10284. American National Bank (Asheville, NC)

View Charter #8772 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
8772
Charter Number
8772
Start Date
November 20, 1930
Location
Asheville, North Carolina (35.601, -82.554)

Metadata

Model
gpt-5-mini
Short Digest
6fd7a21a20fbabe3

Response Measures

Accommodated withdrawals, Fed/other loan, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
50.7%
Date receivership started
1930-11-21
Date receivership terminated
1941-01-15
OCC cause of failure
Governance
Share of assets assessed as good
36.6%
Share of assets assessed as doubtful
59.7%
Share of assets assessed as worthless
3.7%

Description

Multiple contemporary articles (Nov–Dec 1930) report heavy withdrawals/run on American National following the failure of the Central Bank & Trust Company; the American National initially weathered runs but then failed to open (suspended) Nov 21, 1930 and was placed in federal receivership and liquidated in December 1930. Federal Reserve funds were sent to assist and the bank president made a dramatic public plea that briefly checked the run. Receiver B. Cunningham (Comptroller's receiver) was handling liquidation by early December.

Events (6)
1. June 28, 1907 Chartered
Source
historical_nic
2. November 20, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by the failure/closing of the Central Bank and Trust Company in Asheville and ensuing panic among depositors.
Measures
Received Federal Reserve funds sent by truck from Richmond; president L. L. Jenkins made a dramatic public plea in the bank lobby to calm depositors.
Newspaper Excerpt
The Asheville closing resulted in heavy runs on the American National Bank ... which were weathered successfully with aid of federal reserve funds sent by truck from Richmond, Va.
Source
newspapers
3. November 21, 1930 Receivership
Source
historical_nic
4. November 21, 1930 Suspension
Cause
Local Banks
Cause Details
Directors closed the bank to conserve assets and protect depositors after heavy withdrawals and the collapse of the nearby Central Bank & Trust Company precipitated a local crisis.
Newspaper Excerpt
The American National bank here failed to open for business this morning, a notice on the door explaining that the directors had decided to close in order to 'conserve the assets and protect the depositors.'
Source
newspapers
5. December 1, 1930 Receivership
Newspaper Excerpt
Cunningham, receiver for the American National Bank, said the liquidation would not begin until completion the audit of the financial records. ... Mr. Cunningham ... was named by the Comptroller of the Currency to be receiver for the bank.
Source
newspapers
6. December 1, 1930* Other
Newspaper Excerpt
Rumors have been current throughout the city ... that the American National bank would reopen its doors in the near future. Little credence given the report in banking circles however. Members of the board of directors of the bank expressed ignorance of the plan, while the work of the federal agents proceeded.
Source
newspapers

Newspaper Articles (22)
1. November 20, 1930 The Advocate-Messenger Danville, KY
Article from The Advocate-Messenger, November 20, 1930

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BANK FAILURES (United Press) LOUISVILLE, KY., Nov. Union Central Bank failed The today, making the sixth Louisbank to close this week and the twelfth in Kentucky. The Bank correspondent bank of the National Bank of Kentucky, also failed to open. Geo. Ewald, of the Union Central president Bank, said the closing is temporand that the bank is solvent. Asheville Banks Close. ASHEVILLE, Nov. Central Bank and Trust of Asneville, largest bank Company western North Carolina, and Bank, stitution, failed to open for They are state banks today. and partially owned by the interests. The American National Bank weathering heavy run noon. Failure at Hendersonville. HENDERSONVILLE, N. C., Nov. 20. First Bank and Trust Company of Hendersonville, institution, failed to open business today and the Citizens National Bank and the Bank and Trust Company immedclosed their doors to prevent runs, lines of depositors formThe latter two were declared solvent by officials. Cold Wave On. Order that load REGAL. Farmers Supply Co. 169-tf

2. November 20, 1930 The Daily Review Clifton Forge, VA
Article from The Daily Review, November 20, 1930

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THREE BANKS IN OLD NORTH STATE FORCED TO SUSPEND Asheville, Nov. Central Bank and Trust Company Asheville, the largest banking house Western North Carolina, the Bank, suburban institution, failed open for business today. They State banks and partially owned by the same interests. The AmeriNational Bank here weathering heavy at At not far from the Bank and Asheville, Trust State institution, failed for business today Citizens National Bank and Bank and Trust immediately closed their Company doors to prevent runs, long line depositors formed at the latter two. All the institutions named are said to be solvent.

3. November 21, 1930 The Pittsburgh Press Pittsburgh, PA
Article from The Pittsburgh Press, November 21, 1930

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REALTY NOTES CLOSE 6 BANKS North Carolina Examiner Blames Failure to Liquidate Securties for Trouble By The United Press RALEIGH, N. G.-Closing yesterday of six banks in North Carolina was attributed today by John Mitchell. chief bank examiner. to failure to liquidate real estate securities acquired during an inflated boom period four years ago The affected institutions are The Central Bank and Trust Company. Asheville The Biltmore-Oteen Bank, suburban institute partly owned by the same Asheville interests. The Leicester, (N. C.) Bank, affiliated Trust with the Central Bank and Company The First Bank and Trust ComThe Citizens National Bank, Hendersonville. The American Bank and Trust Company, Hendersonville The Citizens and American Bank at Hendersonville were closed by directors after heavy runs resulting from failure of the First Bank and Trust The Asheville closing resulted in heavy runs on the American National Bank, controlled by the Central Bank and Trust Company, which were weathered successfully with aid of federal reserve funds sent by truck from Richmond, Va. L. Jenkins, president of the American National, said his bank was in good condition and would open today as usual, despite the Notices posted on the closing banks in Asheville indicated directors had decided to close to conserve assets for the benefit of depositors. Chief Examiner Mitchell emphasized the fact that the condition of banks generally throughout the state was excellent.

4. November 21, 1930 Springfield Leader and Press Springfield, MO
Article from Springfield Leader and Press, November 21, 1930

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SECOND ASHEVILLE BANK IS SUSPENDED ASHEVILLE. N. C., Nov 21-(AP) -The American National bank here falled to open this morning, bringing the total number of banks to close in western North Carolina in two days to nine. A note on the door said the bank had been closed to protect depositors. On September 24, date of the last bank call, the American National listed deposits of $2,000,000. Failure of the Central Bank and Trust company of Asheville, fourth largest single bank in North Carolina, yesterday, precipitated a financial crisis in this section. Within few hours seven smaller banks had closed. More than $4,600,000 in city funds and $3,100,000 in county funds was tied up in the closing of the Central company, but city and county officials announced the greater part of the money was covered by col

5. November 21, 1930 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, November 21, 1930

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BANKS CLOSED IN TWO American National of Asheville Fails to Open for Business Today. United of the American National Bank of Asheville, Citizens Bank Bryson City which merge with Bryson City Bank and with the Bryson City Bank day brought to 10 the total number of banks closed in North Carolina since Thursday morning. These three banks closed today. Ten of the institutions are Western North Carolina. The other one, the Bank of Lowell, located in Gaston County. Its fallconnected with that of the banks in the Asheville district. While considerable money was brought in aid the American National Bank here, its directors decided late last night that was sufficient justify opening today face probable tracted withdrawals. Jenkins, president and state textile mill operator, made effort to prevent closing down, pledging personal fortune several million dollars. The however, did not feel rectors, justified in accepting his sonal money. To Aid Rebuilding mass meeting of 1000 citizens last night pledged their personal means toward rebuilding the lossand fostering confidence in the financial structure Western North Carolina. similar meeting at Brevard took the same action. The American National Bank capitalized and has deposits of approximately $2,000,State bank officials attributed Thursday's developments to collapse of the real estate boom of 1926. List Given The other institutions involved. their last posted assets and liabilities: Central Bank Trust Asheville, resources deposits First Bank Trust Hendersonville, resources deposits, American Bank Trust Co., Hendersonville, resources deposits, Bank, Asheville, resources deposits, Bank of Liecester, resources $224,640; deposits, Clay County Bank. Hayesville, resources $78,075; Bank Lowell, Lowell, resources $139,188; Citizens Natitonal Bank, Hendersonville, capital and surplus deposits Closed First The Central Bank Trust Co. closed first after series heavy withdrawals. Others felt the feet and followed Still other banks buttressed their business with Federal Reserve funds. One consolidation occurred at Asheville. John Mitchell, chief state bank examiner. issued statement declaring the failures were due to the collapse of real estate boom in western North Carolina, and asserting there no cause whatever alarm about stability of other banks. Prior to yesterday, 27 state banks closed this year, six reopening for business. The last call showed 321 state banks and 84 branches in operation. POLICE GUARD BANK By guards were around the Central Bank Trust Co. building and the home of president, Wallace Davis, today, cautionary possible mob from angry positors and TO RESUME OPERATIONS LITTLE ROCK, tion business number Arkansas banks which suspended operations week appeared likely today following conference Most of reports word American Exchange Trust Little Rock, whose suspension precipitated temporary closing 34 out-state banks which the B. Banks Co. was interested, expected to reopen for business soon. Yesterday, following two-day conference, officials the bank indicated would be impossible to open the bank saying they could tell when reorganization plans would be complete. Banks in which the Banks Co. interested and which failed suspended are gradually reorganizing selves. At Helena in Eastern Arkansas, citizen's committee had cooperated with bank they plan open new bank take assets of the Merchants and Planters Bank, which suspended Monday with deposits Morrillton reopening of the First State Bank is being considered. CLOSE IN INDIANA Ind. Six Southern banks were closed today by voluntary action of their directors, the State Banking announced Officials of the department said the closings resulted from disturbed banking conditions in Louisville, The closed institutions were the New Albany Liberty State Bank, the Bank Trust New the Crawford

6. November 21, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, November 21, 1930

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AMERICAN NATIONAL SUSPENDS; ASHEVILLE SITUATION STEADYING Waynesville Citizens Bank & Trust Co., And Citizens Bank Of Bryson City Close Doors In Face Of Heavy Runs. CRISIS WORSE IN OTHER STATES AS OVER 72 BANKS CLOSE DOORS Caldwell & Company Failure In Tennessee Precipitates Financial Troubles In 23 States Of Nation. The American National Bank. Asheville's oldest national bank. failed to open for business this morning, a notice on the por explaining that the directors had decided to close in order to `conserve the assets and protect the depositors. The failure of the bank was the major development in the second day of Asheville's financial crisis which compelled the Central Bank and Trust company, the city's largest financial institution, and six other banks in Buncombe county and western North Carolina to suspend business Thursday. Three Other Among other developments in banking field today were: Citizens Bank Trust county: Citizens Central Bank City in county, and Bank and Trust closed Friday in Is In Hands runs. bank and the City Of Auditors More than and Auditors from Raleigh Friday morning from the their task auditing of Federal financial records of the Central other Bank and Trust company and the the banks Asheville and North to open for yesterday morn- Examiner H. John H. Mitchell of state state to the state corporaand the prelimand inary work. and Friday banking the two banks yesterday afternoon in this city behalf of the state corporation Mr. and auditors No Estimates eigh Asheville Chief Examiner Mitchell Mr. and and Balley in to Saturday or complete work, no was definite will availreceiver on what amount the depositors Associated recover. explained dispatches from members of the banking with An now be they and Mike The the bank and currency. M. Roberts to the Washington office. will arrive here tomorrow the banks : receiver for the bank. failed will require to The Bank complete the audit the Central and company the National records. and there Stockholders Liable failure of the three Asheville banks. The stockholders the three Scores of patrons of the Asheville banks are for two banks. to their total There were fewer on par value of their the four remaining stock, according the in The withdrawals If found necessary Bank and Trust mostly realized for each. The the first for the National bank. and the for the Biltmore-Oteen bank. with that this tion continue The Bank West had only Cox Sees small withdrawals Friday, the deposits exceeded Democratic Clearing Up Asheville bankers Friday the crisis reached Wet Plank peak and the be siderably mistic cleared after Friday. statements issued NEW YORK Nov. New officials of Asheville Clearing World today quoted James M. and presidents the other banks. 1920 who was here to attend the The Wachovia Bank and Trust reof his saying he .000,000 in the Democratic national platin 1932 would morning contain plank for the than $1,000,000 repeal the eighteenth received the return to state Charlotte office the Federal said Governor serve bank. These funds were of his running in armored from mate the (Continued on be nomi-

7. November 23, 1930 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, November 23, 1930

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Bad Influence Examiner Blames Frensy for Closing of Eight Banks Nov. of the banking closed since the and Trust doors due Mitchell chief state examiner careful survey of the situation Western North Friday condition which brought on the failure of other three purely and the result the wake deflated real estate values coupled with the general business which current throughout the country he Both city and county have made arrangements to meet all payrolls and interest on notes due Decemher and the decision of the operation city and county being left open. Meanwhile the schools will carry on and It believed that for the of all educational work will be made. City and county ficials announced that while the economy will be maintained there will be no cutting off of employees salary slashes for the immediate present. The American National in Ashaville, weathered heavy run yesterday, did not open its doors morning addition, banks in City and Tryon closed. Other institutions port today result that deposits exceeded withdrawals in every The state bank officials arrived here early today and immediately conferred Darden B. state examinthe went to Waynesville, Bryson City and Hayesville to take charge of institutions in that group which had closed result of heavy withdrawals Two others went Hendersonville, Flat Rock and Tryon to up the closed institutions that while others visited the Bank of Leicester Auditors being at work in all the which taken to determine and report to the State full report assets and liabilities institution reports filed law the clerk court in the counties in which the banks are cated.

8. December 1, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, December 1, 1930

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AUDIT SHOWS CONDITION OF CENTRAL BANK (Continued from Page 1) their work, liquidating agents will be appointed to have charge of disposof the assets and payment depositors. Impossible to estimate how much the depositors will receive, explained This will depend upon the value of the securand collateral. Cunningham, receiver for the American National Bank, said the liquidation would not begin until completion the audit of the financial records. While he was unwilling to suggest possible date for completion the it believed the preliminary work will be finished this week. Will Have Charge Mr will have charge of the liquidation and will be in complete charge of closed bank affairs the sary legal met. The liquidation of na. tional bank different from the course pursued in closing out the fairs state bank was explained. The state bank employs liquidating agents to handle the liquidation, while receiver appointed for national bank by the comptrollof currency. Mr. Cunningham associated with the comptroller's in Washington and paid by the government He was named Comptroller of the Currency Pole on 21. The federal agent was unwilling to discuss any details of the bank's uidation He that regulations prevented any until complete check the bank's flnancial records had been Such records will be filed with the court. Rumors Heard During the past week. rumors have been current throughout the city and county that the American National bank would reopen its doors in the near future Little credence given the report in banking circles however. Members of the board of directors of the bank expressed ignorance the plan, while the work of the federal agents ed The City of Asheville had only $7.396 deposited in the bank when It closed Friday. Nov 21 The county had 706 deposited there. The various federal governmental agencies had thousands of dollars on deposit there, but the exact amounts not available However, such funds were amply protected by U. and state bonds which were turned over to the authorities at Washington as guarantee of such deposits.

9. December 2, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, December 2, 1930

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WILL ASSESS STOCKHOLDERS OF FIVE BANKS tate Page from divided as With only one exception. the bank positors. not funds Central Bank and Trust company the of 10,000 shares at was with the Central This one inbank at Biltmore vestment. only 100 and at the request of Bank Leicester at Leicester, $25. vidual interested in 000. trust. American National bank. at Asheof Black Mountain. the Bank and Trust company, at Black Mountain. $25.000. To Follow Same Plan The same method will followed in the liquidation of the suspended banks at Hendersonville and other sections of North Carolina. was by John Mitchell, chief state that G. Henson, the state banking will be the liquidating agent for Central Bank and Trust company Similar duty for the closed AmerNational Bank will be by B. who was receiver by the Compof the Currency Pole. Mr. with the federal banking department Mr. Henson will arrive here as soon the auditors, Dixon, Russ and Carter of Raleigh. have their preliminary Well Known Here The liquidating agent well known Asheyille and western North Carolina. He is native and was associated with banks and Waynesville before the state banking department four or five years ago. Liquidating agents for the BiltBank of Leicester. Bank of Black Mountain and other suspended banks this section have not been Mitchell advised The Times. He unable say when would be named The task of auditing the financial records the trust department of the Central and Trust will begin week, probably Wed- In Charge of Russ This will charge of W. M. Raleigh, similar the Raleigh and Trust after Officials of the declared Tuesday that the assets the the were segregated from banking funds were in stocks bonds of Carolina Light company and was explained. Only small deposited the fact. the officials that the trust department was the of the bank's suspension. Had Deposit Boxes The trust department maintained its own deposit boxes and kept from the The said that trusts to any great by the bank's Where the cash in particular trust was the was dethe In where the was large, the money was bonds and first mortgage real estate notes All the provisions the reg. ulating were followed and every to the trusts, It was said. Will Be Transferred As the audit of the department completed. steps be taken for the transfer the trusts to another bank. most instances, the Wachovia Bank and Trust company and the National will be appointed as agents Ten employes have been added the Wachovia Bank Trust pany and the National Bank of Comcare for increased business M. Yost W. added as the Wachovia bank, while the following were ployed the and clerical departments: Williamson, Toney Frank Miss Ruth Brown and Lucile Fitzger ald. All were formerly connected the and Trust company The National Bank Commerce added C. Camp. and Charles Chapman. formerly of the American National Bank, and Miss Agathea formerly associated with the street branch

10. December 11, 1930 The Journal Times Racine, WI
Article from The Journal Times, December 11, 1930

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Banker Stays Run President Checks Milling Crowd, Battling for Funds, by Personal Plea. By Central Press ASHEVILLE. N. C., Dec. 11.Milling hundreds of hysterical men and surged about the lobby of the American National bank here during a financial crisis which caused 14 institutions to close their doors within 48 hours Tellers were counting out money as rapidly as possible, hoping against hope that something would occur to check what every banker dreads- run on the bank. The crowd outside the bank grew larger every minute as frightened depositors heard of the panic and joined the lines scrambling to get to the tellers' windows. Certain disaster for the big banking Institution loomed. Suddenly a short, thick-set man with piercing blue eyes and the square jaw of fighter climbed upon chair and raised a muscular arm dramatically above the throng. A thousand eyes saw the gesture. Excited shouting died to murmur of curiosity, then the murmur ceased. The crowd had recognized the with fighter's jaw. He L. L Jenkins, president of the bank, threatened with disaster because rumors concerning his institution's solvency had been spread following the closing of Asheville's largest bank. across the street. A Dramatic Moment. A friendly. boyish smile illuminated the and haggard face of the banker as the crowd turned to obtain a better view of him. He nodded at friends in the hysterical crowd. Then his jaws clicked. his eyes flashed with the fire that had brought him from farmhouse to the presidency of one of western North Carolina's most powerful and influential banking houses. "My friends,' President Jenkins said slowly, his voice filling the lobby of the see many of my personal friends have me for many years, and you know that am a man who keeps give you my word of honor that there is sufficient money en route to this bank to pay every man and woman in this throng cent that has been entrusted to this "I would rather lose cent of the fortune have built by a lifetime of labor and self-denial than to have one of you lose a dime. 1. ask you, as one friend to anotherdo not bring ruin. upon yourself. your community and the bank you have trusted years. Go outside. think things over calmly: then, If you wish, come back again and ask for your money. You will get Itevery cent of A tall man in the center of the crowd interrupted: "Fight 'em. Mr. Jenkins!" he shouted. "Stay in there and fight em!" -A smile flashed across the banker's face as he nodded. "I've been fighter all my life." he responded, "but today I'm not fighting-I'm begging. Begging my friends to give this bank. their community, themselves, square deal. I'm forgetting that I'm a banker. remembering only that am a citizen, a loyal citizen of this communIty. I have one request to make of my friends in this lobby. "Who will be first to lead the way out of the door into the street?" Fate in Balance. There was moment of tense silence. The banker knew that the fate of the bank he loved depended upon what would occur in the next 60 seconds. A thin, cracked voice smashed the silence. "I will! I believe you, Mr. Jenkins!" The speaker was a wizened old woman, whose life savings had been placed into Jenkins' keeping years before. With feeble steps the little old lady started toward the door, 30 feet way. Younger men and women opened up a path for her. Dozens of men and women, many with tears streaming down their cheeks, turned their faces away from the tellers' windows and followed their feeble leader out into the street. Her cheeks flushed with the thrill of achievement, the little old woman tottered straight ahead, on and on until her bent figure was lost in the maze of traffic. Many Depart. The backbone of the run had been smashed. Many depositors grimly stuck to their places in line, but more had departed. Jenkins returned to his office, conscious that the American National bank would not close its doors ruined. The shades of evening found grimvisaged directors in session. Some of them had heard their president's dramatic appeal. Some of them had not. But all feared that another sunrise would bring another hysterical throng to the door. It was decided not to open the bank the following day But President Jenkins was confident the American National bank would reopen. MAN BLINDED BY LIQUOR EXCUSED IN ALIMONY CASE CHICAGO, Dec. 11.-John Warren, 33, excused from paying yesterday pendIng settlement of his suit for divorce from Mrs. Catherine Warren. Warren led into the court room of Circuit Judge Trude by his father and mother. "My wife used to operate beer flat," Warren testified. "I drank some of her moonshine. It was poison and It made me blind. haven't been able to work for three years."

11. December 12, 1930 The Courier-News Bridgewater, NJ
Article from The Courier-News, December 12, 1930

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Banker Stays Run President Checks Milling Crowd, Battling for Funds. by Personal Plea Asheville, N. C.-Milling hundreds of hysterical men and women surged about the lobby of the American National Bank here dur ing financial crisis which caused 14 institutions to close their doors within 48 hours. Tellers were counting out money s rapidly as possible, hoping against hope that something would occur to check what every banker dreads- run on the bank. The crowd outside the bank grew larger every minute as frightened depositors heard of the panic and joined the lines scrambling to get to the tellers' windows. Certain disaster for the big banking institution loomed. Suddenly short, thick-set man with piercing blue eyes and the square jaw of fighter climbed upon chair and raised muscular arm dramatically above the throng. A thousand eyes saw the gesture. Excited shouting died to murmur of curiosity, then the murmur ceased. The crowd had recognized the man with the fighter's jaw. He was L. L. Jenkins, president of the bank, threatened with disaster because rumors concerning his institution's solvency had been spread following the closing of Asheville's largest bank, across the street. A Dramatic Moment A friendly, boyish smile illuminated the worn and haggard face of the banker as the crowd turned to obtain better view of him. He nodded at friends in the hysterical crowd. Then his jaws clicked, his eyes flashed with the fire that had brought him from a humble farmhouse to the presidency of one of Western North Carolina's most powerful and influential banking houses. "My friends," President Jenkins said slowly, his voice filling the lobby of the bank-"for see many of my friends have known me for many years, and you know that am man who keeps his word. I give you my word of honor that there is sufficient money en route to this bank to pay every man and woman in this throng every cent that has been entrusted to this institution. "I would rather lose every cent of the fortune I have built by a lifetime of labor and self-denial than to have one of you lose a dime. ask you, as one friend to anotherdo not bring ruin upon yourself, your community and the bank you have trusted for years. Go outside, think things over calmly; then, if you wish, come back again and ask for your money. You will get - every cent of it!" A tall man in the center of the crowd interrupted: "Fight 'em, Mr. Jenkins!" he shouted. "Stay in there and fight A smile flashed across the banker's face as he nodded. "I've been a fighter all my life," he responded, "but today I'm not fighting begging. Begging my friends to give this bank, their community, themselves, square deal. I'm forgetting that I'm banker, remembering only that am a citizen, a loyal citizen of this community. I have one request to make of my friends in this lobby. "Who will be first to lead the way out of the door into the street?" Fate in Balance There was a moment of tense sllence. The banker knew that the fate of the bank he loved depended upon what would occur in the next 60 seconds. A thin, cracked voice smashed the silence. "I will! I believe you, Mr. Jenkins!" The speaker was a wizened old woman, whose life savings had been placed into Jenkins' keeping years before. With feeble steps the little old lady started toward the door 30 feet away. Younger men and women opened up path for her. Dozens of men and women, many with tears streaming down their cheeks, turned their faces away from the tellers' windows and followed their feeble leader out into the street. Her cheeks flushed with the thrill of achievement, the little old woman tottered straight ahead, on and on until her bent figure was lost in the maze of traffic. Many Depart The backbone of the run had been smashed. Many depositors grimly stuck to their places in line, but more had departed. President Jenkins returned to his office, conscious that the American National Bank would not close its doors ruined. The shades of evening found grim-visaged directors in session. Some of them had heard their president's dramatic appeal. Some of them had not. But all feared that another sunrise would bring another hysterical throng to the door. It was decided not to open the bank the following day. But President Jenkins was confident the American National Bank would reopen.

12. December 12, 1930 Record-Journal Meriden, CT
Article from Record-Journal, December 12, 1930

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Banker Stays Run President Checks Milling Crowd, Battling For Funds, By Personal Plea By Central Press Asheville, hundreds hysterical men women surged about the the American National bank here during financial crisis which caused instituclose their doors within hours. were counting out money rapidly possible, hoping against hope that occur check what every banker the bank. The crowd outside the bank grew targer every minute frightened positors heard of joined the lines to get the tellers' Certain the big banking institution loomed. Suddenly short, with piercing blue eyes and jaw fighter climbed upon square raised muscular arm dramatically above the throng. thousand eyes saw the gesture. cited shouting died to murmur curiosity, then murmur ceased. The crowd had recognized the man the fighter's He president the bank, threatened disaster because rumors his institution's solvency had been spread following the closing of Asheville's largest bank, across the street. Dramatic Moment friendly, boyish smile illuminated the haggard face of the banker crowd turned to better him. He nodded friends the hysterical Then his his eyes flashed with the fire that had brought him from humble farmhouse to the presidency of of western North Carolina's and ential banking houses. friends,' President Jenkins said slowly, his voice filling the see many of my personal friends here known for many and you know that man who keeps word. give you my word honor that there money route to this bank to pay every this throng every that has been entrusted this would rather lose every cent the fortune built by lifetime of labor and than one of you lose dime. friend not bring ruin upon yourself, your comand the you for years. Go outside, think things then, if you come back and ask for your money. You will get cent tall man in the center of the crowd interrupted: "Fight 'em, Mr. Jenkins!" he shouted. "Stay in there fight smile flashed across the face he nodded. been fighter all my responded, "but today I'm not Begging my friends give this bank their munity, square deal I'm forgetting that I'm membering only citizen. loyal citizen this community. request make of my friends this first lead the way of the door into the Fate in Balance There moment of tense The banker fate of the bank loved depended would occur in the next cracked voice smashed the silence believe you, Mr. Jenk- The speaker wizened woman, life savings had placed into Jenkins' keeping years before. With feeble the little lady toward the door. feet away. Younger and women opened path for her. Dozens and many tears down their cheeks, turned their from the tellers' windows and followed their feeble leader the street. Her cheeks flushed with the thrill

13. December 12, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, December 12, 1930

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Will Play to Aid Unemployed committee be appointed to draft bill covering the necessary details. 2. was made business circles that the legislature point liquidating commission handle all the deposit held securities by the city and This it was pointed out, would save the and would provide some definite plan for liquidating more than 000,000 of deeds trusts and real estate bonds held by the two governments. Legislators to Confer 3. A conference will be held by the three Buncombe county legislators in the near future to arrive at some definite decision the on plan of government for Asheville and Buncombe county Representative-elect Howell favors city manager and county manager, while Benator-elect Bernard will support any legislation that will give the people "representative form government.' he announced. There some question whether the members the proposed city council should be named in the bill or elected by the people at the regular municipal election in April and May. This one of the problems to be threshed out, it was explained. 4. The audit of the Bank of Leicester will be completed next week. Jack Rogers, of sometime Statesville, has charge of this work The rumor that the Bank of Leicester will reopen was discounted in official circles today. It will be liquidated in the same manner prescribed for other closed banks of this Another two weeks #ill be required to finish the audit of the Biltmore bank. The auditors hope to file the audit with the state banking department before January 7. Final details incident the transfer the department of the bank to Adams Tisdale company Inc., were completed yesterday afternoon. Steps Against Lea 8. counsel to the conferred with the city Thursday afternoon and urged them to proceed against Luke Les and other Tennessee individuals and cor: porations for collection notes held by the city as securities for deposits in the closed Central takes The city on I/We properties and which have been guarateed by the Nashville publisher 9. B. Cunningham. receiver for the closed American National Bank. is engaged in preliminary examinations of the financial records, but is work has not progressed far enough for definite announcement concerning the liquidation. Reidaville, N. C., who was arrested on charges that he participated in the recent revolutionary attempt. Smith and another American flier, Edward O. De LARM. were arrested together, but De Larm escaped and made his way to Buenos Aires in 500-mile trip=during which he ondured considerable hardship. Smith was De Larm's mechanic He spent brief time in prison but was released under ball last month with court recommendation that he be acquitted. Friday's declaion by the appellate court gives him his comThe Scandinavian languages are Swedish, Norwegian and Danish.

14. December 26, 1930 The Sioux City Journal Sioux City, IA
Article from The Sioux City Journal, December 26, 1930

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BANKER STOPS RUN ON BANK Frenzied Crowd in Lobby Heeds President's Dramatic Appeal (By Central Press.) Asheville, N. C.-Milling hundreds of hysterical men and women surged about the lobby of the American National bank here during financial crisis which caused 14 institutions to close their doors within 48 hours. Tellers out money as possible, hoping against hope that something would occur to check what every banker dreads-a run on the bank. The crowd outside the bank grew larger every minute as frightened depositors heard of the panic and joined the lines scrambling to get to the tellers' disaster for the big banking institution loomed. Suddenly short, thickset man plercing blue eyes and the square jaw fighter climbed upon chair and raised arm dramatically above the throng. A thousand eyes saw the gesture. Excited shouting oled mirmur of curiosity, then the murmur ceased. The had recognized the man with the fighter's jaw. He was L. L. Jenkins, president of the bank, threatened with disaster hecause rumors concerning his institution's solvency had been spread following the closing of Asheville's largest bank, across the street. A Dramatic Moment the worn and haggard face of the hanker the crowd turned obtain better view of him. He nodded at friends In the hysterical crowd. Then his clicked, his eyes flashed the fire that had brought him from humble farmhouse the presidency of one western North Carolina's most powerful and Influential banking houses. "My friends," President Jenkins said slowly, his voice filling the loh: by of the Ree many of my personal friends here-you known me for many years, and you know that am man who keeps his word. give you my word of honor that there sufficient money en route to this hank to pay every man and woman In this throng ery cent that has been to this would rather lose every cent of the fortune have built by lifetime of labor and self denial than to have one of you lose dime. ask you, one friend to not bring ruin upon yourself, your community and the hank you have trust. ed for years. No outside, think things over calmly: then, If you wish, come back again and for your money. You get cent of It!" Cheered by Man in Crowd A tall man in the center of the crowd Interrupted: "Fight 'em, Mr. Jenkins!" he shouted. "Stay in there and fight amile flashed across the bank. er's face as he nodded. "I've been fighter all my life," he responded, "hut today I'm not friends to give this bank, their community, themselver, square deal. I'm foretting that I'm hanker. membering only that am citizen, loyal citizen of this community. one request make of my friends In this lobby. "Who will be the first to lead the out of the door into the street?" There moment of tense lence, The banker knew that the fate of the bank he loved depended upon what would occur in the next 60 seconds. thin, cracked voice smashed the silence. kins!" believe you, Mr. Jen. The speaker was wizened old woman. whose life savings had been placed into Fenkins' keeping years before. With feeble steps the little old 30 woman started toward the door, feet away. Younger men and women opened up path for her. Dozens of men women, many with tears streaming down their cheeks. turned their faces from the tellers' windows and followed their feeble leader out into the street. Her cheeks flushed the thrill of achievement. the little old woman tottered straight ahead, and on until her bent figure was lost in the maze the traffic. The backbone of the run had been smashed. Many depositors grimly stuck their places in the line. but more had President departed Jenkins returned office. actous that the American National would not close doors The shades of evening found grim Some of them heard their president's of them had feared that auother bring the the

15. January 22, 1931 The Butler Herald Butler, OK
Article from The Butler Herald, January 22, 1931

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Halted Bank-Run Single-Handed Personal Plea of President Checked Panicky Customers' Run on N. C. Bank Capper's Weekly Tellers in the American National Bank at Asheville, N. C., were counting out money and shoving it thru the windows as fast as they could work. The lobby was full of hysterical men and women made panicky by 14 other banks in the state being closed, one of them just across the street. Suddenly a short, thick-set man with piercing blue eyes a n di square jaws climbed on a chair and raised a muscular arm to attract attention. A thousand eyes saw the gesture and this with his friendly smile silenced the crowd. Everybody there knew L. L. Jenkins, who had come from a humble farmhouse to the presidency of one of the state's strongest banks. "My friends," said Jenkins slowly, "you have known me for years and you know I am a man who keeps his word. I give you my word of honor there is enough money en route to this bank to pay every man and woman in this throng every cent entrusted to this institution. I ask you as one friend to another not to bring ruin upon yourself, your community and the bank you have trusted for years. Go outside, think things over calmly; then, if you wish, come back again and ask for your money. You will get it-every cent of it!" "Who will be first to lead the way out of the door into the street? There was a moment of tense silence. The banker knew the fate of the bank depended upon what would occur in the next 60 seconds. A thin, cracked voice broke the silence. "I will! I believe you, Mr. Jenkins!" The speaker was a little old woman, whose life savings had been placed into Jenkins' keeping years before. With feeble steps she started toward the door. Younger men and women opened up a path for her. Dozens of others, many with tears in their eyes, turned their faces away from the tellers' windows and followed their feeble leader out into the street. That broke the backbone of the run on the bank. Some de-

16. February 12, 1931 The Herald-Sun Durham, NC
Article from The Herald-Sun, February 12, 1931

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HARKINS DESCRIBES FRENZIED FINANCI District Attorney Paints Amaz ing Picture At Hearing Of Four Asheville Bankers who the movies that the such The picture got him the The "presentations" that bring sleep any of be missed! They'd none of And the ushers to uniforms Who will every except finding And the man draws those animated pictures for the That are never very funny and are always quite And Benito the news with his very like They be missed! They never would be brought three records of the National bank and Central and Trust company United States District Attorney Thomas Harkins painted an amazing picture of frenzied finance at the preliminary hearing of four Asheville charged with violation of the are banking laws The Wallace Russell president, and Charles cashier of the Central Bank and Trust and the American National president through their attorneys sought bring details of the out case wherever possible The Davis brothers are charged to the bank and and in of funds who was represented hearing by attorney the Mission here wounds in his throat to have been He with and with siding and the and with stracting in from the bank for his After details of presented by during the day There's the golfer who gots ninety but who talks United an Gudger the hearing unI've him on the I've got him on the 10 morning The on the stand today And the duffer who will never the other fellow were for the closed American National bank He never would be missed! He never would the the closed CenThere the who plays and who tal Bank and Trust for man to teach you state and The who is Anders asistant of the The life agent who talks death when National

17. February 14, 1931 The Asheville Times Asheville, NC
Article from The Asheville Times, February 14, 1931

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CANNOT ADAMS PROBE HELP IN BANK CASES OF Man May Be Chosen To Aid Nettles In Undertaking. Staff Correspondent) anFeb. office yesnounced the governor's John Sneed afternoon that terday would unable associate counsel to the investiZeb Nettles leitor in Asheville. bank failures gation of been advised Gardner has Governor of illness would attack Adams from accepting Mr. recently tendered executive the the chief solicitor for the request judicial district teenth the governor's was explained unable to office that been consider the of new associate counsel on legislative DES and other details program which require 12 and 15 hours his time Gardner will Governor under consideration take the matter doubtful whether associate until another he has name had opportunity to confer Solicitor Kingsland well known Asheville has been recomthe recent mended for the his law firm. Harkins selection Van Winkle. counsel to the receiver the closed American National Bank, probably preclude consideration his any further name Selection Lyle Jones, former and RobHall sevthem eral defendants from the picture of possible appoinOn account of recent developments entirely possible the governor select outside attorney as associate counsel to the solicitor.

18. February 21, 1931 The Asheville Times Asheville, NC
Article from The Asheville Times, February 21, 1931

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PROBE OF BANK CASES STARTED FIRST OF MONTH (Continued from Page Mr. SenBernard was instructed to introduce the general sembly the county com This week McGraw announced Coursey accountant of Southern Pines, and two had been engaged to help the grand jury with the investigation believed investigation may three Mr Coursey in the investigation bank in the the work. understood will the technical part of preparing whatever evidence the state wish use in the trial the The members of the grand jury Rhodes Capt Fitzpatrick. CoopClaude E. Case, Paul Cordell, Burleson, Kiser and West. Lakey is grand jury III Last Monday when the February was to opened. Judge McElroy appeared announce was sugering from influenza would unable preside Thursday He ordered the and an officer morning and and told the jury was remain in On Thursday Solicitor Nettles McElroy still but that would appear o'clock Thursday morning to receive the grand jury's reCentral Bank and Trust comfailed open doors Thursthe American National closed the following day after withstanding heavy run Rapidly The Central was founded in by Wallace and assoclates Capitalized $25 bank attained high position in banking circles of Carolinas the time of the the largest Carolina Only three chovia company Carolina and Trust including their branches and American Trust of company resources. Mr. was first cashier of the Central and president On the last day on which the open. there was on which amount belonged city Asheville, county North Carolina Park commission. rious and school districts in mortgage and affiliated with the Central Withdrawals The general banking viduals. and other agencies Asheville and western North Carolina not affiliated manner the bank-had only on deposit. had withdrawn than during the last two years the bank The total public deposits at the Central Bank City Buncombe county including county and speNorth Park commission Chilfund. State $67,003.20 clerk and Buncombe county the city deposit at the American National Bank With crop reported 32 per cent than California citrus received

19. July 2, 1931 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, July 2, 1931

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COURT ORDERS SPECIAL TERM Federal Court Opens August 31 to Try Cases Connected With Bank Failures ASHEVILLE July cial term of western North Carolina federal court to try cases growing out of bank failures here last today was ordered by Judge James Webb to start August 31. After conference Charles A Jonas, of Lincolnton district torney Judge Webb announced that the against Wallace B. Davis and W Harris charged with using the mails defraud, would be called on that date The charges were brought as the result of stock sales by the Central Securities corporation subsidiary of the Central Bank and Trust company. Davis was president of both institutions. and Harris was vice president of the securities firm Other cases which Mr. Jonas onnounced would be tried during the special term time permitting charges Davis, L. Jenkins, president of the defunct American National bank another Central subsidiary and Charles Bradford Central bank cashier, with conspiracy divert illegally national bank funds to the Central bank Cunningham former cashier of the national bank also faces charge of making false report to the comptroller of the currency

20. September 27, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, September 27, 1931

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TEXTILE LEADERS SUED Asheville Bank Receiver Files Action Against Prominent Nine were filed day Charlotte United district by Cunningham. receiver of the AmeriNational bank Asheville against of Gastonia textile The suits were for the recovery various sums alleged to be owed the defunct bank on notes The suits the following defendants and alleged amounts Gray. and and Ethel Gray Bark ley Gray and George Gray. Gray $2,500 George Gray. Gray and H. Separk, Myrtle Gray Legare and Hugh Legare George Separk and Gray and George Gray and H.

21. October 30, 1931 The Asheville Times Asheville, NC
Article from The Asheville Times, October 30, 1931

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ebb Authorizes Sale Of Property By Bank Receiver Judge E Yates Webb has signed an order in U. district court author. ising the sale of the property at 29 Monroe Place by Cunningham. receiver for the closed American Na. . tional bank. Asheville According to the order. Mrs. R. L. Chance secures the property for $1,600. The receiver will pay back taxes amounting to $207.28. while the purchaser assumes the 1931 taxes.

22. August 11, 1936 The Times-News Hendersonville, NC
Article from The Times-News, August 11, 1936

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CLOSED CITIZEN'S NATIONAL BANK REALTY ASSETS WILL BE SOLD HERE AUGUST 25TH Special Liquidator Announces Auction; Bank SYMPHONY TO Bldg. on Block All real estate owned by the PLAY TONIGHT Citizens National Bank, now in liquidation, will be sold here at DeNardo Making His First public auction on Tuesday, Aug. 25, at 10 a. m., according to Britt Appearance Here as Davis, special liquidator of real Director estate for the comptroller of the currency. A similar sale of realty assets The North Carolina Symphony of the closed American National orchestra, under the direction of bank of Asheville, will be held at Joseph DeNardo, will make its Asheville the following day. Hilfirst appearance this summer in liard B. Atkins is receiver for the Hendersonville at the high school two institutions. auditorium tonight at 8 o'clock. Included in the sale to be conThe concert is the first of a seducted here is the Citizens Bank ries of musical programs, sponbuilding as well as dwellings, othsored by the Chamber of Comer business properties, farms and merce. In addition, the concert building lots. Every piece of will mark the first appearance of property will absolutely be sold Mr. DeNardo here as conductor of to the lowest bidder on the day the orchestra. of the sale, it was said. The concert will feature, in adPrincipal interest centers in the dition to Schubert's "Unfinished sale of the bank building, a handsome stone structure at Main Symphony," the ever popular street and Fourth avenue. Repre"American Bolero," by Brown; senting an investment of upwards the "Mississippi Suite," by Grofe, of $100,000 the building's projectand "Finlandia," by Sibelius. ed sale has elicited much speculaThese numbers have been popular tion on the amount it will bring at in Hendersonville audiences in public outcry. Sale of all the previous concerts by the orchesproperties will take place at the tra. Other numbers on the probank building, and a large crowd gram will include Glinka's "Rusis expected to attend. sian and Ludmilla," giving someThe auction method of disposthing of the spirit of Russian folk ing of realty holdings of closed music; and "La Media Noche," by national banks was adopted after Stoessel, which is a suite a four efforts to dispose of the properSpanish dances. ties by other means had proved The "American Bolero" preunsuccesful, it was said. The sents musical culture of America, comptroller of the currency finalinfluenced as it is by the music of ly selected Mr. Davis, a Tennessee all nations-the barbaric beat of realtor and auctioneer, for the drums, the broad melodic strain job, and with a sound truck and of the Latins, Oriental dissonants, other equipment, as well as a the lilting sweep of Viennese staff of assistants, he has been strings and the rhythm of Bolero going about the country conductcastanets. ing these sales. Suite" depicts.