10507. Bank of Union (Monroe, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 22, 1930
Location
Monroe, North Carolina (34.985, -80.550)

Metadata

Model
gpt-5-mini
Short Digest
ffeb4b0b036de1cd

Response Measures

None

Description

Newspaper reports (April 1930) state the Bank of Union 'failed to open' (did not open Tuesday) and is described as having closed, precipitating runs and suspensions at other Monroe banks. The articles do not state a specific cause for Bank of Union's failure to open (no explicit rumor/misinformation or insolvency detail), nor mention a reopening, so I classify this as a suspension that resulted in closure. OCR errors in Article 1 likely dropped words such as 'to open Tuesday.'

Events (1)
1. April 22, 1930 Suspension
Cause Details
Article only reports the Bank of Union 'failed to open' (did not open Tuesday); no specific cause (insolvency, rumor, or government action) provided.
Newspaper Excerpt
failure of the Bank of Union to ... open Tuesday
Source
newspapers

Newspaper Articles (2)
1. April 24, 1930 Times Record News Wichita Falls, TX
Article from Times Record News, April 24, 1930

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Article Text

Three Banks Close in North Carolina Town MONROE. N. C., April 23. Two additional banks closed here today following failure of the Bank of Union to Tuesday and left this community without banking facilities The Farmers Bank and Trust company did not open its door day. and later in the morning the First National bank Sikes, president of the First National bank, blamed loss of public confidence following failure of the Farmers Bank and Trust company for its closing.

2. April 25, 1930 The Berkshire Eagle Pittsfield, MA
Article from The Berkshire Eagle, April 25, 1930

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Article Text

Co. has not purchased any interest in the mining rights of Beryllium Corp. at Keoflach in Steyr, Austria, as reported in Vienna It has never had an interest in this Due to Runs NEW failure of Bank of Union, Monroe, North Carolina, to open Tuesday, Farmers' Bank & Trust Co. and First National bank of Monroe suspended Wednesday. President Sikes of First National bank, said his institution was in good shape, and blamed loss of public confidence for run on bank. First National bank capitalized at $100,000 and had of and surplus of $55,000 at last financial statement. Farmers' Bank & Trust capitalized at $100,000 and had deposits of $300,000 and surplus $25,000.