Merchants & Farmers Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: March 1, 1915*
Location: Cleveland, North Carolina (35.733, -80.677)

Metadata

Model: gpt-5-mini
Short Digest: 81411428

Response Measures

None

Description

Article (The Review, 1915-03-25) reports the bank had closed several days ago and the Corporation Commission instructed appointment of a receiver; indicates the bank was in bad condition when closed. No mention of a depositor run. Classified as suspension followed by receivership (closure) due to bank-specific insolvency.

Events (2)

1. March 1, 1915* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank in quite bad condition when it closed several days before March 25, 1915; insolvency/poor affairs prompted closure.
Newspaper Excerpt: the affairs of the bank were in quite bad condition when closed several days ago.
Source: newspapers

2. March 25, 1915 Receivership

Newspaper Excerpt: The Corporation Commission has instructed Bank Examiner Hubbard to procure at once from the judge for that judicial district, the appointment of a receiver for the Merchant's & Farmer's Bank of Cleveland, Rowan County, in order that the affairs of the bank may be wound up at once ... The Review (High Point, NC), 1915-03-25
Source: newspapers

Newspaper Articles (1)

1. March 25, 1915 The Review High Point, NC

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Article Text

Appoints Receiver For Bank. The Corporation Commission has instructed Bank Examiner Hubbard to procure at once from the judge for that judical district, the appointment of a receiver for the Merchant's & Farmer's Bank of Cleveland, Rowan County, in order that the affairs of the bank may be wound up at once to the best advantage to the depositors, who, it is understood, will have to stand some considerable loss as the affairs of the bank were in quite bad condition when closed several days ago.