Bank of the United States
Fayetteville Branch (1817 - 1835)
The second Bank of the United States was created in 1816. The bank opened 18 branches around the country in 1817. It later came under attack from politicians and state-chartered or owned banks. Its re-charter extension in 1832 was vetoed by U.S. President Andrew Jackson,
| requiring the bank to wrap up its operation
by 1838 under its then current charter.
Here is a brief overview of the branch operations and bank leaders for the (Second) Bank of the United States operations in Fayetteville, North Carolina.
The branch was referred to as the Office of Discounts and Deposits at Fayetteville. Initially, proponents of a North Carolina branch had pushed Wilmington and Raleigh as sites for the operation, before the bank settled on Fayetteville.
The Fayetteville branch directors were appointed in October 1817, but the branch office did not open until January 26, 1818.
In September 14, 1827, the bank was relocated in town to the former house of Robert Donaldson, next door to the Lafayette Hotel, on Hay Street. The great fire of Fayetteville (May 29, 1831) destroyed over 600 buildings, including the local offices of the Bank of the United States and the Bank of Cape Fear.
When U. S. Andrew Jackson vetoed a charter extension and pulled federal deposits from the bank to lessen its economic power, the (Second) Bank of the United States began winding down branch operations. In April 1835, the citizens of Fayetteville were notified that the bank would no longer accept new business and would seek a way to gradually run off existing loans.
In 1835, the Fayetteville branch of the Bank of the United States negotiated a sale of its outstanding loans to the re-chartered Bank of North Carolina which took over the Second Bank's offices and records on October 8, 1835. John Huske was named president of the Fayetteville branch of the Bank of North Carolina, continuing his service in that position with the Second Bank.
Additional information will be made to this list from time to time, including adjusting dates as additional research indicates. Any information or corrections should be send to Ron Vinson.
The following terms of office, especially for directors, are those that we have confirmed at present. It is likely that director's tenure extended beyond the limited years listed for many of them.
Officers & Board