Merchants & Farmers Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 1, 1925*
Location: Princeton, North Carolina (35.465, -78.160)

Metadata

Model: gpt-5-mini
Short Digest: bb533cade44be656

Response Measures

None

Description

Article (Richmond Times-Dispatch, 1925-03-24) reports the Merchants and Farmers Bank of Princeton was closed in February by Corporation Commission examiners with a reported deficit > $40,000 and that the Bank and Trust Company of Smithfield was appointed temporary receiver. OCR errors in the clipping (missing words/numbers) were corrected when summarizing. No run is mentioned; bank was closed and placed in receivership.

Events (2)

1. February 1, 1925* Suspension

Cause: Government Action
Cause Details: Closed by the State Corporation Commission after examination revealed a deficit of more than $40,000.
Newspaper Excerpt: the bank was closed February by Corporation Commission bank examiners
Source: newspapers

2. March 24, 1925 Receivership

Newspaper Excerpt: Bank and Trust Company, of Smithfield, appointed temporary receiver for the defunct bank.
Source: newspapers

Newspaper Articles (1)

1. March 24, 1925 Richmond Times-Dispatch Richmond, VA

Article from Richmond Times-Dispatch, March 24, 1925

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Article Text

DEPOSITORS SEEKING RECOVERY OF FUNDS Smithfield Bank Temporary Receiver for Princeton Institution. [Special N. March Sixty-two of the depositors of the Merchants and Farmers Bank. Princeton, about ten miles from here, have organized and employed lawyers in an effort to recover 100 per cent of their which disappeared when the bank was closed February by Corporation Commission bank examiners, according information here. The report the Corporation Commission Raleigh on March shows total deficit of more than $40,000. The report showed that $5,578 lent person when violation of banking laws lend more than any individual. amount of and past due notes to amount Bank and Trust Company, of Smithfield, appointed temporary receiver for the defunct bank.