10405. Bank of Franklin (Franklin, NC)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
December 15, 1930
Location
Franklin, North Carolina (35.181, -83.382)

Metadata

Model
gpt-5-mini
Short Digest
2a1bf9634523eae0

Response Measures

None

Description

Multiple contemporaneous newspapers (Dec 16, 1930) report the Bank of Franklin failed to open after having withstood runs yesterday and closed as a precautionary measure against heavy withdrawals. The bank later reopened April 29, 1931. OCR errors in some articles (e.g., spacing, missing words) were corrected; county is Macon County, N.C.

Events (3)
1. December 15, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals and runs in the local area; newspapers report the Franklin bank withstood runs the day before it failed to open.
Measures
Bank remained open during initial withdrawals but subsequently did not open next day (precautionary closure).
Newspaper Excerpt
failed to open after withstanding runs yesterday
Source
newspapers
2. December 16, 1930 Suspension
Cause
Local Banks
Cause Details
Directors cited heavy withdrawals/precautionary action to protect depositors amid regional bank runs and suspensions.
Newspaper Excerpt
Closing of the Bank of Franklin, in Macon County, left that town without a financial institution. Directors said action taken as a precautionary measure; Heavy withdrawals given as reason.
Source
newspapers
3. April 29, 1931 Reopening
Newspaper Excerpt
The Bank of Franklin, a small State bank here, which suspended operations last December 16, reopened for business today.
Source
newspapers

Newspaper Articles (15)
1. 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

2. 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.

3. 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.

4. December 16, 1930 The Evening Sun Baltimore, MD
Article from The Evening Sun, December 16, 1930

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WEST FAILURES North Carolina Hardest Hit, With Eleven Institutions Closing Doors Charlotte, banks in North Carolina closed their doors today. Four banks in Gaston county, four the Asheville area of western North Carolina, one in Cleveland Johnston county and one in Bertie county shut their doors. The First National Bank Gastonia the largest of the eleven with posits of $3,066,072.11 September 24. Waco Bank Shuts Doors The Peoples Bank Waco, Cleveland county, with capital and resources of shut its doors. The Clayton Banking Company, Clayton, capitalized $75,000 and with resources did The Bank of Aulander, in Bertie county, with capital of and sources of also did open. The other three Gaston banks, the Gaston Loan and Trust Company, the Bank of Dallas the Peoples Bank of West Gastonia, small The deposits totaled $270,052.84 Closing of the bank of Franklin, Macon county, left that town without financial institution. The bank's its were listed $416,800. The CitiBank, which merged with the Franklin last month, had deposits $125,000. The bank of Swannanoa, with posits of $182,000 and the bank with deposits failed open runs yesterThe bank of Fletcher, in Henderson county, closed the face of heavy after open hour and half. Its deposits listed South Carolina Bank Closed York, Dec. Bank Clover, York county, closed Lee Robinson, president of the First National Bank Gastonia, which failed open this morning, also president of the Clover instituThe bank had resources of about $650,000. Closure In Salt Lake City Salt Lake City, Dec. The Columbia Trust Company of this city placed the hands of the State Banking Department today. Frank B. Cook, president of the institution. said the board of quested the closing order to protect bank not insolvent, twenty the business Monday, and the opinion the board that every depositor will paid Cook said. posits assets West Virginia Bank Closed The State Department of announced closing of the Bank Hillsboro, Pocahontas county. The said the bank Friday and that for taking institution were being made Bank of Marlinton. The Bank of Hillsboro 24 had capital stock resources and deposits totaled $127,746.

5. 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.

6. December 16, 1930 The Chickasha Daily Express Chickasha, OK
Article from The Chickasha Daily Express, December 16, 1930

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NORTH BANKS SUSPEND Eight Closed by Directors; Heavy Withdrawals Given as Main Reason. Charlotte, N. C., Dec. 16. North Carolina banks, four in the western part of the state and four in Gaston county, closed their doors today. Directors of the institutions in each explained the action was taken as measure for the of "Heavy withdrawals" generally was given as the reason. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan and Trust company, of Gostonia, the Bank Dallas and the Peoples Bank of West Gastonia small institutions. Closing of the Bank of Franklin, in Macon county, left that town without financial institution. The Bank of and the Bank of Clyde, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after the remaining open an hour and half.

7. December 16, 1930 The Herald Rock Hill, SC
Article from The Herald, December 16, 1930

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Mrs. Nancy McGill Is Laid To Rest (By Herald Correspondent) Sharon, Dec. 16.-Funeral services for Mrs. Nancy McGill were conducted in Sharon A. R. P. Church Saturday by her pastor, Rev. E. B. Hunter. assisted by Rev. R. M. Bell, of Hickory Grove, and Rev. O. W. Carmical, of Neely's Creek. Her favorite song, which she repeated just a short time before she passed away, was sung, "I'm Waiting, Waiting for combined deposits were $270,052.84. Closing of the Bank of Frank lin, in Macon county, left that town without a financial institution. The bank's deposits, in its last statement, were listed at $416,800. The Citizens Bank, which merged with the Franklin last night, had deposits of $125,000. The Bank of Swannanoa, in Buncombe county, with deposits of $182,000, and the Bank of Clyde, in Haywood county, with deposits of $105,000, failed to open after withstanding heavy 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 $103,000. the Lord." Pallbearers were G. W. Whitesides, J. A. Whitesides, of this place, Meek McGill, of Hickory Grove. H. M. Blair, of Blairsville, Blakely McGill, of Hickory Grove No. 2, and J. M. White, Jr. Flower bearers were Mrs. Belle McGill Roberts. of Blacksburg, Mrs. Blakley McGill. of Hickory Grove No. 2, and Miss Helen Sherer.

8. 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. Press CHARLOTTE December Eight North Carolina banks, four in the western part of the and four Gaston County either failed to open closed their today. of the explained the action taken as precaufor the of depositors. "Heavy withdrawls" was given as the reason in practically every First National Bank Gastonia, largest the eight, had deposits given other three Gaston the Loan the Dallas and the West Gastonia, People's small bined deposits totaled Town Is Bankless. Closing of the Bank of Franklin in without Citizens deposits listed bank's which with Franklin last month, deposits The Bank of Swannanoa, with $182,000, Clyde, failed yesterday. Bank HenderCounty, closed the face of heavy Its deposits were listed $103,500. One Fails South Carolina. YORK, December Clover, County, closed its First failed Bank president Gastonia, of the this morning, also president of Clover One Closed in Hillsboro. W. today announced the closing County. the Hillsboro, in The said the was closed Friday conthat the for made the The Bank had capital stock and its deposits $127,746.

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 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 a capital of of $111,338.26 $5,000 and resources 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 without 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 withdra wals after remaining open an hour and half. Its deposits were listed at $103,500.

11. April 29, 1931 Evening Star Washington, DC
Article from Evening Star, April 29, 1931

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North Carolina Bank Reopens. FRANKLIN, N. C., April 29 (P).The Bank of Franklin, a small State bank here, which suspended operations last December 16, reopened for business today.

12. April 29, 1931 News and Record Greensboro, NC
Article from News and Record, April 29, 1931

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FORMER PREACHER IS BANK OF FRANKLIN HELD AT STATESVILLE WILL REOPEN TODAY W. M. Branch, of Mount Airy, Arrested Charge Forgery. Was Holiness Minister Special Daily Branch Mount holiness was held the police tion this afternoon charge forgery Branch said passed was Davis company check signed drawn First bank of was learned from the Baltimore bank the check was party had and issued checks southern Folice here found same type Branch's Branch about 40 of age and have near Mount understood not work New Officers and Board of Di. rectors Named. Bank Suspended Business Dec. 16. Franklin April Bank business during the western last December will reopen for business was funds start off Franklin from morning Albert repreNorth Carolina ink department and board stockholders the The officers and diM D Rogers first Dr board tors chosen and assistant last The apital the

13. April 30, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, April 30, 1931

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Standard Brands Net 30c a Share Standard Brands, Inc., and subsidiaries in the quarter ended March 31 had net income of $4,054,588 after expenses, minority interest and Federal taxes, but before profits and loss items, equal, after dividends on 7 percent preferred, to 30 cents share on 12,644,002 shares common against $3,496,226 or 25 cents share on 12,633,170 shares in the first quarter of 1930 The above earnings include operations of German and South African subsidiaries of Royal Baking Powder Company for the three months ended Jan. 31, 1931, and English subsidiaries for two months ended Feb. 28, 1931. and three months ended March 31, 1930. After payment of preferred and common dividends there was surplus for the quarter of $2,749 before profit and loss credits and charges, against deficit of $1 491 930 in the first quarter of the previous year. N. C. BANK REOPENS The Bank of Franklin, N. C., small State bank which suspended operations last Dec. 16, reopened for business today

14. May 1, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, May 1, 1931

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N. C. BANK REOPENS The Bank of Franklin, N. C., a small State bank which suspended operations last Dec. 16, reopened for business today

15. May 1, 1931 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, May 1, 1931

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Indian Strife Hurts French Continued from Page gentlemen wanted something shiny reasonably but wanted It as cheaply as they could get it. Competition Came Competition came in the military and semi-military trade. Germans found false that shone was reasonably durable and much cheaper. They made it by machinery, Nuremberg became the great competitor against the Lyons gold thread of quality Still the Lyons people did not worry Did they not have the monopoly of the India trade. where quality alone counted and where competition totally unknown, where the demand was so constant that the thread could be made almost on a cost-plus basis and sold as long as marriage remained Hindu institution? Now that is gone. The ancient wooden drawing benches, precisely like those of the middle ages exhibited in the Cluny Museum, are gathering dust. And the wiredrawers and their families are growing thin. Trouble in India. hunger in Lyons. N. C. BANK REOPENS The Bank of Franklin. N. C., small State bank which suspended operations last Dec. 16, reopened for business today