Wheeling, West Virginia, historically a pivotal hub nestled between the Allegheny Mountains and the Ohio River, has long been a center of commerce and development. Even as far back as the early 19th century, Wheeling stood as a significant town in Virginia’s western territory, making it a prime location for early financial institutions. It was here, predating many others in the region, that the seeds of what would become the National Exchange Bank were sown, marking the establishment of a key banking presence west of the mountains.
The journey began with an act of the Virginia General Assembly in February 1817, aimed at fostering economic growth by incorporating banks in various burgeoning towns, including Wheeling. While settlements like Wellsburg also had early banking aspirations, Wheeling officially became home to the Bank of Northwestern Virginia. This act also outlined provisions for banks in Clarksburg, Morgantown, Wellsburg, Parkersburg, Beverly, and Middlebourne, highlighting the strategic importance of these, albeit smaller, commercial centers scattered across the rich, developing countryside. Commissioners, including prominent local figures Archibald Woods, John White, George Knox, Noah Zane, and Samuel Sprigg, were appointed to oversee the subscription of capital stock for the Wheeling bank. By November 1817, subscription books were opened, and by the spring of the following year, the Bank of Northwestern Virginia was operational. Noah Zane was appointed as the first President, with Thomas Woods serving as the Cashier, setting the stage for a robust financial future. Demonstrating exceptional resilience and sound management, this pioneering bank remarkably weathered the severe economic downturn of the Panic of 1837, remaining open when many others faltered. It continued to serve the community until the tumultuous period of the Civil War when it ceased operations.
The narrative of the national exchange bank takes its next significant turn with the rise of the Exchange Bank, which emerged as the successor to the Bank of Northwestern Virginia. This institution carried the banking torch forward in Wheeling, eventually transitioning into the National Exchange Bank in December 1898. Local newspaper, The Daily Intelligencer, captured the essence of this evolution on December 31, 1898, reporting the official name change and highlighting the Exchange Bank’s esteemed reputation as a state institution. The report emphasized the bank’s deep roots within Wheeling’s financial and commercial landscape and assured the public that its transition to a national bank would uphold the trust and goodwill it had cultivated over years of dedicated service.
Originally situated at the corner of Main and Market Streets, the National Exchange Bank witnessed significant physical transformations reflecting its growth and status. Starting in a modest one-story building, the location was redeveloped in 1898 to accommodate a more substantial five-story structure, befitting its national stature. Further expansion followed in 1911, with a remodel and the addition of two more stories, culminating in the seven-story building that still stands today at the corner of 12th and Main Streets. “The Tradesman” magazine reported in October 1911 on the awarded contract to Perkins & Jackson for the additional stories, designed by architects Giesey & Faris. “The Stone” publication further detailed the planned enhancements, describing a new classic Doric facade of white granite with impressive columns and pilasters, a project awarded to Edward C. Kreutzer of Wheeling.
Despite its strong independent history, the National Exchange Bank was acquired by the Wheeling Dollar Savings & Trust Co. on February 28, 1949. This marked a shift in ownership, and subsequently, Wheeling Dollar Savings & Trust Co., later known as Wheeling Dollar Bank, became WesBanco in 1991. Interestingly, the original National Exchange Bank building was acquired by the Peoples Federal Savings & Loan Association in 1949, coinciding with the bank acquisition. Peoples Federal Savings & Loan Association itself was later acquired by Federal One Bank in 1983, which then merged into United Bank in 1998. Today, United Bank continues to occupy this historic building at the corner of Main and 12th Street, a lasting physical testament to the enduring legacy of the National Exchange Bank and its foundational role in Wheeling’s financial history.
Location: Corner of Main and 12th Street (Now United Bank)
Additional Resources:
- Vertical File: Wheeling Bank & Banking Historical, Wheeling Room, non-circulating, ask for access at the reference desk.
