11785. Granite Savings & Trust Company (Haw River, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
March 4, 1911
Location
Haw River, North Carolina (36.092, -79.364)

Metadata

Model
gpt-5-mini
Short Digest
6b5f95e7

Response Measures

None

Description

The bank closed and a receiver (Charles A. Scott) was appointed in early March 1911. Articles link the failure to bankruptcies/insolvency of principal stockholders and an affiliated manufacturing company, indicating bank-specific adverse insolvency rather than a depositor run. No mention of a depositor run or reopening; closure appears permanent with receiver appointed.

Events (1)
1. March 4, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure of principal stockholders B. S. Robertson and J. W. Trollinger and bankruptcy of the Trollingwood (Trollinger) Manufacturing Company; principals insolvent, affecting bank solvency.
Newspaper Excerpt
The Granite Savings and Trust Company closed Its doors yesterday ... Charles A. Scott was appointed receiver of the bank
Source
newspapers

Newspaper Articles (5)
1. March 5, 1911 The Times Dispatch Richmond, VA
Article from The Times Dispatch, March 5, 1911

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Article Text

BANK CLOSES DOORS. Failure Follows Bankruptcy of Manufacturing Company. Haw River. N. C., March 4.-The Granite Savings and Trust Company closed Its doors yesterday, closely folIowed by the announcement that the Trollinwood Manufacturing Company which operates a big cotton mill here. had gone Into voluntary bankruptcy. B. S. Robertson and J. W. Trollinger. the chief stockholders in both concerns, filed the applications, and it is cald here that these men. both of whom are among the most prominent capitallets in this section of the State. are insolvent. It IN reported to-night that other local concerns are involved In the failures. Charles A. Scott was appointed receiver of the bank, which has # capital of $5,000, and deposits of $30,000. The liabilities of the mill. it la understood, will reach nearly $1.000.000

2. March 7, 1911 The Durham Recorder Durham, Hillsboro, NC
Article from The Durham Recorder, March 7, 1911

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Article Text

FAILURES AT HAW RIVER ROBERTSON AND TROLLINGER FILE BANKRUPTCY PETITIONS Greensboro, March 6.-The failures of Messrs. B. S. Robertson and J. W. Trollinger, of Haw River, and the filing by them of voluntary petitions in bankruptcy here on Friday created quite a surprise in the business circles of this section of the state. At the same time their petitions were filed, the Trollingwood Manufacturing company also filed a petition. The total liabilities of the two men are given in the petitions in bankruptcy at more than half a million dollars. They were engaged in the cotton business and were among the leading business men of Haw River. In addition to these three petitions in bankruptcy, it is said that their failure will involve one or more other concerns of Haw River. It is quite a serious blow to the business interests of people connected with these two men. Both are highly respected gentlemen and much interest and concern is felt on their account. Just what the failure is attributable to is not known. It is learned here tonight that the Granite Savings and Trust company, of Haw River is affected by the failures referred to above. The bank closed its doors Friday night. It was capitalized at $5,000 and had deposits to the amount of about $30,000. It is said that there will be no loss to depositors. Charies A. Scott was appointed receiver of the bank. J. A. Long is cashier.

3. March 7, 1911 The Durham Recorder Durham, Hillsboro, NC
Article from The Durham Recorder, March 7, 1911

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Article Text

A HAW RIVER BANK FAiLS RECEIVER APPOINTED FOR GRANITE TRUST CO. Late Friday the Granite Savings and Trust company, of Haw River, went Into the hands of a receiver. Mr. Charles A. Scott being appointed receiver for the institution./ which was organized in 1903 with $5,000 capital. The officers of the bank were Mr. B. 8. Robertson, president, and Mr. J. A. Long, cashier. Following the announcement that the bank was in the hands of a recelver came the report that bankrupt proceedings would be asked for the Trolingwood. Manufacturing company, operating a brick yard at Hav River. The cause of these two failures and the liabilities and assets of the banking institution and brick yard could not be learned here Friday afternoon.

4. March 9, 1911 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, March 9, 1911

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Article Text

State News. Walter B. Gwyn, formerly of Asheville, was killed Friday in an elevator accident in Norfolk. A contract has been awarded for the construction of the public building at Lexington, N. C., at $45,760. I The President sent to the Senate Thursday the name of Mr. J. H. Ramsey to be postmaster at Salisbury. . Robert Mitchell, an aged colored man, was killed by a Seaboard Air Line train on a trestle, near Durham, Saturday afternoon. 1 The Granite Savings and Trust Company of Haw River, went into the hands of a receiver Friday. This institution was organized in 1903 with $5,000 capital. I The old Atlantic Coast Line Hotel at Weldon is being torn down. This hotel was erected in Weldon long before the Civil War.A new hotel will be erected instead.

5. March 10, 1911 The Durham Recorder Durham, Hillsboro, NC
Article from The Durham Recorder, March 10, 1911

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Article Text

THE HAW RIVER FAILURE GOT INTO HANDS OF RECEIVER UNKNOWN TO COMMISSION. Raleigh, March 9.-The fact that the Granite Savings and Trust company, at Haw River, got into the hands of a receiver unbeknownist to the corporation commission, which has the supervision of banking institutions of the state constrains the members of the commission to state that the state bank examiner examined and reported on the affairs of the institution on February 11. There was at the time a question as to the value of the endorsement of an $8,000 paper that was converted into a prsonaily endorsed document, making it commercially good if the owners were solvent as they were generally conceded to be. The last examination of the bank showed the total resources of the bank to be $41,005. The bank carried deposits, $14,071 subject to check, $12,284 savings and $4,721 time deposits. The capital stock of the bank was $5,000.