10578. Citizens Bank & Trust Company (Southern Pines, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
August 2, 1909
Location
Southern Pines, North Carolina (35.174, -79.392)

Metadata

Model
gpt-5-mini
Short Digest
ccc0d6a928e083a1

Response Measures

None

Description

The corporation commission closed the bank for an alleged shortage; a receiver was appointed. No run is mentioned in the articles.

Events (2)
1. August 2, 1909 Suspension
Cause
Government Action
Cause Details
Closed by the corporation commission due to an alleged $15,000 shortage discovered after the cashier left on vacation.
Newspaper Excerpt
State Bank Examiner J. K. Doughton closed the Citizens' Bank and Trust company at Southern Pines today by order of the corporation commission, on account of an alleged shortage of $15,000 discovered since Cashier George A. Kimball left, July 17, for his vacation...
Source
newspapers
2. August 12, 1909 Receivership
Newspaper Excerpt
Judge Adams, of the Superior Court, to-night at Pittsboro, appointed W. B. Richardson receiver of the Citizens Bank and Trust Company, at Southern Pines, closed by the commission on account of a $16,000 shortage.
Source
newspapers

Newspaper Articles (2)
1. August 3, 1909 Atlanta Semi-Weekly Journal Atlanta, GA
Article from Atlanta Semi-Weekly Journal, August 3, 1909

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Article Text

CITIZENS' BANK CLOSES AT SOUTHERN PINES RALEIGH, N. C., Aug. 2.-State Bank Examiner J. K. Doughton closed the Citizens' Bank and Trust company at Southern Pines today by order of the corporation commission, on account of an alleged shortage of $15,000 discovered since Cashier George A. Kimball left, July 17, for his vacation to be spent, he said, at York Beach, Maine. The bank's capital is only $10,000, with $32,000 deposits. All efforts made thus far failed. A receiver will be appointed.

2. August 13, 1909 The Washington Herald Washington, DC
Article from The Washington Herald, August 13, 1909

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Article Text

Names Receiver for Bank, Special to The Washington Herald. Raleigh, N. C., Aug. 12.-Upon a petition of the corporation commission, Judge Adams, of the Superior Court, to-night at Pittsboro, appointed W. B. Richardson receiver of the Citizens Bank and Trust Company, at Southern Pines, closed by the commission on account of a $16,000 shortage. It is said a reorganization, which will absolve the depositors from any loss, will follow soon.