11738. National Bank (Fayetteville, NC)

View Charter #5677 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5677
Charter Number
5677
Start Date
August 8, 1927
Location
Fayetteville, North Carolina (35.053, -78.878)

Metadata

Model
gpt-5-mini
Short Digest
e6ccd5e5

Response Measures

None

Receivership Details

Depositor recovery rate
32.5%
Date receivership started
1927-08-12
Date receivership terminated
1932-10-01
OCC cause of failure
Governance
Share of assets assessed as good
66.4%
Share of assets assessed as doubtful
9.6%
Share of assets assessed as worthless
23.9%

Description

The National Bank of Fayetteville closed its doors on August 8, 1927 and a receiver (Charles H. Draper) was appointed shortly thereafter. The articles describe the bank as defunct, receivers' actions and lawsuits to recover assets; there is no clear description of a depositor run or rumor-driven withdrawals in the provided texts. Cause for suspension appears to be bank-specific insolvency/financial problems (receiver, suits, inability to reopen). Dates corrected/standardized from article text (closure Aug 8, 1927; receiver news Aug 12, 1927).

Events (6)
1. January 12, 1901 Chartered
Source
historical_nic
2. August 8, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed (failure) on August 8, 1927 leading to appointment of a receiver; subsequent litigation and recovery actions indicate insolvency/financial failure rather than merely a temporary liquidity squeeze or rumor-driven run.
Newspaper Excerpt
the bank, which closed Its doors August 8.
Source
newspapers
3. August 12, 1927 Receivership
Source
historical_nic
4. August 12, 1927 Receivership
Newspaper Excerpt
That C. H. Draper has been will be appointed as receiver for the National Bank of Fayetteville which was closed is a report reaching here tonight... W. P. Folger, chief national bank examiner, who has been in charge of the bank since Monday at noon... Charles H. Draper, receiver for the bank was announced today... (articles around Aug 12-31) .
Source
newspapers
5. August 31, 1927 Other
Newspaper Excerpt
R. W. Herring of Fayetteville has been appointed attorney for the receiver the National Bank of Fayetteville, was announced today by Charles H. Draper, receiver for the bank, which closed Its doors August 8.
Source
newspapers
6. November 22, 1927 Other
Newspaper Excerpt
Cumberland Savings and Trust Company Pays $210,000 for 10-Story Structure... The sale made on petition of H. Draper, receiver for the National Bank.
Source
newspapers

Newspaper Articles (10)
1. August 13, 1927 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, August 13, 1927

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Article Text

BANK RECEIVER NAMED, RUMOR REGATTA ENDS Aug 12 That C. H. Draper has been will be appointed as receiver for the Na tional Bank of Fayetteville which was closed is a report reaching here tonight Mr Draper it said, is to report here from D at once. W. P. Folger. chief na tional bank examiner. who has been in charge of the bank since Monday at noon. is in Washington and oth. er examiners knew nothing of the appointment Dr F. Highsmith chairman of the board of directors of the bank had not heard When asked if the appointment of efforts ing made of the bank. Dr Highsmith stated that would not necessarily have any effect. The comptroller of the cur rency. being in charge of the bank could. of course, appoint receiver whenever he chose, said the chairthe NOTHING DEFINITE Dr. said that nothing definite had yet been accomplished in the efforts reorgania. tion There are of tenta tive propositions being made he said It is said but not officially that one large North Carolina banking house is willing to take over the bank now. does not want to assume the expensive 10-story bank building said that there that thed take the the building Officers of the Cumberland Sav ings and Trust the largest bank doing business in the upper Cape Fear section are today sending to stockholders of the bank notice special meeting of stock. holders to consider the question of converting the national bank becoming member of the federal reserve bank The question of increasing the capitol stock and other will also be considered at the meeting Aug The black emblem of piracy lowered tonight as Captain Kidd and his swashbuckling pirates after capturing $1,200 in gold. returned the keyes to the city and county government heads and went to their lair. and the first annual 'Feast of was The three day was closed whirlwind the grand where thousands gathered to partic ipate in the final part of the most gorgeous program ever staged in North FIRST DAY The first day was given over to of the city with between pirates and members of the United States guard cutter Modoc in the middle of Cape Fear river: the longest parade ever witnessed here. and the night was one of elry and street dancing lasting into the dawn of the second day Boat races. swimming and diving illuminated parade, and the pirates dance the fire flies at Lumina were features of ACTIVE DAY Today's activities started at 10 o'clock this morning with more boat and hydroplane races, diving and contests. bathing beauty contest. Rdtary circus and grand Miss New Bern won the beauty and queen the ball New Bern represent. ed by Miss Elsie Blalock Miss Atlanta second she being Miss Blanche Dunbar Miss Grace Riven orable mention Miss Allie Morris Whitfield of Charlotte. featured the activities Lumina tonight specialty dance. following the Rotary circus.

2. September 1, 1927 The News and Observer Raleigh, NC
Article from The News and Observer, September 1, 1927

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Article Text

NAMED ATTORNEY FOR BANK Fayetteville, August Herring, law. been appointed attorney the receiver the National Bank was nounced today by Charles H. Draper receiver for the bank. The appointof Mr. Herring was made the receiver approved comptroller the currency Mr. Herring is member of the law firm Oates and Herring and specialist in commercial

3. September 1, 1927 News and Record Greensboro, NC
Article from News and Record, September 1, 1927

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Article Text

Herring Attorney For Bank Receiver At Fayetteville (Special Daily News) Fayetteville, Aug. 31.-R. W. Her. Fayetteville has been appointed attorney for the receiver the National Bank of Fayetteville, was announced today by Charles H. Draper, receiver for the bank, which closed Its doors August The appointment of Mr Herring made by the receiver and approved the comptroller the in Washington. Mr. is member of the law firm of Oates Herring and speclalist The first bale of 1927 cotton old here today by W:

4. October 9, 1927 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, October 9, 1927

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Article Text

SUIT FOLLOWS CRASH OF BANK Cumberland County Treasurer Named Defendant in Equity Action. From The Observer Raleigh Bureau RALEIGH, Oct. 8.-The recent failure of the National Bank of Fayetteville was echoed in United States district court here today with the filing of a suit in equity by Charles H. Draper, receiver for the bank, against David Gaster. treasurer of Cumberland county. The plantiff is asking that an at. tempted transfer of notes and assets of the bank by the county treasurer be declared null and void and that Mr. Gaster pay into the bank funds in amount of $9,547.28 The bank receiver alleges that the county treasurer deposited $1.on July 3, 1927, without asking for security, that he later drew out part of the money and that he also took notes to collect. most of which he later returned The notes amounted to $466 It is alleged of which amount the treasurer turned back $457 The receiver asks that the difference, representing the amount the notes not turned back be paid over to the bank.

5. October 9, 1927 News and Record Greensboro, NC
Article from News and Record, October 9, 1927

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Article Text

BANK RECEIVER SUES COUNTY TREASURER Action Growing Out of Fayetteville Filed in Federal Court. Raleigh, Oct. suit equity local United States today Charles Draper, National against Gaster, treasurer Cumberland matter volving notes and in the Treasurer Gaster. Draper that Treasurer the National asking any out part the that Gaster collect and later returned of notes, alleged, turned collected Draper be turned back to the receiver. Len Made Director. Luke Nashville publisher, class director of Atlanta federal bank in special election held by member banks group three, was nounced today by Oscar chairman the Fire at bales piled high truck train struck light here tonight. did $1,500 damThe cotton en route to Nor[folk,

6. November 22, 1927 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, November 22, 1927

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Article Text

DEFUNCT BANK BUILDING SOLD Cumberland Savings and Trust Company Pays $210,000 for 10-Story Structure. Nov. and Trust pany of this today bank building of the defunct National Bank Fayette for the local bank battered the the Page before Bond, in Cumberland The hearing been from which time the less than HEARING When the hearing was resumed withdrew his Jection and the court was about to building to Page company at its bid of attorney for bank raised his client's bid from 000 to $211 The sale made on petition of H. Draper, receiver for the Na tional which was presented by Herring attorney for the receiver The petition was originally based the Cumberland and Trust companys' bid of by the Page company hearing Robert was today and his his Mr that the or deposiwith him were in position to buy the building as far but that they had been criticized by other de positors seemed think they SPOKE feelingly on the subject and asked the judge. the of the building might be, have them the substitute representing cold and the men who wrecked his decision the Bond the of the status was beyond his Mr. Page asked after the Page intended to bank in Just as soon AR quarters can be can't bank in

7. March 23, 1928 The News and Observer Raleigh, NC
Article from The News and Observer, March 23, 1928

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Article Text

JUDGMENT OBTAINED BY BANK RECEIVER Fayetteville, March first judgment obtained by the receiver the National Bank of Fayeteville against debtor to the bank was secured in the Superior Court here when Judge W. Devin issued court order directing the Duplin Construction Company, pay the receiver $5,000 and less credit of $550.27. representing the sum the construction company had deposit when the bank was closed This credit is to Auguts bear interest from August and the interest on the amount of the comnote runs from March 1927. The note was given the bank on September 1926, by E. W. Jordan. president of the company, who to the judgment. The costs the action are to be paid by the defendants.

8. May 11, 1928 News and Record Greensboro, NC
Article from News and Record, May 11, 1928

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Article Text

Fayetteville Bank Receiver Fails To Recover On Notes (Special to Delly News) Fayetteville, May receiver of the National Bank of Fayetteville lost the court here rendered verdict in favor of Kistler and Rankin, firm of cotton brokers of this city in suit brought by the receiver for the recovery of $6,187 represented by signed the firm and held by the bank when closed on 8. The defendents' victory was to the fact that the could not show that they had profited by the = was as contended that the drafts were signed the defendants matter of by commodation to certain officers of the that money or other bank and valuable was received of the members of the firm. by either Fliers Forced Down. May of the first purFred of Michsuit to land Miller forced late today because of low field pressure. Major Coleman and crew of men were en route from Fort to Columbus, in DougBragg las C-1 army transport plane.

9. April 18, 1929 The News and Observer Raleigh, NC
Article from The News and Observer, April 18, 1929

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Article Text

BANK RECEIVER SUES FOR NOTES DUE 1927 Demands Payment of Three Large Notes Due To National Bank of Fayetteville In an effort to ollect notes which, alleges came due after the failure of the bank on August 8, 1927, A. D. Burrows, receiver for the defunct National Bank of Fayetteville, yesterday filed with the clerk of United States District Court suits against A. H. Slocomb, Mrs. Kate Utley, John Troy Smith, Ocia M. Smith, E. E. Smith, all of Cumberland county, and I.L. Vincon, of Sampson. The first two of the three notes concerned, according to the complaint, were signed by Mr. Slocomb and Mrs. Utley. One was for $2,000, due to be paid on September 9, 1927, and the other for $1,500, due to be paid on September P. 1927, according to the complaint. The third note, stated the complaint, was signed by John Troy and Ocia M. Smith and endorsed by I. L. Vinson and E. E. Smith. It is for $2,120 and was due on August 30, 1927.

10. October 30, 1929 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, October 30, 1929

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Article Text

Hundreds Of Peach Growers DIRECTORS SUED Expected For Hamlet Meet IN BANK CRASH Many Suggestions Pertaining to Betterment of Conditions Come in for Consideration; Kiwanians Back Move. Receiver Charges National The Bank of Fayetteville With HAMLET, Oct. 29.-The issue of a call for a peach inExcessive Borrowing. stitute to be held here November 14 and 15 and sponsored by the agricultural committees of the Kiwanis clubs in Aberdeen and Hamlet, and Cheraw, S. C., has brought The Oct. forth many suggestions for consideration and no doubt the Charges of gross negligence and meeting will be attended by several hundred peach growers violations of the national banking and others interested from the two Carolinas. act have filed against the From an experienced organizer agricultural comes the suggestion the growers arganize with board of directors and two advisory one and shippers with control office and that the growers to ship their fruit except through an assoclation or dealer who will agree to report night to the of fice for that SUGGESTION FROM GEORGIA From large grower comes the suggestion that have never realized the Importance of protecting the southeastern peach Industry btu rather they have placed in Its present deplorable condition by couraging genear to the Georgia that what North and South today and enact itno law their grading rule the rebuilding of the Industry grading rules as will the shipment of unclassified A clearing house by tax An agreement the merchants to handle good An advertising fund An bankers credit only on orchards well for county agent in the the the of the several growing the shipping territory the during the ship reporting deliveries as From one of the largest growers comes the suggestion can be the law that the all is for the commis suffers the man called upon handle at seems completion of the RUS. being conducted by the federal with the department authority from the United department of agriculture of doubt but that uld with the of wormy fruit and states hthe would free to brought state for the the