Central National Bank

The history of the Central National Bank in Richmond, Virginia begins in 1911 when the merchants on Broad Street decided they needed a strong bank in the retailing district of Richmond that would serve them directly. The founders included a prominent furrier, a leather goods dealer, and a rising department store owner. The merchants sold stock to fellow businessmen on Broad Street, purchased an existing branch bank, and applied to the Department of the Treasury for a national bank charter. When the bank’s doors opened in September 1911, Central National Bank became Richmond’s 20th banking establishment and the first national bank in that area of the city. The new bank proved to be a success, and within 6 months deposits totaled over $500,000. On November 2, 1914, the bank became a charter member of the Reserve system, two weeks before the Richmond Federal Reserve Bank opened. By 1921, CNB had grown to become the 6th largest bank in Richmond and a pioneer in many Virginia banking innovations.

In 1928, the bank’s directors voted to build a new bank building and purchased a site across the street at 219 East Broad and made plans for a 10-story structure. Plans were revised, and ultimately ground was broken in March 1929 for a 23-story skyscraper. John Eberson, of New York, was the architect that worked with the Richmond firm of Carneal, Johnston, and Wright who served as consultants. Eberson had designed Richmond’s Loew’s Theatre in 1927-28, soon to be followed by the Broad-Grace Arcade in 1928-1929. Over the course of his lifetime, Eberson designed more than 500 theaters, earning the nickname “Opera House John”.

It was the intention of the bank’s trustees that the arcade would serve and be served by the new Central National Bank, which would occupy over 1/3 of the arcade’s original interior frontage. Doyle and Russell, who later worked on the Pentagon in Washington D.C., were the contractors. They employed steel workers from some of the country’s largest bridge projects to rivet the 1,720 tons of steel. Despite the Great Depression, the construction of the bank continued and was finally completed in June 1930. The cost of the land and the building totaled $1.75 million.

The 75,000-square-foot Central National Bank building formally opened on May 1, 1930. At the time of its completion, the Central National Bank building was the tallest building in Richmond. The building was fully occupied with the exception of the bank, which moved in a month later. The demand for office space in the building exceeded expectations and leases for office suites were closing daily. The original tenants included insurance companies, local distributing agencies for nationally known manufacturers, architects, and lawyers. On June 5, 1930, the bank opened for business in its new tower. Under the watchful eyes of 16 police officers, the task of transferring the bank’s money, collateral and files began the day before after banking hours. The bank occupied the first four floors and the basement of the skyscraper. In the basement are several rooms containing three large bank vaults. A public reception in celebration of the opening was held that afternoon. Music was played by an orchestra and the public was invited to inspect the building and view Richmond from the tower.

When the bank was built, a climate of economic and social prosperity prevailed throughout America bringing with it a “the sky’s the limit” optimism, a sense that was literally understood in the architecture of the time. It was during this period that the skyscraper had come into fruition, the product of American technology and economic growth. Complementing the new building form was a new architectural vocabulary, Art Deco. An exceptionally handsome room, the commercial banking hall was originally the public banking room of CNB. Its Art-Deco appointments include such notable features as a richly ornamented coffered ceiling, a geometric Art-Deco terrazzo floor, and the generous use of cast bronze for lamps and other decorative features. Frosted glass arched transoms provide a source of natural light for the large room, two stories in height. From the great hall projects the president’s office and an Art-Deco, wood-paneled bank manager’s office, which retains its original stained finish.

In 1956, stockholders of the Central National Bank and the Mechanics and Merchants Bank approved the merger of the two banks. Under the merger the Central National Bank acquired resources totaling over $100 million and acquired two south Richmond offices of the Mechanics and Merchants Bank. The Central National Bank building was added to the National Register of Historic Places in 1979. When the bank later changed hands, it was known as the Central Fidelity Bank. It was used as a branch bank for Wachovia Corporation until that closed in 2000. Ideas for the landmark building were floated over the years, but nothing stuck until Washington-based Douglas Development Corp. bought the building for $5.2 million in 2005 and sat on it through the real estate recession before beginning redevelopment in late 2013. After nearly 15 years of vacancy and a $36 million renovation, the building was converted into 200 apartments. The redevelopment is called Deco at CNB, and the first residents moved in mid-2016. The bank lobby was restored several years ago; however, the former bank remains vacant.

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