First National Bank - Charlotte, NC

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 1547
Charter Number: 1547
Start Date: July 23, 1904
Location: Charlotte, North Carolina (35.227, -80.843)

Metadata

Model: gpt-5-mini
Short Digest: c0eebd1a

Response Measures

None

Description

Article (dated July 23, 1904) describes heavy withdrawals and inability to remit collection checks during the Breeze embezzlement trial. This indicates a depositor run driven by adverse bank-specific information (embezzlement case). There is no mention of a formal suspension, receivership, or reopening in the text, so classified as run_only.

Events (1)

1. July 23, 1904 Run

Cause: Bank Specific Adverse Info
Cause Details: Withdrawals accelerated during the Breeze embezzlement trial; bank could not remit collected checks because funds were withdrawn faster than deposited.
Measures: Held back and signed collected checks; management striving to carry the bank along to avert panic.
Newspaper Excerpt: it was impossible to send them off. It had been necessary to withdraw the money from the banks upon which the checks were drawn and as money was being withdrawn from the First National Bank faster than it was being deposited
Source: newspapers

Newspaper Articles (1)

1. July 24, 1904 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, July 24, 1904

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Article Text

BREEZE EMBEZZLEMENT TRIAL. Second Week of Famous North Carolina Case at End. Charlotte, N. C., July 23.-To-day marked the close of the second week of the Breeze embezzlement trial. A great mass of testimony has been introduced and the indications are that at least one more week will be required in bringing the case to a close. William E. Breeze, the defendant, has been on the witness stand the greater part of the time since Wednesday at noon and it is probable that his direct testimony will not be finished before the adjournment of court Monday afternoon. Touching the failure of the First National Bank to remit checks for drafts that had been collected for other banks, Major Breeze said they were signed and held back for the simple reason that it was impossible to send them off. It had been necessary to withdraw the money from the banks upon which the checks were drawn and as money was being withdrawn from the First National Bank faster than it was being deposited. it was impossible to replace the funds. The witness was striving to carry the bank along and still hoped to be able to avert the threatened panic. As it turned out the depositors at home got the benefit of this action and the creditor banks in the north lost. The witness averred that he received no personal benefit from any of the money that was withdrawn from the bank. the checks that were charge against his account having been drawn to pay various bills. His overdrafts were for the purpose of making good the interest and renewals of notes.