10490. First National Bank (Louisburg, NC)

View Charter #7554 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7554
Charter Number
7554
Start Date
December 24, 1931
Location
Louisburg, North Carolina (36.099, -78.301)

Metadata

Model
gpt-5-mini
Short Digest
e5146e3bf3e17991

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-12-22
Date receivership terminated
1937-09-29
Share of assets assessed as good
44.4%
Share of assets assessed as doubtful
48.1%
Share of assets assessed as worthless
7.5%

Description

Article 1 (1931-12-24) reports a receiver (Norman S. Bennett) appointed by the Comptroller for the First National Bank of Louisburg, calling it a 'defunct institution'—indicating the bank closed and entered receivership. Article 2 (1933-05-03) references a loan to the receiver of the First National Bank, Louisburg, confirming the bank remained in receivership. No article describes a depositor run prior to suspension; therefore classified as suspension_closure (suspension/closure with receivership).

Events (4)
1. January 12, 1905 Chartered
Source
historical_nic
2. December 22, 1931 Receivership
Source
historical_nic
3. December 24, 1931 Receivership
Newspaper Excerpt
Norman S. Bennett Appointed Receiver of Louisburg Bank ... He received his commission from the Comptroller of the Currency ... to take up his new duties. The government has made wise move in selecting this fine gentleman to handle the affairs of this defunct institution.
Source
newspapers
4. May 3, 1933 Other
Newspaper Excerpt
Included loan of $20,000 to the receiver the First National bank Louisburg
Source
newspapers

Newspaper Articles (2)
1. December 24, 1931 The Nashville Graphic Nashville, NC
Article from The Nashville Graphic, December 24, 1931

Click image to open full size in new tab

Article Text

Norman S. Bennett Appointed Receiver of Louisburg Bank Receives Commission From Comptroller of Currency of Washington, C. Mr. Norman S. Bennett, who has been connected with the Peoples Bank and Trust Company of this city for number of years as assistant cashier has been appointed as Re ceiver for the First National Bank of Louisburg. He received his commission from the Comptroller of the Currency of Washington, D. C. Mr. Bennett left Wednesday for that city to take up his new duties. The government has made wise move in selecting this fine gentleman to handle the affairs of this defunct institution. His friends of this section and the county and state as whole will learn with much pleasure of his ap pointment and wish for him much success in his new adventure.

2. May 3, 1933 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, May 3, 1933

Click image to open full size in new tab

Article Text

Shows Funds Report Not Yet Disbursed In N. WASHINGTON May large loans North Carolina banks, authorized by the Corporation March, had disbursed April the latest report of the discloses. These included loan of $517.000 to receiver of the mercial National bank High Point; $15,000 Champion Bank Trust company, Can$150,000 Commercial bank Lexington: $20,000 to the receiver the First National bank Louisburg: $15,000 to the Bank French Broad, Marshalk $7,500 the Bank Rich $100,000 the First bank Shelby; $60,000 the Union Trust company of Shel$32,000 the Farmers National Bank Trust company. Other loans North Carolina banks authorized during March $37,500 to the Citizens tional bank Durham; $500,000 North Carolina Bank Trust $16.the Bank Ashe, Jeffer$5,000 Bank Ashe, $10,000 Deposit Savings bank. North boro, $173,000 Wake County Savings bank, Raleigh: $10,000 the Bank Red Springs; $5,000 Citizens Trust company, Bank Spruce Pine; 000 the Merchants Farmers Bank, Inc., of Statesville, and the Peoples Loan Savings bank, Statesville.