Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
15.6%
Date receivership started
1930-11-28
Date receivership terminated
1938-10-28
OCC cause of failure
Governance
Share of assets assessed as good
35.2%
Share of assets assessed as doubtful
46.0%
Share of assets assessed as worthless
18.8%
Description
Multiple contemporaneous newspaper accounts (AP/UP) report heavy withdrawals and runs on the Citizens National Bank at Hendersonville on Nov. 20, 1930; the bank closed its doors that day (officials declared it solvent) and was placed in liquidation/receivership thereafter. This sequence is a run leading to suspension and eventual permanent closure/liquidation (receivers named). Cause is contagion from other regional bank failures (Central Bank & Trust at Asheville) and the collapse in local real-estate values, so classified as local_banks. Dates are taken from the publication dates and in-text dates (Nov 20, 1930). Subsequent receivership/receiver references appear in 1931–1932 articles.
Events (7)
1.May 4, 1915Chartered
Source
historical_nic
2.November 20, 1930Run
Cause
Local Banks
Cause Details
Runs developed following the failure/closure of the Central Bank & Trust Co. (Asheville) and other regional bank closings; collapse in local real-estate values contributed to depositor panic.
Measures
Bank closed its doors after about an hour; officials declared the institution solvent and closed to prevent runs.
Newspaper Excerpt
Runs immediately developed on the American Bank & Trust Co. and the Citizens' National. Depositors stood in long lines in an effort to draw out their savings.
Source
newspapers
3.November 20, 1930Suspension
Cause
Local Banks
Cause Details
Closure/suspension was a direct result of heavy withdrawals and runs precipitated by nearby bank failures and regional financial distress (Central Bank & Trust and others).
Newspaper Excerpt
The First Bank and Trust Company ... had a notice on the door which said the institution had been placed in the hands of the State banking department for liquidation. Runs immediately developed on ... the Citizens' National. The Citizens' closed after an hour.
Source
newspapers
4.November 28, 1930Receivership
Source
historical_nic
5.February 6, 1931Receivership
Newspaper Excerpt
Dakin, receiver for the Citizens' National was the speaker the meeting the Kiwanis club today ... Mr. Dakin said ... (article dated 1931-02-06).
Source
newspapers
6.January 11, 1932Receivership
Newspaper Excerpt
D. Rendleman ... has taken charge liquidation the National bank here. Mr. Rendleman succeeds J. B. Cunningham, who has charge ... (article dated 1932-01-11).
Source
newspapers
7.February 15, 1935Other
Newspaper Excerpt
Federal suit ... outgrowth of action after bank closings ... judgment against Hilliard Atkins, receiver of the Citizens National bank ... (article dated 1935-02-15).
Source
newspapers
Newspaper Articles (22)
1.November 20, 1930The Advocate-MessengerDanville, KY
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BANK FAILURES
(United Press) LOUISVILLE, KY., Nov. Union Central Bank failed The today, making the sixth Louisbank to close this week and the twelfth in Kentucky. The Bank correspondent bank of the National Bank of Kentucky, also failed to open. Geo. Ewald, of the Union Central president Bank, said the closing is temporand that the bank is solvent.
Asheville Banks Close.
ASHEVILLE, Nov. Central Bank and Trust of Asneville, largest bank Company western North Carolina, and Bank, stitution, failed to open for They are state banks today. and partially owned by the interests. The American National Bank weathering heavy run noon.
Failure at Hendersonville.
HENDERSONVILLE, N. C., Nov. 20. First Bank and Trust Company of Hendersonville, institution, failed to open business today and the Citizens National Bank and the Bank and Trust Company immedclosed their doors to prevent runs, lines of depositors formThe latter two were declared solvent by officials.
Cold Wave On. Order that load REGAL. Farmers Supply Co. 169-tf
2.November 20, 1930Evening StarWashington, DC
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FOUR NORTH CAROLINA BANKS CLOSE DOORS Asheville Institution With $18,000,000 Deposits Among Those Involved. By the Associated Press. RALEIGH, N. C., November 20.-Four banks in Western North Carolina, including the Central Bank & Trust Co. at Asheville, with deposits of $18,000,000, closed today, John Mitchell, State bank examiner, announced here. Mitchell said his office had been advised that the Central Bank & Trust Co. of Asheville closed this morning and the Biltmore-Oteen Bank of Asheville, the First Bank & Trust Co. of Hendersonville and the American Bank & Trust Co. of Hendersonville had also closed their doors. HENDERSONVILLE, N. C., November 20 (AP)-Three Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank & Trust Co., failing to open at the regular hour this morning, had a notice on the door which said the institution had been placed in the hands of the State banking department for liquidation. Runs immediately developed on the American Bank & Trust Co. and the Citizens' National. Depositors stood in long lines in an effort to draw out their savings. The American remained open only a few minutes. Its officials in closing it issued a statement saying the action had been taken for the protection of depositors and because of the run. The Citizens' closed after an hour. Its officials declared the institution "perfectly solvent."
6 NORTH CAROLINA BANKS IN TROUBLE Asheville Institution Has $18 000.000 On Deposit Asheville, N. C., Nov. 211 (AP)-The Central Bank & Trust company, largest financial institution in this immediate section. failed to open for business today and by noon five other western North Carolina banks had closed their doors. Capitalized at $1,000,000. the Central Bank & Trust Company on September 24. the date of the last bank call. had deposits of approximately $18,000,000. Its resources were given at that time as $21.753,000. Other banks closing were the Bill. more-Oteen bank here. including its branch at Oteen Veterans' hospital; the First Bank & Trust company, it. ndersonville: the American Bank Trust company Hendersonville, are Citizens' National bank. Hen. onville and the Bank of Low. 11. Lowell. N. C. Examiner Expected John Mitchell. state bank examinor. was notified of the Central Bank & Trust company's failure to open and was expected to send an examiner here immediately to take charge of it. A statement given out by the board of directors said the bank was closed in anticipation of a heavy run. "This action." the statement said. was taken solely to conserve the interests of the depositors and only after it became apparent that such 2 step was wise. During the past few days the bank has been forced to withstand heavy withdrawals of funds."
4.November 20, 1930The Charlotte NewsCharlotte, NC
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Six Banks In Western N. C. Fail to Open
Continued from Page to withstand heavy withdrawals of funds.' Wallace B. Davis. civic leader. president of the bank. He was reported at his home this but could not be C. Brown, chairman of the board of directors, refused to amplify the statement given out by the directors A notice posted on the door of the First Bank and Trust Company, said institution had the of for liquidation was capitalized 8150,000. had surplus of $204,261 and according to its last statement of condition. Heavy runs developed in the morning the American Bank and Trust Company and the Citizens National Bank Hendersonville, and soon closed American Bank and Trust smallest three banks. had $160,000 National capitalized had surplus $150,000 and deposits of The Bank of Lowell. in Gaston had deposits $70,000 the time its statement was capitalized $20,000. Officials the Lowell Bank said closing had no other its shrunken deposits failure Lowell yarn mills to run full time learned The closing of three banks that 8,000 residents without Other banks in Asheville said this that had experienced dition meet any their depositors might them.
Mitchell Says Real Estate Crash Caused Bank Failures Nov cause the closing of the Central Bank and Trust Company, of other Western North today named by John Mitchell, bank examiner values the section from inflated statement issued here he preceding the collapse of the Florida real estate boom. large number of real transrerred from concentrating largely and HendersonThe result their activities to produce highly inflated of values. The suiting collapse estate, other made possible the failed banks to their in suf-
6 North Carolina Banks Close Doors
ASHEVILLE, N. C., Nov. The Central Bank and Trust Company, largest financial institution in this immediate section, failed to open for business Thursday and by noon five other Western North Carolina banks had closed Capitalized at $1,000,000, the Central Bank and Trust Company on Sept. 24. the date of the last bank call. had of Other banks were the Biltmore Bank here including its branch at Oteen Veterans Hospital: the First Bank and Trust Company, Hendersonville the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, N. John Mitchell, state bank examiner, was notified of the Bank and Trust Company failure to open and was expected to send an examiner here immediately to take charge of it. statement given out by the board of directors said the bank was closed in anticipation of heavy run. The closing of the three banks at Hendersonville left that city of approximately 8,000 residents without banking facilities. Other banks in Asheville said Thursday that they had experienced some withdrawals, but were in condition to meet any demands their depositors might make of them.
6.November 20, 1930The JournalMeriden, CT
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NEW ENGLAND BANKERS CALLED
Infrequency of Suspensions Pointed to With Pride
6 IN 9 YEARS
Institutions in North Carolina Closed
Nov. 20. (AP) treasurer of the Industrial Trust company Providence. the characterized New England bankers an the session sixth New England conference The conference marking the fifth the England this an the council and the New England The first session preceded and the opening of the first the conference Clayton suspensions New England. During the year when the middle many bank there the six New states. Frank Partridge president Vermont company Proctor. Vt., who followed Clayton spoke of responsibility of bank directors the served their He said during address while he did want himself the motest the highest bank to the letter and spirit the Edward president the Hampshire bank Concord. urged the bankers and accept "safe to aid borrowers sound Wilbur the First bank of Boston, urged use of all possible safe-
Stability in Industry. Stability in industry and employmust be brought about through improvement in industrial managethe New England Council told today by Redfield Proctor "The soundest remedy for unemployment said the force for the New England dustries had been negligent said the search business wae seriously undervalued power companies New land will have spent 1930 instead the which the estimate reported Presithe Charles Edgar. Boston Edison Electric company and chairman the cil's power presented by Rodman member the committee predicted that the power business would have yearly growth "something the neighborhood ten per Governor John H. Trumbull Connecticut urged New England states "meet the challenge of the aviation industry' and thereby fit by the further development of rapid means of transportaand communication.
Raleigh Nov. banks western North Carolina. including the Central Bank and Trust company Asheville with deposits closed Mitchell state bank examiner announced said his office had been advised that the Central and Trust company of Asheville this the bank, the First Bank and Trust pany and the American Bank and Trust Hendersonville had also closed their doors.
Hendersonville, N. Nov. 20. (AP) -Three their today leaving the city The First Bank and Trust pany had notice door this which the had been placed in the of the state banking department for invesRuns immediately developed on the American Bank Trust company the Citizens National. Both institutions closed their doors within hour.
7.November 20, 1930Sun HeraldBiloxi, MS
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Six Banks Close In North Carolina
Asheville, N. C., Nov. 20.-(P)The Central Bank and Trust Company, largest financial institution in this immediate section, failed to open for business today and by noon five other western North Carolina banks had closed their doors. Capitalized at $1,000,000, the Central Bank and Trust Company on Sept. 24, the date of the last bank call, had deposits of approximately $18,000,000. Its resources were given at that time as $21.753,000. Other banks closing were the Bilt. more-Oteen bank here, including its branch at the Oteen Veterans Hospital; the First Bank and Trust Company of Hendersonville; the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, Lowell, N. C. A statement given out by the board of directors said the Central Bank & Trust Company was closed in anticipation of heavy run. "This action," the statement said, "was taken solely to conserve the interests of the depositors and only after it became apparent that such step was wise. During the past few days the bank had been forced to withstand heavy withdrawals of funds."
8.November 20, 1930The HeraldRock Hill, SC
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Several Banks In Western Part Of N. C. Are Closed
Asheville, N. C., Nov. 20. (AP) The Central Bank & Trust Co., largest financial institution in this immediate section, failed to open for business today, and by noon five other western North Carolina banks had closed their doors. Capitalized at $1,000,000, the Central Bank & Trust Co., on September 24th, had deposits of approximately $18,000,000. Its resources were given as $21,753,000. Other banks closing were the Biltmore-Ote bank here, includ ing its branch at Oteen veterans' hospital, the First Bank & Trust Co., Hendersonville, the American Bank & Trust Co., Hendersonville, the Citizens National bank, Hendersonville, and the Bank of Lowell, in Gaston county. A statement given out by its board of directors said the bank was closed in anticipation of a heavy run. Closing of the three banks at Hendersonville left that city without banking facilities. Other Asheville banks said they had some withdrawals but could meet any demands depositors might make.
Raleigh, N. C., Nov. (AP) The primary cause of the closing of the Central Bank & Trust
Co., of Asheville and other western North Carolina banks today was named by John Mitchell, state bank examiner, as the collapse of real estate values in the section from a "highly inflated plane." In statement he said: "Immediately preceding the collapse of the Florida real estate boom, a large number of high powered real estate operators transferred their activities from Florida. concentrating largely in Asheville and Henderscnville. The result of their activities was to produce a highly inflated plane of real estate values. The resulting collapse in real estate as well as other values made it impossible for the failed banks to liquidate their receivables in sufficient vol. ume to take care of their Dusiness."
9.November 20, 1930The Durham SunDurham, NC
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SIX WESTERN NORTH CAROLINA BANKS CLOSE
(Continued from Page One) state banking for liquida"This action taken solely conserve the the depositors after ap. parent that wise During the past few days bank has heavy withdrawals Blame General "The board appreciates the valiant enegetic taken the offices bank the aim preventing this development But their efforts were not sufficient to overcome the situation which nain The business uncertainty prevailing the country made their superhumanly difficult.
"It the sincere hope of the board due all deposits will Wallace Davis leader, president of the He was ported this but could not Brown chairman the refused the statement given by the
Purely Local Situation Nov The primary the closing of the Central and Carolina today named by John Mitchell, examiner the collapse real estate in the section inflated In the statement issued here he department feels that should the he Bank and Trust com "Immediately preceding the the Florida real large number of high-powered real estate their tivities from Florida largely Asheville HendersonThe result of their activities highly inflated plane of estate values "The collapse in real estate well values made possible the banks to date in sufficient ume demands of depositers "This situation purely does way reflect one conditions in the state generally should no ing the solvency other within the of September the call report of Carolina banks held cash reserve five million dollars and second ary reserve consisting of marketable securities in the amount thirty five dollars. is illus trative of the strength of the state's institutions Without Banks The closing of the three Hendersonville left that city ap proximately 000 residents without banking Banks Strong Other Asheville said they had dition demands depositors notice the Bank and the institution been placed the state department for dation was capitalized $150 surplus $204,261 deposits 628 according its last statement condition Heavy runs early in the morning on the American and Trust company and the Citizens tional bank Hendersonville and they closed American Bank and Trust smallest the three banks had deposits the Citizens National capitalized at had surplus and deposits $1,077,397 The Bank Biltmore Oteen was capitalized $50,000 $25,000 profits and its office Biltmore and Branch The of Lowell in had deposits of $70,000 the time was capitalized the Lowell bank said Its closing had no with shrunken deposits result fail yarn mills to run full time of late.
Other Causes at Lowell LOWELL Bank state institution failed its today The capital $20,000 and the last statement showed de posits of less than $70,000 Coit Robinson president and cashier Officials the Lowell blamed the closing shrinkage due the fact that Lowell mills have not run full time for the past They said had connection with banks that closed today. nor with any Oastonia
10.November 20, 1930The Buffalo TimesBuffalo, NY
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Three Hendersonville, N. C., Banks Closed by Runs
HENDERSONVILLE Press N. C., Nov. 20. -Three Hendersonville banks with aggregate deposits of more than $2,000,000 closed during runs today. They were: The First Bank and Trust company, deposits $813,338; the Citizens National Bank, deposits, $1,077,397; the American Bank and Trust compan deposits $55,012. Officials of the Citizens National. and American Bank and Trust announced the institutions were solvent and would re-open.
The Central Bank & Trust At Asheville, With Deposits of Was the Largest of Group
ANNOUNCED BY BANK
Three Banks At Hendersonville and the Bank Also Fail to Open Doors.
Central Bank and Trust company. the largest institution in this immediate failed to and by other closed the Bank and Trus company September date of the and deposits approxmately $18,000,000 Its resources given at that time banks closing were the more-Ost bank here. including branch Osteen vetrans pital: the First Bank and Trust company. Bank and Trust Citizens NationBank Hendersonville. and the Bank Lowell John Mitchell state bank examnotified Central Bank and Trust company's failure open expected send an examiner here immediately to take charge of statement given out by the board of said the bank closed in anticipation of a heavy action," the statement said: taken solely conserve the of he depositors and only after apparent that such step was During the past few days the bank has been forced withstand heavy withdrawals of Wallace R. Davis. civic leader. president the He was ported his home this morning. could not reached Brown. chairman of the board of directors. refused amplify the statement given out by the direct- notice posted the door of on First Bank and Trust Company. said the institution had been placed in the hands of the State Banking Department for was capitalized Had surplus 261 and deposits of cording its last statement of Heavy runs developed early the on the Bank and Trust company and CitiNational Bank Hendersonand they closed. The American Bank and Trust three The National had of Bank at and had undivided profits office and branch Oteen The Gaston county had deposits the statement $20,000 closing connection persions today. failure Yarr. Mills to full banks that of experience by
12.November 20, 1930The World-NewsRoanoke, VA
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BANKS IN SIX NORTH CAROLINA CLOSE DOORS terests the depositors and only after that the past days During forced withstand the bank been withdrawals of funds heavy door of notice posted First Trust the institution the of the had for liquidaIt capitalized and deposits to its last statedeveloped in the Heavy runs American and on the Citizens Trust and tional Bank they and Trust ComThe smallest the banks, $160.had deposits The National capitalized 000 had surplus of $150,000 deposits Lowell Gaston the Whether failure today was with the other not be learned. The closing of the three banks at Hendersonville left city apresidents without proximately Asheville said this Other had experienced withdrawals. but were in condition meet demands might make them.
SIX BANKS IN STATE CLOSE; RUNS BLAMED
Large Institution In Asheville Fails to Open and Is Followed by Five More
HEAVY WITHDRAWALS
Three Banks In Hendersonville and One In Lowell Cease Operation
Central Bank and Trust largest financial institution in this failed to open for business today by noon five other western North Carolina banks had closed their doors. Capitalized the Central Bank and Trust company September 24. the date the bank had deposits of approximately $18,000,000. Its resources were given that time $21,753,000 Other banks closing were the Biltmore-Osteen bank here. including its branch at Osteen veterans hospital; the First Bank and Trust company, Hendersonville; the American Bank and Trust company. Hendersonville the Citizens National bank. Hendersonville. the Bank of Lowell. John Mitchell, state bank examiner notified of the Central Bank and Trust company's failure to open and was expected send an examiner immediately to take charge of statement given out the board directors said the bank was closed anticipation heavy run. action," statement said taken solely to conserve the interests the depositors and only after became apparent that such step wise. During the past few days the bank has been forced withstand heavy withdrawals Wallace civie president of the He ported home this morning. but could not be chairman of board of refused amplify the statement out by notice posted the door of the First Bank and Trust Hensaid the had been placed the hands the state banking department for liquidadation. It capitalized $150.000. Had surplus of and deposits according to its last statement of condition. Heavy runs developed early in the morning on the American Bank and Trust company the Citizens tional bank Hendersonville and they soon closed. American Bank and Trust company. smallest three banks, had deposits of The Citizens National capitalized had surplus $150,000 and posits The Bank capitalized and surplus; undivided profits of $168;
14.November 21, 1930The OregonianPortland, OR
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SIX MORE BANKS CLOSE
FIVE NORTH CAROLINA INSTITUTIONS FAIL.
Several Suspend Because of Runs; Hannibal, Mo., House Also in Hands of State Officials.
ASHEVILLE N. C., Nov. 20.-(AP) -The Central Bank and Trust company, Asheville's largest financial institution, failed to open for business today. A notice posted on the door advised the public that the bank was closed on order of the board of directors for the of assets The bank's last statement of condition showed more than $18,000,000 on as deposit. The Biltmore-Oteen bank also closed. The Central bank was capitalized at $1,000,000 and its last statement of condition issued September 24, gave its surplus as $1,000,000.
HENDERSONVILLE. N. C., Nov. 20.-(AP)-Three Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank and Trust company failed to open at the regular hour It had notice on the door which said the institution had been placed in the hands of the state banking department for liquidation. Runs developed on the American Bank and Trust company and the Citizens National and they soon closed.
JEFFERSON CITY, Mo., Nov. 20.Hannibal Trust company, Hannibal Mo. with total resources of $1,523,720. was closed today by its board of directors, the state finance department announced. Heavy withdrawals as result of the recent bank closings in Quincy, III., across the river from Hannibal, was given the cause. The bank according to the last statement filed here, had deposits of $1,124,814 loans of $1,002,537 and capital stock of $200,000
Hendersonville Club Hears Bank Receiver
(Special To The Citizen) Dakin, receiver for the Citizens' National was the speaker the meeting the Kiwanis club today Mr. Dakin advocated less agitation conditions growing of bank closings. and of the general The less offer the the munity will Mr. Dakin said
RECEIVER SUED ON COLLATERAL
Henderson County Asks Possession Of Notes For $55,000
Sept (SpeCitizens National Bank dersonville made the defendant in filed Friday by M. attorney for derson county. which the county seeking of proximately notes mortgages which the county name collateral for $100,000 obtained by county through the sale anticlpation The money deposin the bank few days before closed doors November 20 last The complaint alleges that for some years closed the was county that was several times called on to place indemnity and notes and mortgages collateral. Sold $100,000 Note The complaint states that the of October note and the the money the contract with active president the whereby the bank was to put up from to collateral security for the money and insure the
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17.September 5, 1931The Charlotte ObserverCharlotte, NC
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BANK AFFAIRS TO BE PROBED
Attorney Will Confer With Hood on Henderson County Situation.
Sept. Monroe Redden, prominent western North Carolina attorney left Hendersonville today for Raleigh. where he expects to have conferences In regard to the investigation of the affairs of the four closed state banks of Flat Rock and Saluda. He expects to go into the matter with the banking commission while there and also to have conference with W. Pless, superior court solicitor of this district. The matter of an investigation was taken the Henderson county depositors league with Governor O. Max Gardner several days ago and he has pledged full operation in the investigation of the banks. Mr. Redden said that after these conferences he will be ready make known just what action is to be taken. Mr. Redden is attorney for Henderson county and represents the banking commission in this sec. tion.
SUIT FILED. Before leaving for Raleigh, Mr Redden filed sult for Henderson county J. Cunningham. receiver of Citizens National bank of Hendersonville which also closed its doors at same time that the four state banks were closed last November. The suit which brought to recover collateral held bank, filed with clerk of superior here today The complaint states that during the month of October, 1930. the anticipation for Prior the receipt of funds from the note, the complaint sets forth, the commissioners an agreement with the bank active vice E. Brooks, wherein was agreed that the bank would the plaintiff between $50 000 and $55,000 in notes and mortgages as collateral to protect said deposit. and to guarantee the faithful of said funds the bank as co-treasurer of the county. According to the agreement, the complaint the county posited money in the bank and acting for the bank, placed the collateral with the plaintiff secure the deposit further stated that the collateral left with the bank for safe keeping. and was labeled and kept separate from the assets of the bank, and was in the custody of the bank when closed on November 20. and that is now in the possession of the bank
18.September 5, 1931The News and ObserverRaleigh, NC
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Attorney Due Hendersonville Today To Consult Here State Commission
Sept. Mon left Redden, prominent Hendersonville today for Raleigh, have confer where he expects ences regard the investigation the affairs the four closed State Flat Rock Saluda, all in Henderson He the county. expects matter Commis while there to conference Pless, Court solicitor of this perior The matter investigation by the Henderson County taken up League Governor Depositors Gardner several ago and he pledged full in the these four closed vestigation attorney for the Mr. Redden county Henderson also represents Banking Commission this section. He thoroughly failure condi tions, and the reputa has in his profes the of the League that the investigation will completed. After Raleigh and the reviewed by Mr. matter has Redden Pless announced what the be called on to give these investigations. Before leaving for Raleigh, Mr. Redden filed attorney for Henderson county against Cun ningham, receiver Citizens National Bank Hendersonville, which closed its doors the same time that four State banks closed November. The complaint states during month October, the missioners sold revenue anticipation note for Prior to the receipt funds from the note, the complaint forth, commissioners entered into an agreement the wherein agreed that the bank would 000 and $55,000 in and mortgages said deposit, and the faith funds by the the According the agreement, the the county deposthe money the bank, and the bank, placed the collateral the plaintiff secure deposit. further stated collateral left bank for keeping, labeled and kept separate from the assets the bank, was the custody of the bank when closed on 20, and that the possession of the bank receiver. The further states that more $55,000 deposit when bank closed: divi. dends have been paid by the bank, informed that the was solvent, tainty dividends the bank the plainable to collect the collateral will the amount which the plaintiff deposit the fund the time the bank liquidation. The sets forth the plaintiff made on the the bank for the the that the demand been refused, and, the plaintiff and believes, the receiver has distributed said collateral among the assets the bank, collect and apply the proceeds payments general and special creditors the bank. The complaint alleges that the receiver refusing to deliver the collateral the county direct violation the contract between county the bank, and constitutes breach of the tract.
Rendleman Is Receiver For Bank In City
D. Rendleman. of Salisbary, who has been for the Citizens National September the 21, has taken charge liquidation the National bank here. Mr. Rendleman succeeds J. B. Cunningham. who has charge the affairs of the American National since closed in November 1930. Mr. Cunningham has gone to take charge the the Con. tinental want the people of this munity realize that we can liquidate this bank only as fast as those people who the bank money pay Mr. Rendleman depositors cannot get their until those who bank, pay up. all in neighowes The can this cleared the better off community will remain charge of the liquidation the Citi. zens National bank in Hendersonville in addition charge of the American National bank, as receiver.
JUDGMENT FOR $26,000 GIVEN THIS COUNTY Federal Suit Is Outgrowth Of Action After Bank Closings Henderson county has been awarded a judgment in the amount of approximately $26,000 against Hilliard Atkins, receiver of the Citizens National bank, M. M. Redden, county attorney, announced today. The suit was brought in federal court and referred to J. Y. Jordan. Jr., standing master of the federal court, for the finding of the facts and law. Mr. Jordan has rendered a decision favoring the county. The defendant in the case was allowed 20 days to perfect an appeal. The suit grew out of a check drawn by the county on the First Bank & Trust Co., and placed in the Citizens bank. The check was not collected before the bank closed and was charged back to the county account. After the banks closed the receiver for the Citizens bank collected about 80 per cent of the amount of the check from the First Bank, Mr. Redden said.
CLOSED CITIZEN'S NATIONAL BANK REALTY ASSETS WILL BE SOLD HERE AUGUST 25TH Special Liquidator Announces Auction; Bank SYMPHONY TO Bldg. on Block All real estate owned by the PLAY TONIGHT Citizens National Bank, now in liquidation, will be sold here at DeNardo Making His First public auction on Tuesday, Aug. 25, at 10 a. m., according to Britt Appearance Here as Davis, special liquidator of real Director estate for the comptroller of the currency. A similar sale of realty assets The North Carolina Symphony of the closed American National orchestra, under the direction of bank of Asheville, will be held at Joseph DeNardo, will make its Asheville the following day. Hilfirst appearance this summer in liard B. Atkins is receiver for the Hendersonville at the high school two institutions. auditorium tonight at 8 o'clock. Included in the sale to be conThe concert is the first of a seducted here is the Citizens Bank ries of musical programs, sponbuilding as well as dwellings, othsored by the Chamber of Comer business properties, farms and merce. In addition, the concert building lots. Every piece of will mark the first appearance of property will absolutely be sold Mr. DeNardo here as conductor of to the lowest bidder on the day the orchestra. of the sale, it was said. The concert will feature, in adPrincipal interest centers in the dition to Schubert's "Unfinished sale of the bank building, a handsome stone structure at Main Symphony," the ever popular street and Fourth avenue. Repre"American Bolero," by Brown; senting an investment of upwards the "Mississippi Suite," by Grofe, of $100,000 the building's projectand "Finlandia," by Sibelius. ed sale has elicited much speculaThese numbers have been popular tion on the amount it will bring at in Hendersonville audiences in public outcry. Sale of all the previous concerts by the orchesproperties will take place at the tra. Other numbers on the probank building, and a large crowd gram will include Glinka's "Rusis expected to attend. sian and Ludmilla," giving someThe auction method of disposthing of the spirit of Russian folk ing of realty holdings of closed music; and "La Media Noche," by national banks was adopted after Stoessel, which is a suite a four efforts to dispose of the properSpanish dances. ties by other means had proved The "American Bolero" preunsuccesful, it was said. The sents musical culture of America, comptroller of the currency finalinfluenced as it is by the music of ly selected Mr. Davis, a Tennessee all nations-the barbaric beat of realtor and auctioneer, for the drums, the broad melodic strain job, and with a sound truck and of the Latins, Oriental dissonants, other equipment, as well as a the lilting sweep of Viennese staff of assistants, he has been strings and the rhythm of Bolero going about the country conductcastanets. ing these sales. Suite" depicts.
NOTICE OF SALE
State of North Carolina,
County of Henderson.
IN THE SUPERIOR COURT
D. A. Rendleman, successor to L.
M. Dakin, receiver of Citizens
National Bank of Henderson-
ville, N. C., Plaintiff
vs.
H. C. Rainey, Jr., Defendant
By virtue of an execution di-
rected to the undersigned, from
the superior court of Henderson
county, in the above entitled ac-
