran a takeover target. First was infighting between executives of the two newly combined banks with an Atlanta faction (C&S) and a Virginia faction (Sovran). Second was former Sovran problem loans which weakened the newly merged banks.NCNB, which had been busy expanding by taking over distressed banks like Texas' First Republic Bank Corporation, quickly recognized that C&S/Sovran was also "distressed". The NCNB purchase of First Republic almost doubled NCNB's assets which helped it to acquire the weakened C&S/Sovran in 1991. C&S/Sovran had $49 billion in assets compared to NCNB's $69 billion in assets upon merger. The merged company took the name NationsBank
NationsBank
NationsBank was one of the largest banking corporations in the United States, based in Charlotte, North Carolina. In 1998, it acquired BankAmerica to become Bank of America.-Corporate history:...
, headquartered in NCNB's old hometown of Charlotte
CHARLOTTE
- CHARLOTTE :CHARLOTTE is an American blues-based hard rock band that formed in Los Angeles, California in 1986. Currently, they are signed to indie label, Eonian Records, under which they released their debut cd, Medusa Groove, in 2010. Notable Charlotte songs include 'Siren', 'Little Devils',...
.
Before the NCNB/C&S/Sovran merger, NCNB was ranked 10th in the US in terms of assets while C&S/Sovran was ranked 12th. Following the merger, NationsBank was ranked 3rd.
C&S/Sovran merged into NCNB as a stock swap transaction and was valued at $4.259 billion. NCNB issued .84 of its shares for each C&S/Sovran shares. Based on NCNB's closing stock price of $37 on July 19, 1991, the last full trading day prior to the announcement, each share of C&S/Sovran was valued at $31.08.
As part of the merger, some C&S branches were sold to other banks. The Moncks Corner
Moncks Corner, South Carolina
Moncks Corner is a town in and the county seat of Berkeley County, South Carolina, United States. The population was 5,952 at the 2000 census....
(SC) C&S was sold to First National Bank, C&S in Marion
Marion, South Carolina
Marion is a city in Marion County, South Carolina, United States. The population was 7,042 at the 2000 census. It is the county seat of Marion County...
, Barnwell
Barnwell, South Carolina
Barnwell is a city in Barnwell County, South Carolina, United States, located along U.S. Route 278. The population was 5,035 at the 2000 census...
, Chester
Chester, South Carolina
Chester is a small city in Chester County, South Carolina, United States. The population was 6,476 at the 2000 census and a center urban cluster population of 11,140...
, St. George
St. George, South Carolina
Saint George is a town in Dorchester County, South Carolina, United States. The population was 2,092 at the 2000 census. It has been the county seat of Dorchester County since the latter's formation from Colleton County in 1897....
, Darlington
Darlington, South Carolina
Darlington is a city in and the county seat of Darlington County, in the northeastern part of the U.S. state of South Carolina. It is a center for tobacco farming. The population was 6,720 at the 2000 census and is part of the Florence Metropolitan Statistical Area...
, and Williston, SC, were sold to First Citizens Bank
First Citizens Bank of South Carolina
First Citizens Bank of South Carolina is a subsidiary of First Citizens Bancorporation, Inc. , a bank holding company based in Columbia, South Carolina with over $8 billion in assets. First Citizens has branches in South Carolina and Georgia...
. NCNB of South Carolina also sold some branches to other South Carolina banks. NCNB's Hilton Head, SC, branch went to First Union of NC
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...
.
NationsBank continued to expand, eventually buying BankAmerica Corp. which had previously merged with Security Pacific National Bank of Los Angeles, another large California bank. Although NationsBank was the surviving company, it adopted the better-known Bank of America
Bank of America
Bank of America Corporation, an American multinational banking and financial services corporation, is the second largest bank holding company in the United States by assets, and the fourth largest bank in the U.S. by market capitalization. The bank is headquartered in Charlotte, North Carolina...
marque, replacing the old BankAmerica eagle logo with a new stylized logo based on the U.S. flag.
Headquarters buildings
C&S had two headquarters buildings in Atlanta, following its expansion out of Savannah. The first building is still standing and is today the Georgia State UniversityGeorgia State University
Georgia State University is a research university in downtown Atlanta, Georgia, USA. Founded in 1913, it serves about 30,000 students and is one of the University System of Georgia's four research universities...
J. Mack Robinson College of Business Administration Building
J. Mack Robinson College of Business Administration Building
The J. Mack Robinson College of Business Administration Building is a 14 storey highrise that serves as a downtown Atlanta, Georgia campus of Georgia State University. When completed in 1901 as the Empire Building, it was the first steel-frame structure, and the tallest in the city until surpassed...
. It was built in 1901,and has 14 floors. It was the first steel framed building to be built in Atlanta. It was known as the Empire Building from 1901–1920, the Atlanta Trust Company Building from 1920–1929, and as the Citizens and Southern National Bank Building from 1929-1992. This building was given as a gift to GSU in 1992 following the acquisition of C&S by NCNB. J. Mack Robinson
J. Mack Robinson
J. Mack Robinson is a Georgia businessman. He has led several of Atlanta's major corporations. Robinson is also a notable philanthropist, having donated millions of dollars to his home state.- Early career :...
was a director and large stockholder of NCNB rival, Wachovia Bank.
In 1968, C&S moved its headquarters to the newly built C&S Bank Tower (built 1964–1968) which was designed by Richard Aeck (1912–1996). A unique building for that time in Atlanta, it echoed Frank Lloyd Wright's design used in the Johnson Wax Research Tower (1944).
The Aeck C&S Bank Tower building was dismantled piece by piece after the NationsBank Plaza building opened in June 1992.
Construction of a new, much larger headquarters building in Atlanta was not completed until after NCNB had acquired C&S/Sovran and adopted the NationsBank brand. The new building would never be a headquarters for C&S. It was renamed NationsBank Plaza in 1992, and then renamed to Bank of America Plaza
Bank of America Plaza (Atlanta)
Bank of America Plaza is a skyscraper located in the SoNo district of Atlanta, Georgia. At the tower is the 53rd-tallest building in the world. When it first opened, it was the 9th tallest building in the world, and 6th tallest building in the United States...
in 1998 after the NationsBank/BankAmerica merger and NationsBank adopted the Bank of America brand to operate its banking operations under.
External links
- 1968 Time Magazine article on Mills Lane
- Article Detailing C&S Acquisition of Atlantic National Bank in Charleston, SC
- First C&S Headquarters Building in Atlanta/Merger with Third National Bank of Atlanta
- Pictures of the C&S Bank Tower (1968)
- Mills B Lane, Jr.
- C&S of Georgia Checking Account TV Commercial
- NY Times Article on C&S/NCNB Merger
- Pictures of the C&S Bank Tower (now known as Bank of America Plaza)
- Article on C&S of Florida's "Super Season" Marketing Campaign, 1991
- NY Times Article on Bennett A. Brown (1989)
- Article on the merger of NBSC and C&S/Sovran
- http://architecturetourist.blogspot.com/2010/02/c-bank-headquarters-renovation-by.html Lots of pictures of C&S's headquarters from 1929 until 1968. The building is now known as the Georgia State's Robinson College of Business. Bank of America which merged with the former C&S through a series of mergers continues to run the banking floor in the building Notice that while the BoA signs are outside on the corner the C&S name is still visible since it is carved into the stone of the building]