First National Bank (Warsaw, NC)

View Charter #11767 on SPMC View balance sheet

Episode Information

Episode UID
1176701526
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
117670 national
Charter Number
11767
Start Date
February 22, 1927
Location
Warsaw, North Carolina (34.999, -78.091)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3f7260da6501da82

Response Measures

Full suspension, Books examined

Receivership Details

Date receivership started
1927-03-17
Date receivership terminated
1928-05-22
OCC cause of failure
Economic conditions
Share of assets assessed as good
43.9%
Share of assets assessed as doubtful
37.1%
Share of assets assessed as worthless
18.9%

Description

Directors closed the bank after a depositor run in Feb 1927; by Sept 1927 a receiver was acting and later (1931) the bank closed when the Fed refused to renew paper.

Events (7)
1. June 25, 1920 Chartered
Source
historical_nic
2. February 22, 1927 Run
Cause
Rumor Or Misinformation
Cause Details
Unspecified depositor run; directors stated no shortage and books in perfect condition, suggesting panic rather than confirmed insolvency.
Measures
Directors closed the bank and requested the comptroller of the currency to send a representative to take charge.
Newspaper Excerpt
The First National Bank of Warsaw voluntarily closed its doors yesterday after a run on it by depositors.
Source
newspapers
3. February 22, 1927 Suspension
Cause
Rumor Or Misinformation
Cause Details
Voluntary closing by directors in response to depositor run; directors asserted books were in order.
Newspaper Excerpt
Closing was by order of the directors, who requested the controller of the currency to send a representative to take charge.
Source
newspapers
4. March 17, 1927 Receivership
Source
historical_nic
5. September 15, 1927 Receivership
Newspaper Excerpt
First National Bank Receiver Starts Suits IN WRECK Action Against The Officers Begun ... Suit was begun yesterday ... by C. L. Wilof the First Naliams, receiver tional Bank of Warsaw, N. C., against J. E. Williams ... The action is based on the alleged nonpayment of certain notes.
Source
newspapers
6. May 22, 1928 Restored To Solvency
Source
historical_nic
7. December 17, 1931 Receivership
Source
historical_nic

Newspaper Articles (7)
1. February 22, 1927 Evening Star Washington, DC
Article from Evening Star, February 22, 1927

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Article Text

BANK CLOSES AFTER RUN. Institution at Warsaw, N. C., Sound, Say Directors. WARSAW, N. C., February 22 (AP). -The First National Bank of Warsaw voluntarily closed its doors yesterday after a run on it by depositors. Closing was by order of the directors, who requested the controller of the currency to send a representative to take charge. Directors said there was no shortage and that the books were in perfect condition. The bank's liabilities are about $300,000. The bank was organized as a State institution in 1913, becoming a national bank in 1920. Capital stock is $50,000, with $10,000 surplus.

2. February 22, 1927 The Akron Beacon Journal Akron, OH
Article from The Akron Beacon Journal, February 22, 1927

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Article Text

resigned because of attempted coerby subterfuge" the to of be regarded as iniquitous legislation in the general asOn the heels of the resignation came virtual dissolution of the orwithin the state when 66 of the 86 chapters surrendered their bus would become and riages between members of the Catholic church and members of the Protestant churches would be forbidden, when attended by any agreement as to rearing of children. Fight On Unfair Legislation Causes Resignation Of Grand Dragon N. The Raleigh and Observer says today Judge Henry A. years grand dragon of the Klux in North Bigoted Legislation the legislation which the imperial wizard undertook to dictate brought bitter denunciafrom Judge the article "membership in the Catholic or in the Knights of Colum- RUN CLOSES BANK WARSAW, N. C., Feb. 22 (AP) The First National bank of Warsaw has closed its doors after a run by depositors, by order of the directors who requested the comptroller of the currency to send a representative to charge. Directors said there was no shortage. Akron Man Files Answer In Federal District Court At Cleveland An answer denying that he owed Harry L. Eau Wis., $4,134 for he had ordered. denying he had fund of to Two ago acted agent in selling patent rights to rubber suit in equity in district for accounting of by through mandatory for rubber companies be enjoined royalties and funds in Ohio Akron be until matter is and in

3. February 22, 1927 The Daily Times Salisbury, MD
Article from The Daily Times, February 22, 1927

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Article Text

RUN ON CAROLINA BANK CLOSES DOORS Warsaw, North Carolina, Feb. First National Bank of Warsaw has voluntarily closed its doors after run on it by depositors. Closing was by order of the directors who requested the comptroller of the currency to send a representative to takecharge. Directors of the bank said there was no shortage and that the books were in perfect condition. The bank's liamilities are estimated at about $300,000.

4. February 22, 1927 Salt Lake Telegram Salt Lake City, UT
Article from Salt Lake Telegram, February 22, 1927

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Article Text

RUN CLOSES BANK. WARSAW, N. C., Feb. 22 The First National bank voluntarily closed its doors after run on by depositors. Closing by of the directors, who requested the comptrolof the currency send resentative take charge. Directors the bank said there shortage and that the books perfect The bank's liabilities are estimated $300,000.

5. September 15, 1927 The Chatham Record Pittsboro, NC
Article from The Chatham Record, September 15, 1927

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Article Text

WOMAN KILLED First National Bank Receiver Starts Suits IN WRECK Action Against The Officers Begun In Federal Court At Wilmington. Suit was begun yesterday in the office of H. h. Ford, deputy clerk of U. S. court here, by C. L. Wilof the First Naliams, receiver tional Bank of Warsaw, N. C., against J. E. Williams, Mattie E. Williams, Annie Ross Williams J. C. Shaw, Florence H. Shaw and William P. Bridgers. The action is based on the alleged nonpayment of certain notes. one for $463.50 signed by E. Wilfor signed by Williams. one for $1500.00 signed Liquor and Women Is The Cause of Walter Grady's Downfall Rocky Mount, Sept. 13-A hear ing at Halifax tomorrow morning endeavor lift the veil of will to the death of mystery surrounding Mrs. T. Wilson woman, whose body was found beside Halifax early this wrecked car near morning and to determine the part which Walter Grady local man, of the woman on companion left the city early last night Halifax party in the the Sapp for a he fused to get wanted see and left went This found that reported to that after to Wilson that Grady the Grady have been Both wh were Wilson and that he and whiskey the several drinks while they returning from of Mrs. found turned completely have though think that he Grady and dent The aged. The the top windshield shattered. but it was to run under its own power. Now is the time to cull out those "boarder" hens and keep only the best layers for winter eggs and breeding, advise poultry specialists at State College.

6. February 14, 1930 The Greenville News Greenville, SC
Article from The Greenville News, February 14, 1930

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Article Text

Bank Of Chesnee In Examiner's Hands SPARTANBURG, Feb. The Bank of Chesnee, of Chesnee, 20 miles northwest of here placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. The institution lost a number of deposits when the Dollar Savings bank and the Carolina National bank of closed December 30, but the directors were able to restore confidence and stabilize matters until today when the failure of the Rutherford county banks and the American State bank at Gaffney. rendered the situation too acute for the Chesnee bank to continue operations. The deposits, at close of business yesterday, amounted to $228,793.26 showing decrease of about $106,000 since the published statement of December 31, 1929; capital stock of the bank was $50,000. surplus $20,000 and bills payable none.

7. December 24, 1931 The Nashville Graphic Nashville, NC
Article from The Nashville Graphic, December 24, 1931

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Article Text

Warsaw Bank Closes payment to depositors was assured in notice by the directors of the First National bank on Monday night closing the bank. Refusal of the federal reserve bank to renew paper caused the closing.