11781. Bank of Grover (Grover, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 18, 1931
Location
Grover, North Carolina (35.175, -81.450)

Metadata

Model
gpt-5-mini
Short Digest
9734dce1

Response Measures

None

Description

Multiple contemporaneous newspaper items (Dec 18–19, 1931) report the Bank of Grover failed to open/was closed on Dec. 18, 1931. Articles list it among several small state banks that did not open after runs and failures at nearby institutions. There is no mention of the Bank of Grover reopening or being rescued; therefore classified as suspension leading to closure. OCR text was noisy (county likely Cleveland County; some names fragmented). Cause chosen as distress at local banks (runs/failures of nearby banks) rather than a bank-specific scandal or pure rumor about Grover itself.

Events (1)
1. December 18, 1931 Suspension
Cause
Local Banks
Cause Details
Closed after runs and failures at other nearby banks (articles group it with Wake Forest bank and reference runs on other local institutions).
Newspaper Excerpt
Bank Grover at Grover Cleveland county, were closed Dec. ... Gurney Hood, state commissioner, said this noon.
Source
newspapers

Newspaper Articles (2)
1. December 18, 1931 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, December 18, 1931

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Article Text

BANKS FAIL TO OPEN Dec. banks, the Bank Wake Wake Forest Wake county and the Bank Grover at Grover Cleveland county, were closed day, Gurney Hood, state commissioner, said this noon. The combined deposits the institutions aggregated about $180,000. Mr. Hood attributed the ing the Bank of Wake and heavy after run the Commercial National did not open yesterday. He said the two institutions had Royall was president and Pearce cashier the Bank of Wake. Its statement September 29 listed total resources, $20,000 capital, $10,000 surplus, and about $120, deposits. president and Elliu cashier the Bank Grover. Its September 29 statement showed $85,273.94 total resources, $10,000 capital about in deposits.

2. December 19, 1931 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, December 19, 1931

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Article Text

Two Small State Banks Are Closed Institutions at Wake Forest and Grover Fail to Open Doors PHONE 2-3643 banks Raleigh. failed Dec to 18 small open for business this to reports er The Bank this afternoon Wake For Holiday Fares up deposits. The run on the was caused by false Fare One and One-Third sums in the National for Round Trip Bank of Raleigh, which closed and The bank had capital of $20,000 points in the states of resources E. Royall Michigan and president, and Pearce on sale 16th with final The Bank of return Cleveland Jan. 6th. has deposits of capital of and sources Harry was and B. Ellis