10653. Branch Banking & Trust Company (Wilson, NC)

Bank Information

Episode Type
Run Only
Bank Type
trust
Start Date
January 1, 1932
Location
Wilson, North Carolina (35.735, -77.931)

Metadata

Model
gpt-5-mini
Short Digest
5a7e8771260ceeec

Response Measures

None

Description

Two contemporaneous newspaper reports (Jan 1 and Jan 4, 1932) state there were runs on the Branch Banking & Trust Company at Wilson that 'subsided' and that the bank had state endorsement and additional cash support. No suspension, closure, or receivership is mentioned — bank remained open.

Events (1)
1. January 1, 1932 Run
Cause
Rumor Or Misinformation
Cause Details
Withdrawals described as driven by 'fright' and panic; officials said there was 'no excuse' for runs and reassured depositors.
Measures
Public endorsement by state bank commissioner; publicity of ample cash and backing from corporations and the National Credit Corporation; statements reassuring depositors.
Newspaper Excerpt
There no excuse for any run on this bank The Branch Banking and Trust Company at Wilson. also had un. qualified endorsement the state
Source
newspapers

Newspaper Articles (2)
1. January 1, 1932 The Sentinel Winston-Salem, NC
Article from The Sentinel, January 1, 1932

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Article Text

ALL IS QUIET ON BANKING FRONT Support Pours Into Institutions Victims of Panicky Runs. Raleigh Expressions of confidence stability North Carolina banking today. North Carolina Bank and had complete state M. Miller director the Credit Corporation the Federal ReEight dollars additional to the bank's hand evidence the North Carolina its said bank its and withstand the raid which made some customers entirely said the bank was payments are made out. the largest corporations in United States wired their He praised the the Lean chairman of the as the its entire elientiele within and without Bank Hood issued Bank amined by us all its units and have been consolidated one statement and in our opin. the bank There no excuse for any run on this bank The Branch Banking and Trust Company at Wilson. also had un. qualified endorsement the state Runs this yesterday and the part of had subsided this Hood said there was no excuse for any runs on bank night E. of the United Bank Trust Company branches at Burlington, Santo liquidating agent. The bank He said this variation from the policy of not local man as liquidating agent, but added former of the Bank Lexington, had the short had nothing to do with the institution's Hugh Davis, of Burgaw, was named liquidating agent for the Beaufort Banking and Trust pany at Beaufort, and Ay. Coleraine liquidating agent for the Bank of at Coleraine liquidating agent for the Citizens Bank of Mount Olive the Bank of Pikeville, the Planters Bank Stantonsburg, the Wilson Trust and Savings Bank Wilson, and the Planters Bank of at Kenley and Creek No state banks closed today. al. though which closed and were operating under agreements the end of limit These the Merchants and FarmBank Garysburg and the Bank of Pauls New depositors were paid off in full the banks were returned to State Bank for The Branch Banking and Trust of branch Pauls and the Hood System Industrial Bank of Reidsville opened a at The National Bank Snow Hill and the National Bank of not open for business today of Snow Hill, was president of both.

2. January 4, 1932 The Robesonian Lumberton, NC
Article from The Robesonian, January 4, 1932

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Article Text

Ample Cash To Pay All Demands Of Depositors Bank and Trust Co. Well Prepared to Meet Situation -Management Praised. FORMER GOV. McLEAN IS CHAIRMAN OF BOARD Special to The Raleigh, Dec. of the state's banking situation was relieved by announcement today ample cash to pay demands of depositors at all banks of North Carolina Bank and Trust com pany. Former Governor A. W. chairman of board, stat ed at the Raleigh office that his institution is well prepared to meet the present situation. John M. Miller, director of the National Credit Corporation in the fifth federal reserve district, issued the following statement to the Raleigh Times over long distance telephone from Greensboro Thursday: "The North Carolina Bank and Trust company has received and has in the couse of coming over eight million dollars in cold cash. "The bank plans to carry and pay all depositors who want their money. Deposits are being received probably as fast as payments are being made out. Several of the largest corporations in the Ur ted States have wired their full Mr. Miller stated that in opinthe management of the North Carolina Bank & Trust company among the best in the State of North Carolina and deserving of the full support of its entire clientele within and without the state. CONFIDENCE RESTORED Raleigh, Dec. pressions of confidence seemingly restored stability to the North Carolina banking situation today The North Carolina Bank and Trust company, with offices in 13 cities. had the complete backing of the state bank commissioner and John M. Miller, Jr., of Richmond. director of the National Credit corporation in the fifth federal reserve district. Eight million dollars additional the bank's own cash were hand as evidence of the North bank's strength. W Ryland, its president. said the bank "was amply good for all its liabilities and we nect to withstand the withdrawals being made by some customers due entirely to fright." Miller said the bank was receiving deposits "prohably as fast as payments are being made out. Several of the largest corporations the United States have wired their full cooperation. He praised the management of the institution. of which former Governor W. McLean chairman of the heard, as "deserving of the full support of its entire clientele within and without the state." Bank Commiss Hood issued statement saying the North Carclina bank "has recently been exby us in all of its units and examinations have been consolidated into statement and in our opinion, the bank is amply solvent. There is excuse for any run on this bank. The Branch Banking and Trust company. Wilson. also had the unqual fied endorsement of the state this bank commissioner. Runs on bank yesterday and the early part of today had subsided this Hood said there was no excuse for any runs on this bank.