11632. Bank of BLACK MOUNTAIN (BLACK MOUNTAIN, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 18, 1943
Location
BLACK MOUNTAIN, North Carolina (35.618, -82.321)

Metadata

Model
gpt-5-mini
Short Digest
7d25ed60

Response Measures

None

Description

The bank closed (suspended) on March 18, 1943 and was placed in receivership; FDIC payments to depositors were expected. No run is described in the articles, so this is a suspension leading to permanent closure/receivership. Bank identified as a state bank by the second article.

Events (2)
1. March 18, 1943 Receivership
Newspaper Excerpt
Although only two banks have been placed in receivership since 1933one at Draper and the other at Black MountainHood said ... those two failures would have been prevented.
Source
newspapers
2. March 18, 1943 Suspension
Cause Details
Article notes the bank closed/suspended but does not specify the trigger or cause (no run or specific adverse info given).
Newspaper Excerpt
the Bank of Black Mountain, Black Mountain, N. C., which closed on March 18.
Source
newspapers

Newspaper Articles (2)
1. April 2, 1943 Henderson Daily Dispatch Henderson, NC
Article from Henderson Daily Dispatch, April 2, 1943

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Article Text

PAYMENT TO BE MADE TO BANK DEPOSITORS Washington, April 1 - Within a short time the Federal Deposit Insur ance Corporation is expected to begin payments to depositors of the Bank of Black Mountain, Black Mountain, N. C., which closed on March 18. The bank held total deposits of approximately $1,000,000 at the time of suspension and practically the en tire amount is estibate at being insured. The bank had about 3,000 depositors at the time of its suspension. This is the second closing of an insured bank in the state of Norte Carolina since the beginning of de posit insurance on January 1. 1934

2. February 29, 1944 The Wilmington Morning Star Wilmington, NC
Article from The Wilmington Morning Star, February 29, 1944

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Article Text

Depositors Of State Bankers To Be Asked To Verify Deposits RALEIGH, Feb. 28. -(P)- Depositors of state banks in North Carolina which are under examination will be asked in the future to verify individual deposits with their bank, State Banking Commissioner Gurney P. Hood said today. This method will be used to verify the assets and liabilities of each bank under examination, Hood said. Although only two banks have been placed in receivership since 1933-one at Draper and the other at Black Mountain-Hood said it is his opinion that if the procedure of verifying all assets and liabiInties had been followed, those two failures would have been prevented.