Canoe Bank under construction
In 2007 I was fortunate enough to have many residents and friends of Canoe help put together a history of the town and thereafter Canoe: History of a Southern Town was published. One of the more intriguing sections for me was the story of the Canoe bank, which according to many of those interviewed, never opened. Yet due to several developments in research, it has now come to this writer's attention that it did indeed open.
Canoe's bank building would later be used as a school annex, and elementary school teacher, Mrs. Miranda Horn, taught elementary students in the building. She would also instruct the students to pick up chunks of coal dropped by the passing coal trains, so the students could keep the coal burning heater in the building running in the winter. Later it was also used as Mixon's Grocery and this was its last incarnation. Yet the beautiful old building started out serving as a launching board for the hopes and dreams of a blossoming town.
Two previous theories held sway as to what happened with the bank. One theory, based upon historical circumstantial evidence holds that the building was constructed around 1928 and the arrival of the Great Depression led to a still-born financial institution in the small town, but such was not the case.
Another theory is based upon a local legend that no clear decision could be reached between the men who founded the bank as to who should be president. Finally, the decision was reached that whoever deposited the most money in the bank would hold the honor. After this decision, it is stated that a backwoods farmer showed up with a corn sack full of money for deposit and, in that this gentleman was not among the founders, the men decided not to go forward with the planned opening rather than have someone outside their circle be president. Yet archival evidence may challenge this both theories. According to the Pine Belt News, a local newspaper which was very popular in the early 1900s, the bank was most likely constructed around 1913.
On Thursday, November 6, 1913 the paper reported: "The Canoe State Bank, of Canoe, Escambia County, Ala. has been organized with a capital of $10,000. Application to the state banking department for a charter has been made.
Officers chosen by the stock holders are: J.P. Stallworth, of Canoe, president; P.E. Stanton, of Canoe, vice president; B.A. Bailey, of Fort Deposit, cashier." Bailey's arrival as cashier was further noted in another week's paper as he arrived in Brewton.
The paper went on to add that the "The institution will open for business in a few weeks. The News wishes the new bank a full measure of success and a prosperous career."
This would put the bank having opened at least 15 years earlier than previously thought.
Without a doubt, the business community in Canoe planned to open the bank based upon the above referenced efforts they made to form a board and raise capital. Yet a bigger question develops as to, "did it open?" and if so, "why did it close?"
Perhaps the best answer to at least one of these questions is found in the The Atmore Record, another paper from the early 1900s. On Thursday April 15, 1920's edition the bank at Canoe is referenced again, along with other industrial growth in the Canoe area;
"Our sister town Canoe is keeping pace with the industrial impetus that seem to be in the air. A large turpentine manufacturing plant is being put up by Messrs. Milsap, Williams and Doty. The bank has opened and is furnishing provisions for the turpentine workman."
A check of the Alabama bank listings for 1919 do not indicate a Canoe State Bank in existence; therefore, did the bank open in 1913, 1920, or did the bank ever open? Historical research will continue and perhaps one day the answer will present itself.
Copies of Canoe: History of a Southern Town are available at the Wawbeek Store.
Coming soon in 2018: "Shadows and Dust Volume III-All Things Southern"
