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In 1928, he changed the name to The Morris Plan Bank of Virginia to reflect the existence of branches in Petersburg, Roanoke, Newport News, Portsmouth, and Norfolk.
Boushall originally envisioned a 5th Federal Reserve District-wide bank, but he had to settle for a statewide bank.
Even that goal proved difficult to achieve given Virginia’s restrictions on branch banking.
One of the predecessor banks of Union Trust Corporation was the Bank of Baltimore, which the Maryland Legislature originally chartered in 1795.
Union Trust was one of the oldest banks in the nation. Scrapbooks, advertisements, speeches, news releases, employee publications, brochures, and some correspondence of the Bank of Virginia, its holding companies (Virginia Commonwealth Corporation, Virginia Commonwealth Bankshares, and Bank of Virginia Company), Union Trust Corporation, Security Savings and Commercial Bank, and Signet Banking Corporation constitute this collection.
All Morris Plan banks had some connection to the Morris Plan Corporation and the Morris Plan Bankers Association, which were both headquartered in New York. Morris himself served on the board of several banks, including The Morris Plan Bank of Virginia.
Boushall and the Virginia bank had an often contentious relationship with the Corporation and the Association. The Bank of Virginia severed all its ties with Morris Plan organizations in 1946, when it began to offer services beyond the usual purview of the Morris Plan.
Their motto, “banking for the individual,” appeared in various incarnations.
In addition to traditional banking services, Morris Plan banks offered others, such as insurance, to which their customers may not have otherwise had access.
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