11704. Depositors National Bank (Durham, NC)

View Charter #13657 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
13657
Charter Number
13657
Start Date
January 10, 1933
Location
Durham, North Carolina (35.994, -78.899)

Metadata

Model
gpt-5-mini
Short Digest
793ddf17

Response Measures

None

Description

The articles (Jan 9, 1933) announce the chartering and opening of the Depositors National Bank as the reorganized successor to the closed First National Bank. There is no mention of a depositor run; this is a reorganization/reopening of banking services after the prior First National's closure. I classify this as suspension_reopening because the prior First National had closed and the new Depositors National is the reopening/reorganization of that institution.

Events (2)
1. January 7, 1933 Chartered
Source
historical_nic
2. January 10, 1933 Reopening
Newspaper Excerpt
the Depositors National Bank of Durham will open its doors for business Tuesday morning
Source
newspapers

Newspaper Articles (4)
1. January 9, 1933 The Durham Sun Durham, NC
Article from The Durham Sun, January 9, 1933

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Article Text

DEPOSITORS NEW ERA NATIONAL HERALDS CITY'S NEW BANK WILL OPEN DOORS TUESDAY MORNING Is Chartered And Approved By Comptroller To Have Strong Personnel 0. WILDE IS PRESIDENT Comes To New Banking Institution With Long And Valuable Experience Chartered and approved by the comptroller of the currency based on sound financial structure, the Depositors National Bank Durham open its doors for business Tuesday morning the building formerly occupled by the old First National at West Corcoran streets. The opening destined bring new to financial circles. The formal opening will climax months hard work and dogged determination on the part the organization committee the old First National will present people of and neighboring towns and cities the soundest and best named, not largest, banking institutions in the country. Group Enterprise The Depositors National has capital of $200,000 and $100,000. The depositors First National will receive percent of their deposits on the opening and assurance subsequent payments, the total amount not less than 50 percent amounts to made in certificates deposit payable every four All deposits of less than will be paid in The capital and surplus were subscribed and paid in by of the closed bank, while 90 percent more of depositors signed the creditors' agreement. allowing bank begin operation with sizeable amount deposits. Wilde Is President The president the Depositors National bank Wilde, wide banking experience, both with large banking houses and with the government. comes to Durhighly recommended by his associates and by the U. treasury department. Other officers Judge R. Syses, president, and Scovill Wannamaker cashier. Judge Sykes needs introduction here Mr Wannamaker native of South Carolina has been engaged the banking business for many years. For sometime he was with the Charlotte office of the Reconstruction nance Corporation The Directors hammer resounding throughout The board directors of the the preparations are being positors National bank composed made for program R. Otto that far W. Fassett, George Dr. that carried out during 1932. M. Briggs, C. Council and figures, last week by the chamber of show great reorganization of the closed The in the status First National into the new Deposiof the city the form of increased National was brought about only business. are hard and deterafter months handled in an effective way mined work on the part of the comhas been reheaded by Judge Sykes. mittee celved from officials charge extensive was the working structure the distribution loan the closed bank and wide of for extension of relief. the committee field kinds are operating upon good was forced overcome many obschedules. some of which at times stacles, Durham, to Newthreatened reorganization movesom, county manager, ment with failure. The committee the cities of assisted by 100 or more public the state and nation in the stability spirited citizens and business leaders industry and His opinin reopening program found echo other an opportunity to the people heard their view munity's and financial life. yesterday the city and the executive agent the commitThe year that has George H. Salmon New itself. coveted York directed the reorganization gained through the ability of men contributed months of tireless and and finance keep works and thought toward the success head the rising tide of the He ably assisted economic which unby Major W. Shuman of Greensemployment people boro. through the nation and stagnation to addition to Judge Sykes and many While other secMr. Salmon the was comof country were in of Dr. W. Fassett, posed throes apparently Briggs, B. was headed economic ruin, the Council, Council, C. B. Sherpeople Durham were able man and K. Rand. that tide and those

2. January 9, 1933 The Durham Sun Durham, NC
Article from The Durham Sun, January 9, 1933

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Article Text

Determination And Expert Guidance Aided Reopening Much Of Success Of Reorganization Program Attributed To George Salmon And Major W. Shuman, Consultants To George H. of the firm company, New York, internationally known thority banking. goes large part of the credit for the organization the Depositors National Bank. As manager of the reorganization the First National Bank, the New York banker has been tiring his efforts during the 10 months in working out the details the bank. Mr. Salmon has studied and virtually every country the world, his travels six trips around the world. For the past five years he has been making study banking in this country, and has articles on and worked out details for the improvement of the banking system. At present he acting in consulting capacity number of banks throughout the country and also working plan consolidating banking institutions throughthe south. Mr. Salmon yesterday issued the statement relative to the new bank and its personnel. seemingly imposible has been accomplished. The charter for the bank has been granted, and the Depositors Bank will open its doors Tuesday morning at o'clock, releasing to depositors over $600,000 cash and certificates of deposits and $800,000 in liquidating trust cer- starts out with clean slate. All the slow doubtful asets and losses have been entirely and the institution will be 100 percent liquid position substantial surplus over and above its demand Even asuming that every man and woman who has signed agreement withdraws his or her on the first day of openof the bank, the institution would able to its payments and still surplus of almost percent of the new bank composed of experienced who have had national training and have selected and approved by banking department and the national the Reconstruction Finance CorporaMajor Shuman, of Greenswho acted associate of Salmon. from the beginning the reorganization played large part in making Durham's new bank possible. native of Sullivan, Ill he has had wide experience in banking circles in Chicago and throughout the middle west. He moved to Greensboro in 1931 where established the firm of Shuman and Company In cent years has been devoting much time assisting the pooling of plants, and various other industries Major Shuman served as assistant treasurer the United States under the Wilson administration where became friend Franklin Roosevelt. He took active part the Roosevelt presidential campaign throughout the south and has prominently for an official position the Corporation in the incoming administration. He was active for several years prior the recent Democratic national Chicago an advocate the candidacy of President-elect and expected he will receive substantial business and political support in the direction of recognition by the incoming administration He had charge of much detail work in with the opening the Depositors' National Bank here, having served secretary of the committee of the First ganization National Bank

3. January 9, 1933 The Herald-Sun Durham, NC
Article from The Herald-Sun, January 9, 1933

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Article Text

DEPOSITORS NATIONAL HERALDS NEW ERA CITY'S NEW BANK WILL OPEN DOORS TUESDAY MORNING Is Chartered And Approved By Comptroller To Have Strong Personnel 0. F. WILDE IS PRESIDENT Comes To New Banking Institution With Long And Valuable Experience Chartered and approved by the comptroller of the currency based on sound financial structure, the Depositors National Bank of Durham will open its doors for business Tuesday morning the building formerly by the old First tional bank at West Main and CorThe to bring era to local financial circles The formal opening will climax months of hard and dogged determination on the part of the organization of the old First National and will present to the people and ing towns and cities one of the soundest best named, if not largest, banking institutions in the Group Enterprise The Depositors National has a capital stock of $20,000 and surplus of $100,000 The depositors the old First National will receive 10 percent of their deposits on the opening day an assurance of subsequent payments, the total to amount to not less than 50 percent, these amounts to be made in certificates of deposit payable every four months. All deposits of less than $50 will be paid in full. The capital and surplus were subacribed and paid in by stockholders of the closed bank, while 90 percent or more of the depositors signed the creditors' agreement, allowing the new bank to begin operation with sineable amount of deposits. Wilde Is President The president of the Depositors National bank O. F. Wilde man of banking experience, both with large banking houses and with the government. He to Durham highly recommended by his for. mer and by the 8. treasury department. Other officers are Judge R. H. Wannamaker, cashier. Judge Bykes needs no introduction here. Mr Wannamaker native of South Carolina and has been engaged in the banking business for many years. For sometime he with the Charlotte office of the Reconstruction F1- The Directors The board of directors of the Depositors National bank composed of Judge R. Sykes. Otto Wilde, Dr. B. W. Passett, George H. Salmon. M. Briggs, C. C. Council and The reorganimation of the closed First National into the new Depasitors National was brought only after months of hard and mined work on the of the mittee headed by Judge Sykes. So extensive was the working of the bank and wide was its field of influence the committee forced to many stacles, of which at threatened the reorganization movement with failure. The committee was by 100 or more public apirited business leaders who saw in the reopening program an opportunity to the munity's business and financial life The executive agent of the committee was George Salmon of New York who directed the reorganization and contributed months of tireless work and thought toward the success of the program. He was ably assisted by Major Shuman of GreensIn addition to Judge Sykes and Mr. Salmon the committee posed of Dr. B. Passett. M. and W. K. Rand.

4. January 9, 1933 The Herald-Sun Durham, NC
Article from The Herald-Sun, January 9, 1933

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Article Text

Determination And Expert Guidance Aided Reopening Much Of Success Of Reorganization Program Attributed To George Salmon And Major W. Shuman, Consultants To George H. Salmon, of the firm of and New York, internationally known allon banking. goes large part credit for the organization of the Depositors Bank As manager of the reorganization the First National Bank the New York banker has been untiring his efforts the past 10 months working out the details of new Mr. Salmon has studied banking conditions and practices virtually every country the world. his travels including six trips around the world For the past five years he has making study of banking conditions in this and has written articles on banking and worked many details for improvement the banking system. At present he acting in consulting capacity for number banks throughout the country and also on plan for consolldating banking institutions throughou Mr. Salmon yesterday issued following relative new bank and its personnel The imposible has accomplished. The charter for new bank has been granted. and the Depositors will open its Tuesday morning at o'clock. releasing to depositors over $600,000 cash and certificates of deposits and $600,000 in liquidating trust cer "The bank starts out with state. All the and have been entirely and the institution will in 100 percent liquid position with stantial surplus over and above demand liabilities "Even assiming that every man and woman who has signed the agreement withdraws his her money on the first day of the opening of the bank. the new Institution be able to meet its payments and still have surplus of almost 50 percent in "The personnel of the new bank composed of experienced have national training and have selected and approved by the national department and the Reconstruction Finance Corpora Major of who acted 86 an associate of Mr. Salmon, from the beginning of the reorganization played large part in making Durham's new bank possible. native of Sullivan III. he has had wide experience in banking cirChicago and throughout the middle He moved to Greensin 1931 where the firm of and Company. In reyears has been devoting much time in the pooling of ice plants, and various other industries. Major served as assistant treasurer of the United States under the Wilson where he became friend of Franklin D. Roosevelt. He an active part in the campaign throughout the south and has prominently for an officlal position with the Finance Corporation in the incoming He was for several years prior to the recent Democratic national Chicago as an advocate of the of Presiexpected be will business and political in the direction of recognition by the incoming administration He had charge of much detail connection with the the Depositors' National Bank here, havIng served as secretary of the committee of the First National Bank