Peoples Bank - East Spencer, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 1, 1926*
Location: East Spencer, North Carolina (35.682, -80.432)

Metadata

Model: gpt-5-mini
Short Digest: f0401c6e

Response Measures

None

Description

Article (1926-09-17) reports the East Spencer bank failed and closed its ... weeks earlier; no run is described. The failure also forced appointment of a receiver for the East Spencer Building and Loan Association because the B&L cashier was also the bank cashier. The receiver named in the article is for the Building & Loan, not explicitly for Peoples Bank, but the bank is described as having failed/closed permanently.

Events (2)

1. September 1, 1926* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank collapse/failure tied to bank-specific problems; cashier also tied to Building & Loan collapse; article states bank 'failed' and 'closed' several weeks earlier.
Newspaper Excerpt: the East Spencer bank, which closed its weeks and this embarrassed the building and company
Source: newspapers

2. September 17, 1926 Receivership

Newspaper Excerpt: Judge McElroy Appoints David Rendleman; Caused By Failure of Bank. receiver was named by Judge A. McElroy this afternoon for the East Spencer Building and Loan Association, David Rendleman appointed to take over the affairs the concern.
Source: newspapers

Newspaper Articles (1)

1. September 17, 1926 The Salisbury Post Salisbury, NC

Article from The Salisbury Post, September 17, 1926

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Article Text

SPENCER Judge McElroy Appoints David Rendleman; Caused By Failure of Bank. receiver was named by Judge A. McElroy this afternoon for the East Spencer Building and Loan Association, David Rendlebeing appointed to take over the affairs the concern. This action was taken request of the directors of the In justice to the officials and all parties with the association said the affairs of the company were in fine shape that was making reasonable amount of for money small conHowever, the association in the Peoples Bank East Spencer, which closed its weeks and this embarrassed the building and company and the directors ap. ment plied to the court for the appointreceiver. The last report of the state surance showed the association to be good shape, but was just after this report made that the East Spencer failed. Shoe was president of the East Spencer Building and Loan Association Miss Bertie Grubb secretary and treasurer, and was also cashier of East Spencer bank. Had not been for the collapse the bank East Spencer said the building and loan association would have continued operation. Just what the assets and abilities are could not be learned but believed very little loss be entailed by the shareholdof the association.