Bailey Banking Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 23, 1921
Location: Bailey, North Carolina (35.780, -78.116)

Metadata

Model: gpt-5-mini
Short Digest: 29181685

Response Measures

None

Description

Article reports the Bailey Banking Company closed last Saturday and that petitions for a receivership have been filed. Cause cited is inability to realize on its paper (bad loans/illiquid assets). No run or attempted reopening is mentioned, so this is classified as a suspension leading to permanent closure/receivership.

Events (2)

1. April 23, 1921 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to realize on its paper (loans/notes held by the bank could not be collected).
Newspaper Excerpt: The Bailey Banking Company closed last Saturday and petitions for a receivership have been filed.
Source: newspapers

2. April 25, 1921 Receivership

Newspaper Excerpt: petitions for a receivership have been filed. The last statement of the bank showed that it had a total of $200,000 assets and liabilities, with a capital of $28,000.00.
Source: newspapers

Newspaper Articles (1)

1. April 25, 1921 The Daily Times Wilson, NC

Article from The Daily Times, April 25, 1921

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Article Text

BANK OF BAILEY CLOSED. The Bailey Banking Company closed last Saturday and petitions for a receivership have been filed. The last statement of the bank showed that it had a total of $200,000 assets and liabilities, with a capital of $28,000.00. It is the general impression that the bank will be able to pay its obligations. The cause of the failure is the inability to realize on its paper which it holds.