10480. Farmers Bank & Trust Company (La Grange, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
January 1, 1920*
Location
La Grange, North Carolina (35.307, -77.788)

Metadata

Model
gpt-5-mini
Short Digest
b614c1ef566ef62c

Response Measures

None

Description

The bank closed in 1920 and a receiver was appointed (Dawson became receiver in 1921). The 1938 articles describe ongoing receivership litigation and allegations that the receiver is short funds. No run is mentioned; the bank remained closed and in receivership.

Events (4)
1. January 1, 1920* Suspension
Cause Details
Bank closed in 1920; contemporaneous cause not specified in these articles (closure resulted in receivership).
Newspaper Excerpt
The bank closed in 1920.
Source
newspapers
2. January 1, 1921* Receivership
Newspaper Excerpt
Dawson became receiver in 1921. (from article: The LaGrange bank closed in 1920 and Dawson became receiver in 1921.)
Source
newspapers
3. April 1, 1938 Other
Newspaper Excerpt
Gurney Hood, State commissioner of banks, has filed a petition ... alleging that John G. Dawson ... is short more than $45,000 in his accounts as receiver of the Farmers Bank & Trust Company, of LaGrange.
Source
newspapers
4. April 5, 1938 Other
Newspaper Excerpt
Judge N. A. Sinclair said today he had vacated orders he issued last year discharging James G. Dawson, of Kinston, as receiver of the Farmers Bank & Trust Company of LaGrange, on petition of Commissioner of Banks Gurney Hood...
Source
newspapers

Newspaper Articles (2)
1. April 1, 1938 Henderson Daily Dispatch Henderson, NC
Article from Henderson Daily Dispatch, April 1, 1938

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Article Text

JohnDawson Listed Short In Accounts Hood Files Petition in Lenoir Superior Court Involving LaGrange Bank Kinston, April 1.-(AP)- Gurney Hood, State commissioner of banks, has filed a petition in Lenior Superior Court, Clerk J. S. Davis said today, alleging that John G. Dawson, former Democratic State chairman, is short "more than $45,000" in his accounts as receiver of the Farmers Bank & Trust Company, of LaGrange. The petition and motion ask that re-hearings be ordered on an order signed by Judge N. A. Sinclair early last year relating to attorneys' fees, commissions and expenses of the receivership, and relating to a "final report" as receiver. The bank closed in 1920. L. R. Varser, of Lumberton, and Matt H. Allen, of Kinston, counsel for Dawson, issued a statement say. (Continued on Page Five.)

2. April 5, 1938 Henderson Daily Dispatch Henderson, NC
Article from Henderson Daily Dispatch, April 5, 1938

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Article Text

Dawson Put Back In Old Bank Office Raleigh, April 5.-(AP)-Judge N. A. Sinclair said today he had vacated orders he issued last year discharging James G. Dawson, of Kinston, as receiver of the Farmers Bank & Trust Company of LaGrange, on petition of Commissioner of Banks Gurney Hood, who alleged Dawson is short more than $45,000 in his accounts. Judge Sinclair, residing over superior court here, said the order was mailed to the Lenior clerk of court at Kinston yesterday. The LaGrange bank closed in 1920 and Dawson became receiver in 1921. There were 23 findings in the order made by Judge Sinclair. The judge said that "the interests of every one concerned requires a full and impartial examination of the contentions raised by the exceptions herein, and the commissioner of banks, contending that the counsel fees and other allowances are excessive, and the receiver, contending that counsel conducted about 100 or more lawsuits-for the receivership and also rendered much other valuable legal services, and in the judgment of the court, it is a proper case for a reference so that suf. ficient time and pains can be directed to the examination."