11752. First National Bank (Gastonia, NC)

View Charter #4377 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
4377
Charter Number
4377
Start Date
December 16, 1930
Location
Gastonia, North Carolina (35.262, -81.187)

Metadata

Model
gpt-5-mini
Short Digest
1b6a5cc0

Response Measures

Full suspension

Other: Receiver appointed and later reorganization / reopening mentioned in March 1931 articles.

Receivership Details

Date receivership started
1930-12-20
Date receivership terminated
1931-03-12
OCC cause of failure
Other

Description

Contemporary articles report heavy withdrawals and that the First National Bank of Gastonia failed to open on Dec. 16, 1930 (i.e., suspended) after paying large sums to depositors following the closing of the American National Bank of Asheville. A receiver was named early Jan. 1931 and the institution was later reorganized and reopened by March 1931. Cause of the run appears linked to failures of other local banks (local_banks) and resulting heavy withdrawals. No specific misinformation event is described.

Events (8)
1. July 23, 1890 Chartered
Source
historical_nic
2. December 16, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals driven in part by the earlier closing of the American National Bank of Asheville and runs on neighboring institutions; large sums paid out to depositors prior to Dec. 16.
Measures
Board/directors failed to open the bank and issued notices that action was taken as a precautionary measure to protect depositors.
Newspaper Excerpt
Heavy withdrawals ... The First National bank of Gastonia ... had deposits ... Bank officials said $800,000 had been paid to depositors since November 20, when the American National Bank of Asheville closed its doors.
Source
newspapers
3. December 16, 1930 Suspension
Cause Details
Bank 'failed to open' (suspended operations) because of heavy withdrawals and to protect depositors; suspension appears to be a precautionary/managerial action rather than a direct government closure.
Newspaper Excerpt
Gastonia county banks failed to open their doors today... The First National bank of Gastonia ... would not open.
Source
newspapers
4. December 20, 1930 Receivership
Source
historical_nic
5. January 1, 1931 Receivership
Newspaper Excerpt
Mr. F. E. Marshall has been appointed receiver in the First National Bank of Gastonia ... and is now in charge of the liquidation.
Source
newspapers
6. March 12, 1931 Restored To Solvency
Source
historical_nic
7. March 20, 1931 Other
Newspaper Excerpt
Although ... the First National Bank of Gastonia ... closed, has since been reorganized and reopened. ... the First National Bank of Gastonia stock ... closed in has since been reorganized and reopened.
Source
newspapers
8. January 25, 1935 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (17)
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 Commercial Bangor, ME
Article from Commercial, December 16, 1930

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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,-

3. December 16, 1930 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 16, 1930

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Four North Carolina Banks Fail to Open GASTONIA, N. C. Gaston County banks failed to open their doors today, leaving only one financial situation in this textile city of 20,000. The First National Bank and the Gaston Loan and Company Gastonia, Bank of Dallas and the People's Bank West blamed in nowould not open. The First largest of the four, posit 24, date of its last published statement listed Bank officials said has been paid to depositors since when the AmeriNational Bank of Asheville closed its doors L. Jenkins, president of the Asheville bank. was president the First National Bank and its largest single stockholder YORK (AP) The Bank of York County, closed its doors today Robinson, of the First National Gastonia which failed also president of the Clover instituThe bank had resources of about SALT LAKE CITY Utah (AP) The Columbia Trust Company of this placed the hands of the State Banking Frank Cook the stitution, said the board of directors requested closing order to protect all depositors preferbank is not having 20% reserve the close business Monday. and is the opinion of the board depositor will paid in Total deposits are Total assets are

4. December 16, 1930 The Post-Crescent Appleton, WI
Article from The Post-Crescent, December 16, 1930

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NORTH CAROLINA IN FEAR OF RUNS Action to Protect Depositors Follows "Heavy Withdrawals" Charlotte, North Carolina banks, failed open closed their doors today. case explained action taken precautionary measure for the protection depositors. "Heavy withdrawals" generally the reason. The First National bank of Gastonia, the largest of the eight, deposits $3,066,072. Resources given $4,656,067. The other three Gaston banks, the Loan and Trust pany, Gastonia, Bank of Dallas and the Peoples West Gastonia comparatively small institutions. The combined deposits totaled Closing of the Bank of Franklin, that without financial institution. The bank's deposits were listed The Citizens bank, which merged with the Franklin last month, had deposits of $125,000. The Bank Swannanoa with deposits $182,000 and the Bank $105,000 failed to open after withstanding The Bank of Fletcher closed in the face open and half. Its deposits were listed at $103,500. INQUIRY IN NEW YORK Binghamton, af. Andrew president the State bank missing the doors the institution closed was the object inquiry today from The state banking department, searching out the amount shortage reported about $600,000. one of the investigators. Federal officers came uopn that was the supreme treasurer organizaand the officers that organization, the Greek Catholic union, rived to check their The exact shortage, state bank might not determinuntil early next week. Deposiwere largely laborers. CLOSE ILLINOIS BANK III. the Pope County State bank conda for examination and adjustment was bank capitalized first this year the had total Loans total$244,286.79. Paris, First Nationbank Kansas, failed to open its today. There the bank last Friday. president, did not issue statement. The bank capital stock $50,000. Burled alive in rabbit hole near Box week, Irish terrier rescuers wagging tail.

5. December 16, 1930 The Dispatch Moline, IL
Article from The Dispatch, December 16, 1930

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ELEVEN NORTH CAROLINA BANKS CLOSED TODAY By Associated Leased Wire. Charlotte, Dec. banks in North Carolina closed Four banks in Gaston county, four in the area of North one in Cleveland county, one Johnson county and one in Bertie county shut their doors. The First National bank of Gastonia the largest of the eleven, with deposits of $3,066,072.

6. December 16, 1930 The Capital Times Madison, WI
Article from The Capital Times, December 16, 1930

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Salt Lake City and Charleston Banks Shut SALT LAKE CITY The Columbia Trust Co. of this city was placed in the hands of the state bank ing department today. Frank B. Cook. president. said the board of directors requested the closing in order to pro"Total deposite are and total assets are $1,175,590.98. he said. adding that "every depositor will be paid in full." W. Virginia Bank Shut state department of banking today announced the closing of the Bank of Hillsboro "to conserve ussets The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits $127,746. 4 Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today. leaving only one financial institution in this textile city of 20.000 The First National bank and the Carton Loan First National bank. largest of the lour. had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,007.68.

7. December 16, 1930 Montpelier Evening Argus Montpelier, VT
Article from Montpelier Evening Argus, December 16, 1930

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SIX BANKS CLOSE DOORS In One Instance Action Is Taken Conserve Assets Gastonia, Dec. 16, Gaston county banks failed to open their doors today, leaving only financial institution in this textile of 20,000. The First National bank and the Gaston Loan and Trust company Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia blam"heavy withdrawals" in notices ing they would not open. The First National bank the gest of the four, had $3,660,072.11 deposit September 24. Bank officials said $800,000 had been paid to deposisince November 20, when the American National bank of Asheville closed its doors. Jenkins, president of the Asheville bank, was vice president the First National bank and its largest single stockholder. York, Dec. Clover, York county closed its doors today. Lee Robinson, president of the First National Bank of Gastonia which failed open this morning, president of the Clover institution. The bank had resources of about $650,000. Charleston, W. Va., Dec. 16, The state department of banking day that the Bank of Hillsboro, in Pocahontas county, was closon Friday The bank on September capital stock of $25,000. Its resources and its deposits taled $127,746.

8. December 16, 1930 Evening star Washington, DC
Article from Evening star, December 16, 1930

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TEN BANKS CLOSED TO PROTECT FUNDS Eight Are in North Carolina, One in South Carolina and One in West Virginia. Press CHARLOTTE December Eight North Carolina banks, four in the western part of the and four Gaston County either failed to open closed their today. of the explained the action taken as precaufor the of depositors. "Heavy withdrawls" was given as the reason in practically every First National Bank Gastonia, largest the eight, had deposits given other three Gaston the Loan the Dallas and the West Gastonia, People's small bined deposits totaled Town Is Bankless. Closing of the Bank of Franklin in without Citizens deposits listed bank's which with Franklin last month, deposits The Bank of Swannanoa, with $182,000, Clyde, failed yesterday. Bank HenderCounty, closed the face of heavy Its deposits were listed $103,500. One Fails South Carolina. YORK, December Clover, County, closed its First failed Bank president Gastonia, of the this morning, also president of Clover One Closed in Hillsboro. W. today announced the closing County. the Hillsboro, in The said the was closed Friday conthat the for made the The Bank had capital stock and its deposits $127,746.

9. 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.

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

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CAROLINA BANK CLOSED. York, S. C., December The Bank of Clover, York County, closed its doors today. J. Lee Robinson, President of the First National Bank of Gastonia, which failed to open this morning, is also President the Clover The bank resources of about $650,000.

11. December 17, 1930 Tampa Bay Times St. Petersburg, FL
Article from Tampa Bay Times, December 17, 1930

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11 BANKS CLOSE THEIR DOORS IN NORTH CAROLINA Four in Gaston County and Like Number in Asheville Area CHARLOTTE N.C., Dec. 16.(P)-Eleven banks in North Carolina closed 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 $3,066,072.11 on Sept. 24. The Peoples Bank of Waco, in Cleveland county, with capital of $5,000 and resources of $11,338.26, 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 Aulander, 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 & Trust company. of Gastonia, the Bank of Dallas, and the Peoples Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin. in Macon county, left that town without financial 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. WEST VIRGINIA BANK CLOSED CHARLESTON, W. Va., Dec. 16.(P)-The state department of banking today announced the closing of the Bank of Hillsboro, in Pocahontas county. An announcement said that negotiations for taking over the institution were being made by the Bank of Marlington. The Bank of Hillsboro on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72, and its deposits totaled $127,746. PARENTS GIVEN CHILDREN NEW YORK, Dec. 16.-(.P)-Mr. and Mrs. Pietro Ricci may keep custody of their young sons, Ruggiero and Giorgio, violin prodigies, Supreme Court Justice Vallente ruled today.

12. December 17, 1930 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, December 17, 1930

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Bond Dealings on New York Stock Exchange ELEVEN BANKS CLOSE IN NORTH CAROLINA High prices Stock Western CHARLOTTE, N. C., Dec. 16.Close. (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 100 county, one in Johnston county, and one in Bertie county shut their doors. FOREIGN BONDS. CORPORATION The First National Bank of GasManati tonia was the largest of the 11, with P&P Sales Close (in $1,000). High Sydney Hy Ujigawa Unterelbe Upper Venetian Vienna City Warsaw City Un Wurttemberg 831 6s 931 931 today ago January date same year same two years ago Danish trustee. du Pont Marseilles deposits of $3,066,072.11 on September 24. The Peoples Bank of Waco, in Cleveland county, with capital of $5,000 and resources of $11,388.26 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 Aulander. 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 & Trust Co., of Gastonia; the Bank of Dallas and the Peoples Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin in Macon/county, left that town without a financial institution. The bank' 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 closed in the face of heavy withdrawals after remaining open hour and half. Its deposits were listed at $103,500. BIRMINGHAM DISTRICT BANKS EFFECT MERGER BIRMINGHAM, Ala., Dec. 16.merger of the Bank of Ala bama with the Ensley National Bank, making the combined assets over $1,000,000. was announced early today by Oscar Wells, chairman of the board the First National Bank of Birmingham. "With the co-operation and support of the Birmingham Trust & Savings Co. and the First National Bank of Birmingham, Mr. Wells statement said, "the assets will be taken over by the Ensley National Bank and the latter assume the liabilities of the Bank of Alabama. R. A. Terrell, 68. for many years president of the Bank of Alabama, died yesterday of wounds which Coroner D. Russum said were self State Superintendent of Banks Dent F. Green said that a recent report of

13. December 18, 1930 Fort Mill Times Fort Mill, SC
Article from Fort Mill Times, December 18, 1930

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YORK COUNTY the request of Ben Farris, game warden elect York county, the York legislative delegation met in the grand room in court house here Friday afternoon State game warden's the appointment of RobFewell of Rock Hill game worden. The naming of uty game warden has been necessitated, by the reluctance of the chief warden's office to issue sion to Mr. Farris account of an leged lack of educational qualifications, The deputy game warden will without from the pay county forth the letter Farris to the which the delegation signed, asking that the pointment be made. The only change the delegation made in was asked to sign out the and insert words warden," Senator Campbell being the opinion that would require of the Legislature name clerk for Mr. Farris. This opinion not concurred in by sentative Bradford. but since the gation took the view that deputy game warden could the pected of clerk. there greement the delegation to whethas Mr. Farris' office assistant should known clerk deputy game warden. The deputy will be compensated for his services by Mr. Farris His bond will be the same as that the game warden. All the members of the delegation, Senator Campbell and Representatives Bradford, Dunlap, H. Hicks and attended the meeting Senator Campbell presided and Mr. chosen secretary. The only other matter presented to delegation concerning the appropriation for cross country roads on rural mail routes. and Fred members of the legislative of the York County Rural riers' asociation. explained the good sults accomplished by means of the propriation and requested that support the be continued. Increased for York. Talk of increase mills the town tax levy, making mills, led meeting of the York town council with the York BusiMen's association, at which the financial affairs of the town discussed length and in detail. The outcome of the discussion was the pointment committee of five, headby the Noe. to study the council and try means for increasing the of the town without resort to raising the levy. an alternative way to raising the money without interfering with the tax levy, Mayor W. Morton suggested sewer tax and sprinkler warehouses and cotton mills. read financial statement in which shown that decreased revenue of the town the of town property. The assessed valuation has decreased $129,082 from 1925 from to levy raised 1896 from but the added revenue no longer sufficient to take care of the York to Seek Soldier Hospital. York will make an effort secure the United States government hospital that may be erected part of the country before Decision last meeting York Business Men's association and committee appointed work with other committees of the town help bring about the desired result. Mayor Morton was asked to call citizen's meeting some time between January matter will be presented to the people Clover Bank Closes Doors. The Bank of Clover, capitalized $30,000 and assets totaling failed to open its doors Tuesday morning and notice posted the information that this step was taken for protection the depositors taken in apprehension, said, "run" the bank the result the failure the First tional bank Gastonia. the president which, Lee Robinson, president the Clover bank. be the general belief the part sons thta the Clover bank solvent and that will closing the only temporary. Drunk Driving Charge for Benediet. Keyes Hickory, didn't pathway strewn flowers when Corner" married. the marriage handled

14. January 1, 1931 The Milan Standard Milan, MO
Article from The Milan Standard, January 1, 1931

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MADE RECEIVER IN BIG BANK Mr. F. E. Marshall has been appointed receiver in the First National Bank of Gastonia, North Carolina, and is now in charge of the liquidation. The bank had deposits of more than three million dollars. Mr. Marshall happened to be a visitor at the U. S. Treasury Department, when a friend in the department remarked that difficulty was being experienced in finding capable receivers for big institutions. Mr. Marshall expressed a willingness to handle this bank's affairs, and was named. He formerly was connected with the Comptroller's office-Unionville Republican. Mr. Marshall is a brother to that prince of fellows and fine business man, Col. Neal Marshall, of Unionville. Fountain pen and general use inks at the Standard office. "Tried preparations that kill rats, but RAT-SNAP is the only one that prevents disagreeable odors after killing. Also like RAT-SNAP because it comes in handy cakes, no mixing with other food. You don't have to dirty your hands. it's the best for household use." Try RAT-SNAP. Three sizes, 35c, 65c. $1.25. Sold and guaranteed by THE MOREHEAD DRUG STORE. THE LANE HARDWARE STORE. S. E. MORLAN, Pollock, Mo.

15. March 20, 1931 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, March 20, 1931

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Bank Receiver Seeks To Recover Security Fund Loaned to Man Various Mill, Bank and Real Estate Company Stocks In Asheville Are Involved LOGAN REPRESENTS BANK Suit Is Regarded as First Major Move to Clear Up Affairs of Institution CHARLOTTE March Suit for $50,000 has been filed against Jenkins, of Asheville. by the receiver of the closed First National bank here, the clerk United States district court here vealed today. The complaint of the receiver. M. Logan, alleges the sum sought was loaned to Jenkins the First National bank with various mill. bank and real estate company stocks security. These were itemized as follows: Stocks Listed. 225 shares of capital stock in the First National Bank of Gastonia. 100 shares of capital stock in the National Realty company. of Gas90 shares of capital stock in the Arlington mills, of Gastonia, 50 shares of capital stock the Haywood Realty company, Asheville. $5,000. 43 shares of capital stock in the Parkdale Mills, Inc., of Gastonia. $3.600. Although the stocks represent quoted values in security the $50,000 loan, the First National Bank Gastonia whose stock is listed half the quoted value. closed in has since been reorganized and reopened. The stock that of old bank Under Indictment. Jenkins now under indictment on charges of violating the banking Jaws as the result the closing of banks in which he was interested The note $50,000 dated October 27. 1930. was later newed and the suit asks interest from January 25, 1931. The suit is regarded here as the first major move in clearing up the affairs of the First National bank here. Two other suits filed seek to collect $200 each from Ramsour and B. Ramsour, of Lincoln countv, allegedly due on shares of stock they bought.

16. March 21, 1931 The News and Observer Raleigh, NC
Article from The News and Observer, March 21, 1931

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BANK RECEIVER SUES JENKINS FOR $50,000 Charlotte, March first important step the clearing up the affairs of the First National Bank here sounded today with information that suit been started against L. Jenkins, of Asheville, for $50,000, to have been loaned him by the local bank with various Asheville and Gastonia mill, bank and real estate company stocks security. The suit was instituted by J. M. Logan, receiver for the First Na. tional Bank. Then on which the civil action brought in Federal Court being dated October 27, 1930, according to the papers the case, and rep. resents renewal of loan of $50,000. stocks represent, at their quotvalues, $69,375 deposited cover the $50,000 loan. ever, the First National Bank of Gastonia stock, representing more than half of the collateral security deposited in connection with the note, since has closed its doors, and has reopened. Mr. Jenkins is under indictment at the present time on charges of conviolate the banking laws spiracy connection with the failure banks at Asheville and Gastonia.

17. January 19, 1932 The Daily Times-News Burlington, NC
Article from The Daily Times-News, January 19, 1932

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HEARTY CO-OPERATION have re-open the National Bank W. Mr. Grady Gaston of *:.* Gastonia of on the re-opening of LACE here Dear With great deal of interest our people have learned of the aggresmunity to re-open your F.r National Bank on sound basis. Gastonia was faced with the same situation that confronts you about year and as a result of of our people our bank was plete confidence of our people and on rendering very vital service to this community. With us it was a deliberate and unanimous conviction that we could not afford not to resimply our bank. Realizing the open enormous entailed by forced liquidation and the resultant which would come to bankruptcy individuals and firms great many under prevailing economic conditions, our people concluded with one accord that the re-opening of bank essential to the our tinued progress of this community. Even stockholders and depositors of our other major bank nere realized that business interests would jeoparized in the long seriously run if this bank were not re-opened. As result. actuated by the high of protecting our own inpurpose terests. our whole people joined enthusiastically in remarkable camraised $500,000 of local paign and short time. making poscapital in the re-opening of our bank sible in the year more than Later on $50,000 raised and this was enabled small state bank that closed at the same time to rewas open. have thus learned in a biz We what community solidarity and way mean. am confident co-operation the our First re-opening National Bank here has meant to our interests and more has done more to weld our comin'o whole than munit; that happened in anything Gaston during the present Quite naturally we are all in your laudable tremely and all of us shall be wishing for ou complete success. Yours very truly. W. G. GASTON, Executive Secretary.