11757. Peoples Bank (Gastonia, NC)

Bank Information

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

Metadata

Model
gpt-5-mini
Short Digest
76629e28

Response Measures

Full suspension

Other: Mass meeting and public expressions of confidence by leading citizens; Comptroller of the Currency consulted per notice.

Description

Multiple Dec 16, 1930 newspaper accounts report heavy withdrawals/runs on several Gaston County banks (First National, Gaston Loan & Trust, Bank of Dallas, Peoples Bank of West Gastonia) and that those banks 'failed to open' or 'suspended' by board action to protect depositors. One later (June 1931) account says the First National suspended by order of its board after heavy withdrawals 'occasioned by rumors following the failure of the Central Bank and Trust Co., and the American National bank in Asheville.' The specific Peoples Bank appears among the institutions that closed/suspended; sources do not show a clear, final reopening or permanent liquidation for Peoples Bank in the provided articles, so I classify as run -> suspension with outcome unsure. Bank type for 'Peoples Bank' not specified in articles; it lacks 'National' or 'Trust' in the name so set to unknown.

Events (2)
1. December 16, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals/rumors following failures of other regional banks (Central Bank and Trust Co. and American National Bank in Asheville) precipitated withdrawals.
Measures
Banks (including Peoples Bank) suspended operations by order of directors/failed to open to protect depositors.
Newspaper Excerpt
GASTONIA, N. C. Gaston County banks failed to open their doors today ... The First National Bank and the Gaston Loan and Trust Company, the Bank of Dallas and the People's Bank ... blamed withdrawals
Source
newspapers
2. December 16, 1930 Suspension
Cause
Local Banks
Cause Details
Directors suspended business after heavy withdrawals tied to rumors and failures of nearby banks; suspension described as to 'protect depositors.'
Newspaper Excerpt
Four Small Institutions Close to Protect Depositors ... closing of the First National Bank, the Gaston Loan and Trust company, the Peoples' Bank of Gastonia, and the Bank of Dallas
Source
newspapers

Newspaper Articles (6)
1. 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

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

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Article Text

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.

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

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Article Text

Salt Lake City and Charleston Banks Shut SALT LAKE CITY (AP) The Columbia Trust Co. of this city was placed in the hands of the state banking department today Frank B. Cook president. said the board of directors requested the closing in order to protect all depositors "without preference "Total deposits are $718,544.24. and total assets are $1,175 he said adding that "every depositor will be paid in full." W. Virginia Bank Shut CHARLESTON, W. Va. The state department of banking today announced the closing of the Bank of Hillsboro "to assets The bank on Sept. 24 had capital stock of $25,000 Its were $205 and its deposits $127,746. Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today leaving only one in this textile city 20,000 The First National bank and the Claston Loan and Trust Co., the Bank of Dallas and the Peoples Bank of West Gastonia blames withdrawals The First National bank, largest of the four, had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,067.68.

4. December 16, 1930 The Sentinel Winston-Salem, NC
Article from The Sentinel, December 16, 1930

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Article Text

CLOSE DOORS Four in Gaston County Among Number; One Left in Gastonia. one in Bertie County shut their The First National Bank of Gas tonia, was the largest the deposits of $3,066,072.11 on Sep tember 24. The Peoples Bank of Waco, in Cleveland County, capital $5 and resources of $111,338.28 shut The Clayton Banking Company Clayton capitalized at $75,000 and with resources of 36, did not open. Bank of Aulander in Bertie capital and resources of $385,896.95 also did not Raleigh (P) Eleven banks North Carolina closed their doors September 24 Report today. The First National Bank of Four banks in Gaston County. four tonia had deposits of $3,066,072.11 the Asheville area of Western listed in its September 24 report ReNorth Carolina. one in Cleveland given at 68. County. one in Johnston County and The other three banks the Gaston Loan and Trust Company, of Gastonia: the Bank of Dallas, and the People Bank, of West Gas "We Know How" tonia, were comparatively small Half Soles The combined deposits totaled $1.00 and Heels Closing of the Bank of Franklin in Free Shine Tickets with each every day Macon County left that town with

5. December 16, 1930 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, December 16, 1930

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Article Text

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

6. June 23, 1931 Battle Creek Enquirer Battle Creek, MI
Article from Battle Creek Enquirer, June 23, 1931

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Article Text

GASTON CALM AS BANKS SUSPEND Four Small Institutions Close to Protect Depositors; Others Also. Special Charlotte Observer the announcement here last night of the closing of the First National Bank, the Gaston Loan and Trust company, the Peoples' Bank of Gastonia, and the Bank of Dallas, a mass meeting of some 300 or more leading including leading depositors of the Citizens National bank, the only remaining bank in the city of Gastonia, rose as unit to fortify the community from further financial disaster. That mass meeting proved today that had served its purpose well, and the citizenship of Gastonia went about its business in a calm and orderly fashion. There was no run on the Citizens National bank today. Although some small depositors called for their money, there was no crowd about the lobby of the bank, and by noon today the bank presented the appearance it does on any ordinary business day. G. Myers, its president, said this afternoon that deposits today had outnumbered withdrawals, while many new accounts were opened during the day. There was no evidence at all of any panicky feeling, and the general attitude this afternoon was one of quietude and confidence. The Citizens bank had prepared it: self for any emergency, and was prepared to pay any depositors who might wish to withdraw their money. special edition of The Gastonia Daily Gazette issued early this morning carried list of the names of some 300 or more leading citizens who expressed by their signa tures, in resolution presented to the mass meeting, absolute confidence in the Citizens National bank and their intention to continue deposits and refrain from withdrawals. The closing of the First National bank according to notice posted on the door of that institution this morning, by "reason of heavy withdrawals during the past several days this bank has suspended business by order of the board of directors for the protection of depositors. This action was taken after full consultation with the comptroller of the currency. These withdrawals. which had totaled some $800,000 since November 20, had been quiet and steady. They were occasioned by rumors following the failure of the Central Bank and Trust Co., and the American National bank in Asheville on that date. Officials of the First National the opinion that depositors will be paid 100 per cent The First National bank had deposits of resources of The Gaston Loan and Trust company had deposited $86,931 resources $135,363.16 capital $20,000. The Peoples Bank of West Gastonia had deposits of $64,042.91 The Bank of Dallas had deposits capital $20,000. Other Banks Close Following list of banks in North Carolina which closed yesterday, in addition to the Gaston banks: Swannanoa (Buncombe county) -The Swannanoa Bank and Trust company: deposits $182,000: capital Franklin (Macon county) Bank of Franklin: deposits $416.800. It was merged last month with the Citizens bank, which had deposits of $125,000 Combined capital surplus and undivided profits of the new institution was 104.500 Fletcher (Henderson county)The Bank of Fletcher: deposits capital surplus and un divided profits $21,500 Clyde (Haywood Bank of Clyde: deposits $105,000 Waco (Cleveland county Peoples Bank of Waco: resources Clayton (Johnston county)-The Clayton Banking company: Aulander (Bertie Bank of Aulander: resources $385.In South Carolina the Bank and resources of $552,843 failed to open.