df1e5088c38a468bCapital injected, Full suspension, Books examined
Other: Bank was placed in receivership (Comptroller’s receiver Frank Fagan). Depositors signed a depositors’ agreement and subscribed to a holding company/new bank capital; stockholders were assessed their double liability to fund the receiver—these actions facilitated reopening/rehabilitation.
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Bank Suspensions. Goldsboro, N. C., Dec. 28 (P).Three Wayne county banks failed today Officials said heavy with drawals had the closings. They were Wayne National bank of Goldsboro, the Citizens bank of Mount Olive and the Bank of Pikeville at Pikeville. The combined deposits were given in September statements as $2,321,095.34 New Dec. prices hot vanized rolled, steel
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BUSINESS SUSPENDED BY FOUR WAYNE BANKS GOLDSBORO, Dec. The closing of four Wayne county banks today "heavy withdra and small run left one town without banking facilities and hampered business in two more communiMount Olive was bankless as the First National bank there closed & few minutes beginning of what officials said was 'small run. The bank there did not open this officials had been heavy during the past several days. The banks were the Wayne National Bank of Goldsboro Bank of Pikeville of Pikedid open heavy with-
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TWO MORE BANKS WILL CLOSE TODAY Failures At Wilson And Goldston Follow Lead Of Four In Wayne County Dec. Bank Commissioners Gurney P. Hood tonight said he had been informed the Planters bank of Wilson and the Bank of Goldston would not open their doors tomorrow morning The Planters bank had deposits of $825,000 and was capitalized $100,000 with 30,000 surplus and undivided George E. Walston president, ported efforts would be made to reopen it under depositors agreement W. M. Farmer was vice president and The Bank of Goldston in Chatham had deposits of more than $100,000 and had capital and surplus of $26,000. Hugh Womble was president. and T. W. Goldston cashier Dec. closing of four Wayne county banks today following "heavy withdrawals and small left one town withrun banking facilities and hampered jusiness in two more communities Mount Olive was bankless as the First National bank there closed a few minutes after the of beginning what officials was "small run.' The Citizens bank there did not open withdrawals had been heavy during the past several The other banks were the Wayne National bank of Goldsboro and the Bank of Pikeville of Pikeville These also not open today because of "recent heavy withdrawals. None of the banks are related Their deposits were given as The Wayne is of National bank one the largest in eastern North Carolina Its directors yesterday to close and W. E. announced the cause was heavy withThe bank listed deposits of K. Borden is president The Bank of was capitalat $20,000 and had surplus of the Citizens bank was capitalland at and had surplus of the Wayne National bank was $350,000 and had surplus of Statements of the First National bank gave its as with and capital of $50,000 each. T. Thigpen is its president
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Bank Suspensions. Goldsboro, N. C., Dec. 28 Three Wayne county banks failed today. Officials said heavy withdrawals had caused the closings. They were the Wayne National bank of Goldsboro, the Citizens bank of Mount Olive and the Bank of Pikeville at Pikeville. The combined deposits were given in September statements as
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BANK STOCKHOLDERS ARE DIRECTED TO PAY Holders of Shares in Wayne Bank Assessed By troller Goldsboro, March in the Wayne National Bank, sus pended, were odered Wednesday their individual liabilities amounting to $325,000 to the ceiver, Frank Fagan, by Pole, Comptroller of the Currency. are paid on before the first day of April, the said. The order that and every one of the stockholders pay the par value of every share of the capital stock of the bank and the receiver take all necessary proceedings, suit otherwise, to enforce that extent the said dividual liability of the said shareholders." Two thousand four hundred of the 4,000 depositors of the ban's have signed an for the opening new bank. Those signed date represent 75 per cent of the total deposits.
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John R. Crawford and wife, Clyde D. Crawford. transferred to Virginia Dare Clark and Robert Thomas Clark Goldsboro lot. located on Norwood Avenue, for $500. George K. Freeman, trustee, deeded to Frank F. Fagan, receiver of the Wayne National Bank, a Center street lot for $100. Sallie I. Daniels. widow of J. I. Daniels, et als deeded to Jephthah Casey 137 1-2 acres of New Hope land for $10 and other considera- HEALTH WORKERS VISIT WAYNE Dr. C. E. Smith, of the United States Public Health Service, Dr.
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Appeal For Filing Claims Receiver Fagan Makes Some Points You May Want to Know About Some of the hundreds of depositors in the closed Wayne National Bank who signed the depositors' agreement for the first reopening plan are risking not getting dend checks on their accounts when the first dividend made. payment According statements made the staff of Receiver Frank gan, many folks who signed the positors agreement seem to think they need do nothing more in to receive dividends their on accounts with the bank. Actually, these folks are just like everybody else, and must make their claims in order to receive dividends. Claims should be supported with bank books. and many (Please Turn to Page Three)
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Thousand Claims Deposit Are Not Filed Full Filing Necessary to Speed First Wayne Bank Dividend About thousand claims for posits in, and other accounts the closed Wayne National Bank still need to be according estimate Tuesday by an ceiver Frank of these claims would Many claim the amounts of clude one both checking and savings of one person or firm, counts number accounts on that is still to be filed runs which proof over the thousand considerably mark in total account passbooks which Savings with the Goldsboro Buildwere left Turn to
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About Thousand posit Claims Are Not Filed (Continued from Page One) ing and Loan association by depositors the bank who signed the plan offered last for spring opening new bank on the business foundations left by the old one, still around two hundred. Each of these books indicates an account on which claim has not been made to the receiver. The books should be called for at the office of the association on the eighth floor of the Wayne bank building and taken downstairs and filed with statement of claim against the bank in the hands of bank receiver's staff Filing of the depositor's claims against the closed bank will speed payment the first dividend to positors, those depositors who did not make claim before certain date did not get their first dividend checks at the time the checks paid out to depositors who made their claims earlier. Those filed their claims later on ceived their first and second dividend checks together when all the second dividend were being paid Trusteeships are being closed up by to aid the receiver which visits are made to Goldsboro periodically Cox, former trust officer of the Wayne Nationwho now connected with the Durham Loan and Trust Company, in Durham.
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New Fully Mass considering the believed would following Provide strong bank; investment for Afford those participating; of Wayne bank Help liquidation assets; confidence in the Increase trade. he had been Weil chairman organization chosen the plan and that toward he had faith because cepted in past three reached small "volunteer workers but of the depositors, proportion inspiring fact striking and that they met about their few refusals, there very few who only join in the Words Weil then introduced Col. who outlined George Freeman, and each detail the plan reached Kenneth then introduced attorney bank receiver and as the the had worked with the of the Currency and of Comptroller whom Mr. Weil said, "perhaps more than other, for ing the credit connected with the not bank as stockholder rector. wasn't even depositor and speaking as attorney the whose consider first the the depositors in the bank," Royall wanted to protect the depositors. And there need of bank in the munity. How this plan came about am going to tell as means of showing the first plan under the instructed by comptroller assist but personally doubted though had no doubt of its value depositors.' He then remarked that the present plan any of the management of the former Wayne National bank, that members of that management and others only after had been suggested and discussed with the Comptroller of the Currency in Washington, and that then interested in the old bank had co-operated had to do the work of ganization contact with the depositors and explain the he asserted. "There nothing selfish sharing in that He then turned to written notes, from which outline he continued follows City Needs New Bank He three definite objects accomplished Welfare of the community. Welfare of depositors in the Wayne bank. Soundness of investment depositors are asked make "Gcldsboro needs new bank." stated Without criticism existing this There need bank to owned controlled by Wayne county citizens. Such bank would strengthen the pride of the people community, community big enough to have bank. "Opening of the bank money back to ther declared explained there considerable which would deposited in Goldsboro there were "Soundness of the bank new necessary to the welfare of the community. he and pointed out that the bank new would have no liabilities, either direct indirect, to anyone. would the of bottom of the depression when all know the future can hold nothing but building would be bank, your select the would outside tie-ups, connections with defunct bank except it would have taken over the building. would have the good will the would that have asset started by the people community. Welfare the depositors helped the plan first because the banking the bank's biggest the biggest probthe the but the receiver can repurchase any time there no chance depositor's better chance sell should come surrendering dolof your interest in the assets the just asked are subscribe part of interest. your Help Receiver plan help the receiver of the bank which money in the help collections sets, help from good today have no way pay though they property. Comptroller heard of plan before Wayne bank people would depositors and their
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Prior Rights Depositors Expire (Continuea from Page One) The second group general public. understood to be limited to such the Wayne National stockholders of bank have paid to the receiver their double liability. The letter of notification was sent because of the fact that the depositors of the tacting many bank, those living in the especially country and in towns in other parts the state, been going slowly. Subscription by depositors tinue to be limited to those depositors who owed the bank nothing and for those owing the bank the amount of deposits over owed to the above amounts Subscription right of bank stockholders indicated, those stockholders who have paid their double liability. feature about number of the subscriptions already receivfrom depositors is the fact that of these have not yet made many claim with the bank proof ceiver. Before these subscriptions be completed any dividends paid the depositor, proof of claim has to be made to the receiver's staff the offices of the Wayne bank.
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acres for $3,500. Laurinda T. Hooks, J. B. Hooks, Jr. W. Borden Hooks, executors pf estate of J. B. Hooks, and Wayne National Bank, receiver, to J. F. McInnis property on north Center street, $750.
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NEED $49,000 MORE FOR OPENING OF BANK Goldsboro. Sept. 15.-One hundred and fifty-one thousand dollars of the $200,000 needed to open new bank in Goldsboro had on Thursday been subscribed by depositors of the closed Wayne National Bank and stockholders who had paid their double liability. Thursday was the final day on which preferred rights subscription to the holding com pany for the new bank were given to people of these two groups. A canvass will begin on Friday among others to sell the additional $49,000 worth of stock necessary to open the bank this fall. With the opening of the new bank the above plan. the Wayne bank receivers have hope of full payment of 100 cents on the dollar for all White
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Completion of Subscriptions For Bank In Sight Churches Will Aid In Making Charity Clothes Goldsboro, Mt. Olive and Wayne Organizing Thoroughly Plans for making into garments for Wayne county's needy the 18.cloth to be furnished the Wayne county chapter of the American Red Cross the Government were furthered Wednesday night when the production chairman, Mrs. Joseph, met with club and church representatives discuss the work which will begin when the cloth arrives within the next few days. It is the plan to let the women from each of the churches in Goldsboro have charge of the making garments for least one day to the The central working shop. the sewing room, will likely be the Legion Room in the (Please turn to Page Sta.) Special Attention Now Being Placed to Putting Details In Shape With completion of $200,000 subscriptions to holding company for new bank near enough in sight that hopes of the organization committee refused to consider the idea of failure, special attention is being turned now to putting details of subscriptions in shape. Depositors in the Wayne National bank subscribed to the new holding company out of the first dividend to be paid on their bank deposits, but who allowed someone else to sign the subscriptions for are being asked to correct the signatures. Their subscriptions, be hondred by the bank receiver. must bear the same signature as used in their bank accounts. Cash payment now of subscriptions from other sources than the (Please turn to Page Six.)
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considerable inconvenience and expense to the county and taxpayers, it is pointed out. The first was the suspension of the Wayne National Bank, and the second the postponement of land sales, the accountants say. The comments on the audit, covering approximately 150 pages, are made on the first 28 pages of the heavy volume, but for the most part these comments are explanations and summaries of the pages that follow. However the office of the Clerk of Court and his system of record keeping draws favorable comment, Perhaps more confusion and lack of system occurs in the offices of clerks of court in North Carolina than in almost any other county ofice. Consequently it was pleasure to note the simplicity and accuracy of the system followed by Mr. C. R. Aycock He is to be highly commended for the splendid condition in which he keeps his records. In addition to these comments of the work of the Clerk's office, the accountants were soeimpressed with the system of the office that they studied it with a view of installing the same system in Lee County. The audit covers the Central County Fund. Dept. Service Fund. Capital Fund. Roads and Bridges Funds, Clerk of the Superior Court. Register of Deeds, Health Department, and Welfare Department. School funds are not included as they are handled separately and in conjunction with state funds. Consolidated Balance A consolidated balance sheet reflects the condition of al Ithe funds controlled by the County Accountant. This shows a deficit of $162.678.55, but as this report is as of June 30, 1932 it does not take into consideration the rather large volume of 1931 taxes collected prior to tax sales and foreclosures later in the year, nor does it take into consideration an adjustment of debt service funds announced a week ago. Only an audit of the present time would show the actual condition now. The brief recapitulation is as follows: Taxes receivable $393,111.76 Accounts receivable 19,486.37 275,000.00 Contracts receivable 69,595.20 Notes receivable Real estate sinking fund. 8,480.00 Inventory-school garage 5,622.98 Property and equipment 2023,999.11 385.50 Prepaid Items Cash in closed banks Total Assets $2,814,323.90 Excess of liabilities and reserves over assets after eliminating inter-fund transactions 162,678.55 Total $2,977,323.90 LIABILITIES: Cash overdraft 25,264.57 Notes payable 91,135.00 Accounts payable 33,152.12 Advance payments on 1932 taxes 3,300.00 Debt service apportionments 60,776.83 State Loans payableschools 17. 0.0 Bonds outstanding-rural schools 206,500.00 Bonds outstandingcounty 1,755,000.00 Total Liabilities $2,348,878.52 Reserves 628,445.38 Total $2,977,323.90
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BANK RECEIVER SUIT Frank Fagan, receiver of the Wayne National Bank, has Saturday filed in Wayne superior court suit against Pattie Reed seeking to recover judgment of the defendant in the sum of $900. The plaintiff alleges that at the time the bank closed, December 28, 1931, the defendant owned nine shares stock in the bank at $100 par value each. On March 28. 1932 the Comptroller of Currency assessed the defendant for the par value the stock to be paid April 1932, but after frequent demands for the has not been made, it alleged.