10439. Bank of Grover (Grover, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 18, 1931
Location
Grover, North Carolina (35.175, -81.450)

Metadata

Model
gpt-5-mini
Short Digest
6bf666efa1168f3e

Response Measures

None

Description

Articles (Dec 18–19, 1931) report the Bank of Grover failed to open on Dec 18 and is listed among two small state banks closed. Reports attribute the embarrassments/runs to the failure/closing of a Raleigh national bank (local banking distress). No article mentions a reopening or receivership assignment, so I classify as suspension leading to closure.

Events (1)
1. December 18, 1931 Suspension
Cause
Local Banks
Cause Details
Closings and runs triggered by failure/closing of a Raleigh national bank (reports mention Commercial/National Bank of Raleigh not opening, causing runs on smaller local banks).
Newspaper Excerpt
the Bank Grover at Grover Cleveland county, were closed ... The Bank Grover. Its September 29 statement showed $85,273.94 total resources
Source
newspapers

Newspaper Articles (2)
1. December 18, 1931 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, December 18, 1931

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Article Text

BANKS FAIL TO OPEN Dec. banks, the Bank Wake Wake Forest Wake county and the Bank Grover at Grover Cleveland county, were closed day, Gurney Hood, state commissioner, said this noon. The combined deposits the institutions aggregated about $180,000. Mr. Hood attributed the ing the Bank of Wake and heavy after run the Commercial National did not open yesterday. He said the two institutions had Royall was president and Pearce cashier the Bank of Wake. Its statement September 29 listed total resources, $20,000 capital, $10,000 surplus, and about $120, deposits. president and Elliu cashier the Bank Grover. Its September 29 statement showed $85,273.94 total resources, $10,000 capital about in deposits.

2. December 19, 1931 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, December 19, 1931

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Article Text

Two Small State Banks Are Closed Institutions at Wake Forest and Grover Fail to Open Doors PHONE 2-3643 banks Raleigh. failed Dec to 18 small open for business this to reports er The Bank this afternoon Wake For Holiday Fares up deposits. The run on the was caused by false Fare One and One-Third sums in the National for Round Trip Bank of Raleigh, which closed and The bank had capital of $20,000 points in the states of resources E. Royall Michigan and president, and Pearce on sale 16th with final The Bank of return Cleveland Jan. 6th. has deposits of capital of and sources Harry was and B. Ellis