11726. Bank of Ellerbe (Ellerbe, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 16, 1929
Location
Ellerbe, North Carolina (35.071, -79.761)

Metadata

Model
gpt-5-mini
Short Digest
33d9e2ee

Response Measures

None

Description

Articles (Feb 17, 1929) report the Bank of Ellerbe 'closed by order of the board of directors' for preservation of assets; they explicitly state there was 'no appreciable run' and cite 'slow paper and gradual withdrawals' (bad loans/asset quality) as the cause. Presumed liquidation/permanent closure. Date set to 1929-02-16 because papers dated Feb 17 say the bank 'did not open for business Saturday morning.'

Events (1)
1. February 16, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Slow paper (poor-quality loans) and gradual withdrawals reduced cash to a low level, prompting directors to close the bank to preserve assets.
Newspaper Excerpt
the bank was 'closed by order of the board of directors' ... 'there has been no appreciable run on the bank, but slow paper and gradual withdrawals have combined to necessitate the closing at this time'
Source
newspapers

Newspaper Articles (3)
1. February 17, 1929 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, February 17, 1929

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Article Text

ELLERBE BANK CLOSES DOORS Brief Statement Posted on Front Gives Notice: Slow Paper Blamed. Special The Observer RO Feb The Bank of Ellerbe Ellerbe did not open for business this morning, notice post ed on the door of the bank simply stating that the bank closed by order of the board of directors. It is presumed liquidation of Its affairs will in the channels provided by the corporation The last statement of the bank showed that on 31 its deposits to capital stock $15,000. surplus and bills payable The loans at that time listed at and customers' liability on letters of credit and So far can be learned there has been no appreciable run on the but paper and gradual to necessitate the closing at this time, in order that the assets of the institution might be for the common good of all depositors and other creditors. While the deposits December 31 amounted to about $120,000. it is understood they had shrunken until at amounted to about $60 about $1 284 was the amount of actual cash in the

2. February 17, 1929 The News and Observer Raleigh, NC
Article from The News and Observer, February 17, 1929

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Article Text

BANK OF ELLERBE CLOSES ITS DOORS Gradual Withdrawal of Deposits Made Suspenusion Necessary Rockingham, Feb. The Bank of Ellerbee at Ellerbee did not open for business Saturday morning, notice posted on the door of the bank simply stating that the bank was "closed by order of the board of directors.' It is presumed liquidation of its hffairs will follow in the chanmels provided by the Corporation The last statement of the bank showed that on Dec. 31 its deposits amounted to $120,000, capital stock $15,000, surplus $15,000. and bills payable $29,500. The loans at that time were listed at $127,674.60. and customers liability on letters of credit and acceptances at $17,108.96. So far as can be learned, there has been no appreciable run on the bank, but slow paper and gradual withdrawals have combined to necessitate the closing at this time, in order that the assets of the institution might be preserved for the common good of all depositors and other While the deposits December 31 amounted to about $120,000, it is understood they had decreased until at the close they amounted to only about $60,000. of which about $1,284 was the amount of actual cash in the bank.

3. February 17, 1929 News and Record Greensboro, NC
Article from News and Record, February 17, 1929

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Article Text

BANK OF ELLERBE CLOSES ITS DOORS Directors Take Action to Protect Depositors and Creditors. Has Slow Paper. News) Bank Feb. did not for Ellerbe Ellerbe open business Saturday morning. notice posted the door the bank simply stating that the bank closed the board of by order of presumed of its follow the usual chanfairs by the corporation nels provided of the bank The last showed that December its posits amounted capital stock surplus $15,000, and bills payable $29,500. The loans that time were listed at and customers' liability on letters credit and acceptances $17,108.96 So far can be learned, there has been no appreciable run on the bank, but slow paper and gradual necessitate this order the closing assets of the institution that be preserved for the common might of all depositors and other credgood While the deposits December derstood they had shrunken the they amounted of actual cash in bank. Colonel Lydig Dead Nice. Colonel Phillip New York millionaire, died today from grippe the age Colonel Lydig came week from Paris seeking the southern warmth. Foch Has Another Good Day Paris, Feb. Marshal passed his physicians tonight might next week.