Peoples Bank - Creswell, NC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: January 1, 1927*
Location: Creswell, North Carolina (35.870, -76.392)

Metadata

Model: gpt-5-mini
Short Digest: 77c20bee

Response Measures

Full suspension

Description

Article (The Independent, 1927-01-28) reports the Peoples Bank of Creswell 'closed last week' after 'steady withdrawals' and inability to collect 'slow paper' (farm loans). This indicates deposit withdrawals (a run) preceded suspension/closure. No reopening or receiver mentioned in the piece.

Events (3)

1. January 1, 1927* Run

Cause: Local Shock
Cause Details: Farmers began withdrawing cash at start-of-year; many deposits tied up in 'slow paper' (farm loans) so bank couldn't meet withdrawals.
Newspaper Excerpt: farmers begin withdrawing cash ... steady withdrawals and inability to collect outstanding loans was given as the cause.
Source: newspapers

2. January 1, 1927* Suspension

Cause: Local Shock
Cause Details: Bank suspended/closed due to inability to collect slow paper while depositors withdrew funds; described as closure pending reorganization for a nearby bank, but no reopening noted for Peoples Bank in this article.
Newspaper Excerpt: the Peoples Bank of Creswell, which closed last week, listed deposits of $311,500 and loans of $330,570 ... Steady withdrawals and inability to collect outstanding loans was given as the cause.
Source: newspapers

3. * Other

Newspaper Excerpt: The Peoples Bank of Creswell ... paid up capital of $10,000. The officers were H. G. Walker, President, J. W. Starr, Vice President and J. C. Gatlin, Cashier.
Source: newspapers

Newspaper Articles (1)

1. January 28, 1927 The Independent Elizabeth City, NC

Article from The Independent, January 28, 1927

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Article Text

WHEN SLOW PAPER HITS LITTLE BANKS A BLOW Three Small Banks Embarrassed When Farmers Begin Withdrawing Cash Frozen paper has played havoc with three small banks in the Elizabeth City territory during the past few days, the Bank of Hyde at Swan Quarter. the Peoples Bank of Creswell. Washington County, and the Savings Bauk and Trust Company of Washington, Beaufort County, having suspended business and closed their doors. These small banks are said to have had most of their deposits tied up in slow paper. at a time when farmers began withdrawals at the first-of-the-year activities. Coming at a time when a period of financial depression was on. the banks were unable to collect their loans fast enough to supply the withdrawing depositors. It is believed in local banking circles, that the depositors will realize the full amount of their deposits. The Peoples Bank of Creswell, which closed last week, listed deposits of $311,500 and loans of $330,570. and paid up capital of $10,000. The officers were H. G. Walker. President, J. W. Starr. Vice President and J. C. Gatlin, Cashier. The Bank of Hyde, which closed Tuesday had deposits of $233,040, and loans amounting to $277,570. with $25,000 paid up capital. The officers are R. D. Harris, President, T. H. Jennette, Vice-President, and J. C. Williams, Cashier. Officials announced Wednesday that the Savings Bank and Trust Company of Washington has resources of $360,000 aud liabilities of $270,000. which include $200,000 in deposits. The bank was closed. officials announced. pending reorganization. Steady withdrawals and inability to collect outstanding loans was given as the cause.