Citizens National Bank (Hendersonville, NC)

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SOUTHERN BANKS FORCED TO CLOSE

North Carolina, Missouri and Kentucky Institutions Are Involved

Press) Nov. Central Bank and Trust Company, largest financial in this immediate section failed to open for business today and by five other Western closed their North Carolina banks had doors Capitalized at the Central Bank and Trust September 24 the date the last bank roll call, had of approximately 000 Its resources given at that time as $21 Other closing were the BiltBank here, including its branch at Oteen Veterans Hospital: the First Bank and Trust Company, Hendersonville; the American Bank and Trust Company. the Citizens National Bank Hendersonville Lowell N and the Bank of Lowell, statement given out by the Board of Directors said the bank was closed in anticipation of heavy run.

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LARGE CAROLINA BANK AND FIVE OTHERS CLOSE

By Press Nov. Central Bank and Trust Company, largest financial institution in this Immediate section, failed to open for business today and by noon five other Western North Carolina banks had closed their doors. Capitalized at $1,000,000, the Central Bank and Trust Company on September 24, the date of the last bank call, had resources given out by the board of directors said the closed in anticipation of heavy the statement said "was to conserve the the depositors and after became apparent that step was wise. During the few days the bank has been withstand heavy withdrawals funds. banks closing were the Oteen Bank here: First Bank Trust Company, American Bank and Trust Company, Hender* sonville, Citizens National Bank, Hendersonville, and the Bank of Lowell, Lowell, John Mitchell, state bank examnotified the Central Bank Trust Company's failure to open and expected to an examiner here immediately take charge of

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BANK FAILURES

(United Press) LOUISVILLE, KY., Nov. Union Central Bank failed The today, making the sixth Louisbank to close this week and the twelfth in Kentucky. The Bank correspondent bank of the National Bank of Kentucky, also failed to open. Geo. Ewald, of the Union Central president Bank, said the closing is temporand that the bank is solvent.

Asheville Banks Close.

ASHEVILLE, Nov. Central Bank and Trust of Asneville, largest bank Company western North Carolina, and Bank, stitution, failed to open for They are state banks today. and partially owned by the interests. The American National Bank weathering heavy run noon.

Failure at Hendersonville.

HENDERSONVILLE, N. C., Nov. 20. First Bank and Trust Company of Hendersonville, institution, failed to open business today and the Citizens National Bank and the Bank and Trust Company immedclosed their doors to prevent runs, lines of depositors formThe latter two were declared solvent by officials.

Cold Wave On. Order that load REGAL. Farmers Supply Co. 169-tf

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FOUR NORTH CAROLINA BANKS CLOSE DOORS Asheville Institution With $18,000,000 Deposits Among Those Involved. By the Associated Press. RALEIGH, N. C., November 20.-Four banks in Western North Carolina, including the Central Bank & Trust Co. at Asheville, with deposits of $18,000,000, closed today, John Mitchell, State bank examiner, announced here. Mitchell said his office had been advised that the Central Bank & Trust Co. of Asheville closed this morning and the Biltmore-Oteen Bank of Asheville, the First Bank & Trust Co. of Hendersonville and the American Bank & Trust Co. of Hendersonville had also closed their doors. HENDERSONVILLE, N. C., November 20 (AP)-Three Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank & Trust Co., failing to open at the regular hour this morning, had a notice on the door which said the institution had been placed in the hands of the State banking department for liquidation. Runs immediately developed on the American Bank & Trust Co. and the Citizens' National. Depositors stood in long lines in an effort to draw out their savings. The American remained open only a few minutes. Its officials in closing it issued a statement saying the action had been taken for the protection of depositors and because of the run. The Citizens' closed after an hour. Its officials declared the institution "perfectly solvent."

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6 North Carolina Banks Close Doors

ASHEVILLE, N. C., Nov. The Central Bank and Trust Company, largest financial institution in this immediate section, failed to open for business Thursday and by noon five other Western North Carolina banks had closed Capitalized at $1,000,000, the Central Bank and Trust Company on Sept. 24. the date of the last bank call. had of Other banks were the Biltmore Bank here including its branch at Oteen Veterans Hospital: the First Bank and Trust Company, Hendersonville the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, N. John Mitchell, state bank examiner, was notified of the Bank and Trust Company failure to open and was expected to send an examiner here immediately to take charge of it. statement given out by the board of directors said the bank was closed in anticipation of heavy run. The closing of the three banks at Hendersonville left that city of approximately 8,000 residents without banking facilities. Other banks in Asheville said Thursday that they had experienced some withdrawals, but were in condition to meet any demands their depositors might make of them.

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NEW ENGLAND BANKERS CALLED

Infrequency of Suspensions Pointed to With Pride

6 IN 9 YEARS

Institutions in North Carolina Closed

Nov. 20. (AP) treasurer of the Industrial Trust company Providence. the characterized New England bankers an the session sixth New England conference The conference marking the fifth the England this an the council and the New England The first session preceded and the opening of the first the conference Clayton suspensions New England. During the year when the middle many bank there the six New states. Frank Partridge president Vermont company Proctor. Vt., who followed Clayton spoke of responsibility of bank directors the served their He said during address while he did want himself the motest the highest bank to the letter and spirit the Edward president the Hampshire bank Concord. urged the bankers and accept "safe to aid borrowers sound Wilbur the First bank of Boston, urged use of all possible safe-

Stability in Industry. Stability in industry and employmust be brought about through improvement in industrial managethe New England Council told today by Redfield Proctor "The soundest remedy for unemployment said the force for the New England dustries had been negligent said the search business wae seriously undervalued power companies New land will have spent 1930 instead the which the estimate reported Presithe Charles Edgar. Boston Edison Electric company and chairman the cil's power presented by Rodman member the committee predicted that the power business would have yearly growth "something the neighborhood ten per Governor John H. Trumbull Connecticut urged New England states "meet the challenge of the aviation industry' and thereby fit by the further development of rapid means of transportaand communication.

Raleigh Nov. banks western North Carolina. including the Central Bank and Trust company Asheville with deposits closed Mitchell state bank examiner announced said his office had been advised that the Central and Trust company of Asheville this the bank, the First Bank and Trust pany and the American Bank and Trust Hendersonville had also closed their doors.

Hendersonville, N. Nov. 20. (AP) -Three their today leaving the city The First Bank and Trust pany had notice door this which the had been placed in the of the state banking department for invesRuns immediately developed on the American Bank Trust company the Citizens National. Both institutions closed their doors within hour.

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AGE TENOKMULGEE DAILY DEMOCRAT, THURSDAY, NOVEMBER 20, 1930. Big Asheville Bank Closes Doors, Followed by Five Others in North Carolina

UN FEARED, IT IS ANNOUNCED hree Institutions In One City Are Closed At Once

ASHEVILLE, N. C., Nov. Central Bank & Trust mpany, largest financial instituin this immediate section. to open for business today by noon five other western Carolina banks had closed doors. Capitalized at $1,000,000. the Bank & Trust Co., on 24, the date of the last bank had resources of $21,753,000. Other banks closing were the Itmore Oteen bank here, includits branch at Oteen veterans' spital; the First Bank & Trust the AmeriBank & Trust Co., Hendersonthe Citizens National bank, and the Bank of Lowell, N. C. Mitchell. state bank exwas notified of the CentBank & Trust Co.'s failure to and was expected to send an aminer here immediately to take of it. given out by the of directors said the bank closed in anticipation of run. closing of the three banks Hendersonville left that city of proximately 8,000 residents hout banking facilities

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Six Banks Close In North Carolina

Asheville, N. C., Nov. 20.-(P)The Central Bank and Trust Company, largest financial institution in this immediate section, failed to open for business today and by noon five other western North Carolina banks had closed their doors. Capitalized at $1,000,000, the Central Bank and Trust Company on Sept. 24, the date of the last bank call, had deposits of approximately $18,000,000. Its resources were given at that time as $21.753,000. Other banks closing were the Bilt. more-Oteen bank here, including its branch at the Oteen Veterans Hospital; the First Bank and Trust Company of Hendersonville; the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, Lowell, N. C. A statement given out by the board of directors said the Central Bank & Trust Company was closed in anticipation of heavy run. "This action," the statement said, "was taken solely to conserve the interests of the depositors and only after it became apparent that such step was wise. During the past few days the bank had been forced to withstand heavy withdrawals of funds."

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Three Hendersonville, N. C., Banks Closed by Runs

HENDERSONVILLE Press N. C., Nov. 20. -Three Hendersonville banks with aggregate deposits of more than $2,000,000 closed during runs today. They were: The First Bank and Trust company, deposits $813,338; the Citizens National Bank, deposits, $1,077,397; the American Bank and Trust compan deposits $55,012. Officials of the Citizens National. and American Bank and Trust announced the institutions were solvent and would re-open.

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The Central Bank & Trust At Asheville, With Deposits of Was the Largest of Group

ANNOUNCED BY BANK

Three Banks At Hendersonville and the Bank Also Fail to Open Doors.

Central Bank and Trust company. the largest institution in this immediate failed to and by other closed the Bank and Trus company September date of the and deposits approxmately $18,000,000 Its resources given at that time banks closing were the more-Ost bank here. including branch Osteen vetrans pital: the First Bank and Trust company. Bank and Trust Citizens NationBank Hendersonville. and the Bank Lowell John Mitchell state bank examnotified Central Bank and Trust company's failure open expected send an examiner here immediately to take charge of statement given out by the board of said the bank closed in anticipation of a heavy action," the statement said: taken solely conserve the of he depositors and only after apparent that such step was During the past few days the bank has been forced withstand heavy withdrawals of Wallace R. Davis. civic leader. president the He was ported his home this morning. could not reached Brown. chairman of the board of directors. refused amplify the statement given out by the direct- notice posted the door of on First Bank and Trust Company. said the institution had been placed in the hands of the State Banking Department for was capitalized Had surplus 261 and deposits of cording its last statement of Heavy runs developed early the on the Bank and Trust company and CitiNational Bank Hendersonand they closed. The American Bank and Trust three The National had of Bank at and had undivided profits office and branch Oteen The Gaston county had deposits the statement $20,000 closing connection persions today. failure Yarr. Mills to full banks that of experience by

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BANKS IN SIX NORTH CAROLINA CLOSE DOORS terests the depositors and only after that the past days During forced withstand the bank been withdrawals of funds heavy door of notice posted First Trust the institution the of the had for liquidaIt capitalized and deposits to its last statedeveloped in the Heavy runs American and on the Citizens Trust and tional Bank they and Trust ComThe smallest the banks, $160.had deposits The National capitalized 000 had surplus of $150,000 deposits Lowell Gaston the Whether failure today was with the other not be learned. The closing of the three banks at Hendersonville left city apresidents without proximately Asheville said this Other had experienced withdrawals. but were in condition meet demands might make them.

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SIX MORE BANKS CLOSE

FIVE NORTH CAROLINA INSTITUTIONS FAIL.

Several Suspend Because of Runs; Hannibal, Mo., House Also in Hands of State Officials.

ASHEVILLE N. C., Nov. 20.-(AP) -The Central Bank and Trust company, Asheville's largest financial institution, failed to open for business today. A notice posted on the door advised the public that the bank was closed on order of the board of directors for the of assets The bank's last statement of condition showed more than $18,000,000 on as deposit. The Biltmore-Oteen bank also closed. The Central bank was capitalized at $1,000,000 and its last statement of condition issued September 24, gave its surplus as $1,000,000.

HENDERSONVILLE. N. C., Nov. 20.-(AP)-Three Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank and Trust company failed to open at the regular hour It had notice on the door which said the institution had been placed in the hands of the state banking department for liquidation. Runs developed on the American Bank and Trust company and the Citizens National and they soon closed.

JEFFERSON CITY, Mo., Nov. 20.Hannibal Trust company, Hannibal Mo. with total resources of $1,523,720. was closed today by its board of directors, the state finance department announced. Heavy withdrawals as result of the recent bank closings in Quincy, III., across the river from Hannibal, was given the cause. The bank according to the last statement filed here, had deposits of $1,124,814 loans of $1,002,537 and capital stock of $200,000

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JUDGMENT FOR $26,000 GIVEN THIS COUNTY Federal Suit Is Outgrowth Of Action After Bank Closings Henderson county has been awarded a judgment in the amount of approximately $26,000 against Hilliard Atkins, receiver of the Citizens National bank, M. M. Redden, county attorney, announced today. The suit was brought in federal court and referred to J. Y. Jordan. Jr., standing master of the federal court, for the finding of the facts and law. Mr. Jordan has rendered a decision favoring the county. The defendant in the case was allowed 20 days to perfect an appeal. The suit grew out of a check drawn by the county on the First Bank & Trust Co., and placed in the Citizens bank. The check was not collected before the bank closed and was charged back to the county account. After the banks closed the receiver for the Citizens bank collected about 80 per cent of the amount of the check from the First Bank, Mr. Redden said.

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CLOSED CITIZEN'S NATIONAL BANK REALTY ASSETS WILL BE SOLD HERE AUGUST 25TH Special Liquidator Announces Auction; Bank SYMPHONY TO Bldg. on Block All real estate owned by the PLAY TONIGHT Citizens National Bank, now in liquidation, will be sold here at DeNardo Making His First public auction on Tuesday, Aug. 25, at 10 a. m., according to Britt Appearance Here as Davis, special liquidator of real Director estate for the comptroller of the currency. A similar sale of realty assets The North Carolina Symphony of the closed American National orchestra, under the direction of bank of Asheville, will be held at Joseph DeNardo, will make its Asheville the following day. Hilfirst appearance this summer in liard B. Atkins is receiver for the Hendersonville at the high school two institutions. auditorium tonight at 8 o'clock. Included in the sale to be conThe concert is the first of a seducted here is the Citizens Bank ries of musical programs, sponbuilding as well as dwellings, othsored by the Chamber of Comer business properties, farms and merce. In addition, the concert building lots. Every piece of will mark the first appearance of property will absolutely be sold Mr. DeNardo here as conductor of to the lowest bidder on the day the orchestra. of the sale, it was said. The concert will feature, in adPrincipal interest centers in the dition to Schubert's "Unfinished sale of the bank building, a handsome stone structure at Main Symphony," the ever popular street and Fourth avenue. Repre"American Bolero," by Brown; senting an investment of upwards the "Mississippi Suite," by Grofe, of $100,000 the building's projectand "Finlandia," by Sibelius. ed sale has elicited much speculaThese numbers have been popular tion on the amount it will bring at in Hendersonville audiences in public outcry. Sale of all the previous concerts by the orchesproperties will take place at the tra. Other numbers on the probank building, and a large crowd gram will include Glinka's "Rusis expected to attend. sian and Ludmilla," giving someThe auction method of disposthing of the spirit of Russian folk ing of realty holdings of closed music; and "La Media Noche," by national banks was adopted after Stoessel, which is a suite a four efforts to dispose of the properSpanish dances. ties by other means had proved The "American Bolero" preunsuccesful, it was said. The sents musical culture of America, comptroller of the currency finalinfluenced as it is by the music of ly selected Mr. Davis, a Tennessee all nations-the barbaric beat of realtor and auctioneer, for the drums, the broad melodic strain job, and with a sound truck and of the Latins, Oriental dissonants, other equipment, as well as a the lilting sweep of Viennese staff of assistants, he has been strings and the rhythm of Bolero going about the country conductcastanets. ing these sales. Suite" depicts.