Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 1, 1924*
Location: Henderson, North Carolina (36.325, -78.416)

Metadata

Model: gpt-5-mini
Short Digest: 852c7403

Response Measures

None

Description

The bank closed its doors in April, 1924 and has been in receivership; no run is described in the article. Receiver Beckham (Burton) is making dividend payments in Dec 1933; bank remains closed and in receivership, so classify as suspension leading to closure/receivership.

Events (2)

1. April 1, 1924* Suspension

Cause Details: Article simply states the bank closed its doors in April, 1924 without describing a triggering rumor, run, or government action.
Newspaper Excerpt: the bank which closed its doors in April, 1924.
Source: newspapers

2. December 22, 1933 Receivership

Newspaper Excerpt: announcement was made today by the receiver, Beckham K. L. Burton, 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. The distribution Friday will amount to something over $12,000. Depositors are asked to bring their pass books (Henderson Daily Dispatch, 1933-12-20).
Source: newspapers

Newspaper Articles (1)

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

Article from Henderson Daily Dispatch, December 20, 1933

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Article Text

Henderson Daily Dispatch Farmers & Merchants Bank AGAIN WILL Depositors Get Payment ECANDIDATE Five Percent Dividend To Be Distributed by Receiver on Friday of This Week; Makes Total of 90 Percent Can Do More for Paid; Rest Is Expected Year Hence Today Than Before Announcement was made today by asked to notice that the delivery of these checks will be for one day only, BECKHAM K. L. Burton, the receiver, that a diand all depositors are asked to bring vidend payment of five percent will their pass books as a means of identiMan for His Pledge of fication. be made on Friday of this week, DeHe Will Support cember 22, to depositors of the old The distribution Friday will amount the Limit in to Farmers and Merchants Bank. of to something over $12,000. When the Congress Henderson which closed its doors in bank closed its rdeposits amounted to April, 1924. This distribution makes a around $250,000. The 85 percent paytotal payment to depositors of 90 perE. W. Pou will again ments already made were distributed to succeed himself in cent, and Mr. Burton said there would to depositors within two or three years primaries of the be one more dividend payment before after the bank closed, and Included a June next next. That the receivreship is discharged, and he 100 percent assessment against the stockholders. contained in a letter hopes that one can be ten percent, which would mean 100 percent payC. B. Beckham. long The handling of the receivership by ment to the depositors. It will provorker in this county. Mr. Burton is considered one of the had written Mr. Pou bably be made late in 1934, he said. finest jobs in bank liquidation the port following tne anThe dividend payment Friday will State has seen. Very few closed banks week of the candibe made by checks, which, as a mathave ever paid depositors in full in ter of convenience to the depositors, E. Bailey, of Raleigh. this State, and this one will be in will be distributed at the Citzens Beckham, in part. as that class, if the final ten percent Bank and Trust Company, at the can be paid a yar hence, as is now an 1 will say that my Wyche street entrance. Depositors are ticipated.