First National Bank (Mebane, NC)

View Charter #11697 on SPMC View balance sheet

Episode Information

Episode UID
1169701599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
116970 national
Charter Number
11697
Start Date
March 1, 1933*
Location
Mebane, North Carolina (36.096, -79.267)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5e2a4a633b23aa03

Response Measures

None

Receivership Details

Depositor recovery rate
74.1%
Date receivership started
1933-08-16
Date receivership terminated
1938-03-17
Share of assets assessed as good
11.9%
Share of assets assessed as doubtful
84.2%
Share of assets assessed as worthless
3.9%

Description

Bank closed during the March 1933 banking holiday and did not resume; receiver appointed later.

Events (5)
1. May 4, 1920 Chartered
Source
historical_nic
2. March 1, 1933* Suspension
Cause
Government Action
Cause Details
Closed during the March 1933 banking holiday (federal/state banking holiday)
Newspaper Excerpt
which has not opened last closed March during the bank holiday
Source
newspapers
3. August 16, 1933 Receivership
Source
historical_nic
4. August 26, 1933 Receivership
Newspaper Excerpt
M. W. M'PHERSON NAMED MEBANE BANK RECEIVER / ... for the First National Mebane which has not opened since closed during the March bank holiday
Source
newspapers
5. January 18, 1934 Other
Newspaper Excerpt
Percent Of 12½ Dividend For Mebane Ordered / W. McPherson, Receiver ... Authorized to Make Payment ... checks to creditors representing 12½ per cent
Source
newspapers

Newspaper Articles (4)
1. February 14, 1930 The Greenville News Greenville, SC
Article from The Greenville News, February 14, 1930

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Article Text

Bank Of Chesnee In Examiner's Hands SPARTANBURG, Feb. The Bank of Chesnee, of Chesnee, 20 miles northwest of here placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. The institution lost a number of deposits when the Dollar Savings bank and the Carolina National bank of closed December 30, but the directors were able to restore confidence and stabilize matters until today when the failure of the Rutherford county banks and the American State bank at Gaffney. rendered the situation too acute for the Chesnee bank to continue operations. The deposits, at close of business yesterday, amounted to $228,793.26 showing decrease of about $106,000 since the published statement of December 31, 1929; capital stock of the bank was $50,000. surplus $20,000 and bills payable none.

2. August 26, 1933 The Herald-Sun Durham, NC
Article from The Herald-Sun, August 26, 1933

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Article Text

M. W. M'PHERSON NAMED MEBANE BANK RECEIVER Aug. for the First National Mebane which has opened closed durmg the holiday March Mr. has banking in cashier Savings United Bank and Trust in capacity and assisting

3. August 26, 1933 News and Record Greensboro, NC
Article from News and Record, August 26, 1933

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Article Text

Burlington Man Named Mebane Bank Receiver Daily News) (Special McPherMebane, Aug. son, Burlington, First Nareceivor for pointed tional Bank of Mebane which has not opened last closed March. durbank holiday ing been closely has identified with banking in Alamance Savings cashier the county as and later the Burlington United bank Bank and Trust company in the same former cashier George Johnson, National bank has been the First capacity of conservserving in the Mr. Meand now assisting is Pherson.

4. January 18, 1934 The Daily Times-News Burlington, NC
Article from The Daily Times-News, January 18, 1934

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Article Text

Percent Of 12½ Dividend Bank For Mebane Ordered W. McPherson, M. for Mebane Receiver National Bank, First Authorized to Make Starts ToPayment, day. M. W. McPherson. National receivthe defunct for today will of Mebane, Bank of dividend the issue begin creditors reprechecks to cent, under 121/2 per senting the Comptrolof authority ler of the Currency in Washthat this stated Mr. McPherson as reis made possible payment the reconstrucloan from sult of and colfinance corporation tion able to make he has been lections of the bank. debtors from Considering that Mr. McPherson short the scene but has been on the work as receivtime, taking up some weeks conservator from payment indicates the early liquidating the toward progress of the bank. fairs Total assets the bank when closed in March. 1933, were listed $260,263.41. but an examination of affairs revealed that the book value was not "actual value." Total Liabilities amount to $157,023.04 While Mr. McPherson was not in make any prediction to position concerning what percentage of monBY will finally be disbursed to claimis generally the impression abroad ants, that fifty cent will be considered the maximum that may be expected. If is possible to reach that margin. The work of making collections from the "paper" left for handling when the close occurred will be less difficult now, it is believed. because conditions the town and country background have Improved since the numerous projects have gotten under way to affect the community. The bank had capital stock of which accessible under $50,000 the charter.