10625. Bank of Weldon (Weldon, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 17, 1930
Location
Weldon, North Carolina (36.427, -77.596)

Metadata

Model
gpt-5-mini
Short Digest
c7584fd250392b23

Response Measures

None

Description

The Bank of Weldon closed its doors on December 17 (reported in newspapers 1930-12-18 and 1931-01-01). Depositors agreed to allow funds to remain frozen to aid reopening. The bank reopened in mid-March 1931. No article describes a depositor run prior to suspension; closure appears tied to state banking actions/precautionary measures and negotiations with depositors to keep funds deposited.

Events (3)
1. December 17, 1930 Suspension
Cause
Government Action
Cause Details
Closed Dec. 17 and reported alongside other NC banks taken under notice by the state banking department; described as temporary closure/precautionary action by banking department in contemporaneous report
Newspaper Excerpt
Depositors ... the institution closed its doors on December 17, last
Source
newspapers
2. January 1, 1931 Other
Newspaper Excerpt
More than 650 of the 1000 depositors of the Bank of Weldon ... have signed an agreement to allow their funds ... to remain in the custody of the bank for period of two years. It will require an almost unanimous approval of the depositors for the bank to open its doors again for business without the danger of run. Officials of the bank are in hopes the depositors will sign the agreement one hundred percent in order that the bank may re-open in safety. The measure: depositors agreed to freeze funds to aid reopening. (From Roanoke Rapids Daily Herald, 1931-01-01.)
Source
newspapers
3. March 16, 1931 Reopening
Newspaper Excerpt
The Bank of Weldon reopened for business Monday of this week, once more giving our neighboring city banking facilities which they have been without for the past several weeks. The bank opens with new offials headed by Suiter, cashier, former Rocky Mount banker
Source
newspapers

Newspaper Articles (3)
1. December 18, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 18, 1930

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Article Text

BANK IN INDIANA CLOSES DOORS Trust and Savings at Rensselaer Had $830,000 Deposits. INDIANAPOLIS closing of the Trust and Savings bank at Rennselaer was announced Wednesday by the state banking department. The bank was closed as precautionary measure The institution was capitalized at $100,000 with deposits of loans of $770.000 and undivided profits of $10,000. Bank of Sturgis, Ky. Closes. STURGIS, KY The Bank of Sturgis failed to open Wednesday. notice on the door stated it had been taken over by the state banking department. The last statement of the bank showed capital of resources of 94 and deposits of $386,514. Four in North Carolina. RALEIGH. N. The Cit izens bank of Burnsville N. with capital and surplus of $112.000, was forced to close its doors Tuesday, the state banking department was notified Wednesday. The last statement showed deposits $391.872 and resources of $507,608 The Scotland County Savings bank. small institution of which Congressman Hinton James president, also failed to open. Its deposits totaled The Bank of Weldon and the Weldon Bank and Trust company announced payments been "temporarily banking departm said Their combined deposits totaled slightly more than $500.000 Blame Bond Depreciation. NEW STRAITS O. The Martin State bank the only bank here. failed to open day Depreciation bonds was responsible for the closing The bank was capitalized at $25 000 and its last state ment showed resources of $205,000.

2. January 1, 1931 Roanoke Rapids Daily Herald Roanoke Rapids, NC
Article from Roanoke Rapids Daily Herald, January 1, 1931

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Article Text

Depositors Sign Up More than 650 of the 1000 depositors of the Bank of Weldon to date have signed an agreement to allow their funds which were on deposit there when the institution closed its doors on December 17, last, to remain in the custody of the bank for period of two years. It will require an almost unanimous approval of the depositors for the bank to open its doors again for business without the danger of run. Officials of the bank are in hopes the depositors will sign the agreement one hundred percent in order that the bank may re-open in safety.

3. March 19, 1931 Roanoke Rapids Daily Herald Roanoke Rapids, NC
Article from Roanoke Rapids Daily Herald, March 19, 1931

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Article Text

WOULD AID OPENING SHUT Bill Would Allow Public Funds Aid Opening Weldon Bank The Bank of Weldon reopened for business Monday of this week, once more giving our neighboring city banking facilities which they have been without for the past several weeks. The bank opens with new offials headed by Suiter, cashier, former Rocky Mount banker Raleigh, March tives Long and Johnson of Halifax County introduced bill in the General Assembly Saturday by which the board of county commissioners Halifax County and the board of Trustees of the Weldon Graded School District are authorized to ter into contract with the Bank of Weldon, at Weldon, in case the Corporation Commission permits the bank to reopen, to allow funds for the two units to remain on deposit an agreed period as means aiding the bank in re-opening. The commissioners and trustees directed to retain any collateral, guarantee, or both, they now hold curing the funds on deposit at the the bank suspended operation, provided that amounts collected are credited against the deposits for which the collateral was given security. The agreement does not relieve the bank of any guarantors on any bond contract previously executed guarantee of the funds previously placed in the bank, nor relieve the bank from its duty to allow with drawals of deposits in accordance with the terms and conditions of any contract which it may enter, as vided in the act. The bill, as in numbers of other cases, allows the funds on deposit when the bank closed to be "frozen," that is, not subject to withdrawal, for period agreed upon by the directors of the bank and the commissioners and trustees, in accordance with terms under which other depositors agree to let their deposits remain for given period, thus aiding the bank in its purpose to open again for business. Under supended rules, the bill was passed by the House and sent to the Representative D. Mac Johnson co-introducer, with W. W. Neal, McDowell, of bill providing that all roads hereafter constructed in North Carolina and of hard surface, shall not be less than 18 feet width. This would prevent construction of any other 16-feet roads, eight or nine foot roads as in some of the eastern counties. Representative D. Mac Johnson's bill regulating the drawing of jurors for the Recorder's Court in Halifax county was ratified in the General Assembly last week and is now law.