The First National Bank of Clio, South Carolina

The First National Bank of Clio

County:

Marlboro

Charter Number:

11153

Opened:

March 1918

Closed:

June 1925

        The First National Bank of Clio was one of two national banks in rural Marlboro County -the other being the very successful Planters National Bank of Bennettsville, which was always just nine miles up the road.  Clio is such a small town that the majority of the state would likely pronounce it as Clee-Oh instead of the correct pronunciation of Cly-Oh.  With a current population of less than 1,000, it certainly ranks as one of the smallest and most rural locations in the state to charter a national bank. 

        The First National Bank was chartered with a capital of $25,000 and assets totaling $121,814.  At the close of business in 1918 it was the smallest national bank in the state, with The First National Bank of Norway, the next smallest bank, being a full 50% larger in terms of assets.  The bank itself was the creation of Henry Lawrence Galloway Sr., one of the bank’s organizers and its first president.  It is safe to assume Galloway’s life long presence in the area is the reason the bank was able to survive as long as it did.  In 1923 Mr. Galloway passed away and the bank would eventually liquidate less than two years later on June 22, 1925.

        Oddly enough, the bank did manage to issue a respectable number of bank notes.  The bank used its full circulation privilege of $25,000.  Since the bank issued 3,125 four note sheets of five dollar notes and 1,664 four note sheets of 10,10,10,20 notes it can be extrapolated that the bank never had more than 3,300 notes circulating at any one time.  To date the collecting world has not documented the existence of any currency from The First National Bank of Clio.  There is no reason to think that the entire circulation was destroyed.  In fact, most banks that had a similar corporate life, and a circulation of $25,000, generally have a handful of notes known.  It is only a matter of time until banknotes from Clio surface.

If you have any information about the First National Bank of Clio you would like to add, please
contact me.  If you have any banknotes from Clio, please let me know.

First President:

HL Galloway

First Cashier:

WE Anderson

Henry Lawrence Galloway Sr.

b. 4/22/1873 Dillon, SC
d. 10/23/1923 Clio, SC

        Henry Lawrence Galloway had roots in Marlboro and Dillon County back before the Revolutionary War.  His grandfather and father were both planters and owned large plantations.  He was the third of seven children and he himself had two sons and two daughters.  He always had farming interests; but his day to day affairs were concerned with business dealings in Clio.  He helped organize and was the first cashier of The People’s Savings Bank in Clio in 1908.  Sometime between the openings of The People’s Savings Bank and The First National Bank he was a farm insurer in the area. 

        On October 23rd, 1923 Mr. Galloway’s car was struck by a train.  Henry Lawrence Galloway was killed instantly.  Before his death he was associated with many local organizations, including but not limited to: The Woodsman of the World, The Knights of Pythias, and The Masonic Lodge.

 

William Edward Anderson

9/4/1893
Statesville, NC
9/21/1978 Charlotte, NC

 

    William Edward Anderson was born in North Carolina in 1893 and received his education from private tutors.  A chance meeting at a party in his hometown of Statesville would introduce him to Margaret Edens; he would eventually move to her hometown of Clio to marry her.  However, WE Anderson originally got his start in banking in Montgomery, Alabama.  When he and Edens were married he was offered the job of cashier at the newly formed First National Bank of Clio, which he accepted and left Alabama.  He was only with the bank in Clio for a couple of years before banking interests in Lincolnton, North Carolina required him to move back to his home state.  His brother Esley Offit Anderson was the chairman of the board at The First National Bank of Lincolnton.  Anderson took the job there as cashier.

    Ultimately, William Edward Anderson would make a name for himself in the insurance business, where he was regional director for North and South Carolina for The All American Assurance Company.

 

Other People Associated with the Bank: DJ McLaurin - Cashier