First National Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10739
Charter Number: 10739
Start Date: June 13, 1929
Location: Selma, North Carolina (35.537, -78.284)

Metadata

Model: gpt-5-mini
Short Digest: 4678f8b046719a69

Response Measures

None

Receivership Details

Depositor recovery rate: 33.3%
Date receivership started: 1925-05-16
Date receivership terminated: 1937-06-11
OCC cause of failure: Economic conditions
Share of assets assessed as good: 55.1%
Share of assets assessed as doubtful: 35.0%
Share of assets assessed as worthless: 9.9%

Description

Article (1929-06-13) refers to the 'First National Selma' and states the receiver had been involved and that the bank is defunct; a receiver is mentioned and grand-jury charges against the receiver for missing funds are described. OCR errors corrected (e.g., 'First Na. tional of Spring Hope' and 'First National Selma'). No mention of a depositor run—event is a closure with a receiver assigned.

Events (4)

1. May 12, 1915 Chartered

Source: historical_nic

2. May 16, 1925 Receivership

Source: historical_nic

3. June 13, 1929 Other

Newspaper Excerpt: grand jury charge ... has arranged his bond $2,000 his appearance here November 11 ... the grand charges the each the banks the jury found true bill ... charged with missing bank funds
Source: newspapers

4. June 13, 1929 Receivership

Newspaper Excerpt: Swetenburg was receiver for the three Spring and the First National Selma ... Swetenburg was receiver ... the defunct First National of Spring Hope presented by the Federal grand jury charge ... the First National Selma ... District Attorney Tucker the grand charges ... the Spring bank. with $2,969.56 that bank's funds.
Source: newspapers

Newspaper Articles (1)

1. June 13, 1929 The News and Observer Raleigh, NC

Article from The News and Observer, June 13, 1929

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Article Text

SPRING HOPE BANK CHARGED WITH Swetenburg, former the defunct First Na. tional of Spring Hope presented by the Federal grand jury charge has arranged his bond $2,000 his appearance here November 11, clerk United States District Court has been In. formed. Swetenburg was receiver for the three Spring and the First National Selma the Farmers National Bank Louisburg. District Attorney Tucker the grand charges the each the banks the jury found true bill the the Spring bank. with $2,969.56 that bank's funds. The through the Federal clerk's office signed the defendant and Sweten.