Trust Company Of America history

The interest rates on loans to brokers at the stock exchange soared to 70% and, with brokers unable to get money, stock prices fell to a low not seen since December 1900.

A vote to ratify the merger was called for April 18, 1905.

On January 11, 1907, a plan was announced for a merger and consolidation of the Trust Company of America and the Colonial Trust Company, with Colonial to be absorbed.

1909 The charter for “American National Bank of Danville” was issued on February 15 and on February 17, American National opened to offer community banking services to the citizens of Danville.

The deal was accepted by the shareholders in early February 1912, and closed the first week of that month.

The need for professional financial management became even greater with the ratification of the 16th Amendment to the United States Constitution in 1913, establishing the federal income tax.

1914 Congress passed legislation to begin formation of the Federal Reserve System.

1920 The deposits of the Bank had exceeded $1.6 million.

1925 William R. Fitzgerald was elected President and assets were at $3.4 million.

1927 The Trust Department was organized and began to offer trust services.

By the time United States Trust celebrated its seventy-fifth anniversary in 1928, its trusteed assets totaled more than $1 billion, far exceeding those of any other trust institution.

1929 William Fitzgerald was recorded stating at the November meeting “The Bank has passed through a strenuous period during the past ten days due to the crash in the stock market.”

1933 The Bank purchased the building on the corner of the Main and Market Streets, formerly occupied by the Commercial Bank, which closed as a result of the depression.

1935 As Danville was struggling out of the Depression, Wayles R. Harrison, then cashier and later President of American National, initiated what was first called “the character loan”—today’s installment loan.

1942 Wayles R. Harrison was elected President.

1948 The first branch office of the Bank opened at the corner of Jefferson and Loyal Streets, known as “Five Forks” and offered the first drive-in service for our customers, which was also the first in the Commonwealth.

In August 1955, the Colonial Trust Company remained active, electing a new director James C. Olson.

1956 New residential developments and the establishment of outlying retail businesses in Danville prompted it's first additional location to be opened in Danville.

By the time United States Trust celebrated its seventy-fifth anniversary in 1928, its trusteed assets totaled more than $1 billion, far exceeding those of any other trust institution. It began, for the first time, to advertise in 1958, placing ads in newspaper society pages, The New Yorker, and the programs of the Metropolitan Opera and the New York Philharmonic Society.

By 1962 United States Trust held more than $6 billion of assets in its vaults.

It had operating income of $20 million in 1964 and net income of $4.25 million, both records.

1973 The home office at 628 Main Street opened, at the same time the the city embarked on an ambitious “Downtown Revitalization” project.

In 1976 three big New York City employee pension funds left United States Trust because of what was termed "inadequate performance." To expand its business, the bank opened offices in Beverly Hills and Palm Beach and also, to tap the Eurodollar lending market, on Grand Cayman Island.

But United States Trust suffered another embarrassing setback in 1979, when 41 municipal bond certificates worth $397 million vanished from its vault.

Under an agreement and plan of merger, the Bank was acquired by the Corporation on September 1, 1984.

In 1986 United States Trust ranked twentieth among trust companies in assets under management, $14.3 billion, and tenth in trust income, $130.5 million.

Because of its venerable history United States Trust was long regarded as standoffish if not downright snobbish, but in 1987 it reduced its account minimum from between $1 million and $2 million to $250,000 in liquid assets for individually managed new clients.

A Dallas-based investment firm, Denker & Goodwin, was acquired in 1989 to form the basis of a full-service Texas trust subsidiary with banking powers.

United States Trust acquired Campbell, Cowperthwait & Co., a Manhattan-based investment advisory firm specializing in high-quality growth stocks, in 1992.

The 1993 purchase of Capital Trust Corp. paved the way for the creation of United States Trust Co. of the Pacific Northwest, with offices in Portland, Oregon.

In 1995 it had $47.4 billion in assets under its management and $203.8 billion in assets under its adminitration.

The company's long-term debt was $26.5 million in March 1996.

1999 American National Bankshares (AMNB) became listed on NASDAQ. Chatham and Martinsville locations were opened and our 24-hour telephone phone banking system was introduced.

AMNB was added to the Russell 2000 Index.

2001 American National launched its new online banking platform.

2011 The Bank expanded into North Carolina with the acquisition of Mid Carolina Bank, adding eight offices in Burlington, Graham, Mebane and Greensboro.

31, 2014, but remains Chairman of the Bank and the Company.

2015 The Bank expanded into Franklin County with its acquisition of Franklin Community Bank.

2017 American National launched a de novo banking presence in Winston-Salem expanding its reach within the Triad, while seeking a more permanent location.

2019 The Bank acquired HomeTown Bank, further growing its market share in Roanoke and the New River Valley and to nearly $2.5 billion in assets.