11676. Security Savings Bank (Charlotte, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
August 1, 1924*
Location
Charlotte, North Carolina (35.227, -80.843)

Metadata

Model
gpt-5-mini
Short Digest
df91b531

Response Measures

Full suspension, Books examined

Other: Receiver (American Trust Company) appointed; stockholders later sued for statutory liability.

Description

Articles report the bank was closed by a state bank examiner in early August 1924 because it could not liquidate its loans fast enough to meet withdrawals, then placed in receivership Aug 5, 1924. This indicates withdrawals/run prompted suspension and permanent closure with a receiver appointed. 'Savings Bank' indicates a state-chartered savings bank.

Events (5)
1. August 1, 1924* Run
Cause
Bank Specific Adverse Info
Cause Details
Large loans/illiquid loan portfolio; bank could not liquidate loans quickly enough to meet deposit withdrawals, prompting heavy withdrawals.
Measures
Bank was closed by a state bank examiner; temporary receivership followed.
Newspaper Excerpt
the bank was closed last week by a bank examiner, who stated that the institution could not liquidate its loans fast enough to meet withdrawals.
Source
newspapers
2. August 1, 1924* Suspension
Cause
Bank Specific Adverse Info
Cause Details
State examiner closed the bank because it could not liquidate loans fast enough to meet withdrawals; financial affairs badly involved, leading to suspension/closure and receivership.
Newspaper Excerpt
Superior Court Judge B. F. Long has placed the Security Savings Bank in a receivership... The bank was closed last week by a bank examiner
Source
newspapers
3. August 5, 1924 Receivership
Newspaper Excerpt
Acting on petition of Clarence Latham, chief State bank examiner, Superior Court Judge B. F. Long has placed the Security Savings Bank in a receivership, naming the American Trust Company as receiver for the institution.
Source
newspapers
4. October 2, 1924 Other
Newspaper Excerpt
American Trust company, of Charlotte, receiver, formally advises stockholders in defunct Security Safety bank, of Charlotte, that they will lose all stock holdings and additional equal amount while depositors will suffer heavy losses. Investigation discloses affairs of defunct bank ... are in badly involved condition.
Source
newspapers
5. July 15, 1925 Other
Newspaper Excerpt
Receiver of Defunct Savings Bank Seeks to Recover Statutory Liabilities $287,250 Due Creditors. suit to collect the statutory liability from the stockholders of the Security Savings bank, which was closed by the state last August, was begun yesterday in Mecklenburg court.
Source
newspapers

Newspaper Articles (5)
1. August 5, 1924 The Washington Times Washington, DC
Article from The Washington Times, August 5, 1924

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Article Text

SAVINGS BANK FUNDS PUT IN RECEIVERSHIP CHARLOTTE, N. C., Aug. 5.Acting on petition of Clarence Latham, chief State bank examiner, Superior Court Judge B. F. Long has placed the Security Savings Bank in a receivership, naming the American Trust Company as receiver for the institution. The bank was closed last week by a bank examiner, who stated that the institution could not liquidate its loans fast enough to meet withdrawals. The bank, organized in 1919, had a capital stock of $100,000, deposits of nearly $300,000, and loans of more than $300,000. W, L. Jenkins was president of the institution,

2. August 9, 1924 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, August 9, 1924

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of 1923, pledging state's credit to building railway in northwestern counties, unconstitutional and declares intention to fight measure in courts. DUNN.-Wandering honey bee causes near loss of life when A. B. Johnson, of Wilson, turns loose steering wheel of automobile to kill it after stinging Mrs. Johnson. Car went over embankment and both were seriously injured. GASTONIA.-Rex Spinning company mill and Priscilla mill, at Ranlo two of the largest textile plants in Gaston county, resume full-time operation after long period of parttime operation. GREENSBORO. - Public auto busses operating on North Carolina highways are valued at $1,200,000 in report by L. E. Schott, secretary of State Bus Owners' association. MEBANE.-Mrs. Emma Sykes, 80, dies after short illness. BESSEMER.-School commission ers are notified that Bessemer High school is now an accrediated high school by state department of education. ASHEVILLE.-John W. Ruther ford is re-elected chairman of Buncombe county Democratic executive committee, and Burgin Pennell, secretary, at organization meeting of committee. SANFORD.-Dr. William Long, of Chapel Hill, former president of Elon college, and veteran educator and minister, sustains serious in juries when car strikes sand bar and overturns ten miles south of San ford. BEAUFORT. - Travis Coggins, white youth, is released from charge of criminal assault on young girl at Morehead City dance, by superior Court Judge Lloyd Horton, who rules evidence insufficient to warrant jury trial. RALEIGH.-Ninety-one counties ask state for $7,600,000 for construction of school buildings under terms of law enacted at 1923 session of general assembly. DURHAM.-Two children, Jewell Lee Masser, two, son of Mr. and Mrs. W. L. Masser, and Robert Ogden, eighteen months, son of Mr. and Mrs. R. B. Ogden, die after eating poisonous bananas. WINSTON-SALEM.-Mrs. John D. Watkins, who celebrated her 100th birthday April 17, 1924, dies after brief illness. She was member of long prominent family. one of her ancestors, Jeremiah White, being Oliver Cromwell's chaplain, and Thomas Stone, her great-grandfather, a signer of the Declaration of Independence. FAYETTEVILLE. - Twenty-five hundred national guardsmen, representing field artillery units of North Carolina, Florida and Alabama, arrive here for two weeks' encampment and intensive training. CHARLOTTE.-Rev. W. J. Smith, 72. for 24 years superintendent of Thompson's orphanage and prominent Episcopal minister, dies after long illness. WINSTON-SALEM.-J. H. Vaughn, 52. prominent merchant, is shot to death by unknown assailant as he was entering home shortly before midnight after closing place of business for the day. MEBANE. - Mrs. Annie Laws. 40 widow with eigt children, commits suicide by blowing off head with shot gun on front morch of home Worry over financial affairs is as signed as cause of act. CHARLOTTE - Superior Court Judge B. F. Long places Seucrity Savings bank in temporary receiver ship on petition of corporation com mission, naming American Trust company receiver. ASHEVILLE.-Rev. A. H. Stubbs. 83. prominent Episcopal church minister. leading Mason, dies after short SS. WINSTON-SALEM. - Bishop Ed ward Rondthaler announces plans of Moravian church to establish con gregation and build church at Mount Airy. WINSTON-SALEM.-A. H. Eller is elected member of the city school commission succeeding W. E. Frank lin who resigned after serving 25 years. BURLINGTON. - Escape of five Alamance county convicts within two weeks causes County Manager W. O. Warren to order shackles for all prisoners on road gangs. GREENSBORO. - C. H. Thacker, 74, Confederate veteran and prominent business man, dies after protracted illness. DUNN. - Ed Sutton, fireman, sustains broken hip, fractured arm and internal injuries, in fall from burn ing building. KINGS MOUNTAIN.-Joseph Wilson, brother of the late President

3. October 2, 1924 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, October 2, 1924

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RALEIGH.-As result of tremendous increase in activity of boll weevil in recent weeks, state's cotton crop has been reduced about 50,000 bales, with prospect now being for crop of 780,000 bales, according to Frank Parker, state federal agricultural statistician. CHARLOTTE.-Claude E. Hobbs, Jr., eleven, son of Mr. and Mrs. C. E. Dobbs, is dangerously wounded in stomach by discharge of small rifle with which Badger Hobbs, eight, brother, was playing. After operation at hospital, surgeor S say child's condition is grave. CHARLOTTE. American Trust company. of Charlotte, receiver, formally advises stockholders in defunct Security Safety bank, of Charlotte, that they will lose all stock holdings and additional equal amount while depositors will su'fer heavy losses. Investigation discloses affairs of defunct bank. of which W. L. Jenkins was president, are in badly involved condition. SALISBURY.-C. P. Barringer, state chairman of independent party, is advised by state board of elections, that names of La Follette and Wheeler, independent presidential and vice presidential candidates can not be printed on official state ballot. Barringer says independents will print own ballots, which will be distributed to all precinets, as he is authorized to do. CHARLOTTE.-Doubt over legal right of this state to demand return of Dr. J. W. Peacock, fugitive from state prison criminally insane ward, held at El Cajon, Cal., is expressed by Attorney General Manning, here on legal business, who says he has been unable to find legal authority requested by California. CONCORD.-Fire originating in projecting room, destroys Piedmont theater and three adjoining stores suffer heavy losses, total losses be. ing estimated at $100,000. RALEIGH-State adjutant genoral's department announces approval of group insurance policy for $7,500,000 protecting state's national suard members. Company through which this policy was obtained recently wrote similar policy for South Carolina national guard. DURHAM.-Superior Court Judge Cranmer gives custody of Pembroke Kees, son of Dr. Arthur D. Rees, lecturer, of Philadelphia, and Mrs. Mary Graves Rees, of Chapel Hil!, to mother after hearing in proceedmgs brought by father. Judge finds father unfit to have custody. Father abducted child from Chapel Hill in July, 1923, mother recovering possession few weeks later. ROCKY MOUNT.-Senator T. H. Caraway, of Arkansas, accepts in vitation to deliver address October 1 at opening of Rocky Mount fair. Senator Robinson, of Arkansas, delivered address at similar occasion last year. RALEIGH.-Superior Court Clerk Royster is appointed receiver of Primitive Baptist church by Judge Horton pending decision after jury trial for contentions of factions seeking control, principal issue being which body constitutes "true church." Both factions are given privilege of worshiping in church. KINSTON. - Wayne Mitchell, mayor, issues statement warning residents not to buy lands near here offered by syndicate which is of fering them in connection with socalled oil boom. ABERDEEN.-Celebration is held in connection with opening of tobacco market, several thousand persons attending. CHARLOTTE.-E. B. Littlefield prominent in business, social and fraternal affairs of city, dies sudden ly after long period of poor health. He was native of Gainesville, Ga. DURHAM.-Henry T. Sharpe, of Asheville, is elected president of North Carolina real estate association at closing session of annual con vention. WINSTON-SALEM.-Henry Edward Holden. 15, son of Mr. and Mrs Alfred Holden is killed mother

4. October 9, 1924 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, October 9, 1924

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family, is dedicated. Dr. Louis Wilson, of Chapel Hill. delivering dress. Donors of building are P. Carlton, Richmond, Va.; Herb Carlton, Raleigh, N. C.,; Lutl Carlton, Kinston, N. C.; Mrs. T. Parrott, Newnan, Ga., who W present. MADISON.-Thousands of acres in fertile bottom lands of D are destroyed when river ris higher in early October flood th any time since 1912. GOLDSBORO.-Neuse river ris to 35-foot stage, washing away S bridges on Atlantic Coast Li and trains to Wilmington are rout way of Wilson and Fayettevi HENDERSON.-T S. Kendri negro, is arrested at Greystone, ne on bench warrant chargi murder, sworn out by Sheriff J. Plunkett, of Augusta, Ga. CHARLOTTE. - Action is ins tuted in Mecklenburg county super by American Trust compai of Charlotte, against Thomas Payne, former industrial bank o and realtor, whose whereabo unknown, to recover $17,650 o notes and $5,200 on dishonor checks cashed by Security Savir bank. of which trust company is ceiver. GREENSBORO.-Mrs. Mary Kellam, 65, dies at home week a suffering stroke of paralysis. ASHEVILLE.-r. Morgan Moorer, former chief of surgical se at Oteen veterans' hospital, chosen health officer for Buncom county, succeeding Dr. R. G. Wils resigned. LEXINGTON.-American nati "being ruined by office-holdi oligarcy," says United States S Overman. Democrat, of Nor Carolina, opening party's campai this section. He says there a 175,000 more federal employes no than in 1915 and salaries have be increased by $168,000,000 annually WINSTON-SALEM. - Busine property occupied by Fletcher Bro is sold to H. E. Fries and as clates for $100.000 by L. M. Wh and others, of Greensboro. DUNN.-Historical pageant depi life and progress of this part from time of settlement of R noke Island in 1587 will be present Four County fair here, Octol 7-10, and is expected to be uniq feature in annals of fairs in sta Miss Ethel Theodora Blackwell, University of North Carolina univ extension division. is author. RALEIGH.-Program of legis to be advocated before 1925 si of legislature, developed at joi conference of representatives of S women's organizations of sta include eight-hour day for childr to 16 years of age, privacy voting; farm colony for women eri inals; publication of "marria plans"; and amendments to edue laws. ELKIN.-Robert L. Poindexter, of town's best known citize: after several weeks' illness. building contractor and bri manufacturer. WILSON.-T board of tra formally asks all important buyi companies to send additional buye owing to tremendous offerin and inability of buyers present demands. Sales daily, howev mount above 1,500,000-pound mark RALEIGH.-Investigation of "b heck evil" discloses that one lar bank reported handling of average bad checks daily. WINSTON-SALEM.-- Represen of Southern, Norfolk & Weste and Southbound railways, in conf pass on architect's plans 1 new $800,000 union stati three-story structure. Plans will submitted to contractors and WO started as soon thereafter as p sible. CHARLOTTE.-Ford Motor CO pany begins construction of $50 electric power plant, equipp with oil-burning turbine engin which will provide 2,500 horse-pow of electrical energy for $1,500,0 manufacturing plant recently plac operation. Southern Power co meanwhile. is furnishing po WILSON.-With average price $21.20 per hundredweight, total sal Wilson's tobacco market reach 14,087,892 pounds on September high record for season to th according to compilation of r ords. City holds record as world greatest tobacco market. Indie tions are sales for this year will € 1923 total. CHARLOTTE.-Failure of N England textile industry in form years to provide against undesiral living conditions for employes, sulting in influx of foreign labor,

5. July 15, 1925 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, July 15, 1925

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Bank Stockholders Are Sued Receiver of Defunct Savings Bank Seeks to ReSecurity cover Statutory Liabilities $287,250 Due Creditors. suit to collect the statutory liability from the stockholders of the Security Savings bank, which was closed by the state last August, was begun yesterday in Mecklenburg court. In all but one the AmeriTrust of the bank, that each stockholder surrender 100 per cent of the value of his stock One stock has already turned over part of his The complaint filed with the clerk court says that there is $287.250.07 due the depositors and crediof the bank. The receiver has in hand $94 including paid by the upon their statutory liabilities. Notes held which are believed be uncollectible amount notes of character total $35,842.87 The receiver estimates that notes amounting to $44,533.46 can likely collected There is still unpaid on liability of the holders while $6,100 is collectible because of the insolvency of stockholders, the In order pay creditors of the bank is that the full amount of the stockholder's liabilities be Jenkins, president of the Security Savings bank. heads the list with 76 He turned in on his liability leaving $6 500 due. The W Hand Medicine company the second largest stockholder owning 67 shares with $6,700 liability under the law that makes stockholder in bank liable the of 100 per his addition the becomes in financial difnrulties. This is double Hability and greater secur for depositors and other creditors. The number of shares and the forth in the complaint, are as W. Jenkins 75 $6,500 E. Jr. 14 James Caldwell 15 H. Evans 15 Gatling 20 Hand Medicine Co. Harlan George E. Hartman 10 Howard L. Hopkins H. B. Heath 2.000 E. Irvin Z. Kendrick M Marshall 500 1,000 Payne W of Ridgewood 10 M Simmons 30 Smith 10 W Webster Earl Whitten 1,000 Wiley D. Wilkinson 10 McNinch. Whitlock Dockery are attorneys for the plaintiff in the