Bank of Orange

In the chronology

1. April 18-26, 1904 The Bank of Orange is chartered and elects its officers The Bank of Orange was chartered at Raleigh on April 18 with $5,000 capital, which might rise to $50,000, to do a commercial and savings business. Its stockholders met on April 26 at the court house, adopted by-laws and elected directors, who chose J. S. Spurgeon president, C. A. Scott vice president and Paul C. Collins cashier. People: John Sanford Spurgeon, Paul C. Collins, Shepperd Strudwick (1868-1961), Samuel Mallett Gattis, O. J. Forrest Orange County Observer (Hillsborough), April 21, 1904, p. 3 · Also: Orange County Observer (Hillsborough), April 28, 1904, p. 3
2. May 11 - June 1904 A brick bank house for the Bank of Orange goes up on Churton Street Ground was broken on May 11 for the Bank of Orange's building, a brick house with a glass front built by the Webbs beside their large brick store on Churton Street; by mid-June the bank had moved from a desk in Webb's store into its new quarters. People: Paul C. Collins, John Sanford Spurgeon Orange County Observer (Hillsborough), May 19, 1904, p. 3 · Also: Orange County Observer (Hillsborough), June 16, 1904, p. 3
3. May 23, 1904 The Bank of Orange opens in Hillsborough Started in May 1904 with $5,000 in capital, it was Hillsborough's first bank since the Civil War. Dr. J. S. Spurgeon was president and Paul C. Collins cashier for its whole life. People: Paul C. Collins, John Sanford Spurgeon Lefler and Wager, Orange County, 1752-1952 (1953), p. 274 · Also: Orange County Observer (Hillsborough), May 26, 1904, p. 3
4. by November 14, 1907 The Bank of Orange keeps paying in currency while neighboring banks issue scrip During the Panic of 1907 the Bank of Orange was the only bank in its section not paying out scrip. Its directors found its cash balance rising, and it kept paying dollar for dollar in United States currency while banks in Durham and Alamance restricted payments; its December 3 statement showed the largest resources in its history. People: Paul C. Collins Orange County Observer (Hillsborough), November 14, 1907, p. 3
5. 1917 Paul C. Collins leads Orange County's First Liberty Loan, and the county's banks sell $51,650 in bonds Hillsborough banker Paul C. Collins was county chairman of the men's committee for the First Liberty Loan. The four banks in the county sold $51,650 in bonds, $30,150 of them at his Bank of Orange; he went on to chair the second, third and fourth loans. People: Milton E. Hogan Documenting the American South: A Record of the War Activities in Orange County, North Carolina, 1917-1919, pp. 61-62
6. 1936 The Durham Bank and Trust Company buys the Bank of Orange The Bank of Orange stayed independent until 1936, when the Durham Bank and Trust Company bought it. Its assets were about $750,000 at the sale. Lefler and Wager, Orange County, 1752-1952 (1953), p. 274

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