11754. Gaston Loan & Trust Company (Gastonia, NC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
trust company
Start Date
December 16, 1930
Location
Gastonia, North Carolina (35.262, -81.187)

Metadata

Model
gpt-5-mini
Short Digest
c49eeaf9

Response Measures

Full suspension

Description

Multiple news wires (dated Dec 16, 1930) report the Gaston Loan & Trust Company of Gastonia 'failed to open' with directors citing 'heavy withdrawals' — i.e., a run prompting a precautionary suspension. No article mentions a reopening or receivership, so outcome is unclear.

Events (2)
1. December 16, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals cited by directors; contemporaneous closures in Gaston County and prior closing of Asheville bank appear to have spurred depositor runs.
Measures
Directors closed the bank / failed to open as a precaution to protect depositors.
Newspaper Excerpt
Directors ... explained the action was taken as a precautionary measure for the protection [of] depositors. Heavy withdrawals generally was given as the reason.
Source
newspapers
2. December 16, 1930 Suspension
Cause
Local Banks
Cause Details
Bank failed to open (suspended operations) after heavy withdrawals and contemporaneous bank failures/closures in the region prompted precautionary action by directors.
Newspaper Excerpt
the Gaston Loan and Trust company of Gastonia ... would not open.
Source
newspapers

Newspaper Articles (10)
1. December 16, 1930 Grand Haven Tribune Grand Haven, MI
Article from Grand Haven Tribune, December 16, 1930

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Article Text

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

2. 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

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

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Article Text

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 Houston Chronicle Houston, TX
Article from The Houston Chronicle, December 16, 1930

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Article Text

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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Article Text

one financial institution in this textile city of 20,000 population. The First National Bank and the Gaston Loan and Trust Gastonia, the Bank of Dallas and the People's Bank of West Gastonia blamed "heavy withdrawals' in notices saying they would not open. The National Bank, largest of the four, had $3,066,072 on deposit Sept 24; resources were listed at $4,656,067. Bank officials said $800,000 had been paid to depositors since Nov 20, when the National Bank of Asheville closed its doors. L. L. Jenkins, president of the Asheville bank, was vice president of the First National Bank and its largest single stockholder.

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

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Article Text

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.

7. December 16, 1930 The Chickasha Daily Express Chickasha, OK
Article from The Chickasha Daily Express, December 16, 1930

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Article Text

NORTH BANKS SUSPEND Eight Closed by Directors; Heavy Withdrawals Given as Main Reason. Charlotte, N. C., Dec. 16. North Carolina banks, four in the western part of the state and four in Gaston county, closed their doors today. Directors of the institutions in each explained the action was taken as measure for the of "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. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan and Trust company, of Gostonia, the Bank Dallas and the Peoples Bank of West Gastonia small institutions. Closing of the Bank of Franklin, in Macon county, left that town without financial institution. The Bank of and the Bank of Clyde, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after the remaining open an hour and half.

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

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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,

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.