10419. Bank of Wayne (Goldsboro, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
September 2, 1932
Location
Goldsboro, North Carolina (35.385, -77.993)

Metadata

Model
gpt-5-mini
Short Digest
5a5cfc203c7a3441

Response Measures

None

Description

Articles describe the former Wayne National Bank placed in receivership and depositors instructed to make proof of claim (Sept. 1932). A reorganized institution, the Bank of Wayne, opened Dec 1, 1932 to take over assets and pay depositors partially. There is no clear description of a depositor run prior to suspension in the provided texts, so this is classified as a suspension followed by reopening. The original failed institution was called Wayne National Bank; the new institution is Bank of Wayne. I did not assume the new bank's charter type from the text.

Events (2)
1. September 2, 1932 Suspension
Cause Details
Wayne National Bank was in receivership; depositors must file proof of claim with the receiver. Article refers to receiver and liquidation process rather than a run or rumor.
Newspaper Excerpt
The bank receiver ... The bank deposit books are used this proof of claim ... The Bank of Wayne will observe Mon holiday. The day (Labor bank will be closed.
Source
newspapers
2. December 1, 1932 Reopening
Newspaper Excerpt
The Bank of Wayne is a reality. It opened its doors Thursday to serve the public ... The bank was to take over the assets of the Wayne National Bank and pay the depositors of that bank 60 percent of their deposits ... The plan called for the organization of a holding corporation ... the Bank of Wayne opened this week.
Source
newspapers

Newspaper Articles (3)
1. September 2, 1932 Goldsboro News-Argus Goldsboro, NC
Article from Goldsboro News-Argus, September 2, 1932

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Article Text

Most of Depositors Seen Take Shares In Bank (Continued from Page One.) formation that the rights of depositors would also be extendafter Sept. to secondary ferred group. Sept. expected to day on which many of the farmer depositors in the bank will call at the organization office in 814, because of the fact that many farmers come to town for opening day the tobacco marwhether they plan to sell any tobacco that day or not. numof these depositors, it pected. will call up at the bank committee office to talk over the plan offered them and to discuss their rights under the plan. Necessity that those who sign for the well as those who do not make proof of their deposits with the staff of the bank receiver now being emphasized by the ganiaztion committee and its Unless proof of deposit made to the receiver's staff down banking dividends on in the room, be paid by the that deposit cannot receiver. The bank deposit books are used this prooof of claim and to make should be carried to the receiver that purpose. liquidating the Those engaged in Bank of Wayne will observe Monholiday. The day (Labor bank will be closed.

2. December 1, 1932 Goldsboro News-Argus Goldsboro, NC
Article from Goldsboro News-Argus, December 1, 1932

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Article Text

Hundreds Pulled Together To Assure Success of Plan Campus a Mirage Wherein Is Recounted Steps Which Preceded Today's Opening The Bank of Wayne is a reality. It opened its doors Thursday to serve the public who made it possible and whose it is It is an institution which owes its existence to the dreaming. planning. working. sacrificing of the people in whose midst it stands. These efforts of the hundreds of people who made the bank possible by their sacrifices are not the efforts of a day only. They had their beginning months ago-back yonder early in the spring, while the year was still young Now those dreams of nine or ten months ago are realities Back in January and February public spirited men of this section began to dream and plan a bank. Several conferences were held in Washington with the Comptroller of the Currency who approved a plan for the organization of a new bank in Goldsboro. That plan was submitted to a largely attended meeting of the depositors of the closed Wayne National Bank in the Court House Mar. 3, and those present unanimously endorsed the plan. The plan was that a new bank was to be organized with a capital of $100,000 and a surplus of $25,000. The bank was to take over the assets of the Wayne National Bank and pay the depositors of that bank 60 percent of their deposits in the following manner: 12 percent cash upon opening the new bank, 12 percent December 1, 1932. 6 percent June 1, 1933 12 percent December 1. 1933, 6 percent June 1, 1934, 12 percent December 1, 1934. The remaining assets of the Wayne National Bank, after paying the 60 percent. were to be liquidated as rapidly as possible and paid to depositors on a pro rata basis according to their deposits. First Plan Fails A committee composed of W. L. Rawlings, F. K. Borden, Herman Weil. D. H. Bland. H. G. Maxwell. George S. Daniels John R. Crawford. and Lonnie B. Smith had in hand the steering of this plan. Scores of workers called upon the depositors in the interest of the new bank. workers who were in- (Please turn 10 Page Six.)

3. December 1, 1932 Goldsboro News-Argus Goldsboro, NC
Article from Goldsboro News-Argus, December 1, 1932

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Article Text

Work Made Dreams Come True in Bank Opening (Conthued from Page One.) proved. It. was the plan under which the Bank of Wayne opened this week. New Plan Details terested in the organization of bank. The plan failed for the lack of about 10 percent of the deposits needed to reach the goal set. Ten men could have put the plan across -ten depositors But it failed. The spirit of the men back of the community enterprise, however. did not fail. They would not sit idly by and see the community suffer for the lack of a home bank. Again they got their neads together:, they worked out another plan: they submitted it to the Comptroller at Washington. He approved it. This second pian was submitted to the depositors of the Wayne, National Bank on Thurs- The plan called for the organization of a holding corporationthe Wayne Corporation, it was named when organized. This holding corporation was to be capitalized at $200,000, the shares of the corporation were to be valued at $10 each and were td be non-assessable The corporation was to buy all the stock in a oank-now the Bank of Wayne-except directors qualifying shares. the bank to be organized with a capital of $100.000 and a paid in surplus of $100.000. The surplus was.to be invested in the Wayne National Bank building, purchased from the receiver of that bank for $100.000-a building that cost more than a hall million dollars. That was the second plan; that the tive committee composed of Lionel Weil, chairman, Col. George K. Freeman. Graves J. Smith, F. B Daniels, and J. A Vinson were put in charge of steering this plan. Complete Committee The complete general committee on organization was composed of F. E. Barnes, F. K. Borden, Sr., F. K. Borden Jr., D. H. Biand, Sam Bridgers, J. R. Crawford J. L. Crawford F. B. Daniels, Paul B Edmundson. George K. Preeman. A. T. Griffin, N. C. Hoit, Soi isaacs, as O'Berry, Taloot Patrick, G. C. Royall W. L. Rawlings, D. F. 3asrer, Jacob P Shrago, Graves J. Smith. L. B. Smith, W. F. Taylor, G. W. Vali, J. A. Vinson, J. W. Well, Lionel Weil. These men chose cores of workers to assist them and canvassed depositors of the Wayne Na-