Citizens Bank - Mount Olive, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 21, 1929
Location: Mount Olive, North Carolina (35.198, -78.068)

Metadata

Model: gpt-5-mini
Short Digest: 51c55749d1c8f0db

Response Measures

None

Description

Article (Nov 21, 1929) reports civil action by Grady, receiver for a failed bank, suing directors of the defunct Farmers and Merchants Bank Mt. Olive and Citizens Bank Mt. Olive for negligent loans to insolvents. This indicates Citizens Bank had failed and a receiver was appointed; no run is mentioned in the article. Bank type not specified in text.

Events (1)

1. November 21, 1929 Receivership

Newspaper Excerpt: Receiver Charges That Mount Olive Bankers Made Loans to Insolvents... Grady, receiver for the failed bank. The action alleges negligence in the management of the bank and seeks judgment for $50,000.... alleged that the directors made loans knowing that the loans were to insolvents.
Source: newspapers

Newspaper Articles (1)

1. November 21, 1929 The Charlotte News Charlotte, NC

Article from The Charlotte News, November 21, 1929

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Article Text

Sues Directors Closed Bank Receiver Charges That Mount Olive Bankers Made Loans to Insolvents. for asked against directors defunct Farmers and Merchants Bank Mt. Olive and Citizens Bank Mt. Olive in civil action instituted today in Wayne County Superior Court Grady, receiver for the failed bank The action alleges negligence in the management the bank's and seeks judgment for $50,000. the the the State and $40,000 alleged to be the amount of loss over and above the capitalization figure which suffered by stockholders and depositors alleged in the complaint that the directors loans knowing that the whom the loans were An alleged list of 100 such loans, ranging from to $7,500 is included in the complaint