11659. Peoples Bank (Chapel Hill, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
July 21, 1910
Location
Chapel Hill, North Carolina (35.926, -79.038)

Metadata

Model
gpt-5-mini
Short Digest
31242717

Response Measures

None

Description

No contemporaneous run is mentioned in the articles. State Corporation Commission/State Bank Examiner closed the bank (July 21, 1910) for bad loans/shortages; a receiver was to be appointed. Articles report stockholders and backers (Julian S. Carr and university figures) recapitalized the bank and it reopened mid-August 1910.

Events (4)

1. July 21, 1910 Receivership
Newspaper Excerpt
The doors of the People's Bank at Chapel Hill were closed by State Bank Examiner Doughton to-day on an order of the Corporation Commission. until a receiver can be appointed, which will be to-morrow probably.
Source
newspapers
2. July 21, 1910 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Found in bad condition due to bad loans and shortages; bad loans/notes (~$9,000) wiped out capital; assets insufficient to cover deposits.
Newspaper Excerpt
CHAPEL HILL BANK ORDERED CLOSED ... the Corporation Commission to-day directed State Bank Examiner J. K. Doughton to close the People's Bank, of Chapel Hill, and hold it until the commission procures the appointment of a receiver.
Source
newspapers
3. July 22, 1910 Other
Newspaper Excerpt
The Corporation Commission Thursday directed State Bank Examiner Doughton to close the People's Bank of Chapel Hill and hold it until the Commission procured the appointment of a receiver. The bank was found in bad condition owing to bad loans and shortage.
Source
newspapers
4. August 17, 1910 Reopening
Newspaper Excerpt
The People's Bank at Chapel Hill ... resumed business to-day, having been placed on its feet by General Julian S. Carr's backing and the aid of Professors Williams, Howell and Webb, of the State University. Bad loans were the cause of the suspension.
Source
newspapers

Newspaper Articles (9)

Article from The Times Dispatch, July 22, 1910

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Article Text

CHAPEL HILL BANK ORDERED CLOSED Raleigh, N. C., July 21.-Finding that the bank was in bad condition, owing, as a commissioner expressed it, to bad loans and shortages. the Corporation Commission to-day directed State Bank Examiner J. K. Doughton to close the People's Bank, of Chapel Hill, and hold it until the commission procures the appointment of a receiver. A commissioner will appear before some Superior Court judge, probably Judge Biggs, to-morrow, and ask for the appointment of a receiver. The last quarterly statement of the condition of the bank showed assets $38,610; deposits, $23,894; loans, $34,144. J. D. Webb is president, and W. H. Hancock, cashier. The bank has been in business three years.


Article from The Robesonian, July 25, 1910

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Article Text

The Corporation Commission Thursday directed State Bank Examiner Doughton to close the People's Bank of Chapel Hill and hold it until the Commission procured the appointment of a receiver. The bank was found in bad condition owing to bad loans and shortage.


Article from The Wilson Times, July 26, 1910

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Article Text

Stockholders of Peoples' Bank Will Pay All. Raleign, N. C., July 25.-In discussing the situation as to. the closing of the Peoples' bank of Chapel Hill, closed by the state bank examiner a few dags ago, a member of the corporation commission said that it looks liks that with close management by the receiver the depositors will get all their money. However, it looks like the stockholders will. have to go down in their pockets for an amount of money equal to the outstanding stock in order that this may be done. This is under the operation of the act of the last legislature making stockholders liable for double the amount of their stock in the event the interests of the depositors become


Article from The Caucasian, July 28, 1910

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Article Text

Chapel Hill Bank Closed. Raleigh, N. C., July 21.-The doors of the People's Bank at Chapel Hill were closed by State Bank Examiner Doughton to-day on an order of the Corporation Commission. until a receiver can be appointed, which will be to-morrow probably. An examination revealed a crippled condition through bad loans and shortages. The assets are $38,610; deposits, $23,894, and loans $34,144, according to the last quarterly report. The officers are J. D. Webb, president, and W. H. Hathcock, cashier. It was found on examination that bad loans and notes amounting to some $9,000 had wiped out the capital stock of $5,000, and that there was no surplus or undivided profits. There was about $25,000 in deposits and a large part of this will be lost to depositors.


Article from The Durham Recorder, July 28, 1910

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Article Text

SHORT LOCAL ITEMS If it's shoes, go to Bellamy's. Everybody is going on that delightful Excursion via Southern Railway to Norfolk August 9th. See ad. On Monday afternoon fire destroyed a house and cottage, owned by H. Silver, a Hebrew merchant. The lost was about $3000 with very little insurance. A protracted meeting has been started lat the Second Baptist church and will be carried on for several days. The preaching will done by Rev. C. E. Maddry, of Statesville. Judge J. S. Manning is con1 fined to his home with a severe attack of sciatica. He has been suffering with this affection for some time and seems unable to rid himself of it. The tuberculosis exhibition is still going on, and affords a good opportunity for the public to be1 come aquainted with the cause and methods of prevention of the disease. Quite a large number of people have been attending I and there is much interest shown. Attorney J. Ed Pegram has been appointed receiver for the Durham Typewriter Co., which failed a short time ago. While the assets are greater than the I liabilities, the business was forced to close on account of bad S collection of debts. Mr. R. O. Everett has been appointed attorney for the state in the bankruptcy case of the Peoples Bank of Chapel Hill. The bank was clased by the corporation "commission on account of bad loans and worthless assets. 1 Mrs. J. J. Willis died at her I home Monday afternoon after a long spell of sickness. She leaves her husband and five children.


Article from The Caucasian, August 4, 1910

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Article Text

State News. A very destructive fire took place in the town of Pantego, in Beaufort County, about thirty miles from this city between 3 and 6 o'clock Monday morning. Iredell and Columbus Counties are not troubled with race suicide. In Iredell, there are twenty-four children in one family, and in a Columbus family the number is sixteen. Tuesday afternoon between 6 and 7 o'clock the grand-stand at Kanapolis was blown down by the severe wind storm and Robert Gunter, who was one of its occupants was killed. Bitten by a bulldog belonging to a member of the Raleigh band, the little daughter of C. D. Bradham, of New Bern was badly hurt. The dog was shot and the head sent to the State Physician to determine if it e had rables. o Il The receiver, stockholders and dia rectors of the People's Bank of I Chapel Hill, met last Monday before e Judge J. C. Biggs in the office of Il Attorney R. O. Everett and it looks Il now as if the bank will be put on its c feet and will open its doors again. N Jealous of the attention her husband was showing another woman, Helen Price, a Charlotte negress, shot t and blowed off the head of her husd band, Oscar Price. She surrendered G quietly to arrest and was placed in in jail. c a Leave of absence has been granted in to third and fourth-class postmasters h in North Carolina to attend the meeta of the North Carolina State ti League of Postmasters to be held at W Winston-Salem, September 23d and 24th. $ n te Ab Byrd, of Fayetteville, who is charged on July 2nd inflicted the G fa low which subsequently caused the leath of Fred Thomson, was arraignMonday before Magistrate McLean. He pleaded guilty, waived examination, and was remanded to O ail without bail. ch ti Waynesville is just now in the ty nidst of the busiest part of the th ourist season. Every train brings in D rowds of visitors from the south and W The hotels and boarding houses en filling up rapidly, and it is quite ertain that the town will be crowded be August 1st. ti Ca The committee appointed by Govis rnor Kitchin to make an investigata into the management of the tate tuberculosis sanitarium at Iontrose has begun its investigaThe committee is composed B. C. Beckwith, of Raleigh. and Ne F. Beasley, of Monroe. we on Lewis Stewart, a farmer, was m unconscious with his skull ed ractured in one of the stalls at a tocu acco warehouse at Winston-Salem. th he supposition is that he was aswi aulted with a brick by a negro and no obbed. Mr. Stewart was removed the hospital. His condition is seious. J. W. Davenport, a merchant of Sa ne tocky Mount, is held for court, mi harged with assaulting and choking ma Agnes Rose. The woman, who in a delicate conditions, is seriery wi usly ill. There is considerable feelon both sides, Davenport's friends gr laiming that there is absolutely no the rounds for the charge. I By communicating to Jailer J. M. ranch a conversation overheard beSa veen two negro prisoners, Rev. T. ing Alston, the preacher-tailor, and the eorge Green, both colored, and sentak enced to terms of the county roads app false pretense and forgery, refou ectively, a negro woman probably edy the life or serious injury of the iler at Wilmington and prevented esecape of the negroes mentionThe negroes had plotted to overGre


Article from The Caucasian, August 4, 1910

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Article Text

The receiver, stockholders and directors of the People's Bank of Chapel Hill, met last Monday before Judge J. C. Biggs in the office of Attorney R. O. Everett and it looks now as if the bank will be put on its feet and will open its doors again.


Article from The Richmond Virginian, August 17, 1910

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Article Text

Bank Will Reopen. RALEIGH, N. C., August 17.News reached here yesterday that the People's bank of Chapel Hill, which was placed in the hands of a receiver a short time ago, would be opened up at an early date, the stockholders of the old institution having made good the defielt-


Article from The Times Dispatch, August 18, 1910

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Article Text

Bank Resumes Business. Durham, N. C., August 17.-The People's Bank at Chapel Hill, which failed three weeks ago, resumed business to-day, having been placed on its feet by General Julian S. Carr's backing and the aid of Professors Williams, Howell and Webb, of the State University. Bad loans were the cause of the suspension.