11735. Fayetteville National Bank (Fayetteville, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
1756
Charter Number
1756
Start Date
November 11, 1887
Location
Fayetteville, North Carolina (35.053, -78.878)

Metadata

Model
gpt-5-mini
Short Digest
e437c99d

Response Measures

None

Description

Articles cover multiple events across decades. 1887 notice says the bank will go into voluntary liquidation and reorganize as a state bank (suspension with immediate reopening under a new charter). Later articles (1928) describe the bank as defunct, closed (unable to meet a large county withdrawal) with a receiver seeking assets; 1933 notes a receiver's resignation. The decisive outcome in the record provided is a suspension leading to permanent closure and receivership (1927/1928 episode), so I classify the overall episode as suspension_closure.

Events (6)

1. December 21, 1870 Chartered
Source
historical_nic
2. November 11, 1887 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank to go into voluntary liquidation at year end to reorganize and begin operations next day as a state bank under a charter (reorganization plan).
Newspaper Excerpt
The Fayetteville National Bank end will into voluntary liquidation at the the go of the year and begin operations new next day as a State bank under a charter.
Source
newspapers
3. December 31, 1887 Voluntary Liquidation
Source
historical_nic
4. August 8, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was unable to meet a large withdrawal/demand from the county treasurer ($175,000), leading to closure (liquidity shortfall).
Newspaper Excerpt
From the standpoint of the public... the bank's failure was told for the first time. ... Tucker stated in his testimony were closed on August 8, because the bank at noon unable to meet Mr. Gaster's demand for $175,000
Source
newspapers
5. March 20, 1928 Receivership
Newspaper Excerpt
Decision in bank case reserved by Meekins. Receiver of Fayetteville National seeks to recover notes... The receiver seeks to have these... among assets of the defunct bank. From oral testimony... the bank's failure was told for the first time. ... Judge Isanc M. Meekins ... reserved decision in equity suit brought by the receiver of the Fayetteville National Bank (March 20).
Source
newspapers
6. September 27, 1933 Other
Newspaper Excerpt
Receiver Resigns Fayetteville Office. Treasury officials said today had submitted resignation national bank Fayetteville... the resignation would accepted, was said, the date of the new appointment.
Source
newspapers

Newspaper Articles (3)

Article from Richmond Dispatch, November 12, 1887

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Article Text

Gin Bagged- Other News. [Special telegram to the Dispatch.1 N. C., November 11.-A house, in which a Williams was asleep, was and burned was fell named fired Pitt RALEIGH, county George Williams house negro not awakened until the roof of the of the on him. When he got out that in he was so terribly burned rests building in a few hours. Suspicion Best, another negro. on and made a full he arrested died Esseck confession. white He man, was He said that Godfrey Elks, a belonged hired him to do it. The house desired Elks and was insured. Elks declared to obtain the insurance. Best at that to he thought Williams was absent and the time he fired the house. Elks in Williams are both under arrest and jail. The dam of Hope Mills Cotton-Facto near Fayetteville, has been swept of away. ry, It will cause a suspension work for several months. The Fayetteville National Bank end will into voluntary liquidation at the the go of the year and begin operations new next day as a State bank under a charter. Duncan Miller (colored), aged twenty ob has been arrested for placing structions years, on the track of the Short- AllCut railway in Harnett county last He gust. The evidence is direct. was to captured at Kenansville, and is in jail be tried next week. A large posse of deputy revenue col- of lectors have made important seizures illicit distilleries and material in Cleve- Buff land county. They captured Peter and two men named Pruett. Last year the body of an unknown white man was found in Catawba river, Tredell county. Ever since the identity coroner has made efforts to discover the found of the corpse It has just been out that it was that of a peddler named Ashe Gaff, whose headquarters were in county. The large cotton-gin of Best Brothers burned Greene county, was at the Shine, day before yesterday. Loss, $3,000. was No insurance. Considerable cotton also burned. William F. Askew, a well-known Falls resident of this county and owner of the this of Neuse paper-mills, died there morning ;aged sixty three. Heury D. Coley, who for years published the North Carolina Alinanac here and was for several years State Librarian, home was stricken with paralysis at his here last night. His age is seventy. His condition curious is critical. case was tried this week at A the very Superior Court of Orange county. Albert Colonel J. I. Allen was sued by Johnson (colored) for $5,000 damages from for taking Johnson's wife away verdict him. The jury returned a for Johnson for $2,900 The excitement in the cotton market great. has been for the past few days very The rapid advance prices caused sensation. The question was asked It caused the sharp increase in prices. s a a d in reply by farmers here that reason was the miscalculations is in other words, requires 1,200 pounds to perhaps short of the this year cropestimates. Cotton ginning while yield are bale, this it large and heavy in 80 1,400 pounds of often usually 00-pound remarkably requires season the bale. cotton seed that In the seed to yield 400-pound parts of this State this fact is noted. This It so here now to a large extent. fact is of course reduces the estimates elements very materially. It shows how many enter into calculations on the crop. The East Carolida Land and county Railway of Company has applied to the to aid Craven for 840,000 subscription Newt in the building of railway from for a berne to Washington, N.C., and $60,000 subscription to aid it in building (in connection with the Wilmington, railroad) a Onslow and East Carolina railway from Newberne to and Wilmington, Onslow through Jones, The people Pender, of Newberne are counties. stirred up by the projected ex- of greatly of the Scotland Neck branch to tension the Wilmington and Weldon railway Washington. This will, unless counter- Newaction be taken, seriously injure also fear berne'strade. The Newberneites will the Wilmington and Weldon that build a branch to tap the fertile both section, sides. and thus cut them off on The election on a $60,000 subscription, is orthe same as the one mentioned, in dered to be held December 27th, measure It is said the Onslow county. will be carried. The fairs at Fayetteville and Tarboro successended to-day. Both were very ful. It hasbeen decided to establish another Duplin home for orphans at Magnolia, institutions county. There are now four for orphans in the State. Wilmington's increase in cotton rethis season is over F. King, the editor Knights of ceipts Mr. of C. the 30,000 Labor bales of of this the has written an open ply to All inquiry as the legislation it State State, plans organ of his It says order that and to as the to purposes letter children legisla- in and desires. tion it asks a law prohibiting factories, under fifteen from working in and mines the weekly payment shops, in money, not in script of employees of ten hours a lawful day work the making women when doing the same pay receive men's health measures looking to to safety of employees work and stringent as men to attention the people of working of the convict Mr. King says: In a system. the the abolition grievances for contract justice. word, Knights of Labor ask be semblance of law that can a and twisted to suit but the of moneyed warped Not the monopolists, the conve- rightby the strong arm of a of paternal government and privileges to which of eous guarantee rights nience and every neither citi- the entitled." He says that zen is political parties has it workingmen's wants, and general the the present the that satisfie is which makes of talk among North of a to-day the this topic workingmen political fact party. formation Carolina new Rev. W. M. Clarke, of Chapel Hill, of accepted the call to become rector this the has Church of the Good Shepherd, city.


Article from News and Record, March 30, 1928

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Article Text

DECISION IN BANK CASE RESERVED BY MEEKINS Receiver of Fayetteville National Seeks to Recover Notes From County Treasurer LEARN CAUSE OF FAILURE (Special to Daily News) Fayetteville, March 20. Judge Isanc M. Meekins at 6:30 this evening adjourned the spring term of his federal court here after reserving decision equity suit brought Charles Draper. the Bank of etteville, David Gaster, coun- Fay. of county, for the listed notes the among assets of the defunct bank. The receiver seeks to have these contending replaced with the other assets, that their possession the preferred credAttorneys for the tention for Mr. Gaster this con- and and urer entitled the treaslateral original character of colfor security county deposAfter oral testimony and sides placed affidavits of law in hands that of the judge, and he stated he would his declThe who testified were Mr. Gaster, H. Tucker, active vice president bank the time of its closing: Dr. the board: John Highsmith, H. Culbreth. president, W. C. Grant, ascashier. terest From the the standpoint of public Inmost brought out by the hearing was thing the fact that the real he bank's failure was told for the first time. that H. the Tucker stated in his testimony were closed on August 8, because the bank at noon unable to meet Mr. Gaster's demand for $175,000 to county note due on that Mr. Gaster had prenotified them that he would need $200,000. and arrangements meet this quirement, said Mr. Tucker, but then the county later told them he would have to have more He was then informed would "mightly hard to get," and was asked to obtain an extension of time. This Mr. Gaster did. The time was extended 15 days. But was later notified that the time would not be beyond August Mr. Tucker testified-and by Dr. Highsmith and was Mr. Mr. Gaster security for deposita when they solicited and obtained deposit of million dollars, the pro-


Article from Washington Daily News, September 27, 1933

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Article Text

Receiver Resigns Fayetteville Office Washington, Sept. Treasury officials said today had submitted resignation national bank Fayetterille, would appointed very McCorkle resignation would accepted, was said, the date of the new appointment.