Bank of Clinton - Clinton, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 16, 1932
Location: Clinton, North Carolina (35.000, -78.332)

Metadata

Model: gpt-5-mini
Short Digest: a52b4a81

Response Measures

None

Description

Article (Goldsboro News-Argus, 1932-08-16) refers to the 'closed Bank of Clinton' and discusses officers agreeing to pay sums to the bank's receiver and criminal charges for excessive loans/illegal dividends. No run is mentioned; the bank is in liquidation/receiver process, so this is a suspension leading to closure/receivership.

Events (2)

1. August 16, 1932 Receivership

Newspaper Excerpt: the defendants have agreed to pay the bank's receiver ... to the use of the bank's receiver and the state will not prosecute charges ... amounts in property and cash which the defendants agreed with the banking department to pay to the liquidating agent were ... (discusses payments to receiver and liquidating agent).
Source: newspapers

2. August 16, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Charges of making excessive loans and paying illegal dividends (criminal charges against officers) leading to closure.
Newspaper Excerpt: Judgment against four of the officers of the closed Bank of Clinton ... the defendants have agreed to pay the bank's receiver.
Source: newspapers

Newspaper Articles (1)

1. August 16, 1932 Goldsboro News-Argus Goldsboro, NC

Article from Goldsboro News-Argus, August 16, 1932

Click image to open full size in new tab

Article Text

Clinton Bank Officers Agree to Pay in Criminal Charges Against Continued (Special to Aug. 16. Judgment against four of the officers of the closed Bank of Clinton in charges making excessive loans and giving out report of the bank's condition were today continued until the October term of Sampson Superior court by Judge H. Cranmer. Charges against Wright and Herbert. two of the directors, nol prossed. Continuance of the judgments against the others was granted that they may raise an additional needed to bring to $75,000 the total the defendants have agreed to pay the bank's receiver. Aug. compromise settling cases against the officers of the closed Bank of Clinton was expected to be completed in Sampson Superior Court here today. Under the tentative agreement the officers will pay to the use of the bank's receiver and the state will not prosecute charges of making excessive loans and paying illegal dividends. The amounts in property and cash which the defendants agreed with the banking department to pay to the liquidating agent were: George Butler, $20,000; Bethune, $7,500; H. L. Howard $12,500; B. Smith $1,000; E. Crumpler, W. $500. After hearing the evidence and the argument the Turn to Page Three)