11680. Cherryville National Bank (Cherryville, NC)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
12896
Charter Number
12896
Start Date
November 1, 1933*
Location
Cherryville, North Carolina (35.379, -81.379)

Metadata

Model
gpt-5-mini
Short Digest
36db0eb3

Response Measures

None

Description

Articles report the Cherryville National Bank was 'restricted' and placed under a conservator (conservator sought RFC loan). No article describes a depositor run; instead the bank was under conservatorship and received RFC assistance in Nov 1933, suggesting a suspension with efforts to restore operations (no evidence of permanent closure). Dates partly inferred from newspaper dates and RFC authorization report.

Events (4)

1. March 5, 1926 Chartered
Source
historical_nic
2. November 1, 1933* Other
Newspaper Excerpt
The reconstruction finance corporation reported today it authorized loans totaling $251,000 to four North Carolina banks... $30,000 to the Cherryville National bank conservator; ... None of these loans had been disbursed up to November 30, 1933.
Source
newspapers
3. November 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank was placed under a conservator and described as 'restricted' (conservatorship/official restriction of payments). Conservator later sought RFC loan assistance in November 1933.
Newspaper Excerpt
Depositors of the restricted Cherryville National bank have filed for the immediate recovery of $115,000 from the estate of Dan Rhyne... if Uncle Dan had lived through the holiday which ended with his bank under conservator...
Source
newspapers
4. September 29, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Hickory Daily Record, December 5, 1933

Click image to open full size in new tab

Article Text

HIS BANK (Charlotte News) Depositors of the restricted Cherryville Na tional bank have filed for the immediate covery of $115,000 from the estate of Dan Rhyne, who died last year. We should dislike very much to prejudice this suit by any casual comment, the facts are stated payment of the depositors' claims no more than just. cannot be argued that the depositors failed, by failing make demand, take advantage of the offer. for guarantees made not for the purpose of inducing withdrawals but to prevent them. We daresay that if Uncle Dan had lived through the holiday which ended with his bank under conservator there wouldn't have been any need for suit. He might have been able his part show that the depositors no special claim. but would have known that they thought they which to square-shooter like Uncle Dan would have been about the same thing.


Article from The Greensboro Record, January 19, 1934

Click image to open full size in new tab

Article Text

LEND MONEY TO BANKS IN STATE Loans Totaling $251,000 Authorized By the RFC During November Period The reconstruction finance corporation reported today it authorized loans totaling $251,000 to four North Carolina banks in November. Three of the loans, $30,000 to the Cherryville National bank conservator; $47,000 to the Elkin National bank receiver; and $170,000 to the First National Bank of Granville at Oxford, were made at an interest rate of per cent. None of these loans had been disbursed up to November 30, 1933 The fourth loan, $4,000. was to the Bank of Spruce Pine at per cent. Under the emergency farm mortgage act. the corporation reported it had authorized loan of $37,000 to the Sandy Creek drainag district. No. 3, Cumberland county, North Carolina. The corporation subscribed for preferred stock in three North Carolina banks, taking $12,500 in the Banner Elk bank: $12,500 in the Bank of Laurel Hill and $15,000 in the Bank of Under the emergency relief and construction act, the corporation reported two loans totaling $11,812.30 to Charles F. Gates and Son, incorporated, of Faison, N. C. The corporation also reported that $516.60 of loan to the Citizens National bank, of Gastonia, had been cancelled or withdrawn.