Krise Beginnings

In 1868, Samuel Boyd sold the “house and lot” immediately at the corner of Ninth and Main to his relative Hamilton Boyd (1815-1881), also a merchant from Ireland...11

mr krise
By May of 1871, the 18th century store building occupied by Dakings, Galt, Quinn, and Boyd had been destroyed by fire, and Hamilton Boyd was constructing a new, three-story, hipped-roof, brick building that contained two storefronts on Main Street.12 The westernmost storefront (827 Main) was occupied by Samuel A. Boyd’s “ice cream saloon,” and the storefront to the east, on the corner of Ninth and Main, was occupied by banker and
broker P.A. Krise, who had been in that location since at least 1867. Above Krise’s bank was the law firm of Haythe & Sehorn.13

Philip Asa Krise was born in Louisa County, Virginia, in 1833. He attended college and then taught school in Upshur County, West Virginia, and moved to Lynchburg immediately following the Civil War. With only a few hundred dollars in working capital, he began trading gold, silver, and bank notes, and by about 1880, he had transitioned into the general banking business. He chartered the Krise Banking Company in 1892 and served as Secretary, Treasurer, and director of the Bonsack Machine Company, which produced cigarette manufacturing machines.14

In 1901, Krise Banking Company purchased the building that it occupied (829 Main Street) from the Boyd Family for a considerable $29,400. A January 1904 edition of The Economist announced that the Krise Banking Company would become American National Bank with capital assets of $100,000. In early 1904, P.A. Krise purchased the corner lot from Krise Banking Corporation along with 827 Main Street (which housed Samuel Boyd’s confectionery) in February.15 With these purchases, Krise’s holdings at the corner of Ninth and Main included the ca. 1871 three-story brick building at 827-829 Main Street that contained the bank and confectionery along with a one-story frame building along Ninth Street that was home to plumber J.D. Seay and T.H. Scott, an African American barber. In February of 1905, The Lynchburg News announced that Krise, who was in semi-retirement, had awarded a contract to the Lynchburg firm of C.W. Hancock & Son for the construction of the Krise Building, a seven-story edifice designed by the local architectural firm of Frye and Chesterman. Demolition of the existing building at 827-829 Main would begin a month later, and construction would commence as soon as weather permitted. American National Bank would temporarily move across Main Street to the Lynch House building.16