Articles report the Elkin National Bank closed by its directors on Jan 20, 1932, a receiver (Spradlin) was named by Jan 27, 1932, and the bank entered liquidation with hearings, suits, and later dividend payments. There is mention of steady withdrawals prompting the directors' action but no clear description of a discrete misinformation-triggered run; closure led to receivership and permanent liquidation, so classify as suspension leading to closure. OCR errors in original texts corrected (e.g., dates and some garbled phrases).
Events (7)
1.January 9, 1901Chartered
Source
historical_nic
2.January 20, 1932Suspension
Cause Details
Directors closed the bank citing continued steady withdrawals/depletion of deposits and to protect depositors; closure by directors rather than government action.
Newspaper Excerpt
Elkin National Bank Is Closed ... decision was made of the directors ... posting ... paying receiving any funds until notice.
Source
newspapers
3.January 26, 1932Receivership
Source
historical_nic
4.January 27, 1932Receivership
Newspaper Excerpt
Spradlin Named Receiver Of Elkin National Bank
Source
newspapers
5.April 5, 1932Other
Newspaper Excerpt
At mass meeting of depositors of the closed Elkin National Bank ... an organization looking to the protection of the interests of the depositors during the liquidation of the bank now in progress.
Source
newspapers
6.August 26, 1932Other
Newspaper Excerpt
Pay Dividends At Elkin Bank ... dividend ... paid $32,000 ... receiver dividends ... claims will be paid.
Source
newspapers
7.October 23, 1932Other
Newspaper Excerpt
Petition of Elkin Bank Receiver Asks Authority To Enter Into Covenant ... considers settlement to save former officials from suit ... admits finding irregularities in books.
Elkin National Bank Is Closed
Surry Town's Oldest and Largest Institution Closes Doors
The (Special Elkin National Bank oldest banking tion failed open for this morning decision was made of the directors, at the The notice posted on the this account of the continued steady of our deposits for the last several days and in protect the of positors of the Elkin National Bank at the on decided paying receiving any funds until notice. hoped that for tion may worked out short time whereby business be Signed Alex cashier Members of the board directors today express that the bank will be reopened for business at an date. indication of a run upon the Bank of apparent and business at that institution is nor mal.
Spradlin Named Receiver Of Elkin National Bank
Hotel Elevator Falls 9 Stories
High perserious injury and possible when an the Sheraton Hotel fell floor to the afteroperating elevator the in the accident. cut one fell the top and his manager of the said the elevator not The car skidded on the pels to the ment rapid rate of speed number of the passengers were
Ingle Attorney For Bank Receiver
Will Assist Receiver Spradlin in Handling Affairs of Elkin Bank
John J. Ingle well known attorney of has been ap. attorney for the receiver National Bank following W Pole comptroller of the Mr. Ingle will upon his new at once. He also serving as for Spradlin in the receiver Peo National of this city Like Mr will divide his attention between the two but will be able continue practice unless an his amount of litigation should derelative the affairs of the
Depositors In Meet at Elkin
Organization Effected for the Protection of Their Interests
Elkin. April 5-At mass meeting of depositors of the closed Elkin National Bank. which drew an attendance filling good portion of the huge McNeer Tobacco Warehouse, an organization was effected. look ing to the protection of the interests of the depositors during the liquidation of the bank now in progress Maguire made and Moseley secretary of the James of Elkin and H. Neil of Washington, D. C., were chosen as Attorney Robert H. prominent barrister of the national tal. by addressed body explaining in the in and the value to the depositors such organization. whose counand executive keep intimate touch the bank's receiver and during the period of and protect possible the ests depositors linked up with the With considerable banking expertence behind him, the visiting rister many points the of bank many had puzzled minds of patrons the bank The work of this was explained would be tion with the agencies appointed the government to close the affaire of the The executive committee named to lead the work of the organization include Moseley O. Maguire, in Mathis, and McKinley Burcham.
5.April 6, 1932News and RecordGreensboro, NC
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Article Text
DEPOSITORS OF BANK TO PROTECT RIGHTS of Depositors in Organization Closed Elkin Institution Is Perfected.
Daily April mass meeting the closed Elkin Nadepositors tional bank which drew attendance which well-nigh filled the McNeer warehouse here, an organization looking to the interests of the during the liquidathe in progress. Maguire Moseley secretary and and Robert McNeil, of Washington City, were chosen attorneys. Robert McNeil, by invitation addressed the the and the value the tors whose executive committee would keep in touch with the bank's receiver and handle matters of individual interest to the depositors, outside of the scope the The named to lead the organization inMathis, Montgomery Dobbins and McKinley Burcham.
6.August 26, 1932The SentinelWinston-Salem, NC
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Article Text
Pay Dividends At Elkin Bank of per is dividend the Elkin H. to here stated which is National of to paid $32,000 Elkin sent since those who January Only closed the claims will receiver dividends which meet with he secured debts $15,000 alphathirteen will
7.September 3, 1932The SentinelWinston-Salem, NC
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Article Text
BANK SOME OF HIS EXPERIENCES
H. receiver for Bank and the Elkin Bank for the Elkin nand Mr. Spradquoted that the had the calling their had $700 balance his credit the bank when his heifer three his first for Another Mr. Spradlin rather smallthe first dividend same the those read the records learn why the present somewhat larger.
Petition of Elkin Bank Receiver Asks Authority To Enter Into Covenant
Considers Settlement to Save Former Officials From Suite
With Chatham Co.
Admits Finding Irregularities in Books
(Special The Journal and Sentinel) on the Elkin National relative to the sale of certain assets of the defunct for authority make adjustment of bond claims and will be before Judge Johnson Hayes federal Greensboro on 29th 10 The of the hearing is purpose afford tunity better offers for the involved the make propriate comment suggestions pertaining settlement liability the directors and adjustment of Petition on which the hearing be August last and hearing was held on In the the receiver asks authority transfer without warranty or and upon of cash and cates duly certain the deposit of the the of in gregate obligations of assets are the family. The also to enter the the bank and parties involved no against the bonds on acts and cashier bank which have to the Authority asked to enter for parties resulting due failure to perform duties as petition out that is the The not more can be realized from all the assets to be Chatham and the exception of item of This probably collected in the the debtor given ample time make It is further alleged in the tion that the the Lillard and and that their worth insufficient to furnish net delay covery countered in the adjustment Chatham was president of the Elkin National Armfield was its doors on January last. of in New survey tourist showed 99 had Hampshire temptible position of American poli Thomas came to from last night, and to tomorrow for Wilmington, Delaware. presidential electors were this year's official North placed on Carolina ballot after workers secured 10,000 names petitions to "political by the Board of party,
Burlington said for brief talk here 1928 York has had you're going for Franklin telling you he hot and in York
News PAGE EIGHT of Northwest North Carolina and Other Parts of State
Another Hearing on Elkin Bank Receiver's Petition Held Before Judge Hayes
Chatham Compromise With Depositors Argued by Counsel
At Greensboro
Will Announce His Decision Later
Journal) Nov Judge J. Hayes heard argument petition that the of counsel Chatham Company and Thurman permitted to pay off notes aggregating Elkin said of funct proval the court ceivership and approval provided no the general better out the interest the To Announce Decision
Judge the best procedfrom the the He said he his decision petition opposed by certain The was and funct the remaining probably the have found judgment could be during that bank 000 and the had in the hands the not the very Appearing petitioners posing signing order sought the and Chatham Turner Parks and of Smith and and Folger Airy appeared the am Attorney John represen the Chatham Manufacturing Company offered pay $16,000 and the balance in three $31 deposit the the be the the of the notes had been pointed out Ingle that was investigation had that court than be the can notes thus losing to the depositors nearly
10.December 4, 1932News and RecordGreensboro, NC
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Article Text
$3,488 Suit Docketed Here Against Elkin Bank Receiver
Suit started in Surry county Superior by Royal Manufacturing company against W. Spradlin receiver the Elkin National Saturday federal court here. The plaintiff seeking collect on three drafts alleged have been paid to the Elkin National bank by Chatham company, which receiver refused to allow as preferred claims,
11.January 13, 1933News and RecordGreensboro, NC
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Article Text
CASHIER SAYS ELKIN TRUE
Charge Diversion of Funds Is Denied By Beeson-Explains Transaction.
ENTERED BY
(Special to Daily News) Jan. 12.-Replying to Elkin, filed change contained Spradlin, some defunct Elkin Nafor tional against Bank funds the Elkin, diversion of not for Reich for safe out Bank the Bank of Spradlin replying the charge brought the followCashier Beeson presents order to dispel any false imarise from might Bank legations made put the action instituted of the Elkin Spradlin, receiver federal court of tional the of North Carothe middle district the Assoreported make the clated Press, wish following undersigned did on the deliver to February Reich one note for $550 be held with him contract mutually enwritten into on that that the "This sets to held was and the undersigned when had served its assure undersigned would not use the Reich mutually agreed note on the same day Reich the Bank Elkin the note the undersigned delivered Reich therefore the Elkin. receipt of the Bank the About June Reich requested the note $550 that he release undersigned and that thereto and readily undersigned. the of the written surrendered terminating the agreeagreement the agreement. ment has and since been held and the possession the closing some bank, came the underthe attention accident the signed receipt issued negotiable delivered to the been some months Elkin National prior thereto the request that note for $550 be delivered "However. delivery had never been requested the undersigned, the was subseof Elkin, nor quently requested by any official Elkin Natonal that an Elkin National the adivsed the contract with Reich had been mutually terprior thereto, the note in question had and released to the undersigned been Reich: that the Bank of kin had part the between the and absolutely no inReich and had of any kind with the now defunt Elkin National bank.
C. of C. Elects Officers Today Receiver of Bank A president of the chamber of Denies Charges In commerce for the year 1933 was to be elected at the meeting of the board of directors of the organ- Burcham Complaint ization at session scheduled for
Answering the complaint of McKinley Burcham, world war veteran, who seeking judgment for against W. H. Spradling, receiver of the Elkin bank, the receiver admits that the plantiff had balance to his credit the amounts of $2.024.02 and 245.63 in the bank at the time closed, but denies all other allegations The plaintiff had alleged misrepresentation on the part former bank officials inducing him keep his money obtained on judgment against the government. and contended his balance should be garded having priority over claims of common creditors.
