10622. Citizens Bank & Trust Company (Waynesville, NC)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
trust
Start Date
November 20, 1930
Location
Waynesville, North Carolina (35.489, -82.989)

Metadata

Model
gpt-5-mini
Short Digest
7d5618bc1e0f84ae

Response Measures

None

Description

Newspaper articles report heavy withdrawals/runs on the Citizens Bank and Trust Company (closed Friday in the Nov. 1930 Western NC banking crisis) and that it later reopened March 30, 1931. The immediate panic was linked to the Caldwell & Company failure and wider regional banking disturbances, so classified as macro_news-driven. OCR errors in articles corrected (e.g., references to Citizens Bank Trust county interpreted as Citizens Bank & Trust Company of Waynesville).

Events (3)
1. November 20, 1930 Run
Cause
Macro News
Cause Details
Runs triggered by the regional banking crisis following the failure of Caldwell & Company in Tennessee that precipitated runs and closures across many states, including western North Carolina.
Measures
Closed doors; suspended payments (see suspension event).
Newspaper Excerpt
Waynesville Citizens Bank & Trust Co., And Citizens Bank Of Bryson City Close Doors In Face Of Heavy Runs.
Source
newspapers
2. November 21, 1930 Suspension
Cause
Macro News
Cause Details
Formal suspension/closure of the bank's doors amid the two-day Western North Carolina financial disturbance tied to broader failures (Caldwell & Company) and runs in the region; bank placed in hands of state corporation commission (audits underway).
Newspaper Excerpt
The Citizens Bank and Trust company, statement not ... The Bryson the and the Clay County and the Citizens company at Waynesville, to open for business Friday made total eleven banks in the ... district that closed in the two-day financial disturbance.
Source
newspapers
3. March 30, 1931 Reopening
Newspaper Excerpt
WAYNESVILLE, Citizens Bank and Trust company which closed Fall during the Western North Carolina financial emergency ... reopened today.
Source
newspapers

Newspaper Articles (5)
1. November 21, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, November 21, 1930

Click image to open full size in new tab

Article Text

AMERICAN NATIONAL SUSPENDS; ASHEVILLE SITUATION STEADYING Waynesville Citizens Bank & Trust Co., And Citizens Bank Of Bryson City Close Doors In Face Of Heavy Runs. CRISIS WORSE IN OTHER STATES AS OVER 72 BANKS CLOSE DOORS Caldwell & Company Failure In Tennessee Precipitates Financial Troubles In 23 States Of Nation. The American National Bank. Asheville's oldest national bank. failed to open for business this morning, a notice on the por explaining that the directors had decided to close in order to `conserve the assets and protect the depositors. The failure of the bank was the major development in the second day of Asheville's financial crisis which compelled the Central Bank and Trust company, the city's largest financial institution, and six other banks in Buncombe county and western North Carolina to suspend business Thursday. Three Other Among other developments in banking field today were: Citizens Bank Trust county: Citizens Central Bank City in county, and Bank and Trust closed Friday in Is In Hands runs. bank and the City Of Auditors More than and Auditors from Raleigh Friday morning from the their task auditing of Federal financial records of the Central other Bank and Trust company and the the banks Asheville and North to open for yesterday morn- Examiner H. John H. Mitchell of state state to the state corporaand the prelimand inary work. and Friday banking the two banks yesterday afternoon in this city behalf of the state corporation Mr. and auditors No Estimates eigh Asheville Chief Examiner Mitchell Mr. and and Balley in to Saturday or complete work, no was definite will availreceiver on what amount the depositors Associated recover. explained dispatches from members of the banking with An now be they and Mike The the bank and currency. M. Roberts to the Washington office. will arrive here tomorrow the banks : receiver for the bank. failed will require to The Bank complete the audit the Central and company the National records. and there Stockholders Liable failure of the three Asheville banks. The stockholders the three Scores of patrons of the Asheville banks are for two banks. to their total There were fewer on par value of their the four remaining stock, according the in The withdrawals If found necessary Bank and Trust mostly realized for each. The the first for the National bank. and the for the Biltmore-Oteen bank. with that this tion continue The Bank West had only Cox Sees small withdrawals Friday, the deposits exceeded Democratic Clearing Up Asheville bankers Friday the crisis reached Wet Plank peak and the be siderably mistic cleared after Friday. statements issued NEW YORK Nov. New officials of Asheville Clearing World today quoted James M. and presidents the other banks. 1920 who was here to attend the The Wachovia Bank and Trust reof his saying he .000,000 in the Democratic national platin 1932 would morning contain plank for the than $1,000,000 repeal the eighteenth received the return to state Charlotte office the Federal said Governor serve bank. These funds were of his running in armored from mate the (Continued on be nomi-

2. November 21, 1930 The Asheville Times Asheville, NC
Article from The Asheville Times, November 21, 1930

Click image to open full size in new tab

Article Text

11 BANKS ARE NOW CLOSED IN SECTION (Continued from Page Charlotte Thousands dolwere distributed banks throughout this section aid them against threatened run Pay The of the American tional open this did marked of the Trust and bank yesterday morning. There were several acore of peoin front of the but compare the crowd that day. The withstood heavy the officials had would able to open this morn- few minutes before o'clock tothe following was on the door and later on the windows facing Church street: "The the National bank have closed, and the hands of the for the and the protection of "The hopeful that the bank will be reorganized and reopened its depositors paid Failure Chief Cause ville chief the of the and the Caldwell and investment banking of Tenn Caldwell company extensively 23 states, cluding North Caldwell and went into in federal ago. known that Trust here was and pany failure of Caldwell and widespread and Kentucky and states. In the more 72 banks Illinois North are the failures cities The failures in Tennessee and Kentucky is growing daily. Has $2,500,000 In Cash The Trust has in cash and has received the office of the Federal Reserve officials the Charlotte office the Federal Reserve and other sources that can the money needs. car from Charlotte afternoon with for this 1,000,000 was by insured The has been bank, ready for any emergency might Friday revealed that will not be Although there were withdrawals, chiefly among the savings accounts, the deposits for when the banking day ended the withThe thing was true asked for an and Trust company said little he could add the facts very already printed the Helping Smaller Banks When what steps the Wachovia had taken aid smaller towns which had on resources, Mr. pressure Shaffner fullest reuests any all our neighbors, who called though they have not been many. although have the at moment, believe we have assistance extent five thousand all and am delighted be able to that hightype return and these banks the strongest for the condition their securities and for they have been am not necessary to say Wachovia all the our neighbors and that the extent enand to all development of western North Carolina we have done for quarter century since we have been estabMr. vice has several He and Eller vice trust and Irving and tant trust this afternoon for their in WinsRobert M. Hanes, administrative vice president the Wachovia will arrive Saturday aid Gilbert Roy Ebbs, Fred Seely, T. Morrison and others The the Nathe Bryson the and the Clay County and the Citizens company at Waynesville, to open for business Friday made total eleven banks in the and western North Carolina district that closed in the two-day financial disturbance. were failures, was three closshortly Central without but merged would result from American's Financial Report. total at At that time, the Institution had in deposits; and bills 000. capital stock $50,000 and undivided profits consisted of in loans: $150,000 bonds secure circulation; $35,000 bonds secure government deposits 500 stock in federal reserve bank: securities: $159,356.45 banking house equpment; U. treasury and in cash and due from other banks An analysis the statement the government had deposit, which than secured by government also cluded deposits; $580,367.50 deposite and $153,121.41 due banks, including certified and cashiers checks Established In 1898. The owns the six-story building, which occupies on southeast corner Patton avenue and building $125,000, while the furnivarious appraised bank established 1898 1907. national bank charter is No. In November, 1928, the majority stock was purchased Wallace associates. Jenkins president last when Arthur Rankin the the Central Bank Trust addition Mr. the other officers are: Harmon chairman the board of Charles G. Lee, vice president: cashier and trust officer: M. Pope D. H. Perry, The board directors consist Charles Lee, John Manley, Robert Goode, William Smathers and James Closed Banks Listed The following banks Asheville western North CareCentral Bank and Trust Asheville, fourth deposit liability, sources, undivided profits, President Wallace Davis. First Bank and Trust and East Flat Mack American Bank and Henresources, 000; undivided profits, Noah station, sources, $25,000; President, ty: Deposit surplus, President Davis Clay County Deundivided $2,439; presChambers. Citizens National Bank. HenderDeposit liability, capital and plete financial statement given in Citizens bank, Bryson City: statement not available. Citizens Bank and Trues company, statement not First Bank and Trust company, at Tryon: Holmes. Deposits of the State of North Central $26,857 Naand 179 First Bank and were protected depository or state announced. Old Mounthis reported in President of the Bank with his bank had closed only temporarily Simultaneous with the bank the Morris Plan Asheville announced had the Asheville Industrial Bank and the Industrial to have $500,000 in Severe floods did great damage to in this year. Drought has done great damage crops in Porto Rico this season.

3. November 24, 1930 The Charlotte News Charlotte, NC
Article from The Charlotte News, November 24, 1930

Click image to open full size in new tab

Article Text

Deposits Pour Into Bank As Panic Subsides Many Customers of Western N. C. Banks Replace Deposits Withdrawn After Crashes. deposits were pouring into Western North Carolina banks today as the wave of hysteria which swept the section last week gave way to conFrom Marion to Murphy, bank officials viewed the situation with high satisfaction and relief. Customers whose faith in bank institutions had been shaken during the crisis Thursday, Friday and Saturday, returned to banks today with deposits they had withdrawn. Many new accounts were reported to have been opened check of all institutions by The Times showed today that business was going on usual Not a single new name was added to the list of fifteen banks closed last week. The First National Bank of Waynesville. said that the deposits of the institution had been swelled Saturday to $21,000 more than the average The only other bank in the town. the Citizens Bank and Trust Company. was closed on Friday The Farmers and Traders Bank at Weaverville. was doing its usual Monday morning business, D. Weaver, president. informed The Times. At Fletcher, deposits withdrawn by uneasy customers. were being replaced. Officials said all customers had regained confidence. The fifteen closed banks were in the hands the State Corporation Commission or of the comptroller of the currency In all of them acwere at work, checking up on assets, preparatory to & settlement with depositors. Reports today as to the normal condition in Western North Carolina banks were received from Marion, Swannanoa, Burnsville, Bryson City, Sylva, Murphy, Andrews Canton, Weaverv Franklin and Marshall.

4. March 30, 1931 The Bee Danville, VA
Article from The Bee, March 30, 1931

Click image to open full size in new tab

Article Text

TO ASK INJUNCTION RICHMOND, Va., March The state department education not contemplate reply to letter state Senator Worth Smith, of Louisa, informing the state education he Intends seek injunction strain the board from sixteen textbooks into the schools. MRS. HOME March Herbert Hoover left Asheville today for Join the president and prepare for annual Easter egg rolling the House lawn Monday that Mrs. would the from Asheville Washington, distance more than 500 motor but could not confirmed Blue cottage where her convalescing from recent Illness. LONE BANDIT SHOT REST, March minutes lone bandit had up the Farmers' bank here today, and escaped with $12,000, shot down posse and captured. SEEK ELECTION March Lorillard Jersey City, directed Justice today show cause court May 5th its March 10th election should not set aside and election held. ZIAVKIN BARRED WASHINGTON, March The labor department refused extend permission given Feodor M. Ziavkin. general manager the Amtorg corporation remain in the United States as visitor. TAX WASHINGTON, March tax against the income of the Newport News Shipbuilding and Drydock Newport News, to the Joint tax today by the The years were 1919. 1922. 1923 and 1924. BOARD CRITICISED SAVANNAH, March The federal board agriculmarketing act were criticised today by Williams Gastonia, president of the Atlantic Cotton association speech association's eighth annual convention. TWO DIE IN FIRE AUGUSTINE, Fla., March 30. today sought Identify the body man one two losing their lives fire that destroyed Florida hotel. small wooden structure in the center the The unidentified man. believed have Portuguese, been employed Johns Park. horse racing meet which ended Saturday other dead Ed Dewhose only known address was St. Johns Park. MAKES OWN POLICIES March President Hoover feels that the farm board amply able define defend its own policies and position. The decision of the board to discontinue stabilization the first quesprices tions brought to the attention president his return from the his Caribbean trip. BIG LIQUOR HAUL RICHMOND March -Seizure in of gallons of liquor today state prohibition inspector He destroying still in Pittsylvania county. CLOSED BANK RE-OPENS March 30. WAYNESVILLE, Citizens Bank and Trust company which closed Fall during the Western North Carolina financial emergency, precipitated the Central Bank by the closing Trust company, Asheville, opened today

5. March 31, 1931 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, March 31, 1931

Click image to open full size in new tab

Article Text

Virginia Briefs path nine miles from Luray, covered WILLIAMSBURG, VA., March 30with leaves. Sours was arrested when Riordon Floating School bloodhounds followed a trail to his left today after three house. months' stay for of famous spots on the Virginia Peninsula. The Dickenson County Bank school will disband at Washington for the Easter holidays The school Receiver Is Appointed will resume activities Highland Y., its home site. One hundred H. M. Bellamy of Clintwood has students and fifteen members of the appointed receiver for the Dickfaculty were on docks as the enson County Bank which failed William and Mary College band open its doors last Friday, was said and students gave them rousing yesterday the offices of M E. Bristow State of Insurance and Banking The bank which was capitalized LYNCHBURG, VA., March 30-(P) $100,000 and had surplus of $35,000 -Snows of last week and Saturday's freshet had two branches, one at Dante and rain caused slight in the the other at Clincheo. James River today. when the stage was 6.4 feet. This was the highest the river has been since March 8. Waynesville Bank Reopens 1930. The crest of the rise had been WAYNESVILLE N. C., March 30reached when the observation was (P)-The Citixens' Bank and Trust made this morning Company. which last fall during the Western North financial LURAY VA. March 30 emergency by the closing David Sours, mountain will of the Central Bank and Trust Comgo on trial tomorrow on charge pany, Asheville reopened today. the best playwright and dramatic talWashington Memorial ent in the country will be utilized. Athenaeum Proposed These plans are fitting gesture, it is believed by the city government Alexandria Plans Building as on the part of the city and the State Part of Bi-Centennial of Virginia, towards the bicentennial celebration because of the historic inALEXANDRIA VA. March 30-(P) terest of this section as the home of -Plans are under the guidance of the city of Alexandria and the Washington and other early patriots Alexandria Chamber of Commerce for of the nation group of buildings. to be known as the Washington Memorial to on the hills west of Two Horseback Riders the town. unique in the history of American Are Injured by Auto The idea had its inception in the