Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 16, 1924
Location: Henderson, North Carolina (36.325, -78.416)

Metadata

Model: gpt-5-mini
Short Digest: 8c6173e6

Response Measures

None

Description

Articles describe the Farmers & Merchants Bank of Henderson closing its doors on April 16, 1924 and remaining in receivership. No run is mentioned. Receivers made dividend payments in 1933 and the State Banking Department took over liquidation in 1936 under the Williams law. Closure appears permanent with receiver handling liquidation.

Events (3)

1. April 16, 1924 Suspension

Cause Details: Article states the bank closed its doors on April 16, 1924; no specific cause (e.g., insolvency reason) is given.
Newspaper Excerpt: the bank, which closed its doors April 16, 1924
Source: newspapers

2. December 22, 1933 Receivership

Newspaper Excerpt: a dividend payment of five percent will be made on Friday of this week, December 22, to depositors of the old Farmers and Merchants Bank of Henderson which closed its doors in April, 1924. This distribution makes a total payment to depositors of 90 percent.
Source: newspapers

3. April 25, 1936 Other

Newspaper Excerpt: Liquidation of a bank closed for a dozen years may be completed within the next three months ... the State Department took it over under the Williams law, which required receivers to turn over all closed banks of which the liquidation was not completed by January 1, 1936, to the State department.
Source: newspapers

Newspaper Articles (2)

1. December 20, 1933 Henderson Daily Dispatch Henderson, NC

Article from Henderson Daily Dispatch, December 20, 1933

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Article Text

Announcement was made today by K. L. Burton, the receiver, that a dividend payment of five percent will be made on Friday of this week, December 22, to depositors of the old Farmers and Merchants Bank. of Henderson which closed its doors in April, 1924. This distribution makes a total payment to depositors of 90 percent. and Mr. Burton said there would be one more dividend payment before the receivreship is discharged, and he hopes that one can be ten percent, which would mean 100 percent payment to the depositors. It will probably be made late in 1934, he said. The dividend payment Friday will be made by checks, which, as a matter of convenience to the depositors, will be distributed at the Citzens Bank and Trust Company, at the Wyche street entrance. Depositors are

2. April 25, 1936 Henderson Daily Dispatch Henderson, NC

Article from Henderson Daily Dispatch, April 25, 1936

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Article Text

F.&M.Bank Liquidation To End Soon Commissioner Hood in Raleigh Gives Assurance to Henderson Group Raleigh, April 25-(AP)- Liquidation of a bank closed for a dozen years may be completed within the next three months by the State Banking Department, Bank Commissioner Gurney P. Hood assured a delegation of depositors or the defunct Farmers & Merchants Bank of Henderson today. Mr. Hood said the bank, which closed its doors April 16, 1924, had dragged along in receivership until last month, when the State Department took it over under the Williams law, which required receivers to turn over all closed banks of which the liquidation was not completed by January 1, 1936, to the State department. Members of the delegation said they came to Raleigh "hoping something would be done about it now." The commissioner assured them everything possible was being done to expedite the liquidation and said he hoped it could be completed within the next three months.