11692. Merchants & Farmers Bank (Columbia, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 27, 1911
Location
Columbia, North Carolina (35.918, -76.252)

Metadata

Model
gpt-5-mini
Short Digest
99fa0701

Response Measures

None

Description

Bank was closed by the North Carolina Corporation Commission/State Bank Examiner who took charge and will ask the court for a receiver after finding irregularities; cashier R. H. Spruill committed suicide, precipitating the closing. No run or depositor panic is mentioned in the articles.

Events (2)

1. May 27, 1911 Receivership
Newspaper Excerpt
The Corporation Commission announced today the closing of the Merchants' and Farmers' Bank at Columbia, with State Bank Examiner J. K. Doughton in charge until a receiver can be procured by the Commission through the courts.
Source
newspapers
2. May 27, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
State examiners previously found complications/irregularities; cashier R. H. Spruill committed suicide and the tangled condition of the bank's affairs precipitated the closing.
Newspaper Excerpt
The Corporation Commission announces the closing of the Merchants and Farmers Bank of Colmbia to-day with State Bank Examiner Doughton in charge until a receiver can be procured by commission through courts.
Source
newspapers

Newspaper Articles (4)

Article from The Richmond Virginian, May 27, 1911

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Article Text

COLUMBIA, N.C., BANK CLOSES ITS DOORS (Special to The Richmond Virginian.) RALEIGH, N. C., May 27.-The Corporation Commission announces the closing of the Merchants and Farmers Bank of Colmbia to-day with State Bank Examiner Doughton in charge until a. receiver can be procured by commission through courts. This is the bank whose cashier, R. H, Spruill, committed suicide Monday on account of the tangled condition of the bank's affairs. Thirty days ago the commission had the bank examined and found complications that the directors were given thirty days to correct, They had not been able to do, so when the suicide of the cashier precipitated the closing of the bank.


Article from The Wilson Times, May 30, 1911

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Article Text

Columbia Bank Closed. Raleigh, N. C., May 29.-The Corporation Commission announced today the closing o fthe Merchants' and Farmers' Bank at Columbia, with State Bank Examiner J. K. Doughton in charge until a receiver can be procured by the Commission through the courts. This is the bank whose cashier, R. H. Spruill, committed suicide Monday on account of the tangled condition of the bank's affairs. It is a notable fact that 30 days ago the Commission had this bank examined and found complications in its financial condition that the directors were given 30 days to correct. They had not been able to do so when the suicide of the : cashier precipitated the conditions that now bring about the closing of the bank.


Article from The Farmer and Mechanic, May 30, 1911

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Article Text

COLUMBIA BANK CLOSED Affairs in Bad Shape and Could Not be Straightened Out Cashier Spruill Committed Suicide Just Before Time Allowed to Get Matters Straight Expired-The North Carolina Corporation Takes Charge of the Bank. On information received yesterday by the North Carolina Corporation Commission in a telegram from State Bank Examiner J. Kemp Doughton the Merchants and Farmers Bank of Columbia, Tyrrell county, was ordered closed. A receiver will be asked for. The president is Mr. T. H. Woodley and the capital is $10,000. Mr. Doughton went to Columbia immediately after the suicide and found that irregularities which had been reported a month ago still existed. At that time 30 days was given in which to straighten up matters but this was not done and the affairs were found in an unsatisfactory shape. Mr. Doughton telegraphed that he had given opportuniy to straighten out matters, but that this was found to be impossible. On the advice of the Commission he closed the bank and took charge. There is no information as to whether or not Cashier Spruill was involved personally. His suicide took place Just before the thirty days allowed expired and after a private auditor began work on the books.


Article from The Caucasian, June 1, 1911

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Article Text

Local Matters. Mr. John A. Wilkerson, of Belhav, en. will be chief marshal at the next State Fair. The commencement exercises at Meredith College and the A. & M. College were held this week. The St. Mary's conference for clergy and lalty of the two Carolinas will take place at St. Mary's School during the week of June 5-10. The Finance Committee of the State Board of Agriculture held its meeting Tuesday and yesterday preliminary to a meeting of the whole Board to-day. Josh Beasley, colored, chief porter at the Capital Club, died suddenly Friday afternoon in the club-room. Josh was politeness itself and will be greatly missed by the club members. Columbus Taylor, a negro sentenced to serve a term for housebreaking, who escaped from Camp No. 4, April 11th, has been arrested in Rochester, N. Y. The prisoner will be brought back to finish his sentence of two years. Diplomas were awarded to fortyfour graduates at the A. & M. College yesterday. There were twenty-six girl graduates at Meredith College. Hon. Leslie M. Shaw, ex-Secretary of the Treasury, delivered the annual address at Meredith. Tom Wade and Dave Holland, two colored carpenters, fell from a scaffold on Fayetteville Street Tuesday and received very painful injuries. They fell a distance of twenty-five feet. Holland had two ribs broken, while Wade escaped with severe bruises. Mr. J. P. Holmes died Friday morning at his home on Pace Street, this city, after a lingering illness of several weeks. Mr. Holmes was an Englishman by birth, but had lived in this country since early manhood. He served in the Union Army during the Civil War. Dr. W. H. Evans, of the office of Experiment Stations, United States Department of Agriculture, was in Raleigh Saturday in conference with the heads of the different divisions of teh Experiment Station. Dr. Evans is chief of the Insular Experiment Stations located in Alaska, Hawaii, Porto Rico and Guam. Since the suicide last wek of Cashier R. H. Spruill, the Corporation Commission is to apply at once to the court for a receiver for the Merchants and Farmers Bank of Columbia, Tyrrell County, N. C. State Bank Examiner Doughton has returned to Columbia and taken charge of the bank to hold the assets until a receiver can relieve him. Promoters of the proposed South Atlantic Trans-Continental Railroad, from the Tennessee coal fields through Knoxville. Waynesville, Asheville, and Rutherfordton, to Southport and connections of vast proportions, had a hearing Saturday noon before the Governor and Council of State on the question of procuring from the State convicts for the construction of the road in this State, compensation to the State for the convicts to be in stock in the road. There is to be another conference during the coming week, at which