10335. First National Bank (Charlotte, NC)

View Charter #1547 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
1547
Charter Number
1547
Start Date
December 4, 1930
Location
Charlotte, North Carolina (35.227, -80.843)

Metadata

Model
gpt-5-mini
Short Digest
3852bfef375bdefc

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
52.1%
Date receivership started
1930-12-08
Date receivership terminated
1940-09-11
Share of assets assessed as good
32.5%
Share of assets assessed as doubtful
58.4%
Share of assets assessed as worthless
9.1%

Description

Heavy withdrawals beginning early December 1930, blamed on the large, ill-timed investment in an expensive new bank building, led management to close the bank Dec. 4, 1930 and national bank examiners/receiver took charge for liquidation. There were later efforts to reorganize/reopen but these were abandoned and the receiver proceeded with liquidation, sale/lease of the building, and dividend distributions to depositors.

Events (5)
1. August 30, 1865 Chartered
Source
historical_nic
2. December 4, 1930 Receivership
Newspaper Excerpt
the bank is now in the hands of national bank receivers; receiver for the closed First National bank... filed suits (M. Logan). Receiver Logan later managed liquidation and dividend payments. receiver to file suits to recover loans 
Source
newspapers
3. December 4, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Large carrying charges and an elaborate, costly new 20-story/21-story bank building left the bank overextended; when business slackened heavy withdrawals occurred.
Measures
Management closed the bank to protect depositors; notices posted and national bank examiners called in.
Newspaper Excerpt
continuous outflow of deposits ... heavy withdrawals of our deposits
Source
newspapers
4. December 4, 1930 Suspension
Cause
Government Action
Cause Details
National bank examiners took the bank into receivership/closed it for orderly liquidation after heavy withdrawals and insolvency pressures tied to the building investment.
Newspaper Excerpt
FIRST NATIONAL BANK IS CLOSED IN CHARLOTTE ... National Bank Examiners Take Over Institution For Liquidation.
Source
newspapers
5. December 8, 1930 Receivership
Source
historical_nic

Newspaper Articles (17)
1. December 4, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, December 4, 1930

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FIRST NATIONAL BANK IS CLOSED IN CHARLOTTE National Bank Examiners Take Over Institution For Liquidation. $1,887,000 ON DEPOSIT Costly New Building Said to Bo Responsible for Difficulties. continuous outflow of deposits the burden for its elaborate 21-story new home today caused the closing of First National Bank here. oldest financial tution and the state's oldest nationAlmost at once presidents of five other banks issued statements declartheir banks sound. The usual simple posted on the National's door this account heavy withdrawals of our deposits, have decided to our bank. order that every depositor be protected alike. and the now in charge of the nationbank examiners for the purpose orderly was signed: First National Bank McAden. President: R. JohnCashier.' Blames Costly Building supplementary McAden said that large expenditure of funds for our building. when business slackened made this expenditure great burden our resources and this same lack of good business made our task of putting paying rental standpoint more dif- "With average liquidation. he think the will The First National Bank. founded in 1869, was the amallest Charlotte's seven commercial banks. Its statement of 24 showed deposits $1,833,488, paid capital of and resources in loans of Other Banks Declared Sound Other bank ments today were M. the National Bank: the American Trust comDunn. National Bank: of Independence and John of the Charlotte NaMr. Victor said. have been prepared for such an eventuality for Mr. Wood primary cause the closing the absurdly large investment that its office building. which costs Mr. Little said have noted no excitement and expect Mecklenburg county had $43,676.55 deposit the bonded against The of Charlotte had $62,000 on all Directors First National are R. and Henry McAden. R. cashier. Mr. McAden officer president. The First National bank one of the smallest banks Charlotte years ago the bank erected office building. The total investment about equal to deposits. This huge bank office building only about thirty per cent oc. cupied.

2. December 5, 1930 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, December 5, 1930

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BANK RECEIVER DECIDES TO SUE CALDWELL & CO. Asheville, Buncombe County in Dire Straits. BANK'S RECEIVER SAYS CITY'S FUNDS CONVERTED Town Appeals to State for Aid, With $8,000,000 in School Money Tied Up in Suspended Banks. Chattanooga Times Special ASHEVILLE, N. C., Dec. total debt of approximately $50,119,000 to be met, school funds in closed banks, and in need of to carry on present operations, Buncombe county and the city of Asheville must until tomorrow before officials and citizens will know whether or not help from the state of North Carolina can be had. Twice today Gov. O. Max Gardner and other state officials in Raleigh heard the petitions of Mayor Gallatin Roberts and Chairman Claude Felmet, of the county commissioners. for financial assistance but the answer of the state in full deferred until Friday The delegation was told that sound collateral would be necessary before financial help could be extended. and assurance offered that such surety could be had. It was intimated that Gov. Gardner and the state sinking fund commission would do all possible to prevent default in payment of principal and interest on city and county notes bonds. To continue operating the schools, Supt. C. said today $31.785 will be needed for January through March and probably $290.000 more, should all plans expectations to bolster up depleted funds fail to materialize top the complicated state of affairs. learned today that the North Carolina corporation, commission, receiver for the Central Bank and Trust company closed in Asheville will in an involuntary in bankruptcy against Caldwell & Co., of Nashville, Tenn It claimed by the North Carolina the Caldwell firm verted to its own use revenue anticipation notes of the city Asheville which Central Bank and Trust company had sent to the investment to paying for only $250,000 of the block Of these notes, was explained the charge $235 deposited by Caldwell with the Bank of Tennessee at Nashville and in turn sent by that institution to the Chase National bank in New York or the remaining batch of notes, $20,000 was or deposits bank at Bastrop and $40,000 to of Caldwell & Co. to Weakley county Tennessee Returning from Raleigh Friday. Mayor Roberts and others the delegation will confronted with public sentiment city has made itself since their departure Wednesday This sentiment chiefly crystalized resolutions adopted the Asheville Civitan club. representing the majority of the city's leading professional and men. and straight the point in its criticism of local Civitan meeting which tracted largest attendance months. "affirming unreservedly that those citizens of Asheville, regardless of party, who have spines and brains. guided by common honesty, should demand that the privileged interests which have for years dominated and strangled this city and community. be put down." brought and unanimously adopted The resolutions were drafted from report made by Civitan Lincoln L. Kellogg. and vigorously urged to adoption by Dr. Howard Bement, headmaster of the Asheville for Boys, an educational institution of which Harvey L. Firestone, Akron, O., rubber is director say plainly Dr. Bement declared in his address before the club while the Raleigh delegation was preparing leave, "that any man who prostitutes his political advantage for personal thief, any newspaper publisher who, for personal advantage or to protect those who dishonest, either presses or perverts the truth which gives his readers, is liar, and any lawyer who takes advantage of his profession to protect graft and dishonesty, is thief The resolutions, in part, follow "The situation in Asheville and Buncombe county demands thorough and drastic purgatives. A rotten lemon cannot be changed by clothing it with new rind: leopard cannot be made over by grafting on different skin. The star chamber that has disgraced, and this munity has shown not the slightest respect for mere forms of government. will use any form of government for its selfish "The statutes governing this city are honeycombed with vicious exceptions and exemptions from sound legislation. all furtively, deliberately brazenly chiseled out as part of the scheme concocted and directed by our present powers that be "Whatever new form or personnel of government we may seek to impose upon Asheville, these loopholes must be plugged. Drastic excision and revision affirm, furthermore, that the isconfronting us Shall these interests. the decent elements of the community, govern this city? Shall we pussyfoot or have faith that right makes might? Shall we dare to do our duty as we understand crying the headlines of which of the closing the First National bank in Charlotte this afternoon created wide excitement the city, while report from Hendersonville was that the State Trust company bank, which opened Thursday morning provide that city with banking facilities for the first time in three weeks, in deposits during five hours business Today three citizens appointed on the county-city advisory committee refused to leaving officials the task reorganizing the committee

3. December 5, 1930 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, December 5, 1930

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SOLID AS ROCK. HARLOTTE yesterday underwent bank shake-down only realize, after the excitement simmered away, upon just solid foundation its banking institutions planted. The ancient known the National Bank, established while the South steeped the demoralization of lost and one of oldest financial landmarks the State, of adverse circumstances and the closing of its doors naturally created feeling of nervousness among depositors other banks, to development of on one bank. which was alacrity happy demonstration of its ability meet the crisis the situation was the Branch Bank of the Reserve System. of cash to institutions, one having immediate more than cash. All the six the State and National, met the with ample supplies cash. and after the first flurry the people of the waked realization the fact that the banking secure The city had one bank less, and that the And yet not the had to condition of far of public expectation. the people their institutions, instead of being shaken. strengthened the situation of the cash vaults. Further, there was interruption the distribution among the city stockholders the quarter million dollars in semi-annual dividends that them. money behind Charlotte banks. and not brother has helped to the hospital all else going The temporary that existed, small though proved. was altogether out proportion the The misfortune overtook the First tional was one accumulating centering around the investment made in expensive office building and recent days come under the baneful influgrown the bank failures and around Asheville. The had no relations, whatever, with the Asheville Nashville banks, the feeling of general distrust growing the string of failures in that part the country that started withdrawal deposit movement the First National Bank. Henry president of the failed bank high the confidence. the of the community whole, being victim of financial circumstances, of which the: was possible except through the pro closing the doors for readtective justment of the affairs the bank. But yesterday's affair the Charlotte banking more firmly confidence of the local public than of the strength developed, strength that means the Charlotte banks are firmly planted as rock. One weak point been worked out the situa tion. while absolute stability of the financial has been given evidence that unquestionably satisfy the public.

4. December 5, 1930 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, December 5, 1930

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Depositors Reassured Banks Here Are In Sound Condition Closing of First National Caus ed by Special Circumstances Not Applicable to Other Institutions, Officials Say. STARTS ON PAGE ONE. about early EXAMINER KEEPS COUNSEL. national told The afternoon unable any concern of the allowed the first said Mr. place, don't know have been five Notices beneath the ular notice announced under the in tional R. national by resolution of the of recent heavy of deposits was specific cause for the the bankers Charlotte the real of failure the weight the the bank trying to building it HEAVY CARRYING CHARGES charges be pointed and the financial burden for the building resented the and of the hood of and capital according to The bank's shown its assets capital and fund Deposits surplus totaled time and demand Loans and and other details United States government securities other and $1 furniture and estate than serve with cash and due and several er minor profits were listed as to and bills and of in circulating notes McLEAN DENIES RUMOR. that the North and Trust big chain formed some ago with Greensand former would over the National and who The Observer at home in in declared The city of in city E. county treasurer the in cot NOT TO LOSE The funds depository of held the county Corn expect county covered by the is He at City covered No the funds said is which of expenditure great burden on and this same lack good business made the task of putting our on rental standpoint more with our liquid largely banking daily have become justice to our firm that our should be turned bank for orderly liquida HEAVY WITHDRAWALS CITED. all this burden last the of funds and this has made our action for that all our positors protected this been by and is my firm like paid ask for your and in the be to bring possible comH. president of the discuss the the failure of First the effect the of latter financial His the National of and The primary cause the abnormally invest office $1,825 This was all of entirely large for of this whole ending directly to this believe vas entirely honest failure and standpoint of judgment in the of bank. is the bank and great importance from the standpoint the being OTHER BANKS SOUND. is by opinion that the other of Charlotte in condition and safe and confidence of their depositors. We usual liquid and amply that position and glad to desirable loans that in nection accounts normal today our of REASSURES the Charlotte his had run the names the banks led depositors to came but the general velopment, of and our that and We this FOR Portland, 1060 the Des deposit KOMO the the KMO for the to trying pointed extremely further the to day the for our consider banks of of the no reason for the public to be unduly ACTION WAS WISE. The statement was made by R. Dunn. president of the National much regret see the doors of the First National Bank close, caused probably by the large expenditure for their elegant The officers of First acted wisely in prompt to conserve their assets so that their depositors and would have every conthe other banks here in my in fine condition and fully able to handle the situation. National bank is not and in tion take care of our depositors every READY TO PAY ALL Speaking for the Merchants and National Lank vice president and cashier, said: "The Merchants and Farmers National is prepared to pay all of its full on demand up to one cents the lar. have the cash in hand or available to do this and want depositors reassured on point. We have anticipated this and fully prepared to meet addition are prepared to extend all our present customers their full line accomand we are also in position to take new and desirable regard all the remaining banks in Charlotte as liquid institutions, well prepared to meet any demands that might be made them. and think the situation will itself few the great strength of the banks and the fact that the closing bank to special reasons not applicable to any other institutions in the city. "Sorry hear of the closing of the First National bank. said H. M. president of Union National Think is largely due to too much being up in office and annual cost of carryJust great clean failure without any dishonesty or attached it. failure will not affect the other banks they are excellent financial condition, in my opinion. have prepared for such for long time and have ample cash available for any emergency.

5. December 20, 1930 New Journal and Guide Norfolk, VA
Article from New Journal and Guide, December 20, 1930

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Funds Of College Tied Up In Closed Charlotte Bank rassment. students are being cone By TREZZV ANDERSON soled this thought. CHARLOTTE failure First National Bank. to colored had their ALLEGED PLOT savings Coming the of those involved is Johnson Smith the TO RUN BANK deposits running into the thousSeveral members of the Smith ulty were the of the oldest INVESTIGATED which was Numerous Negroes of city had money there and fear is expressed that some The bank closed "avoid loss former editor the Messenger among several persons developed their called before the States Attorney here trons had of the closing The bank alleged charges of giving last week books now the hands exam- that utterances rumors attempting make National Bank was to close Douglass its soon. something on The rumor said caused deposiunderstood that require tors to withdraw and about 50 days to liquidate affairs of the bank. $200,000 during four days last week. believed will the each their when the affairs States Attorney denied before the have settled. charges they had helped circulate FORMED with Political the before Science Club in the history Union Among University organized Thad- States Attorney were Attorney deus Smith industrial of year. William members the classes Berean Baptist Church: Lusk, study science former bond salesman for the the bank, interested in the study of and Mrs. Rosie science.

6. January 14, 1931 The Charlotte News Charlotte, NC
Article from The Charlotte News, January 14, 1931

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See Three Ways Open For Relief Purchase of Stock in Building Corporation, Refinancing and Reopening; Sale of Paper. Receiver Is Upheld Judge Makes Receiver for Bank Permanent Receiver for Building. The movement for rehabilitation of the closed First National Bank of Charlotte came today to its first real test of strength, with the stockholders and other wealthy business men of this city meeting at 2:30 P. M. hear details of proposal for financing purchase of the First National Bank Building Corporation's Several major possibilities presented by this being by McAden, president the bank: R. Johnand Dr. Anderof Montreat large stockholder. Among these possibilities Purchase of the bank's holdings of stock in the building corporation the immediate purpose relieving the of the buildRefinancing and reopening that may derived from the refinancing of the building Sale of the bank's assets and liabilities an agreed price some other banking institution, should developments reopenthe bank by the present Reopening the bank the and liabilities possibilities contingent success for the effort aiming purchase of the bank's investment the or major part of that investment In financial understood that. the progress to that the the might proposition reopen the bank the bank continued to carry an

7. March 19, 1931 Cedar Rapids Outlook Cedar Rapids, NE
Article from Cedar Rapids Outlook, March 19, 1931

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Carolina Banks Fail To CHARLOTTE Dec First National the oldest National bank in North Carolina. failed to open for business today notice. signed by M Mcaden. president, and posted on the door. said heavy withdrawals led to decision to close the doors for the protection of all depositors. The bank is now in the hands of national bank receivers4,ha9fl national bank examiners Founded in 1869. the First Nation had capital stock of surplus $400,000 and on September reported deposits of Dec The Zebulon Banking and Trust Company. only bank of Zebulon. 15 miles from here. failed to open business today Bunn. vice-president and cashier of the bank, said the closing followed series of withdrawHe said the directors hoped reopen the institution Louisiana's leading hen produced eggs 334 days last year.

8. March 20, 1931 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, March 20, 1931

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Bank Receiver Seeks To Recover Security Fund Loaned to Man Various Mill, Bank and Real Estate Company Stocks In Asheville Are Involved LOGAN REPRESENTS BANK Suit Is Regarded as First Major Move to Clear Up Affairs of Institution CHARLOTTE March Suit for $50,000 has been filed against Jenkins, of Asheville. by the receiver of the closed First National bank here, the clerk United States district court here vealed today. The complaint of the receiver. M. Logan, alleges the sum sought was loaned to Jenkins the First National bank with various mill. bank and real estate company stocks security. These were itemized as follows: Stocks Listed. 225 shares of capital stock in the First National Bank of Gastonia. 100 shares of capital stock in the National Realty company. of Gas90 shares of capital stock in the Arlington mills, of Gastonia, 50 shares of capital stock the Haywood Realty company, Asheville. $5,000. 43 shares of capital stock in the Parkdale Mills, Inc., of Gastonia. $3.600. Although the stocks represent quoted values in security the $50,000 loan, the First National Bank Gastonia whose stock is listed half the quoted value. closed in has since been reorganized and reopened. The stock that of old bank Under Indictment. Jenkins now under indictment on charges of violating the banking Jaws as the result the closing of banks in which he was interested The note $50,000 dated October 27. 1930. was later newed and the suit asks interest from January 25, 1931. The suit is regarded here as the first major move in clearing up the affairs of the First National bank here. Two other suits filed seek to collect $200 each from Ramsour and B. Ramsour, of Lincoln countv, allegedly due on shares of stock they bought.

9. April 1, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, April 1, 1931

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Bank Receiver Files Complaint To Recover $50,000 In Gaston J. M. Logan Alleges that Thom L. Craig and Thomas Wilson Owe First National Large Sum On Notes. Complaints have been filed in Gaston county superior court by J. M. Logan, receiver for the First National bank of Charlotte, against Thomas L. Craig and Thomas Wilson. seeking verdicts totaling $50,000 on notes the plaintiff contends are owed the bank by the defendants, it was revealed yesterday at the office of S. C. Hendricks, clerk of the court of Gaston. There are two suits. One name Mr. Craig as the only defendant and seeks the recovery of $20,000. The other suit, for $30,000. names Mr. Craig and Mr. Wilson as joint defendants The receiver is attempting as rapidly as possible to clear up the at fairs of he closed institution. which failed to open its doors the first last December. The bank's stock holders and depositors for some time were busily engaged with tentative plans to reopen it, but the plans have since been abandoned and the receiver is now seeking bids on the handsome 20-story bank building It considered all but certain that the banking quarters on the first floor and the entire second floor of the bank will shortly be leased to the Federal Reserve branch bank here, which now has the entire top floor of the building The lease will be signed in the next week or two, It is believed and actual signing awaits only the formal approval of the board of directors the Federal Reserve bank of Richmond's board of directors, it undertood. Depositors of the closed bank have until May to file their claims, Receiver Logan has and he urges all who have not yet made application to at once.

10. April 9, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, April 9, 1931

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Safe Deposit Boxes Must Be Moved From First National Receiver Urges Depositors to Get Their Property and Also to File Their Claims, as Time Expires May 7. More than 100 safe deposit boxes at the closed First National bank must be removed within the next several days to make space in the remodeled quarters on the first floor for the Federal Reserve branch bank, and renters of the boxes are urged to get their property at once, J. M. Logan, receiver, said last night. Thousands of dollars lost patrons the bank because claims have been filed, and not failure file their nearly the bank's assets are also pointed out. filing liquid period and far It is generally believed. however. only the have that payment can be made claims he the beginning summer. The Since the bank the adbuilding may be within dresses small part the next thought. positors who had no counts there way of communi in sight, and its will aid macating with the terially in up the bank's DEPOSITORS FACING LOSSES. affairs. People who had savings accounts said Mr. Logan, those owning Play Be Given. tificates of drafts, cash- April Lion's checks have no addresses of Shelby will stage modern listed at and these, college comedy "The College Flapcannot be Mr the school auditorium Logan has considerable Thursday and Friday night. paper has posted no. tices and has had published newspaper "B-C" Will Stop stories explaining the situation, and yet the responses have been very said he last Many letters been written Any Headache and officers of the bank. some quests for and in the In 3 Minutes mail there "crank" letter explaining just how the liquidation should proceed, Mr drug Logan they come MANY QUESTIONS ASKED. North Carolina Quite number write druggists developed combination come ask when the bank several ingredients function its first payment, how gether. giving safe will long will take liquidate the bank's assets comrheumatic quiets pletely, and similar questions nerves and you buoyant

11. April 12, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, April 12, 1931

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Prospective Buyers Of Bank Building Await Lease Signing Federal Reserve Branch May Affix Signature to Rental Papers Monday; Expect Purchase Offers to Follow. Sale of the handsome 20-story First National bank building, home of the now closed First National bank, awaits formal signing of the 10-year lease turning over the banking quarters on the first floor and a greater part of the second floor to the branch bank here of the Federal Reserve bank of Richmond, it was understood yesterday. The formality of signing the lease may set for tomorrow, was also believed. although no plans were forthcoming from either M. Logan, the bank's receiver, reserve branch bank officials. The lease proposal was agreed to last Thursday the of the board of directors of the RichSeveral tentative offers for the property, which represents ex. penditure approximately two million dollars, are understood to be based upon occupancy the banking quarters by the federal reserve branch bank and cannot definitely be made until the leace agreement consummated. One of these offers, it is underis made on behalf of being syndicate of Charlotte business n.en who plan to form company to purchase the structure. There are two or three offers, is also being rumored. The however. at this not to discuss the probable sale of the building other matters pertaining to winding up of the affairs the defunct institution Yesterday Mr. Logan did declare however, that there aw still great number of depositors and other creditors of the bank who have thus far failed to file their claims. These claims must be approved by May said Mr. Logan, the final date set the Currency W Poole for filing claims.

12. April 28, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, April 28, 1931

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BUILDING TAKES UPWARD SWING Permits Totaling $30,650 Issued; One Building Will Cost $25,000. proached the receiver for informaBuilding permits took an upward tion in connection with the probable swing yesterday the total for sale of the building. it is understood. the day reached $30,650. The largIn fact Dr. R. Anderson, chairest permit was issued to E. T. Canman of the directors and stockholdsler for the construction of builders committee of the closed First ing at 511 East Fourth street on the National bank. who was one of the site now by the old Cityleaders in the movement to reCounty market. The permit authororganize the bank. has publicly anized the construction of building nounced that attempts will be made cost $25,000. The Home Real to form syndicate of Estate and Guaranty company depositors and stockholders of the Charlotte was named as the bank to purchase the bank building tractors and thereby conserve their interests The new building will be occupied in the by Pettit Motor company and will Actual sale of the building how. represent an Investment of approxever. will be deferred for some time. imately Mr. Logan indicated yesterday Last Other permits issued were: night he Station WBT Stewart to construct and urged all have garage 1223 Seigle avenue at not done to come to the bank to cost of $50 file their claims. This must be done D. construct May he explained, or the dwelling at 812 Jackson avenue, claims may not be allowed It was cost $700 Logan's third radio broadcast. E. B. Hagler, to construct dwellPart Time college. to build Workers addition to building on avenue Stephens company, to repair will find it quick, conapartment at East Ninth and North venient and profitable College $100

13. April 28, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, April 28, 1931

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RECEIVER LOGAN SIGNS PAPER FOR 1ST FLOOR SPACE Remodeling Will Begin Soon on New Quarters. BUILDING MAY FIND SALE Signing of Lease Ends Negotiations by Charlotte Branch of Richmond Bank. Receiver J. M. Logan of the closed First National bank yesterday afternoon signed the lease transferring the bank's first floor quarters and a greater part of the second floor to the Charlotte branch of the Federal Reserve bank of Richmond. The signature of the receiver completed the negotiations and within week the work of remodeling the banking quarters to conform to requirements of the reserve branch bank will be started, was forecast. The lobby of the bank will be made smaller to provide larger working quarters, stairway joining the first and second floors within the bank will be added and connection between the first floor and the reserve bank' vaults in the basement will APPROVA OF WEBB. Signing of the lease yesterday by Mr. Logan followed the official approval the lease agreement by Federal Judge E. Yates Webb of Shelby. Officials of the bank at Richmond and of the reserve branch bank here had already signed the lease, which is for period of five years with the privilege of renewal for another period Removal of the branch bank from the present quarters on the twentieth floor the First National bank building will leave that floor available for other tenants. It will be divided into small offices. it is probable, and the space should rent easily. said Mr. Logan. who that space in the building being rapidly rented out. The is now perhaps threefourths rented. he estimated. SALE DELAYED. Sale of the building has been held in abeyance until completion of the lease, said the receiver. Several persons representing firms or syndicates interested in purchasing the handsome 20-story structure, considered one of the finest office buildings in the Carolinas, have ap-

14. June 9, 1931 The Charlotte News Charlotte, NC
Article from The Charlotte News, June 9, 1931

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Bank Receiver Will Pay Dividend July 1 First National Will Pay Out 17 Per Cent Receiver Gets Authority to Disburse $300,000 to De positors Several Thousand to Share. Preparations for disbursing approximately $300,000 in the form of a 17per dividend July to depositots of the defunct First National Bank of Charlotte were being made today by J. M. Logan receiver Authority to make this disbursement from the bank's assets was received late yesterday from the Comptroller of the Currency in response to request submitted several weeks ago by Mr. Logan. The percentage and gross amount of the authorized indi cates deposits the bank the time is failed December 1930. taled approximately The bank had capital of $300,000. and holders of this stock were required by Mr. Logan soon after his arrival here to pay their liability in No announcement regarding the amount collected on the stockholdera' liability has been made by those in charge of the defunct institution Several thousand persons will share in this the receiver announced. The bank had mately 16,000 accounts of different classes, the receiver revealed several weeks ago. Many of these accounts were for relatively small sums of money particularly those among the multitude of savings The impression existed in financial circles here that second disbursement from the banks assets will depend largely on the success of Mr. Logan's continuing effort to sell the First National Bank Building. here of which he also is ceiver. This building represents an investment of approximately $1,900,000 of the bank's assets of the York Rite from the Pee Dee section will convene here today in their annual

15. July 19, 1931 The Charlotte News Charlotte, NC
Article from The Charlotte News, July 19, 1931

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Depositors Of Defunct Bank To Get Checks About 3,600 Ready, With Arrangements Made for Claimants to Fall in Line. Approximately 3,600 checks were held by M. Logan, receiver of the defunct First National Bank Charlotte, yesterday for distribution tomorrow to depositors in this which closed its doors early last December. amounts these checks represent 17 cent of the amount the individual claims. according to the announcement made by the receiver. Persons these checks at the of the receiver, on the floor of the First National Bank be required to the It explained. Arrangements have been made for claimants to form in line and enter one door, present their certificates and retheir checks and depart by another door, Mr. Logan. These arrangements were anticipation of rush by claimants, that the congestion can be minimized. will be the first dividend paid to depositors this defunct bank since Receiver Logan took charge of its affairs. The exact amount to be distributed has not been announced.

16. October 20, 1931 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, October 20, 1931

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BANK RECEIVER IS OPTIMISTIC Hoover's Credit Corporation Expected to Help Relieve Financial Stringency. get Conditions generally are showing gradual improvement and business is much better now than it was back this Mistol in July and August, according to M. Logan, receiver of the First National bank, who in December will have completed a year's stay in Yesterday Mr. Logan, who is in position to know financial conditions in Charlotte and the surrounding territory, since is his business to liquidate the affairs of the defunct bank which failed to open last December 4. was frankly optimistic One reason for his confidence in this the future, he ascribed to the recent plan of President Hoover to effect $500,000,000 National Credit in poration. This corporation, among other things, is designed to powerful financial help to the nation by taking over frozen assets Tilt your head back and drop of solvent and banks soothing Mistol into your nose PRAISES HOOVER PLAN till it runs back into your Many banks have failed because throat. Mistol holds its healthey could not their assets ing balms in contact with the quickly into money. Logan deepest nose and throat pas- pointed out. The new credit corporsages. Quickly, soreness van- ation extending credit to such ishes, colds are relieved, in- institutions would prevent such fall. ures in the future. Mr. Logan fection checked. Your doctor praised the president's plan as one approves. At all drug stores. having great promise and gave his enthusiastic endorsement to the general There has been very noticeable Mistol increase of late in inquiries concerning Charlotte real estate. Mr. Logan also pointed out. He feels that such activity points to better business Within the First National Bank 666 building. of which he is now acting as general manager, office space is being taken in quite satisfactory LIQUID OR TABLETS manner, he declared When he took Relieves or Neuralgia the affairs of the bank and of in 30 minutes, checks Cold the its subsidiary bank building holdfirst day, and checks Malaria in ing company only about 25 per cent of the rented. Now ap666 Salve for Baby's Cold proximately 66 per cent are rented and bringing in revenue, declared Mr. Hear the Latest

17. February 8, 1932 The Charlotte News Charlotte, NC
Article from The Charlotte News, February 8, 1932

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Suit of Receiver Heard In Court Trial of the case of M Logan receiver for the First National bank here against Thorn Clark. which was started in United States district court here Friday. was continued this morning before Judge E. Yates Webb Judge Webb returned here for an extension of the term of federal court. The regular civil term was to ended last week but several cases scheduled for trial, including the incompleted bank case caused him to continue the court into this The bank receiver entered suit against Mr. Clark for approximately $35,000 Mr. Clark was one of several guarantors who set up line of credit at the First National bank for textile plant that is now in receivership.