Sovran Bank
 |
|
| Industry | Financial Services |
|---|---|
| Fate | Merged to form NationsBank |
| Successor | Bank of America |
| Founded | 1983 |
| Defunct | 1990 |
| Headquarters | Norfolk, Virginia, United States |
| Products |
Commercial banking Retail banking |
Sovran Bank was a US-based regional bank that operated in Virginia between 1983 and 1990, and was the leading subsidiary of Sovran Financial Corporation. It was itself a product of a merger between First & Merchants Bank of Richmond and Virginia National Bankshares of Norfolk, both of which could trace back their history to the 1860s. In 1990 it was merged with Citizens & Southern National Bank to form C&S/Sovran Corp., which in turn merged with NCNB to form NationsBank which became Bank of America in 1998.
Richmond had no bank after the federal government had revoked charters of banks whose loyalty was questioned. So eight days after Robert E. Lee's surrender at Appomattox, the city's financial leaders started a new federally chartered bank after meeting with Hamilton G. Fant. First National Bank opened for business in the Customs House. Lee was one of the new bank's early customers.
Later it merged with National Exchange Bank and moved to 10th and Main streets. Despite the financial crises of the 1890s First National Bank had the most assets of any Richmond bank at the turn of the century (1900).
National Bank of Virginia merged with First National Sept. 1, 1912.
Alfred Charles Bossom of Clinton & Russell in New York City designed Richmond's first skyscraper at 9th and Main streets, completed in downtown Richmond in 1913. BB&T later occupied the building, which is on the National Register of Historic Places.
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