The National Bank of Kinston was ordered closed (failed to open) by the national bank examiner on April 21, 1931 because of frozen loans/poor collections. Contemporary articles describe the bank failed to open and being ordered closed by the national bank examiner. Although immediate reports focus on the suspension (not an on-the-spot depositor run at this specific bank), later material (1936 receivership listing) indicates the bank ultimately went into receivership, so the suspension appears to have led to permanent closure.
Events (3)
1.February 25, 1908Chartered
Source
historical_nic
2.April 21, 1931Suspension
Cause
Government Action
Cause Details
Ordered closed by the National Bank examiner because of frozen loans / poor collections (assets problem).
Newspaper Excerpt
The National Bank of Kinston failed to open for business today ... The National Bank of Kinston was ordered closed by the national bank examiner because of frozen loans or poor collections.
Source
newspapers
3.May 1, 1931Receivership
Source
historical_nic
Newspaper Articles (13)
1.April 21, 1931St. Louis Post-DispatchSt. Louis, MO
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ORATORS AND FIRE ALARMS FAIL TO STOP RUN ON BANK
Kinston (N. C.) People Withdraw Money When Two of Three Depositories Close Doors. the Associated Press.
KINSTON N. C., April False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed The false fire alarms, rung in hope they distract crowd depositors gathered at the Farmers Merchants Bank. failed to draw the crowd's interest. Neither did the distant playing of brass band which was brought into action. Chamber of Commerce pleaded from soap boxes for depositors to leave their money with the bank. The bank was meeting all demands this afternoon. The began when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed. The banks listed condition March as follows: First National Bank. capital and prof. its, deposits, H. H. McCoy, president: W. B. Harvey. vice and cashier National Bank of Kinston. capital, $120,000: surplus and profits, $54.000: deposits. $1,105,000. W. P. Tingle, cashier.
2.April 21, 1931The Charlotte NewsCharlotte, NC
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Two Kinston Banks Close
Financial Institutions Shut Doors Within HourRun Started On Another.
Kinston, April tional Bank Kinston failed business National Bank forced its doors middle the Merchants and Farmers Bank experiencing The National Bank Kinston closed by order the national examiner who said assets developed National the other closed the officers decided Heath president National Bank of Kinston and Tingle McCoy president of the First National and Harvey executive vice-president and
Each of the banks understood deposits approximately Figures published by the banks listed condition March 31, follows: Harvey, vice-president cashier. Bank of Kinston: J. cash-
Marrying for money resort.
3.April 21, 1931The Daily ReviewClifton Forge, VA
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TWO BANKS IN ONE NORTH CAROLINA CITY CLOSE DOORS
Kinston, N. C., April 21.-The National Bank of Kinston failed to open for business today and fortyeight minutes after the opening hour, the First National Bank closed against a heavy run. Frozen loans were given as the reason for closing the latter bank. The officers said they closed for the protection of the depositors only. Leading citizens on soap boxes, a brass band and a false fire alarm were resorted to in an effort to divert the frenzied depositors.
4.April 21, 1931Evening ExpressPortland, ME
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False Fire Alarms And Box Oratory Fails To Stop Run
Kinston, N. C., Bank Meets All Demands After Two Others Close
KINSTON, N. C., April 21 (A. False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinstons' one remaining bank after two others had closed. The false fire alarms. rung in hopes they would distract crowd of depositors thered at the Farmers and Merchants Bank. failed to draw the crowd's Neither did the distant playing brass band which was brought into Chamber of Commerce representatives pleaded from soap boxes for the is depositors to leave their money with the bank The bank was meeting all demands this afternoon. The when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed.
TWO BANKS AT KINSTON CLOSE
Run Made on Third But Funds Are on Hand to Pay Off All Withdrawals
KINSTON, April banks closed here today and officers of the only remaining one turned to drastic steps to save it in the face of run which brass band, soap box orators and false fire alarms failed halt. The National bank of Kinston, faced with poor collections, was dered not to open today the by tional bank examiner minutes after opened the First National, facing heavy run posted notice was closing "for the protection of depositors.' similar run was in progress the Farmers Merchants bank, which, however. was still withstanding the inroads of withdrawals at noon. large crowd gathered at Kinston's principal corner during the morning. Speakers, representing the chamber of commerce and interests vantage points and sought to allay the fears of depositors, but apparently without effect Officials the First National bank insisted its affairs "in excellent condition" and blamed the closing on the of depositors. Thomas president of the National Bank of Kinston, said depositors his bank would lose little. Tingle 18 cashier of the National bank W. H. McCoy is president. W. Harvey, vice president and cashier, of the First National. Figures published by the banks give their condition as of March 31 follows: First $125,000: surplus profits deposits $1,167,000. National Bank of surplus and profits deposits Today President Heath said deposits were and that funds due the bank totaled about $700,000.
6.April 22, 1931Hickory Daily RecordHickory, NC
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KINSTON BANK MAY RE-OPEN SHORTLY April Directors the First National bank here, which closed yesterday when faced by after the run National Bank of Kinston suspended, today considering possible re-organization and opening but no announcement was expected for day or at Farmers and Merchants bank, remaining financial institution, appeared definitely have the storm which broke following yesterday's closings. It remained open throughout yesterday, augmented its cash reserve night and appeared to be doing normal business today. The National Bank of Kinston closed by the Nationbank examiner because of
7.April 22, 1931The Salisbury PostSalisbury, NC
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Kinston Bank Holds Out Against
Kinston, April Directors the First National bank here. which closed yesterday when fired faced run after the National flee Bank Kinston suspended, who considering mobile and no escaped. nouncement was expected for day so least. The Farmers and Merchants bank. remaining financial beaten. stitution. appeared definitely weathered storm which about it following yesterclosings. remained open throughout augmented cash reserve night peared be doing normal busitoday. The National Bank of Kinston ordered closed by the national bank examiner because of "frozen count
Directors Of Closed Bank Consider Plans Re-organizing
KINSTON Apr. Directors the First National Bank here. which closed yesterday when faced run after the tional Bank of Kinston suspended. today were possible organization and re-opening but no was expedted for day least. The Farmers Merchants Bank, only remaining financial institution, appeared have weatherthe storm which broke about following yesterday's closings. remained throughout yesterday, augmented its cash reserve last night and doing today. The National Bank of was ordered closed by the National Bank examiner because of "frozen Heath president of the National Bank of Kinston and Tingle cashier. H. McCoy president of the First National and W. B. Harvey executive and cash-
Figures published by the banks in condition March 31, follows: First surplus and deposits, McCoy, president, Harvey, and cashier National Bank of $120,000; surplus and prifits, $54.000; deposits, Heath, president, Tingle cashier.
FALSE ALARMS FAIL TO HALT RUN ON BANK
KINSTON, N. C., April 21 fire alarms and soap box oratory resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed. The false fire alarms, rung in hopes they would distract crowd of depositors gathered the Farmers and Merchants Bank, failed to draw the crowd's interest. Neither did the distant playing of a brass band which was brought into action. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money with the bank. The run began when the National Bank of Kinston failed to open morning and an hour later the First National Bank closed.
10.April 22, 1931The News and ObserverRaleigh, NC
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One Fails To Open; Another Shuts Doors Because of Heavy Run
Kinston, April was black Tuesday for Kinston. was the most hectic day in the city's recent history. The National Bank of Kinston, oldest local financial institutions. failed to open for business. Depositors swarmed down on the National Bank and Farmers and Merchants Bank runs. The was forced to close. latter weathered the storm. Excitement rife; ruled Queen Gordon Streets, where all three in stitutions are Crowds Harangued. Business leaders chamber of commerce rallied quickly. "Soapboxers" harangued the crowds effort to stem the runs. False alarms were rung from points the business district effort divert them. Even band played, parading through the streets. milling depositors continued the Farmers Merchants and First National. minutes after opening, latter went directors posted notice closed door the effect business been pended protection of depositors. Harvey, executive stated examination First National's affairs night showed to excellent dition without liability against directors stockholders. In Good Shape. Will Allen, ident the and said state institution better shape the winter. Farmers Merchants been regarded locally sort financial gibraltar. the orators who addressed Among the crowds from the curbsides Fred Sutton, member of islature: Rouse, former several business Plato Collins, tary the chamber commerce. department store manager funds before the crowd's entered bank deposit them. Stranger Lends Hand. Hawaiian broke the speakstranger, staying temporarily,' money in these banks. going there." the managers chain stores in the city had confer red agreed not day. made cent during their usual deposits. The mayor made appeal the public This carried extras. midst paper officers the First citement National announced they would close (Please Turn to Page Two.)
11.April 23, 1931Statesville Record and LandmarkStatesville, NC
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Kinston Has Its Bank Troubles
One Bank Ordered Closed. Another Wrecked By Third to Remain Open by Use of Brass Band, Soap Orators and False Fire Alarms.
Kinston, April banks closed here today and officers of the only one turned to drastic to save in the face which brass band, soap orators and false fire alarms failed The National Bank, of Kinston, was ordered today by the open minutes after the First National Bank. facing heavy runs, posted note was closing similar run was in progress the Farmers and Merchants Bank, which, however, was still withstanding the inroads of withdrawals at Deposits in the closed banks totaled more than $2,000,000.
12.November 29, 1931News and RecordGreensboro, NC
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Kinston Bank Receiver Is Allowed Judgment of $2,800
(Special Daily News) judgment New in federal court, filed National Bank for the the $2,800 he Kinston, allowed of from Harvey, seeking and executive officer mer cashier Harvey did not file an the bank. Mr. to the Harvey was also the suit Mrs. In and she filed defendant alleging that an alleged loan and received any the indorsed the note that name without her knowladded there was to be This edge says the passed on
Miss Turnage Weds. TurKinston, Faulkner, both of Wilbur and married here Lenoir were small numWednesday the perber witnessed magistrate. Faulkformed by Mr. and Mrs. daughter ner Turnage, the member Frank of well known family.
FRANK FAGAN MADE RECEIVER OF BANKS Goldsboro Man Given Two More To Make Five Banks He Is Now Administering Goldsboro, Nov. 30 (AP)-Frank F. Fagan, of Goldsboro, has been appointed receiver of the First National Bank of New Bern and the National Bank of Washington, N. C., and will assume his duties December 5, it was announced today. Fagan will continue as receiver of the Wayne National Bank of Goldsboro the First National of Kinston, and the National Bank of Kinston.
