11747. Citizens Bank (Franklin, NC)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
37f96ada

Response Measures

None

Description

Newspapers (Dec 16, 1930) report that the Bank of Franklin failed to open/closed, leaving the town without a financial institution. The Citizens' Bank is mentioned as having merged with the Franklin last month (OCR phrasing ambiguous), implying the Citizens Bank was part of the institution that closed. No explicit separate run on Citizens is described; directors cited heavy withdrawals as reason. No mention of reopening or receivership in these items.

Events (1)
1. December 16, 1930 Suspension
Cause
Local Banks
Cause Details
Directors cited heavy withdrawals as the reason; multiple nearby banks either failed to open or closed, suggesting contagion from local bank distress/withdrawals.
Newspaper Excerpt
Closing of the Bank of Franklin, in Macon county, left that town without financial ... The Citizens' bank, which merged with the Franklin last month, had deposits of $125,000.
Source
newspapers

Newspaper Articles (4)
1. December 16, 1930 Commercial Bangor, ME
Article from Commercial, December 16, 1930

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Article Text

Eight Banks Now Closed In North Carolina Heavy Withdrawals Given Directors Reason By as For Action Charlotte, N. C., Dec. -Eight North Carolina banks, four in the western part of the state and four in Gaston county either fairs to open or closed their doors today. Directors of the institutions explained the taken measure for the pro tection of "Heavy was given as the rea son in practically The First National bank of Gas tonia, the largest of the eight, had deposits of Resources were given at $4,656,007.08 The other three Gaston banks, the Loan and Trust Company, of Gastonia, the Bank Dallas and the People's Bank of West Gastonia were small The combined deposits totaled Closing of the Bank of Franklin, in Macon county, left that town without financial The bank's 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 $105,000 failed to open after withstanding runs yesterday The Bank of Fletcher in Henderson county, closed in the face heavy after open an hour and half Its de. posits were listed at $103,500. Salt Lake City, Utah. Dec. Columbia Trust Com. pany of this city was placed In the hands of the state department today. Frank president of the institution, said board of directors requested the closing "in order to protect all depositors without "The bank is not ingolvent, having 20 reserve at the close of Monday, and it the opinion of the board that every depositor will paid full." Cook said. "Total deposits $718. 544.24. Total assets are $1,175,-

2. December 16, 1930 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, December 16, 1930

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Article Text

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.

3. December 16, 1930 Omaha World-Herald Omaha, NE
Article from Omaha World-Herald, December 16, 1930

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Article Text

Eight North Carolina Banks Close Doors Charlotte, N. Dec. 16 Eight North Carolina banks failed open or closed their doors today Directors of the institutions in each explained the action was taken precautionary measure for the protection depositors. "Heavy generally was given the reason. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072. other three Gaston banks, the Gaston Loan and Trust company Gastonia, the Bank of Daland the People's Bank of West Gastonia, were small. The comdeposits totaled $270,052.84. Closing of the Bank of Franklin left that town without financial institution had deposits $416,800. The Citizens' bank, which merged with Franklin last month, had deposits of 125 thousand dollars. The Bank of Swannanoa, with deposits of 185 thousand dollars, and the Bank of Clyde, with deposits 105 thousand dollars, failed to open after withstanding runs yesterday. The Bank of Fletcher closed in the face heavy withdrawals after remaining open an hour and half. deposits were listed at $103,500. Three Small Banks Close. Asheville. N. C., Dec. 16 Three banks in small western North today. Carolina towns failed to open The closing of the Bank of Frankleft that town without finaninstitution. The bank had deposits approximately The Bank Clyde, with depoists thousand dollars. closed was because of heavy withdrawals. The given for closBank which hadadeposits of $103,500,

4. December 16, 1930 Biddeford-Saco Journal Biddeford, ME
Article from Biddeford-Saco Journal, December 16, 1930

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Article Text

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.'