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Locations of the Bank of Blacksburg

The bank was chartered in 1891 as the Bank of Blacksburg and was first quartered in the Green Hotel, later the Colonial Inn, on the site now occupied by P.H. Rose variety store. In 1901 the bank moved to the Conway building which was recessed off Main Street and next door to the present P.H. Rose store. In 1921 the bank moved again to the northwest corner of Main and Roanoke Streets where it remained until 1942. "The Bank of Blacksburg" was rechartered as a National Bank in 1922 bearing the present title, "The National Bank of Blacksburg." The bank was moved again into new quarters across Main Street at the northeast corner of Main and Roanoke Streets in 1942. By the end 1942 the bank's total resources had grown to $1,394,045, and the capital account was $144,599.

In less than twenty years, it was realized that the bank had again outgrown its quarters. The Board of Directions elected to acquire the adjoining property then occupied by the Blue Grass Market. After acquiring that property, it seemed impossible to expand into that building and obtain the needed additional space. So the board began seeking out another location that would give sufficient space and was finally successful in obtaining a long-term lease on the property where the main office of the bank is now located. At that time the lot was occupied by Central Service Station.


 The National Bank of Blacksburg (1963), Showing the lobby and customer lounge area
Postcard showing lobby and customer lounge area of new building completed in 1963.

The present main office located on the southwest corner of Main and Roanoke Street was completed in 1963 and occupied in September of that year. This leaves only one corner of Main and Roanoke Streets that has not been occupied by the National Bank of Blacksburg. At the end of 1963 the bank's total resources were $8,519,878 and the total capital account was $804,796.

Again in 1967 more work space was needed so an expansion was made at the Main Office adding a second drive-in window, larger bookkeeping quarters and other offices on the second floor at the back of the existing building. Two office were provided for the bank's Trust Department at that time. By the end of that year, total resources were $13,073,144 and total capital was $1,254,350. To relieve some of the congestion at the bank's main office, it was decided to establish the bank's first branch, know as "North Branch," at the corner of North Main and North Progress Streets in 1967. The branch was opened in July, 1968. Even though that branch is less than one mile from the Main Office, the decision to establish it has proved to be a good one. The bank's second branch was built at the corner of Price's Fork Road and Hethwood Boulevard in 1974. At that time Snyder-Hunt Corporation was in the process of developing Hethwood. This development is still being continued today. The Price's Fork Road has changed considerably since the Hethwood Branch was established and presently a small shopping center is being constructed across from the Hethwood Branch. At the end of 1974 the bank's resources were $23,510,128 with a total capital account of $2,000,915.

In 1977 it appeared to the officers and directors of bank that it would be to the bank's advantage to obtain its own in-house computer rather on relying on outside sources of computer services. A study was made and it was decided to buy a Burroughs 800 computer which was installed in the main office in 1978. It soon became became apparent that the bank had again outgrown its quarters. It did not appear advisable to plan for extensive enlarging of the main office on leased land with a lease of rather short duration. Negotiations to obtain fee simple title to the land were sucessful. Various alternatives were considered for further expansion. Consideration was given to enlarging the main office but it was felt that further expansion there would reduce the parking area, requiring additional land which was not available at an affordable price. The decision was finally made to build a new operations center at the Hethwood Office, tripling the floor area of the branch and moving the computer, bookkeeping and transit operations into those new quarters. This move was completed in May of this year, making badly needed space available at the main office.

Source:
The National Bank of Blacksburg: Our 90th Anniversary
August 12, 1981

URL: http://spec.lib.vt.edu/exhibits/bankofblacksburg/locations.htm
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