11828. National Bank (La Grange, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
12633
Charter Number
12633
Start Date
January 1, 1932
Location
La Grange, North Carolina (35.307, -77.788)

Metadata

Model
gpt-5-mini
Short Digest
8fcfed95

Response Measures

Full suspension

Other: Bank was turned over to the Comptroller of the Currency (federal takeover/receivership implied).

Receivership Details

Depositor recovery rate
4.6%
Date receivership started
1932-01-11
Date receivership terminated
1935-08-14
Share of assets assessed as good
7.8%
Share of assets assessed as doubtful
79.6%
Share of assets assessed as worthless
12.6%

Description

Newspaper (Jan 1, 1932) reports runs at La Grange today and that directors decided to close the bank and turn it over to the Comptroller of the Currency. No reopening is reported; action appears permanent/closure. OCR corrected 'LaGrange' -> 'La Grange'.

Events (4)

1. January 31, 1925 Chartered
Source
historical_nic
2. January 1, 1932 Run
Cause
Local Banks
Cause Details
Contagion of runs in the local area (Snow Hill and La Grange both faced runs/suspensions same day); directors closed to avoid collapse.
Measures
Policemen stationed in lobbies; directors decided to close the bank to avoid collapse and turn institution over to the Comptroller of the Currency.
Newspaper Excerpt
The runs here today were attended by none of the excitement which marked those three banks last spring. Policemen stood in the lobbies, but there was no sign of disorder.
Source
newspapers
3. January 1, 1932 Suspension
Cause
Local Banks
Cause Details
Directors closed the bank following runs that day and concern about risking collapse; bank was to be turned over to the Comptroller of the Currency.
Newspaper Excerpt
The National Bank of Snow Hill and the National Bank of LaGrange did not open for business today. ... the directors decided on the action at meeting here last night ... the institutions would be turned over to the Comptroller of the Currency.
Source
newspapers
4. January 11, 1932 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from The News and Observer, January 1, 1932

Click image to open full size in new tab

Article Text

Grim Reaper Lags During 1931 North Carolinians died lower rate than in year the State's history, according tabulations compiled yesterday by the State Board Health. The provisional death rate for 1931 was 9.8 100,000 of population. Previously the record low death been 11.2. "It probably the lowest death rate any state east of the Mississippi with the possible exception Vermont," declared M. Parrott, State health officer. The provisional rate will stand for the unless some deadly epidemic broke out before last midnight. was pointed out that large number violent deaths, beyond the control of any health gram, augmented the death toll last year. The rate was wired Governor Gardner New New Year's gift from State and local health officers. agent for the Bank of Coleraine at Coleraine. H. H. Stevens of Goldsboro, was named agent for the Citizens Bank Mount Olive, the Bank of Pikeville, the Planters Bank of the Wilson Trust and Savings Bank of Wilson and the Planters Bank of Wilson, which maintained branches at Kenley and Black Creek. National Banks Close. The National Bank of Snow Hill and the National Bank of LaGrange did not open for business today. D. S. Harrison Snow Hill, was president both banks. Both were small banks. SNOW HILL AND LA GRANGE NATIONAL BANKS SUSPEND Kinston, Dec. were by the local branches of the North Carolina Bank and Trust Co., and Branch Banking and Trust Co., today, but they played out after three hours. Cashiers announced the vaults held money meet The first fright over, the runs suddenly ceased at noon. Directors the First National Bank, La Grange, and First tional Bank, of Hill decided to close those institutions today rather risk their collapse. With drawals had been fairly light. It was predicted depositors will receive "every dollar." Liabilities could not be immediately ascertained, but director said obligations are not heavy" the directors decided on the action at meeting here last night, but there was no official an nouncement until today, when was said the institutions would be turned over to the Comptroller of the Currency. Hardison, Snow Hill, president of both, Robert F. Crisp, Kinston, vice-president both. Miss Sadie Stanton cashier of the La Grange bank, whose capital is $25,000, and deposits $35,000. The Snow Hill bank has capital of $50,000, and deposits of $85,000. The runs here today were attended by none of the excitement which marked those three banks last spring. Policemen stood in the lobbies, but there was no sign of disorder. The Branch Bank said it had no idea of invoking the 30 day clause. CONTINUE 30.DAY CLAUSE GREENSBORO BANK. Greensboro, North Carolina Bank and Trust Company today paid quite promptly the full amounts cash requested by depositors on checking accounts, no maximum other than the amounts the balances being stipulated in such cases. The clause requiring notice of days of intention withdraw money from savings accounts continves force here. However, today was far more day deposits than one of with drawals here. The great influx of deposits recognized indicative of robust confidence. tion was called the fact that the bank has "available for use $8,000,000 in additional President William Ryland referred to the co-operation support of John M. Miller. of Va., National Credit the Fifth Federal Reserve district also the operation some the largest mercial concerns in the country. Meeting Approved. Paris, of the British suggestion for an in ternational reparations at Lausanne on January 18 was voted today by the Council of Ministers at their last 1931 meeting. Watch Night Services. Tarboro, Dec. Howard Memorial Presbyterian church and the Calvary Episcopal church had watch night their churches see the old year out and the new year in.


Article from Pittsburgh Post-Gazette, January 1, 1932

Click image to open full size in new tab

Article Text

West Virginia Bank Reopens Tomorrow First Citizens National Bank will reopen Saturday under a state charter of an signed by approximately 95 per cent of the was The depositors have agreed not to withdraw deposits during period not to exceed four years Dividends will be paid become liquid. The bank suspended business October 15. WAYNESBURG, Pa., Dec. (Special. was made ipday that the State Bank of Cameron, W. Va., new institution, will open Saturday with capitalization of $50,000. SNOW HILL N. C., Dec. The National Bank of Snow Hill and the National Bank of La Grange did not open for business today.