11745. Bank of Franklin (Franklin, NC)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: December 16, 1930
Location: Franklin, North Carolina (35.181, -83.382)

Metadata

Model: gpt-5-mini
Short Digest: a0b1dcbd

Response Measures

None

Description

The Bank of Franklin (described in reopening item as a small State bank) suspended operations on Dec 16, 1930 as a precautionary measure amid heavy withdrawals and multiple regional bank closings. It later reopened on 1931-04-29. The sources describe precautionary/protective suspension rather than an explicit depositor run on this specific bank.

Events (2)

1. December 16, 1930 Suspension

Cause: Local Banks
Cause Details: Precautionary suspension amid heavy withdrawals and multiple nearby North Carolina bank closures; action taken by board to protect depositors (regional contagion).
Newspaper Excerpt: FRANKLIN BANK SHUT Bank Franklin closed morning leaving the town Franklin, Macon counwithout financial action taken the board of directors protect the deposiface threatened withdrawals today.
Source: newspapers

2. April 29, 1931 Reopening

Newspaper Excerpt: The Bank of Franklin, a small State bank here, which suspended operations last December 16, reopened for business today.
Source: newspapers

Newspaper Articles (15)

1. December 16, 1930 Hickory Daily Record Hickory, NC

Article from Hickory Daily Record, December 16, 1930

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ELEVEN BANKS CLOSE RALEIGH, Dec. Eleven banks in North Carolina closed their doors today. Four banks in Gaston four Asheville area Western North Carolina. one Cleveland one county and one Bertie county shut their doors. The First National Bank of Gastonia was the largest the The Peoples Bank of Waco in Cleveland with capital of $111,shut its doors. The ClayBanking Company of Clayton. capitalized with resources did not The Bank Aulander Bertie with capital and also did not open. BANK OF CLOVER CLOSES Dec. The Bank Clover, York counclosed its doors today. Robinson, president of the First National Bank of Gastonia, failed to open this morning. also president of the Clover BUNCOMBE BANK CLOSES Dec. Swannanoa Bank and Trust Company oa, in Buncombe failed open doors this the board of directors taking this precautionary measure to protect the bank's assets. In its statement of tion, Swannanoa Bank and Trust Company reported deposliability of with tal stock and surplus and profits amounting $9,040. FRANKLIN BANK SHUT Bank Franklin closed morning leaving the town Franklin, Macon counwithout financial action taken the board of directors protect the deposiface threatened withdrawals today. The Citizens bank, during the financial with the Bank Franklin. BANK FAILS Dec. Bank Clyde, Clyde this morning by order of its board of directors, explained the tion taken "protect the positors. The bank heavy withdrawals yesterday. FLETCHER BANK CLOSES FLETCHER, Dec. Bank Fletcher, Henderson county, o'clock this in face heavy attributed the caused the closing other banks this closed deposit liability cording to the last statement. has surplus undivided profits $21,500. and Rhodes, cashier of the bank.

2. December 16, 1930 Grand Haven Tribune Grand Haven, MI

Article from Grand Haven Tribune, December 16, 1930

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EIGHT NORTH CAROLINA BANKS FAIL TO OPEN CHARLOTTE N. Car., Dec. 16 (AP) Eight North Carolina banks. four in the western part of the state and four in Gaston county either failed to open or closed their doors today. Directors of the institutions in each case explained the action was taken as a precautionary measure for the protection depositors. Heavy withdrawals generally was given as the reason. The First National Bank of Gastonia, the largest of the eight had deposits of $3,066,072 Re sources were given as $4,656,067 The other three Gaston banks. the Gaston Loan and Trust Com pany of Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia were comparatively small institutions. Their combined deposits totalled $270,052.84. Clos ing of the bank of Franklin in Macon county left that town with out a financial institution. The Pank of Swannonoa failed to open after withstanding runs yesterday. The bank of Fletcher in Henderson county closed in the

3. December 16, 1930 The Muskegon Chronicle Muskegon, MI

Article from The Muskegon Chronicle, December 16, 1930

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Wall Street Briefs New York, Dec. of steel rails in the Chicago district has increased to 50 per cent of rated against 40 per cent previously, Dow, Jones & says. Stocks of refined lead in the United States at the end of November showed an increase over October, although November refinery production was under that of the previous month Stocks at the end of totaled tons, against 84,375 in October, the American Bureau of Metal Statisties reports. Total refinery production of lead in the United States in November was 48,988 short tons, against 55 369 in October and 53,237 in September. Approximately 20 organizations have bonus distributions to employes. The latest to announce such action include the National Metal Exchange, two weeks' salary to employes; 10 Operating Bureau, Inc. which manages the loan offices the Beneficial Industrial Loan Corp., weeks' salary employes; and National Real Estate Corp. the Christmas bonus to all employes. Chicago, Dec. (U.S.D.A.) Potatoes 64: on track 167; total U. shipments 448: trading rather slow: sacked per cwt., Wisconsin Round Whites few Round Whites 40; Idaho Russets No. No. Colorado Brown Beauties 1.60; McClures unbranded 1.60-1.65. Charlotte, N. C., Dec. 16-(P)Eleven banks North Carolina closed their doors today. Runs were blamed. Four banks in Gaston county four in the Asheville area western North Carolina, one in Cleveland county, one in Johnston county and one in Bertie county shut their doors. The First National bank of Gastonia was the largest the eleven, with deposits og $3,066,072 on Sep24. The Peoples bank of Waco in Clevecounty, with capital of and resources of $111,338.26 shut its The Clayton Banking company of Clayton, $75,000 of did not open. The Bank of Aulander, in Bertie county, with capital $80,125 and resources of $385,896.95, also did The other three Gaston banks, the Gaston Loan and Trust company of Gastonia, the Bank of Dallas, and the People's Bank of West Gastonia, comparatively small institutions. combined deposits totaled $270,Closing of the Bank of Franklin, in Macon county. that town without financial institution. The bank's deposits were listed at $416,800. The Citizens' bank, which merged with the Franklin last had deposits of $125,000. The Bank of with deof $182,000, and the Bank Clyde, with deposits of $105,000, failed to open later withstanding runs westerday. The Bank of Fletcher, in Hendercounty, closed in after an hour and half. Its deposits were listed at $103,500. S. C. Bank Is Closed York, S. Dec. Bank of Clover, York county closed it's today Lee Robinson, president of the First National bank of Gastonia, which failed to open this morning, also president of the Clover institution. The bank had resources of about $650,000. Utah Bank Closes Salt Lake Utah, Dec. The Columbia Trust company of this city was placed in the hands of the banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preferThe bank is not insolvent, having 20 per cent reserve at the close Monday, and it is the opinion of the board that every depositor be paid in full,' Cook said. "Total are $718,544.24. Total assets are $1,175,590.93.' W. Va. Bank Closed. Charleston, W. Dec. The state department of banking today the of the Bank of Hillsboro in county. The said the bank was closed Friday "to conserve assets" and that negotiations for taking over the were being by the bank of Marlinton. Bank at Fairmont, W. Va., Closes Fairmont, Dec. The Union of Fairclosed its doors benoon today. Inability to liquiassets rapidly enough to meet demands for was given as the cause for the closing. pfd

4. December 16, 1930 The Houston Chronicle Houston, TX

Article from The Houston Chronicle, December 16, 1930

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EIGHT BANKS IN NORTH CAROLINA BUSINESS Associated Press. Charlotte, Dec. North Carolina banks, four part the state four Gaston County, closed their today. of the institutions in case taken ure for protection deposit"Heavy generas the reason. First Bank Gastonia, the eight, deposits given other three Gaston banks, the Gaston Loan Trust pany, of Bank and People's Bank West Gastonia small The Closing the Bank of Franklin, in Macon left that town without financial institution. The deposits were listed which Franklin month, had deposits of The Bank of with deposits the Bank Clyde, with deposits failed after withstanding Bank Fletcher, Henderson County, closed the after remaining open hour and half. posits were listed

5. December 16, 1930 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 16, 1930

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EIGHT SOUTHERN BANKS CLOSED Heavy Withdrawals Given as Chief Reason CHARLOTTE, N C, Dec 16 (A. P.)Eight North Carolina banks, four in the western part of the State and four in Gaston County, either failed to open or closed their doors today. Directors of the institutions explained the action was taken as precautionary measure for the protection of depositors. "Heavy withdrawals' was given as the reason in practically every case. The First National Bank of Gastonia, the the eight, had deposits of $3,066,072. Resources were given as 4.656,067. The other three Gason County banks, the Gaston Loan and Trust Company of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052. Closing of the Bank of Franklin, in Macon left that town without, financial The bank's deposits were listed at $416,800. The Citizens' Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesThe Bank of Fletcher, in Henderson County, closed in the face of heavy withdrav after remaining open an hour and half. Its deposits were listed at $103,500.

6. December 16, 1930 Warren Times Mirror Warren, PA

Article from Warren Times Mirror, December 16, 1930

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EIGHT CAROLINA BANKS SUSPEND Charlotte, Dec. Eight North Carolina banks, four in the western part of the state and four in Gaston county, either failed to open or closed their doors today. Directors of the institutions in each case explained action was taken as precautionary measure for the protection of depositors. "Heavy generally was given as the reason. The First National Bank of Gastonia, the largest the eight, had deposits of $3,066,072. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan Trust Company, of Gastonia, Bank Dallas and the People's Bank West comparativesmall institutions The bined totaled Closing of the Bank of Franklin that town without finaninstitution. The bank's its were listed at Citizens Bank, which merged with the Franklin last month, deposits of $125,000. The Bank of with deposits of and the Bank Clyde, with deposits $105,000, failed open after withstanding runs yesterday. The Bank of Fletcher closed the face of heavy Its deposits were listed at $103,500.

7. December 16, 1930 The Herald Rock Hill, SC

Article from The Herald, December 16, 1930

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Mrs. Nancy McGill Is Laid To Rest (By Herald Correspondent) Sharon, Dec. 16.-Funeral services for Mrs. Nancy McGill were conducted in Sharon A. R. P. Church Saturday by her pastor, Rev. E. B. Hunter. assisted by Rev. R. M. Bell, of Hickory Grove, and Rev. O. W. Carmical, of Neely's Creek. Her favorite song, which she repeated just a short time before she passed away, was sung, "I'm Waiting, Waiting for combined deposits were $270,052.84. Closing of the Bank of Frank lin, in Macon county, left that town without a financial institution. The bank's deposits, in its last statement, were listed at $416,800. The Citizens Bank, which merged with the Franklin last night, had deposits of $125,000. The Bank of Swannanoa, in Buncombe county, with deposits of $182,000, and the Bank of Clyde, in Haywood county, with deposits of $105,000, failed to open after withstanding heavy runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after remaining open an hour and a half. Its deposits were listed at $103,000. the Lord." Pallbearers were G. W. Whitesides, J. A. Whitesides, of this place, Meek McGill, of Hickory Grove. H. M. Blair, of Blairsville, Blakely McGill, of Hickory Grove No. 2, and J. M. White, Jr. Flower bearers were Mrs. Belle McGill Roberts. of Blacksburg, Mrs. Blakley McGill. of Hickory Grove No. 2, and Miss Helen Sherer.

8. December 16, 1930 Biddeford-Saco Journal Biddeford, ME

Article from Biddeford-Saco Journal, December 16, 1930

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SOUTHERN BANKS THEIR DOORS Withdrawals Given Cause as by Directors. Charlotte, N. Dec. Eight North Carolina banks, four the western part state Gaston county either failed to open or closed doors Directors of institutions plained the action was taken measure for the protection of withdrawals" was given as the reason every The First National Bank tonia, the largest the had eight, Resources given other three Gaston banks, the Loan and Trust company, of Gastonia, the Bank Dallas and the People's Bank West Gastonia were small institutions. The combined deposits totaled Closing of the Bank of Franklin, Macon county, left that without financial institution. The deposits listed $416,800. The Citizens bank, which merged with the Franklin, last month, had deposits of $125,- The Bank of Swannanoa, with deposits of $182,000 and the Bank Clyde, with deposits of $105,000, failed after withstanding yesterday. The Bank of Fletcher, Henderson county, closed the face heavy after open an hour and Its deposits were listed at $103,500. York, Dec. Bank Clover, York county, its doors today. Lee Robinson, president of National bank of Gastonia, which failed open this also president of the Clover Va., Dec. state of banking today announced the bank Hillsboro, Pocahontas counwas closed Friday conbank on September had capital stock $25,000. Its were and its deposits totaled $127,746. Salt Lake City, Utah, Dec. Columbia Trust comthis city was placed in the hands of the state banking detoday. Frank Cook, president institution, board of directors requested closing order protect without preference. bank not insolvent, hav20 cent reserve the business Monday, and the opinion the board that every depositor paid Cook said. deposits are $718,544.24. Total assets are $1,175,590.98.'

9. December 16, 1930 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, December 16, 1930

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11 Banks in Carolina Fail to Open Doors CHARLOTTE N. Dec. 16 -(AP) North Carolina closed doors Tuesday Four banks in Gaston County, four the Asheville area of western North Carolina, in County, in Jornston County and Bertie County shut their Also bank at Clover, S. C., failed The First Bank of Gaswas largest of the with deposits of $3,066,072. on September The Peoples Bank of Waco, in Cleveland County capital of and resources of $111,338.26 doors. Clayton Banking Company, of $75,000 and with resources of $393,731.36. did not open. The Bank of Aulander, in Bertie County. with capital of and resources of also did not open. other three Gaston banks, the Gaston Loan Trust Company, of Gastonia the Bank of Dallas and the Peoples of Gastonia were comparat institutions. The combined $270,052.84 Closing of the Bank Franklin, in County, that without financial The bank's deposits Citizens listed at $416,800. The Bank which merged with the Franklin $125,000. last month. had deposits of The Bank of Swannanoa, with deposits of and the Bank of Clyde, with deposits $105,000. Monday failed to open after withsfanding runs Bank of Fletcher in Henderson in of heavy withdrawals after remaining open an listed hour and half. Its deposits at Bank Clover York County resources about to open Trust Companies NEW the market. Asked Express Comm Ital 255 Banca Sivilia Bank Europe Tr 570 Broadway Plaza Brooklyn Hanover Clinton Bk Tr Exchange County Guaranty Hibernia Inter Madison Trust is County Title Guar Manufacturers Midwood Mutual West Times Square 125 of Nr Am 2800 Westchester Title Tr Westchester

10. December 17, 1930 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, December 17, 1930

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ELEVEN BANKS SUSPEND. "North Carolina Institutions In Five Areas Are Closed. Charlotte, N. C., December 16-(AP)-Eleven banks in North Carolina closed their doors today. Four banks in Gaston County, four in the Asheville area of Western North Carolina, one in Cleveland County, one in Johnston County and one in Bertie County shut their doors. The First National Bank of Gastonia was the largest of the 11, with deposits of $3,066,072 on September 24. The Peoples Bank of Waco in Cleveland County, with capital of $5,000 and resources of $111,338.26 shut its doors. The Clayton Banking Company of Clayton, capitalized at $75,000 and with resources of $393,731.36, did not open. The Bank of Auhlander. in Bertie County, with capital of $80,125 and resources of $385,896.95, also did not open. The other three Gaston banks, the Gaston Loan and Trust Company, of Gastonia, the Bank of Dallas, and the Peoples Bank of West Gastonia were comparatively small institutions. The combined deposits totaled $270,502.84. Closing of the Bank of Franklin, in Macon County, that town withfinancial institution. The bank's deposits were listed at $416,800. The Citizens Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa with deposits of $182,000 and the Bank of Clyde, with deposits of $105,000 failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson County, closed in the face of heavy withdrawals after remaining open an hour and half. Its deposits were listed at $103,500.

11. April 29, 1931 Evening Star Washington, DC

Article from Evening Star, April 29, 1931

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North Carolina Bank Reopens. FRANKLIN, N. C., April 29 (P).The Bank of Franklin, a small State bank here, which suspended operations last December 16, reopened for business today.

12. April 29, 1931 News and Record Greensboro, NC

Article from News and Record, April 29, 1931

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FORMER PREACHER IS BANK OF FRANKLIN HELD AT STATESVILLE WILL REOPEN TODAY W. M. Branch, of Mount Airy, Arrested Charge Forgery. Was Holiness Minister Special Daily Branch Mount holiness was held the police tion this afternoon charge forgery Branch said passed was Davis company check signed drawn First bank of was learned from the Baltimore bank the check was party had and issued checks southern Folice here found same type Branch's Branch about 40 of age and have near Mount understood not work New Officers and Board of Di. rectors Named. Bank Suspended Business Dec. 16. Franklin April Bank business during the western last December will reopen for business was funds start off Franklin from morning Albert repreNorth Carolina ink department and board stockholders the The officers and diM D Rogers first Dr board tors chosen and assistant last The apital the

13. April 30, 1931 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, April 30, 1931

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Standard Brands Net 30c a Share Standard Brands, Inc., and subsidiaries in the quarter ended March 31 had net income of $4,054,588 after expenses, minority interest and Federal taxes, but before profits and loss items, equal, after dividends on 7 percent preferred, to 30 cents share on 12,644,002 shares common against $3,496,226 or 25 cents share on 12,633,170 shares in the first quarter of 1930 The above earnings include operations of German and South African subsidiaries of Royal Baking Powder Company for the three months ended Jan. 31, 1931, and English subsidiaries for two months ended Feb. 28, 1931. and three months ended March 31, 1930. After payment of preferred and common dividends there was surplus for the quarter of $2,749 before profit and loss credits and charges, against deficit of $1 491 930 in the first quarter of the previous year. N. C. BANK REOPENS The Bank of Franklin, N. C., small State bank which suspended operations last Dec. 16, reopened for business today

14. May 1, 1931 Brooklyn Eagle Brooklyn, NY

Article from Brooklyn Eagle, May 1, 1931

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N. C. BANK REOPENS The Bank of Franklin, N. C., a small State bank which suspended operations last Dec. 16, reopened for business today

15. May 1, 1931 Brooklyn Eagle Brooklyn, NY

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Indian Strife Hurts French Continued from Page gentlemen wanted something shiny reasonably but wanted It as cheaply as they could get it. Competition Came Competition came in the military and semi-military trade. Germans found false that shone was reasonably durable and much cheaper. They made it by machinery, Nuremberg became the great competitor against the Lyons gold thread of quality Still the Lyons people did not worry Did they not have the monopoly of the India trade. where quality alone counted and where competition totally unknown, where the demand was so constant that the thread could be made almost on a cost-plus basis and sold as long as marriage remained Hindu institution? Now that is gone. The ancient wooden drawing benches, precisely like those of the middle ages exhibited in the Cluny Museum, are gathering dust. And the wiredrawers and their families are growing thin. Trouble in India. hunger in Lyons. N. C. BANK REOPENS The Bank of Franklin. N. C., small State bank which suspended operations last Dec. 16, reopened for business today