11645. Bank of Boone (Boone, NC)

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RECORD OF DEFUNCT IN NORTH CAROLINA Date Closed. Name of Bank and Location. Peoples Bank, Union Mills. Farmers Bank, Summerfield Bank of Tabor, Tabor. Farmers Bank Trust Co., Farmers Savings Bank, Lumberton Bank of Coats, Peoples Bank Trust Co., Fairmont 12-28-20 Bank Lumber Bridge, Lumber Bridge. 3-17-21 *Bank Pink Hill, Pink Hill. Bank of Boone, Farmers Bk. Co., West Jefferson 4-25-21 Bailey Banking Co., Bailey. 5-10-21 Peoples Bank, 5-27-21 Pineville Sav. Bank, Pineville 6-11-21 Bkg. Co., Pollocksville 6-17-21 Bank of Knightdale, Knightdale 7-5-21 Bank Roper, Roper. 7-22-21 Bank, Shallotte 8-22-21 Bank Thomasville 8-24-21 Bank Denton, 1-14-22 Central Bank Trust Co., Raleigh Bank of Fairmont, Fairmont Bank Lasker, Lasker. 6-30-22 *Peoples Bank, Williamston *Bank Proctorville, Proctorville Bank Southport, Southport Liberty Savings Bank, Wilmington 3-20-23 Planters Bank Trust Co., Fremont 3-22-23 State Bank Trust Co., Dunn. 3-30-23 Bank of Dover, Dover 4-11-23 Farmers Merchants Bank, Fairmont 4-26-23 Harnett County Trust Lillington Bank of Cerro Gordo, Cerro Gordo Planters Bank, Stokes 7-16-23 Bank Hollister, Hollister 7-19-23 Planters Bank Trust Co., Burgaw Bank Atkinson, Atkinson 8-15-23 Parmele Banking Trust Co., Parmele. Bank of Vanceboro, 4-16-24 Farmers Merchants Bank, Henderson 7-22-24 Security Savings Bank, Charlotte 7-29-24 Sharpsburg Banking Sharpsburg Bank Council, Council Bank MeDonald, McDonald Peoples Bank & Trust Co., Richfield Maxton, Bank Jamesville, Citizens Bank Trust Co., Wilmington Bank Parkton, Parkton Farmers Bank, Elkin 1-14-25 United Commercial Bank, Plymouth Merchants Farmers Bank, Princeton 2-18-25 Planters Bank Trust Creedmoor Martin County Bank, Bank of Norlina, 4-29-25 Merchants Bank, Rowland Bank of Turkey, Turkey 5-18-25 Snow Bkg. Trust Co., Snow Hill. Bank of Hamlet, Hamlet 12-24-25 Albemarle Bank, Elizabeth City Truckers Trust Co., Cerro Gordo. Bank of Whitakers, Farmers Bkg. 1-30-26 Bank Columbus, Whiteville 3-24-26 Bank of Tillery, Tillery Bank Guilford, Midland 4-22-26 Bank of Warsaw, Warsaw 4-27-26 Merchants Bk. Tr. Co., Winston Salem. 5-20-26 Peoples Bank, Springs. 7-30-26 Peoples Bank, East Bank of Holly Springs, Holly Springs Charlotte Bank Trust Co., Charlotte Totals $2,014,982.00 $9,432,133.35 $16,589,679.64 taken from last call previous to failure. Collected report of the tabulation devoted to reports Twelve of them made had charged for periods long seven years. paid out funds depositors. Forty one of the 72 have paid part of the amount due depositors. Under the law the chartering of banks was solely the discretion the Secretary of State. Under the law supervision of banks left solely to the poration Commission. Under appointment and supervision reveivers was left solely to the judges of the Superior courts. Anybody could get into business, regardless of public necessity by filing an applica tion for charter with thes Secretary of State. The Commistried keep them from stealing or frittering away its assets and too often failed. The receiver by judge riding the trict for the time being legally expected to report the next judge that came along. More often he never made any report. In the majority of cases reports have not been filed for five years. This tri-partite division of responsibility responsible by the Chief Bank Examiner for the heavy losses sustained by many thousands of depositors during the lean years since 1920. Banks chartered with little $5,000 capital oblivious public necessity or convenience have played havoe with the resources the State, Mr. Mitchell declares. The majority of the failures have been among banks with inadequate resources do business with. This has been one serious defect in the banking business. Skipping over their own responsibility for the present, the bank come third division of only to migrajudge. Therein, Mr. Mitchell says, lies the reason for the curring entry of "No report" in the records. Being responsible to migrant official, the receivers have lapsed into that only by the of the judiciary in requiring reports. Along with the records that are unpaid. collected and the basis of the statistical summary accompaying this story are voluminous files of correspondence with ports of thier husbandry. In the indicated places there have been reports made. Under old "law the receiver responsible to the court, and in cases he content let the matter stand until judge gets prodding him. In only has one receiver been discharged and installin his place, and that when Judge got disgusted with the handling of defunct in Washington county and ordered action. Not 1925, when the State stalled banker in the Executive £Collected $115,161 and unpaid. Mansion, was any comprehensive change in the banking laws of the state. This legislation was completed in 1927, and according to Mr. Mitchell, something order brough from the chaos defunct banks muddling under local receivership. The are muddling under the old law, but the nine ones added since then are being such fashion make possible to find out what and at considerably cost. This banking code provides that Corporation Commission must approve an application for the charter of new bank before granted; that when bank fails, the receiver named and his activities supervised and directed, Corporation Commission, he must reports regularly activities custodian bank's There are other provisions that are intended to reguand safeguard the operation banks, notably restriction of to officials and directors. But the restriction charter rights the administration of the banks garded greatest advance safeguarding banking. No necessary established. North has Within year but mostly through without consolidation loosed upon uncertain reers. Under the receivership laws the by charge collected he what after five and for agent month, charge, collects pays assets reports regularly. comparison: On bank failed. An agent took charge. collected paid out $72,000. has drawn compensation $450. Withmore weeks the bank's affairs have been closed Under the old system receiver would have been appointed. had collected and out $72,000 now, his would have reached $7,200. He would have likely made reports. judge would not be back his county for anoth month yet. There, Mr. Mitchell thinks, the hope of banking There too many banks, have had the survival of the fittest. casualties have large. The liquidation been cumbersome. Mitchell does not expect that bank failures will cease altogether, human nature being what There still some due, but whole business healthier condition than has ever been. And will liquidate close out defunct banks an orderly manner. and conveniently symbolical John Smith has good many less banks money in, they are likely grow chances failure, Mr. thinks, reduced three in What will get back always be knowing that certainty take seven years to find again back. pigeon, mutillated that it was unable fly, recently hopped home along the housetops Sabden, England. Total Assets Paid Capital. Deposits. Failure. Depositors. Receiver. 6,000.00 64,761.33 89,151.24 $32,000 Harris 6,700.00 11,264.21 100% Fentress 20,000.00 84,781.52 266,708.00 $2,078 Lewis 25,000.00 280,494.90 595,391.04 Dawson report 17,800.00 19,353.60 59,242.18 $19,548 McNeill, 25,000.00 339,401.37 508,997.42 $33,940 Young 25,000.00 184,293.86 324,578.51 $90,034 Bullock 10,000.00 31,556.80 101,825.39 $48,000 Johnson 10,000.00 86,065.28 146,773.21 $46,125 Merchants Bank 10,000.00 5,256.71 21,757.31 5,156 Sudderth 10,000.00 4,349.83 19,156.77 None Roland 28,700.00 120,031.83 195,687.21 100% Branch Bank & Trust Company 10,000.00 34,719.58 87,973.78 $ 9,568 Morris 15,000.00 37,195.04 93,234.90 $40,688 Trust Company 15,000.00 148,898.50 295,689.54 Land and A. Uzzell report 12,000.00 27,629.15 59,388.63 $16,390 Fulghum 20,000.00 251,592.47 466,025.01 $17,624 Norman 10,000.00 77,829.76 123,369.05 15% Pearce 50,000.00 379,543.81 597,207.64 $262,345 Finch 25,000.00 188,246.25 245,581.00 100% Arthur Ross 50,000.00 202,776.46 352,973.20 Little, Barnes Ball report 40,000.00 175,957.25 235,638.48 Bullock $42,989 8,132.00 22,389.18 33,121.68 $20,415 Norfleet 100,000.00 256,533.45 887,585.93 None Staten 10,000.00 47,213.60 85,357.38 $71,124 Graham 15,000.00 387,972.68 464,950.77 $74,911 Peoples United Bank 25,000.00 201,978.74 269,758.26 $13,345 Little 25,000.00 98,862.61 141,991.87 $55,696 Bank Fremont 25,000.00 49,298.88 154,279.12 None Godwin 5,750.00 17,077.14 35,473.97 25% Farmers Merchants Bank 20,000.00 38,672.15 64,168.49 $20,188 Bullock 20,000.00 57,956.43 124,301.68 $27,501 Speers and C. Hicks 10,000.00 58,392.21 131,766.31 None Bryan 10,000.00 35,316.81 82,555.35 $15,062 Greenville Bank Trust Company 10,000.00 37,891.88 61,512.90 $19,700 Vaughan and Cope 20,000.00 21,350.61 77,907.70 Branch report 9,350.00 34,935.04 99,807.25 None Branch 5,000.00 9,520.12 17,938.32 None Martin County Savings & Trust Co. 60,400.00 208,391.89 383,319.10 125% Whitehurst 125,000.00 254,050.22 614,495.12 $148,222 Bank of Vance 100,000.00 294,919.09 487,144.56 58,857 American Trust Company 7,000.00 25,303.04 55,138.15 12,690 Spruill, Jr. 10,000.00 13,519.84 33,085.47 None Clark 10,000.00 14,877.34 42,664.14 $4,266 McLean 25,000.00 48,120.78 86,376.49 100% Harris 72,750.00 197,916.40 658,897.41 None Peoples Bank 10,000.00 48,175.95 151,884.14 No report 50,000.00 213,339.63 374,881.89 Norman 20,000.00 67,077.37 126,955.71 None LaFayette Bank Trust Company 18,100.00 91,104.11 134,197.23 Bates No report 255,461.99 550,347.00 None Branch Banking Trust Company 10,000.00 68,190.26 85,462.55 $19,130 Farmers Bank Trust Company 50,000.00 144,052.75 231,947.97 $45,341 H. Rogers 10,000.00 82,531.70 145,933.52 None Coburn 25,000.00 81,504.50 129,919.94 $10,817 Ellis and Watson 22,500.00 142,746.29 273,483.20 None Bullock 10,000.00 31,261.44 59,501.09 No report Walker Stevens 49,000.00 248,329.33 317,613.58 None National Bank of Snow Hill 35,000.00 531,398.58 709,915.05 $46,849 Page Trust Company 24,200.00 91,076.22 139,733.86 None Williams 12,000.00 3,426.20 18,815.06 No report Bryan 40,000.00 202,762.18 363,687.05 None Branch Bank & Trust Company 37,200.00 52,529.22 150,035.51 None Greenville Bank Trust Company 20,000.00 350,391.73 473,785.70 None Waccamaw Bank Trust Company 12,400.00 6,045.17 33,648.84 No report Scotland Neck Bank 10,000.00 48,974.87 59,016.74 None Concord National Bank 25,000.00 256,181.00 416,981.93 None Branch Bank Trust Company 200,000.00 965,068.22 1,539,805.57 Wachovia Bank Trust Company 10,000.00 31,817.59 63,739.96 No Consolidated Trust report 15,000.00 9,060.98 36,559.06 Atlantic Bank Trust Company report 10,000.00 55,458.63 80,470.18 No Fidelity Bank report 50,000.00 130,874.26 206,279.02 No American Bank Trust Company report $1,659,136