11772. City National Bank (Greensboro, NC)

View Charter #5168 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
5168
Charter Number
5168
Start Date
March 5, 1908
Location
Greensboro, North Carolina (36.073, -79.792)

Metadata

Model
gpt-5-mini
Short Digest
3553bf6e

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1908-03-06
Date receivership terminated
1910-01-25
OCC cause of failure
Excessive lending
Share of assets assessed as good
52.4%
Share of assets assessed as doubtful
37.0%
Share of assets assessed as worthless
10.6%

Description

Articles (Mar 5, 1908) report the City National Bank of Greensboro voluntarily going into liquidation / suspending payments. Later items (Jul 1908 and 1909) reference a receiver and litigation connected to the bank's failure, indicating permanent closure. No run is described in the sources; the action is a voluntary liquidation/suspension that resulted in closure and receivership.

Events (5)
1. January 14, 1899 Chartered
Source
historical_nic
2. March 5, 1908 Suspension
Cause
Voluntary Liquidation
Cause Details
Directors decided to go into voluntary liquidation citing continued financial depression and inability to collect outstanding notes; officers state depositors will be paid in full.
Newspaper Excerpt
The City National bank of this city deem it best for depositors and stockholders to voluntarily liquidate the affairs of the bank.
Source
newspapers
3. March 6, 1908 Receivership
Source
historical_nic
4. July 14, 1908 Receivership
Newspaper Excerpt
The petitioning creditors are the receiver of the City National Bank of Greensboro, which largely financed the corporation; ... The mills have been closed since the City National Bank failure in fruitless effort at reorganization.
Source
newspapers
5. November 30, 1909 Other
Newspaper Excerpt
The end of the trial of Lee H. Battle, who is being tried in the federal court here in connection with the failure of the City National Bank of this city, of which he was cashier, is near at hand... The receiver of the bank has since instituted suit against Bain for the amount of the note.
Source
newspapers

Newspaper Articles (7)
1. March 6, 1908 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 6, 1908

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Article Text

Small Bank Suspends. Greensboro, N. C., March 5.-Owing to the continued financial depression and inability to collect outstanding notes the officers of the City National bank of this city deem it best for depositors and stockholders to voluntarily liquidate the affairs of the bank. Negotiations are in progress with one of the local banks to take over the collateral of the City National and assume payment of all depositors, The officers of the bank state all depositors will we paid in full. Assets of the bank are $800,000 with liabilities about the same.

2. March 6, 1908 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 6, 1908

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Article Text

GREENSBORO BANK TO CLOSE. City National to Go Into Voluntary Liquidation, But Pay All in Full. [Special to The Times-Dispatch.] GREENSBORO, N. C., March 5.-The City National Bank, one of the oldest banks here, decided to-night to go into voluntary liquidation. The continued financial depression and inability to *collect outstanding notes are assigned as the reasons for the step taken., It is stated by the officers of the bank that all the depositors will be paid in full, and that no one having money in the bank need fear any loss. Negotiations are now in progress with one of the strongest banks in the city to take over the collateral of the bank and assume the payment of all deposits. To do this will require some days, as the consent of the Comptroller of the Currency at Washington and of the stockholders of the bank is necessary.

3. March 6, 1908 The Washington Herald Washington, DC
Article from The Washington Herald, March 6, 1908

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Article Text

Greensboro Bank Suspends, Special to The Washington Herald. Greensboro, N. C., March 5.-The directors of the City National Bank, with a capital of $100,000. decided to-night to go into liquidation. The continued financial depression and inability to collect notes is assigned as the cause of the suspension.

4. July 18, 1908 Virginia Gazette Williamsburg, VA
Article from Virginia Gazette, July 18, 1908

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Article Text

# POMONA COTTON MILLS # IN RECEIVERS' HANDS GREENSBORO, N. C. -Special.- The Pomona Cotton Mills, of Greensboro, were cited in bankruptcy court to show cause July 14th why it should not be adjudged bankrupt. F. H. Fries, of Winston; C. J. Watkins, of Greensboro, were appointed temporary receivers. The petitioning creditors are the receiver of the City National Bank of Greensboro, which largely financed the corporation; the Whitten Machine Company, and J. E. Latham, cotton brokers. The mills have been closed since the City National Bank failure in fruitless effort at reorganization. It is new property, costing half a million dollars.

5. May 20, 1909 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, May 20, 1909

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Article Text

# Large Bank Account. The following witnesses, connected with Greensboro banks, to show Judge Adams' deposits and interest-bearing certificates, were examined by defendants' counsel, in an effort to show that after Judge Adams returned from Oklahoma, or in 1905, his bank dealings were much greater than before he left: E. L. Sides, cashier of the Greensboro Loan and Trust Company; C. F. Cline, cashier of the City National Bank; C. R. Williams, receiver of the City National Bank; and W. E. Allen, of the Greensboro Loan and Trust Company. The records of the banks were examined and the sums total stated. On cross-examination by counsel for prosecution, all of the witnesses testified that Judge Adams' general reputation was good. # A Sensational Bit of Evidence. Ex-Judge W. P. Bynum, of Greensboro: Judge Adams told me soon after he returned from Oklahoma that he was worth $50,000, and that he had just made $25,000 by selling an option on an interest he held in a coal mine.

6. December 1, 1909 Daily Press Newport News, VA
Article from Daily Press, December 1, 1909

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Article Text

BATTLE CASE GOES TO THE JURY TODAY Damaging Testimony Against Alleged Defaulter Given by Man Who Signed Note. (By Associated Press.) GREENSBORO, N. C., Nov. 30.The end of the trial of Lee H. Battle who is being tried in the Federal Court here in connection with the failure of the City National Bank of this city is near at hand, the government resting at noon today. The strongest evidence brought out by the government today was the testimony of the closing witness A. L. Bain, secretary and superintendent of the Pomona Mills, who swore that his note of $7,000 held by the City National Bank with Pomona Mill stock as collateral was an accommodative note. The witness created somewhat of a sensation by testifying that he was induced to make the note by Battle who, he said. told him that the bank examiner was expected in a few days and it was necessary to show a reduction in the indebtedness of the mills, Witness testified that Battle assured him in writing that he would not be called on to pay either principal or interest. The receiver of the bank has since instituted suit against Bain for the amount of the note. Other Damaging Evidence. Other damaging evidence was given by F. Campbell, bookkeeper for the Pomona Mills, who testified that Battle lost $8,400 for the mills dealing in cotton futures during the fall of 1907. The entire afternoon was consumed in considering written prayers for instructions from the defense. this preliminary to the argument not being concluded when court adjourned for the day. The case will go to the jury Friday morning, four hours having been allowed for argument on each side.

7. December 1, 1909 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 1, 1909

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Article Text

# END OF THE TRIAL # NEAR AT HAND Greensboro, N. C., November 30.-The end of the trial of Lee H. Battle, who is being tried in the federal court here in connection with the failure of the City National bank of this city, of which he was cashier, is near at hand, the government resting at noon today. One of the strongest pieces of evidence brought out by the government today was the testimony of A. L. Bain, secretary and superintendent of the Pomona mills, of which Battle was general manager, who swore that his note of $7000 held by the City National bank with Pomona stock as collateral, was an accommodation note. The witness created somewhat of a sensation by testifying that he was induced to make the note by Battle who, he says, told him the bank examiner was expected in a few days and it was necessary to show a reduction in the indebtedness of the mills. Witness testified that Battle assured him in writing that he would not be called on to pay either principal or interest. The receiver of the bank has since instituted suit against Bain for the amount of the note. Other damaging evidence was given by F. C. Campbell, bookkeeper for the Pomona mills, who testified that Battle lost $8400 for the mills dealing in cotton futures during the fall of 1907. The case will go to the jury Friday morning, five hours having been allowed for argument on each side.