10285. Bank of Asheville (Asheville, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 21, 1930
Location
Asheville, North Carolina (35.601, -82.554)

Metadata

Model
gpt-5-mini
Short Digest
82e2433896ff4659

Response Measures

None

Description

Contemporary AP dispatches (Nov 21, 1930) list the Bank of Asheville among eleven institutions that failed to open for business. The brief notices give no indication of a preceding depositor run nor of any subsequent reopening; the closings are reported as part of contagion from other bank failures (Louisville group/Caldwell & Co). Given lack of evidence of reopening, classified as suspension leading to closure. Bank type not specified in articles.

Events (1)
1. November 21, 1930 Suspension
Cause
Local Banks
Cause Details
Listed among banks that did not open amid a wave of failures/closures in the region tied to failures of a group of Louisville banks and the Caldwell & Company collapse; contagion from other bank failures appears to be the trigger.
Newspaper Excerpt
Banks ... at Asheville, N. C.; ... failed to open for business today.
Source
newspapers

Newspaper Articles (2)
1. November 21, 1930 New Britain Herald New Britain, CT
Article from New Britain Herald, November 21, 1930

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Article Text

MORE BANKING HOUSES CLOSED 11 More Institutions Fail to Meet Obligations to Depositors By the Associated Press. Eleven banks in five states of the south and lower middle west failed to open for business today. Banks in English, Leavenworth, Corydon and Corydon Junction, all small communities in southern Indiana, were taken over by the state banking department on the heels of the failure yesterday of two banks at New Albany, Ind., across the Ohio river from Louisville. Banks at Paris, Tenn., at Donippan and Edina, Mo.; at Crestwood, Louisville suburb, and Madisonville, Ky.: at Asheville, N. C.; and a Negro bank in Nashville, Tenn., were the others to close. Closing of the six Indiana banks was attributed to the recent failure of a group of Louisville banks. The closings in Kentucky today brought the number there to fifteen in a week, seven in Louisville and two in its suburbs. The Asheville closing was the ninth in North Carolina in two days. The Missouri closings were blamed to heavy withdrawals. Governor Horton of Tennessee pledged a "full and complete invesgation" of all state government departments as a result of state financial difficuties which followed the naming of a receivership for Caldwell & Company, investment bankers.

2. November 21, 1930 The Daily World Helena, AR
Article from The Daily World, November 21, 1930

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Article Text

ELEVEN MORE BANKS CLOSE THEIR DOORS INDIANA, TENNESSEE, MISSOURI AND NORTH CAROLINA STATES AFFECTED (By the Associated Press.) Eleven banks in five states of the South and lower Middle West failed to open for business today Banks in English. Leavenworth. Corydon and Coydon Junction, all small communities in southern Indiana, were taken over by the state banking department on the heels of the failure yesterday of two banks as New Albany. Ind. across the Ohio river from Louisville. Banks at Paris, Tenn., at Doniphan and Edina. Mo.: at Crestwood, Louisville suburb. and Mad isonvillee Ky.; at Asheville, N. C., and a negro bank in Nashville Tenn., were the others to elose. Closing of the six Indiana banks was attributed to the recent failure of a group of Louisville banks. The closings in Kentucky today brought the number there to fifteen in week, seven in Louisville and two in its suburbs. The Asheville closing was the ninth in North Carolina in two days. The Missouri closings were blamed to heavy wihdrawals. Governor Horton of Tennessee pledged a "full and complete investigation" of all state government departments as a result of state financial difficulties which folowed the naming of a receivership for Caldwell and Company. investment bankers. Paris, Tenn., Nov. AP) First State Bank and Trust Company did not open today. A posted note said affairs of the bank had been turned over to state bank examiners. The bank was capitalized at $100,000. Iits last report in July showed resources of more than $1,000,000. New York Nov. 21.-(AP)-E. A. St. John, president of the National Surety Co., said today after carefully checking their depository bonds on the recently suspended banks in Arkansas, North Carolina, Kenucky. Tennessee, Indiana, Illinois and Missouri, their net losses thereunder will not exceed $50,000.