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Museum buys historic bank building
January 22, 2004 1:11 am
The Fredericksburg Area Museum now has room to grow.
The museum announced yesterday that it has bought the historic bank building on the corner of William and Princess Anne streets for $990,000 from Branch Banking and Trust Co.
BB&T, which recently bought First Virginia, closed the branch in October.
The building, patterned after a Christopher Wren-designed structure in Winchester, England, was constructed in 1927 as Planters National Bank. It later became Farmers & Merchants State Bank and then First Virginia Bank.
"We are extremely pleased to be able to preserve the integrity and history of this particular building," Ed Watson, president and CEO of the museum, said in a statement.
BB&T was instrumental in helping the museum purchase the building, said William B. Young, chairman of the museum's board of directors.
BB&T donated $330,000--25 percent of the building's $1.32 million appraised value.
The company also has given the museum a $200,000 donation.
The combined $530,000 gift "literally opens the doors to a new era of history for the Fredericksburg-area community," Young said in a press release.
The gift is the largest corporate donation the museum has ever received, Watson said.
BB&T "will certainly have a significant corporate presence in the new museum galleries and educational area," he said in a release.
BB&T was thrilled to work with the museum, said Jeff Nicholson, a vice president and area executive for the company.
"It was an opportunity to allow an asset to be put to its highest and best use," Nicholson said.
The building is just across William Street from the museum, which occupies a portion of the historic town hall.
The purchase will allow for an expansion of permanent exhibits and the museum gift shop, and will provide more space for children's programming and offices.
One permanent exhibit possible for the bank space is "Fredericksburg at War," designed to explore the Revolutionary War, the Civil War and World Wars I and II.
Another exhibit, "Fredericksburg as a Center for Virginia Craftsmen," would trace development of handmade objects, including textiles.
Watson said museum officials are also considering using the building's vault for an exhibit on banking in Fredericksburg.
But first, the museum has lots of work to do.
A campaign is planned to help raise money for renovations and other expenses, Watson said.
Museum officials will meet with architects to figure out how long it will take to open the building to the public, Watson said.
The museum also plans to nominate the building for inclusion on the National Register of Historic Places, he said. The building is probably the last major Baroque building built in the South, he said.
"It's such a unique architectural building," he said.
Museum buys historic bank building
January 22, 2004 1:11 am
The Fredericksburg Area Museum now has room to grow.
The museum announced yesterday that it has bought the historic bank building on the corner of William and Princess Anne streets for $990,000 from Branch Banking and Trust Co.
BB&T, which recently bought First Virginia, closed the branch in October.
The building, patterned after a Christopher Wren-designed structure in Winchester, England, was constructed in 1927 as Planters National Bank. It later became Farmers & Merchants State Bank and then First Virginia Bank.
"We are extremely pleased to be able to preserve the integrity and history of this particular building," Ed Watson, president and CEO of the museum, said in a statement.
BB&T was instrumental in helping the museum purchase the building, said William B. Young, chairman of the museum's board of directors.
BB&T donated $330,000--25 percent of the building's $1.32 million appraised value.
The company also has given the museum a $200,000 donation.
The combined $530,000 gift "literally opens the doors to a new era of history for the Fredericksburg-area community," Young said in a press release.
The gift is the largest corporate donation the museum has ever received, Watson said.
BB&T "will certainly have a significant corporate presence in the new museum galleries and educational area," he said in a release.
BB&T was thrilled to work with the museum, said Jeff Nicholson, a vice president and area executive for the company.
"It was an opportunity to allow an asset to be put to its highest and best use," Nicholson said.
The building is just across William Street from the museum, which occupies a portion of the historic town hall.
The purchase will allow for an expansion of permanent exhibits and the museum gift shop, and will provide more space for children's programming and offices.
One permanent exhibit possible for the bank space is "Fredericksburg at War," designed to explore the Revolutionary War, the Civil War and World Wars I and II.
Another exhibit, "Fredericksburg as a Center for Virginia Craftsmen," would trace development of handmade objects, including textiles.
Watson said museum officials are also considering using the building's vault for an exhibit on banking in Fredericksburg.
But first, the museum has lots of work to do.
A campaign is planned to help raise money for renovations and other expenses, Watson said.
Museum officials will meet with architects to figure out how long it will take to open the building to the public, Watson said.
The museum also plans to nominate the building for inclusion on the National Register of Historic Places, he said. The building is probably the last major Baroque building built in the South, he said.
"It's such a unique architectural building," he said.
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