10579. Bank of Southport (Southport, NC)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
state
Start Date
February 1, 1923
Location
Southport, North Carolina (33.922, -78.020)

Metadata

Model
gpt-5-mini
Short Digest
ca93ee250ac94d8b

Response Measures

None

Description

Articles report the Bank of Southport 'closed its doors February 1, 1923' and that a receiver was handling claims and litigation over dividends. No mention of depositor run prior to closing; the bank remained closed and a receiver sought to recover deposits, so this is a suspension followed by receivership/closure. Bank type not stated in articles. Dates inferred from text (February 1, 1923).

Events (2)

1. February 1, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed its doors (ceased operations) on February 1, 1923; insolvency/closure implied by receiver actions and litigation over deposits and dividends.
Newspaper Excerpt
the Bank of Southport ... closed its doors February 1, 1923.
Source
newspapers
2. July 30, 1926 Receivership
Newspaper Excerpt
The contention by the receiver of the Bank of Southport ... for deposits amounting to $124,811 ... The Southport receiver contends ... this bond was null and void, hence the depositors of the bank here are entitled to receive this dividend ... none having been paid, but held up and delayed by the contentions that are to be determined ... will enable the bank receivers here to pay dividend at once, none having been paid, but held up and delayed by the contentions that are to be determined.
Source
newspapers

Newspaper Articles (2)

Article from The News and Observer, July 30, 1926

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Article Text

IMPORTANT CASES TO BE HEARD NEXT WEEK Depositors of Bank of Southport Hope Dividends Will Be Forthcoming Southport, July 29.-Two most Kittrell, North Carolina, died at her home in Richmond, on Monday important cases to the depositors morning, July 26th. of the Bank of Southport that Mrs. Hunt, who before her marclosed its doors February 1, 1923, riage was Miss Rosa V. Raney, was will come up for hearing at the a daughter of the late Thomas H. sessions of Federal Court next week Raney and Mrs. Eliza P. Baird Raney at Wilmington. The first is the of Granville county, and sister of demand by the receiver of the Bank the late R. B. Baney of Raleigh and of Southport, the People's United C. W. Raney of Henderson. Bank, of this city, for deposits Mrs. Hunt is survived by her hus. amounting to $124,811 that were in band; four children, John Leigh the Commercial National made by Hunt, Cora Raney Hunt, Mrs. George the Southport bank between De C. Fitzhugh, and Ira Thomas Hunt, cember 15 and December 31, 1922. Jr.; foster son, Herbert Wood; The contention will be made that and one grandchild, Katherine Bevthe trials of W. B. Cooper and erly Hunt, all ofwhom reside in Thomas E. Cooper have shown that Richmond. She leaves also one the Commercial National Bank of brother, T. H. Raney, of Chapel iHII, Wilmington was not solvent when and number of nieces and nephews. these deposits were made, its in Funeral services were held in solvency dating from December 15, Saint Paul's Church of Richmond 1922, and its closing being DeTuesday afternoon, after which she cember 31, 1922. was laid to rest in Hollywood The second case is on the conCemetery. tention that $16,000, the 10 per cent divide dthat of the Commercial Na. tional Bank should be charged against the Cooper bank here, to apply on the bond of the Wilmington bank for & credit. The Southport receiver contends that the Commercial National Bank hav. ing closed its doors December 31, 1922, while the Southport bank did not close until February 1923, this bond was null and void, hence the depositors of the bank here are entitled to receive this dividend to be added to additional amounts that will enable the bank receivers here to pay dividend at once, none having been paid, but held up and delayed by the contentions that are to be deter-


Article from News and Record, July 30, 1926

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Article Text

BANK ISSUES TO BE AIRED IN WILMINGTON Bank of Southport Wants Something Said to Be Coming to It From Commercial National. (Special Daily News) July portant to the depositors the of that closed doors, February come for hearing sessions federal The contention by the of the Bank of port, the Peoples United of this for deposits amounting $124,811 that in the National made by the bank December 15 and December 1922. The second case is the contenof the dend that receiver of the National bank has paid, the bank's being held the that claim this amount should be charged against the Cooper bank here, to apply on the bond of the Wilmington bank for credit. The Southport re. celver contends that the Commercial National bank having closed its doors, December 31. 1922, the port bank did not close until Feb. ruary this bond and hence the for the bank here are entitled to dividend to be added to additional amounts will enable the bank receiver here pay dividend having been but held up and delayed by the contentions that are to be determined United August this year The settlement of this latter sult in favor of Southport bank would percent divident to be short time to depositors. have been rather waiting for over three years for dividend of some kind.