10357. Bank of Dallas (Dallas, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 16, 1930
Location
Dallas, North Carolina (35.317, -81.176)

Metadata

Model
gpt-5-mini
Short Digest
b4abfbe04a56f84c

Response Measures

None

Description

Multiple contemporaneous news items (Dec 16, 1930) list the Bank of Dallas among several Gaston County banks that failed to open or closed their doors as a precautionary suspension because of heavy withdrawals. Articles describe withdrawals being driven by rumors after failures of Asheville banks; the press frames the Gaston closings as protective suspensions rather than insolvency. There is no specific article here saying the Bank of Dallas permanently failed or was placed in receivership; therefore I classify this as a suspension (precautionary) with probable later resumption (temporary suspension). Date given is the publication date (1930-12-16).

Events (1)
1. December 16, 1930 Suspension
Cause
Local Banks
Cause Details
Heavy withdrawals driven by rumors following failures of other local banks (Central Bank and Trust Co. and the American National Bank in Asheville); newspapers describe the closing as precautionary to protect depositors.
Newspaper Excerpt
the Gaston Loan & Trust Co. of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. ... either failed to open or closed their doors today. Heavy withdrawals was given as the reason in practically every case.
Source
newspapers

Newspaper Articles (12)
1. December 16, 1930 Commercial Bangor, ME
Article from Commercial, December 16, 1930

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Eight Banks Now Closed In North Carolina Heavy Withdrawals Given Directors Reason By as For Action Charlotte, N. C., Dec. -Eight North Carolina banks, four in the western part of the state and four in Gaston county either fairs to open or closed their doors today. Directors of the institutions explained the taken measure for the pro tection of "Heavy was given as the rea son in practically The First National bank of Gas tonia, the largest of the eight, had deposits of Resources were given at $4,656,007.08 The other three Gaston banks, the Loan and Trust Company, of Gastonia, the Bank Dallas and the People's Bank of West Gastonia were small The combined deposits totaled Closing of the Bank of Franklin, in Macon county, left that town without financial The bank's were listed at $416,800. The Citizens' bank which merged with the Franklin last month, had deposits of $125,000. The Bank of with deposits of $182,000 and the Bank of Clyde, with deposits $105,000 failed to open after withstanding runs yesterday The Bank of Fletcher in Henderson county, closed in the face heavy after open an hour and half Its de. posits were listed at $103,500. Salt Lake City, Utah. Dec. Columbia Trust Com. pany of this city was placed In the hands of the state department today. Frank president of the institution, said board of directors requested the closing "in order to protect all depositors without "The bank is not ingolvent, having 20 reserve at the close of Monday, and it the opinion of the board that every depositor will paid full." Cook said. "Total deposits $718. 544.24. Total assets are $1,175,-

2. December 16, 1930 The Muskegon Chronicle Muskegon, MI
Article from The Muskegon Chronicle, December 16, 1930

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Wall Street Briefs New York, Dec. of steel rails in the Chicago district has increased to 50 per cent of rated against 40 per cent previously, Dow, Jones & says. Stocks of refined lead in the United States at the end of November showed an increase over October, although November refinery production was under that of the previous month Stocks at the end of totaled tons, against 84,375 in October, the American Bureau of Metal Statisties reports. Total refinery production of lead in the United States in November was 48,988 short tons, against 55 369 in October and 53,237 in September. Approximately 20 organizations have bonus distributions to employes. The latest to announce such action include the National Metal Exchange, two weeks' salary to employes; 10 Operating Bureau, Inc. which manages the loan offices the Beneficial Industrial Loan Corp., weeks' salary employes; and National Real Estate Corp. the Christmas bonus to all employes. Chicago, Dec. (U.S.D.A.) Potatoes 64: on track 167; total U. shipments 448: trading rather slow: sacked per cwt., Wisconsin Round Whites few Round Whites 40; Idaho Russets No. No. Colorado Brown Beauties 1.60; McClures unbranded 1.60-1.65. Charlotte, N. C., Dec. 16-(P)Eleven banks North Carolina closed their doors today. Runs were blamed. Four banks in Gaston county four in the Asheville area western North Carolina, one in Cleveland county, one in Johnston county and one in Bertie county shut their doors. The First National bank of Gastonia was the largest the eleven, with deposits og $3,066,072 on Sep24. The Peoples bank of Waco in Clevecounty, with capital of and resources of $111,338.26 shut its The Clayton Banking company of Clayton, $75,000 of did not open. The Bank of Aulander, in Bertie county, with capital $80,125 and resources of $385,896.95, also did The other three Gaston banks, the Gaston Loan and Trust company of Gastonia, the Bank of Dallas, and the People's Bank of West Gastonia, comparatively small institutions. combined deposits totaled $270,Closing of the Bank of Franklin, in Macon county. that town without financial institution. The bank's deposits were listed at $416,800. The Citizens' bank, which merged with the Franklin last had deposits of $125,000. The Bank of with deof $182,000, and the Bank Clyde, with deposits of $105,000, failed to open later withstanding runs westerday. The Bank of Fletcher, in Hendercounty, closed in after an hour and half. Its deposits were listed at $103,500. S. C. Bank Is Closed York, S. Dec. Bank of Clover, York county closed it's today Lee Robinson, president of the First National bank of Gastonia, which failed to open this morning, also president of the Clover institution. The bank had resources of about $650,000. Utah Bank Closes Salt Lake Utah, Dec. The Columbia Trust company of this city was placed in the hands of the banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preferThe bank is not insolvent, having 20 per cent reserve at the close Monday, and it is the opinion of the board that every depositor be paid in full,' Cook said. "Total are $718,544.24. Total assets are $1,175,590.93.' W. Va. Bank Closed. Charleston, W. Dec. The state department of banking today the of the Bank of Hillsboro in county. The said the bank was closed Friday "to conserve assets" and that negotiations for taking over the were being by the bank of Marlinton. Bank at Fairmont, W. Va., Closes Fairmont, Dec. The Union of Fairclosed its doors benoon today. Inability to liquiassets rapidly enough to meet demands for was given as the cause for the closing. pfd

3. December 16, 1930 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 16, 1930

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Four North Carolina Banks Fail to Open GASTONIA, N. C. Gaston County banks failed to open their doors today, leaving only one financial situation in this textile city of 20,000. The First National Bank and the Gaston Loan and Company Gastonia, Bank of Dallas and the People's Bank West blamed in nowould not open. The First largest of the four, posit 24, date of its last published statement listed Bank officials said has been paid to depositors since when the AmeriNational Bank of Asheville closed its doors L. Jenkins, president of the Asheville bank. was president the First National Bank and its largest single stockholder YORK (AP) The Bank of York County, closed its doors today Robinson, of the First National Gastonia which failed also president of the Clover instituThe bank had resources of about SALT LAKE CITY Utah (AP) The Columbia Trust Company of this placed the hands of the State Banking Frank Cook the stitution, said the board of directors requested closing order to protect all depositors preferbank is not having 20% reserve the close business Monday. and is the opinion of the board depositor will paid in Total deposits are Total assets are

4. December 16, 1930 Evening Star Washington, DC
Article from Evening Star, December 16, 1930

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TEN BANKS CLOSED TO PROTECT FUNDS Eight Are in North Carolina, One in South Carolina and One in West Virginia. By the Associated Press. CHARLOTTE, N. C., December 16.Eight North Carolina banks, four in the western part of the State and four in Gaston County either failed to open or closed their doors today. Directors of the institutions explained the action was taken as a precautionary measure for the protection of depositors. "Heavy withdrawls" was given as the reason in practically every case. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072.11. Resources were given at $4,656,067.68. The other three Gaston banks, the Gaston Loan & Trust Co. of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Town Is Bankless. Closing of the Bank of Franklin in Macon County left that town without a financial institution. The bank's deposits were listed at $416,800. The Citizens' Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa, with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson County, closed in the face of heavy withdrawals after remaining open an hour and half. Its deposits were listed at $103,500. One Fails in South Carolina. YORK, S. C., December 16 (AP).-The bank of Clover, York County, closed its doors today. J. Lee Robinson, president of the First National Bank of Gastonia, which failed to open this morning, is also president of the Clover institution. One Closed in Hillsboro. CHARLESTON. W. Va., December 16 (AP).-The State Department of Banking today announced the closing of the Bank of Hillsboro, in Pocahontas County. The announcement said the bank was closed on Friday "to conserve assets" and that negotiations for taking over the institution were being made by the bank of Marlington. The Bank of Hillsboro on September 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746.

5. December 16, 1930 The Post-Crescent Appleton, WI
Article from The Post-Crescent, December 16, 1930

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NORTH CAROLINA IN FEAR OF RUNS Action to Protect Depositors Follows "Heavy Withdrawals" Charlotte, North Carolina banks, failed open closed their doors today. case explained action taken precautionary measure for the protection depositors. "Heavy withdrawals" generally the reason. The First National bank of Gastonia, the largest of the eight, deposits $3,066,072. Resources given $4,656,067. The other three Gaston banks, the Loan and Trust pany, Gastonia, Bank of Dallas and the Peoples West Gastonia comparatively small institutions. The combined deposits totaled Closing of the Bank of Franklin, that without financial institution. The bank's deposits were listed The Citizens bank, which merged with the Franklin last month, had deposits of $125,000. The Bank Swannanoa with deposits $182,000 and the Bank $105,000 failed to open after withstanding The Bank of Fletcher closed in the face open and half. Its deposits were listed at $103,500. INQUIRY IN NEW YORK Binghamton, af. Andrew president the State bank missing the doors the institution closed was the object inquiry today from The state banking department, searching out the amount shortage reported about $600,000. one of the investigators. Federal officers came uopn that was the supreme treasurer organizaand the officers that organization, the Greek Catholic union, rived to check their The exact shortage, state bank might not determinuntil early next week. Deposiwere largely laborers. CLOSE ILLINOIS BANK III. the Pope County State bank conda for examination and adjustment was bank capitalized first this year the had total Loans total$244,286.79. Paris, First Nationbank Kansas, failed to open its today. There the bank last Friday. president, did not issue statement. The bank capital stock $50,000. Burled alive in rabbit hole near Box week, Irish terrier rescuers wagging tail.

6. December 16, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1930

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EIGHT SOUTHERN BANKS CLOSED Heavy Withdrawals Given as Chief Reason CHARLOTTE, N C, Dec 16 (A. P.)Eight North Carolina banks, four in the western part of the State and four in Gaston County, either failed to open or closed their doors today. Directors of the institutions explained the action was taken as precautionary measure for the protection of depositors. "Heavy withdrawals' was given as the reason in practically every case. The First National Bank of Gastonia, the the eight, had deposits of $3,066,072. Resources were given as 4.656,067. The other three Gason County banks, the Gaston Loan and Trust Company of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052. Closing of the Bank of Franklin, in Macon left that town without, financial The bank's deposits were listed at $416,800. The Citizens' Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesThe Bank of Fletcher, in Henderson County, closed in the face of heavy withdrav after remaining open an hour and half. Its deposits were listed at $103,500.

7. December 16, 1930 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, December 16, 1930

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EIGHT CAROLINA BANKS SUSPEND Charlotte, Dec. Eight North Carolina banks, four in the western part of the state and four in Gaston county, either failed to open or closed their doors today. Directors of the institutions in each case explained action was taken as precautionary measure for the protection of depositors. "Heavy generally was given as the reason. The First National Bank of Gastonia, the largest the eight, had deposits of $3,066,072. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan Trust Company, of Gastonia, Bank Dallas and the People's Bank West comparativesmall institutions The bined totaled Closing of the Bank of Franklin that town without finaninstitution. The bank's its were listed at Citizens Bank, which merged with the Franklin last month, deposits of $125,000. The Bank of with deposits of and the Bank Clyde, with deposits $105,000, failed open after withstanding runs yesterday. The Bank of Fletcher closed the face of heavy Its deposits were listed at $103,500.

8. December 16, 1930 Biddeford-Saco Journal Biddeford, ME
Article from Biddeford-Saco Journal, December 16, 1930

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SOUTHERN BANKS THEIR DOORS Withdrawals Given Cause as by Directors. Charlotte, N. Dec. Eight North Carolina banks, four the western part state Gaston county either failed to open or closed doors Directors of institutions plained the action was taken measure for the protection of withdrawals" was given as the reason every The First National Bank tonia, the largest the had eight, Resources given other three Gaston banks, the Loan and Trust company, of Gastonia, the Bank Dallas and the People's Bank West Gastonia were small institutions. The combined deposits totaled Closing of the Bank of Franklin, Macon county, left that without financial institution. The deposits listed $416,800. The Citizens bank, which merged with the Franklin, last month, had deposits of $125,- The Bank of Swannanoa, with deposits of $182,000 and the Bank Clyde, with deposits of $105,000, failed after withstanding yesterday. The Bank of Fletcher, Henderson county, closed the face heavy after open an hour and Its deposits were listed at $103,500. York, Dec. Bank Clover, York county, its doors today. Lee Robinson, president of National bank of Gastonia, which failed open this also president of the Clover Va., Dec. state of banking today announced the bank Hillsboro, Pocahontas counwas closed Friday conbank on September had capital stock $25,000. Its were and its deposits totaled $127,746. Salt Lake City, Utah, Dec. Columbia Trust comthis city was placed in the hands of the state banking detoday. Frank Cook, president institution, board of directors requested closing order protect without preference. bank not insolvent, hav20 cent reserve the business Monday, and the opinion the board that every depositor paid Cook said. deposits are $718,544.24. Total assets are $1,175,590.98.'

9. December 17, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 17, 1930

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ELEVEN BANKS SUSPEND. North Carolina Institutions In Five Charlotte, N. C., December 16banks in North Carolina closed their doors today. Four banks in Gaston County, four in the Asheville area of Western North Carolina, one in Cleveland County, one in Johnston County and one in Bertie County shut their doors. The First National Bank of Gastonia was the largest of the 11, with deposits of $3,066,072 on September 24. The Peoples Bank of Waco in Cleveland County, with capital of $5,000 and resources of $111,338.26 shut its doors. The Clayton Banking Company of Clayton, capitalized at $75,000 and with resources of $393,731.36, did not open. The Bank of Auhlander, in Bertie County, with capital of $80,125 and resources of $385,896.95, also did not open. The other three Gaston banks, the Gaston Loan and Trust Company, of Gastonia, the Bank of Dallas, and the Peoples Bank of West Gastonia were comparatively small institutions. The combined deposits totaled $270,502.84. Closing of the Bank of Franklin, in Macon County, left that town without a financial institution. The bank's deposits were listed at $416,800. The Citizens Bank, which merged with the Franklin last month, had deposof $125,000. The Bank of Swannanoa with deposits of $182,000 and the Bank of Clyde, with deposits of $105,000 failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson County, closed in the face of heavy withdrawals after remaining open an hour and a half. Its deposits were listed at $103,500.

10. December 17, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 17, 1930

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ELEVEN BANKS SUSPEND. "North Carolina Institutions In Five Areas Are Closed. Charlotte, N. C., December 16-(AP)-Eleven banks in North Carolina closed their doors today. Four banks in Gaston County, four in the Asheville area of Western North Carolina, one in Cleveland County, one in Johnston County and one in Bertie County shut their doors. The First National Bank of Gastonia was the largest of the 11, with deposits of $3,066,072 on September 24. The Peoples Bank of Waco in Cleveland County, with capital of $5,000 and resources of $111,338.26 shut its doors. The Clayton Banking Company of Clayton, capitalized at $75,000 and with resources of $393,731.36, did not open. The Bank of Auhlander. in Bertie County, with capital of $80,125 and resources of $385,896.95, also did not open. The other three Gaston banks, the Gaston Loan and Trust Company, of Gastonia, the Bank of Dallas, and the Peoples Bank of West Gastonia were comparatively small institutions. The combined deposits totaled $270,502.84. Closing of the Bank of Franklin, in Macon County, that town withfinancial institution. The bank's deposits were listed at $416,800. The Citizens Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa with deposits of $182,000 and the Bank of Clyde, with deposits of $105,000 failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson County, closed in the face of heavy withdrawals after remaining open an hour and half. Its deposits were listed at $103,500.

11. December 17, 1930 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, December 17, 1930

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Bond Dealings on New York Stock Exchange ELEVEN BANKS CLOSE IN NORTH CAROLINA High prices Stock Western CHARLOTTE, N. C., Dec. 16.Close. (AP) Eleven banks in North Carolina closed their doors today. Four banks in Gaston county, four in the Asheville area of western North Carolina. one in Cleveland 100 county, one in Johnston county, and one in Bertie county shut their doors. FOREIGN BONDS. CORPORATION The First National Bank of GasManati tonia was the largest of the 11, with P&P Sales Close (in $1,000). High Sydney Hy Ujigawa Unterelbe Upper Venetian Vienna City Warsaw City Un Wurttemberg 831 6s 931 931 today ago January date same year same two years ago Danish trustee. du Pont Marseilles deposits of $3,066,072.11 on September 24. The Peoples Bank of Waco, in Cleveland county, with capital of $5,000 and resources of $11,388.26 shut its doors. The Clayton Banking Company, of Clayton, capitalized at $75,000 and with resources of $393,731.36, did not open. The Bank of Aulander. in Bertie county, with capital of $80,125 and resources of $385,896.95, also did not open. The other three Gaston banks, the Gaston Loan & Trust Co., of Gastonia; the Bank of Dallas and the Peoples Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin in Macon/county, left that town without a financial institution. The bank' deposits were listed at $416,800. The Citizens Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa, with deposits of $182,000. and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson closed in the face of heavy withdrawals after remaining open hour and half. Its deposits were listed at $103,500. BIRMINGHAM DISTRICT BANKS EFFECT MERGER BIRMINGHAM, Ala., Dec. 16.merger of the Bank of Ala bama with the Ensley National Bank, making the combined assets over $1,000,000. was announced early today by Oscar Wells, chairman of the board the First National Bank of Birmingham. "With the co-operation and support of the Birmingham Trust & Savings Co. and the First National Bank of Birmingham, Mr. Wells statement said, "the assets will be taken over by the Ensley National Bank and the latter assume the liabilities of the Bank of Alabama. R. A. Terrell, 68. for many years president of the Bank of Alabama, died yesterday of wounds which Coroner D. Russum said were self State Superintendent of Banks Dent F. Green said that a recent report of

12. June 23, 1931 Battle Creek Enquirer Battle Creek, MI
Article from Battle Creek Enquirer, June 23, 1931

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GASTON CALM AS BANKS SUSPEND Four Small Institutions Close to Protect Depositors; Others Also. Special Charlotte Observer the announcement here last night of the closing of the First National Bank, the Gaston Loan and Trust company, the Peoples' Bank of Gastonia, and the Bank of Dallas, a mass meeting of some 300 or more leading including leading depositors of the Citizens National bank, the only remaining bank in the city of Gastonia, rose as unit to fortify the community from further financial disaster. That mass meeting proved today that had served its purpose well, and the citizenship of Gastonia went about its business in a calm and orderly fashion. There was no run on the Citizens National bank today. Although some small depositors called for their money, there was no crowd about the lobby of the bank, and by noon today the bank presented the appearance it does on any ordinary business day. G. Myers, its president, said this afternoon that deposits today had outnumbered withdrawals, while many new accounts were opened during the day. There was no evidence at all of any panicky feeling, and the general attitude this afternoon was one of quietude and confidence. The Citizens bank had prepared it: self for any emergency, and was prepared to pay any depositors who might wish to withdraw their money. special edition of The Gastonia Daily Gazette issued early this morning carried list of the names of some 300 or more leading citizens who expressed by their signa tures, in resolution presented to the mass meeting, absolute confidence in the Citizens National bank and their intention to continue deposits and refrain from withdrawals. The closing of the First National bank according to notice posted on the door of that institution this morning, by "reason of heavy withdrawals during the past several days this bank has suspended business by order of the board of directors for the protection of depositors. This action was taken after full consultation with the comptroller of the currency. These withdrawals. which had totaled some $800,000 since November 20, had been quiet and steady. They were occasioned by rumors following the failure of the Central Bank and Trust Co., and the American National bank in Asheville on that date. Officials of the First National the opinion that depositors will be paid 100 per cent The First National bank had deposits of resources of The Gaston Loan and Trust company had deposited $86,931 resources $135,363.16 capital $20,000. The Peoples Bank of West Gastonia had deposits of $64,042.91 The Bank of Dallas had deposits capital $20,000. Other Banks Close Following list of banks in North Carolina which closed yesterday, in addition to the Gaston banks: Swannanoa (Buncombe county) -The Swannanoa Bank and Trust company: deposits $182,000: capital Franklin (Macon county) Bank of Franklin: deposits $416.800. It was merged last month with the Citizens bank, which had deposits of $125,000 Combined capital surplus and undivided profits of the new institution was 104.500 Fletcher (Henderson county)The Bank of Fletcher: deposits capital surplus and un divided profits $21,500 Clyde (Haywood Bank of Clyde: deposits $105,000 Waco (Cleveland county Peoples Bank of Waco: resources Clayton (Johnston county)-The Clayton Banking company: Aulander (Bertie Bank of Aulander: resources $385.In South Carolina the Bank and resources of $552,843 failed to open.