10613. Bank of Wake (Wake Forest, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 18, 1931
Location
Wake Forest, North Carolina (35.980, -78.510)

Metadata

Model
gpt-5-mini
Short Digest
134a3f8981894119

Response Measures

None

Description

Newspaper items (Dec 18, 1931) report the Bank of Wake did not open and were attributed to a heavy run; subsequent notices (Jan 15, 1932) name a liquidating agent and request creditors' claims, and 1933 notices advertise sale of the bank building and fixtures. OCR errors in Article 1 (garbled phrases) were corrected where obvious (e.g., 'Bank Wake' → 'Bank of Wake'; 'attributed the ing the Bank of Wake and heavy after run' interpreted as 'attributed the closing of the Bank of Wake to a heavy run'). Evidence indicates a run leading to suspension and permanent closure/liquidation.

Events (4)
1. December 18, 1931 Run
Cause
Local Banks
Cause Details
Newspaper says the Bank of Wake was closed and links heavy withdrawals/run and notes the Commercial National did not open — run seemingly driven by local bank distress and contagion.
Newspaper Excerpt
Mr. Hood attributed the ... closing the Bank of Wake and heavy after run the Commercial National did not open yesterday.
Source
newspapers
2. December 18, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Official closure/suspension announced by state commissioner; described as the bank 'were closed' after heavy withdrawals (run).
Newspaper Excerpt
BANKS FAIL TO OPEN ... Dec. banks, the Bank Wake Wake Forest ... were closed today, Gurney Hood, state commissioner, said this noon.
Source
newspapers
3. January 15, 1932 Receivership
Newspaper Excerpt
North Carolina, County of Wake. In the matter of The Bank of Wake, Wake Forest, N. Notice creditors file claim ... This the 15th day of January 1932. G. SMALL, Liquidating Agent. Bank of Wake, Wake Forest, N. C..
Source
newspapers
4. July 1, 1933* Other
Newspaper Excerpt
offer for sale ... the building formerly occupied by the Bank Wake ... and also all furniture and fixtures belonged to the said Bank of Wake: ... on Saturday, July 1933, at 12:00 o'clock Noon, on the premises in Wake Forest, N. C..
Source
newspapers

Newspaper Articles (4)
1. December 18, 1931 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, December 18, 1931

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Article Text

BANKS FAIL TO OPEN Dec. banks, the Bank Wake Wake Forest Wake county and the Bank Grover at Grover Cleveland county, were closed day, Gurney Hood, state commissioner, said this noon. The combined deposits the institutions aggregated about $180,000. Mr. Hood attributed the ing the Bank of Wake and heavy after run the Commercial National did not open yesterday. He said the two institutions had Royall was president and Pearce cashier the Bank of Wake. Its statement September 29 listed total resources, $20,000 capital, $10,000 surplus, and about $120, deposits. president and Elliu cashier the Bank Grover. Its September 29 statement showed $85,273.94 total resources, $10,000 capital about in deposits.

2. February 7, 1932 The News and Observer Raleigh, NC
Article from The News and Observer, February 7, 1932

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Article Text

Want Ads 5-6 NOTICE OF SALE OF PERSONAL PROPERTY. IN THE DISTRICT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF NORTH CAROLINA. In the matter of Edgar M. Brockwell, trading as Brockwell's Shop, Bankrupt. Under and by virtue of the pow. ers vested in me as Trustee Edgar M. Brockwell, trading Brockwell's Shop, and in pursuance an order by Honorable W. B. Duncan, United States Referee in Bankruptcy, the under- LEGAL NOTICES signed trustee will offer for to the highest bidder, for eash, in the store Brockwell's Shop, 212 South Salisbury Street, Raleigh, North Carolina, on Wednesday, February 17, 1932, 10:30 M., the following articles of personal propThe entire stock of goods, wares, merchandise and fixtures, said stock consisting of hardware of every kind and description. All book accounts, one 1925 Model Buick Touring Car and such other* things be found that belong said estate. The successful bidder or bidders will be required the time of sale with the Trustee, in eash, 10% of the bid bids as good faith, pending Sale subject to confirmation by the Referee, without notice. HOUSE, Trustee in Bankruptey. 704 Capital Club Building, Raleigh, N. C. North Carolina, County of Wake. In the matter of The Bank of Wake, Wake Forest, N. Notice creditors file claim Under authority of Subsection 10 of Section 218 (c), Consolidated Statutes, all persons who claims against the above named bank are hereby notified present proof of claim Wake Forest before the 15th day of March 1932. Failure to present claim or be. fore the date bars the claim not presented the assets of the bank in the hands of the Commissioner of Banks for the account of said bank at the time the claim presented. Objection to the allowing of any claim may be made by any interested person filing such objection in the pending action the office of the Clerk of Court of this county and by serving copy thereof on the Commissioner of Banks or the liquidating Agent of this bank. This the 15th day of January 1932. G. SMALL, Liquidating Agent. Bank of Wake, Wake Forest, N. C. 24, 31-1-7.

3. June 6, 1933 The News and Observer Raleigh, NC
Article from The News and Observer, June 6, 1933

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Article Text

LEGAL NOTICES Bankrupt First Creditors the abovegiven the day adjudicated : Under and by virtue of the authority vested me Section 218e of the Consolidated Statutes of North Carolina. will offer for sale at public auction for cash to the highest bidder on Saturday, July 1933, at 12:00 o'clock. Noon, on the premises in Wake Forest, N. C., the following described lots or tracts land, being the lots upon which is situated the building formerly occupied by the Bank Wake, and also and fixtures located in the said which furniture and fixtures belonged to the said Bank of Wake: First Tract: Situated in the/Town rock at the corner of White and Jones Streets: running thence along the Eastern side of White Street thirty (30 feet): then East fifty. eight feet and six inches (58' in line with the little brick building now located on said Holding's lot; thence North along side said brick building thirty (30) feet to Jones Street running West to the begin-

4. June 13, 1933 The News and Observer Raleigh, NC
Article from The News and Observer, June 13, 1933

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Article Text

NEWS AND OBSERVER CLASSIFIED RATES Approximately 20 million feet origgrowth pine timber. Two million feet original growth near Raleigh E. Herring. Phone 8890. Box 659, Raleigh adding BUY OLD GOLD-BUR $20.00. Gibson tenor banjo with case, $23.50. Diamond cluster, diamonds, low gold, Raleigh Loan leigh Wilmington St., RaUKELELES, VIOLIN BOW Mandolins, and case, $10.00; Guitars, $4.95: All New Fayetteville Deal Plano Street Company, new stock 232 A. B. DICK MIMEOGRAPH, BURroughs Adding Machine. practically care News and Observer. Watch the Want Ade daily and you will find you will not wait them to get you what you are after. NOTICE OF SALE OF REAL ESTATE OF BANK OF WAKE Under and by virtue the authority vested in me Section 218c of the Consolidated Statutes of North Carolina. will offer for sale at public auction for cash to the highest bidder on Saturday. July 1933, at 12:00 o'clock. Noon, on the premises in Wake Forest, N. C., the following described lots or tracts of land. being the lots upon which is situated the building formerly 00 cupied by the Bank of Wake. and also all furniture and fixtures locat ed in the said building. which furniture and fixtures belonged to the said Bank of Wake: First Tract: Situated in the Town C1 Wake Forest. N. C., beginning at a rock at the corner of White and