First National Bank - Lenoir, NC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8445
Charter Number: 8445
Start Date: December 18, 1930
Location: Lenoir, North Carolina (35.914, -81.539)

Metadata

Model: gpt-5-mini
Short Digest: 5c6252b4

Response Measures

Full suspension

Description

Contemporary articles (Dec 18–22, 1930) report heavy withdrawals and the bank did not open for business after runs and closures of other NC banks. No reopening or receiver mentioned in these clippings; described as closed following a heavy run.

Events (5)

1. November 28, 1906 Chartered

Source: historical_nic

2. December 18, 1930 Run

Cause: Local Banks
Cause Details: Heavy withdrawals and loss of confidence triggered by closing of other North Carolina banks
Measures: None reported in the articles
Newspaper Excerpt: The First National Bank of Lenoir did not open for business today ... action was said to have followed heavy withdrawals
Source: newspapers

3. December 19, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank failed to open for business after heavy withdrawals and depleted cash/lack of confidence (direct consequence of runs and regional bank closings)
Newspaper Excerpt: First National Bank of Lenoir did not open for business today. The bank ... officers said it had deposits of $450,000.
Source: newspapers

4. December 22, 1930 Other

Newspaper Excerpt: Heavy Run Closes One Lenoir Bank ... First National Bank, Lenoir, did not open for business today. Statement signed by the directors said the action was due to heavy withdrawals and 'lack of confidence' due to the closing of other North Carolina banks.
Source: newspapers

5. January 28, 1931 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (6)

1. December 19, 1930 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, December 19, 1930

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BLOODSTAINED CLOTHES FOUND IN WOODS NEAR KILBOURNE. ILL. Note Addressed to "Shelton" Recommended "Bearer. Jimmy Durkin." as a Cook. the HA VANA, Press. Dec. 19.-Bloodstained clothes. a letter and a traveling bag of exc ellent quality, found yesterday in the woodlands four miles southeast of Kilbourne, III., caused Mason County authorities to search the surrounding Illinois River bottom land in the belief that a murder had been committed. The letter was addressed to "Shelton," dated at St. Louis on Aug. 9, signed "Dud" and recommended "the bearer. Jimmy Durkin as a cook. The bloodstained clothing bore the laundry mark "J. D." The apparel apparently was working clothes. Other clothing found nearby included a cook's apron and cap, Automobile wheel tracks. where a car evidently had been turned around, also were found. The discovery was made by Sherman Lane, a trapper. St. Louisan Head of Seedmen. By the Associated Press. COLUMBIA. Mo., Dec. 19.-Ed F. Mangelsdorf of St. Louis has been elected president of the Missouri Seedmen's Association. Other officers chosen: Fred G. Ricketts, Springfield, vice president, and J. M. White, Kansas City, secretarytreasurer. Sunday Movie Vote Held Void. By the Associated Evanston voted for Sunday movies by a majority of 56 votes, but cannot have them, at least for some time. Judge Philip L. Sullivan has ruled. The Court upheld the Evanston Sunday business ordinance and reasoned that the referendum was not effective without action by the City Council. bank was solvent and gave frozen assets and a gradual withrawal of funds as the reason for closing. The bank, capitalized at $100,000, has liabilities of $1,094,225, officials said. Bank in North Carolina With $450,000 Deposits Closes. By the Associated LENOIR, N. C., Dec. 18.-The First National Bank of Lenoir did not open for business today. W. J. Lenoir is its president. The bank is capitalized at $50,000 and its officers said it had deposits of $450,000. Three Banks in Indiana, One With $610,000 Deposits, Close, By the Press. INDIANAPOLIS. Ind., Dec. 19.Three Indiana banks failed to open today, the State Banking Department was notified. They are: The American Trust and Savings Bank of Richmond. capitalized at 100,000; the Central State Bank of Whiting, capitalized at $100,000, and the State Bank of Brook, capitàlized at $55,000. At Richmond it was said the bank was closed to protect depositors and stockholders. The bank had experienced several days of heavy withdrawals. It had deposits of $500,000. The Whiting bank had deposits of $610,000, and deposits in the State Bank of Brook totaled $585,000.

2. December 19, 1930 Tallahassee Democrat Tallahassee, FL

Article from Tallahassee Democrat, December 19, 1930

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Banks Closed Runs By Depositors Blamed For Closing Of Two; Depleted Cash Causes Third. Indianapolis, Ind., Dec. Three Indiana state banks were closed by the state banking partment today. The defunct institutions are: The American Trust and Savings bank at Richmond, with deposits of $1,000,000. The Central State bank of Whiting, with deposits of $700,000. The Brook State bank of Brook with deposits of The Richmond bank was closed because of depleted cash. The Whiting bank suspended business after run by depositors. depleted assets also caused the closing of the Brook bank. Canastota, Dec. 19. The State Bank of Canastota failto open its doors this morning and was taken over by the state superintendent of banks. Losses on loans and investments the cause of the state stepwas in to take over management ping the bank, statement from the bnk examiners said. The capital the bank is surplus and undivided profits $89,676 and $1,117,914. Lenoir, Dec. First National Bank Lenoir failed to today.

3. December 19, 1930 The Evening Sun Baltimore, MD

Article from The Evening Sun, December 19, 1930

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Business "Planted," Store Buyer STATES Two In N. Carolina, Three In Indiana, One In Y., Illinois, Virginia, Arkansas Elizabeth City, Dec. The Savings Bank and Trust Company failed to open its doors for business today. Future action will be governed the Board Bank Examinwas said. Williams president of the institution. Officials said the bank was solvent and gave frozen assets and gradual withdrawal of funds as the reason for closing. The bank, which is capitalized $100,000. has liabilities of $1,094,225 Loans amount $925,630 and borrowed money amounts to $193,750, State officials said. And One At Lenoir Lenoir. N. C., Dec. 19 First National Bank of Lenoir did not open for business today. The bank capitalized at $50,000 and its officers said it had deposit indebtedness of approximately 000 when it closed. One Closed In N. Y. State Dec. 19 Joseph Broderick, State Superintendent Banks, today announced that he has taken of the State Bank of Canastota result he said appears to be its unsound condition. "On the date of the last quarterly statement submitted by the bank to the banking department, September 1930. the figures reported as folcapital, $60,000: surplus and divided profits, $9,676: gross deposits, said Broderick. Virginia One Fails To Open Alta Vista. Dec. 19 Farmers and Merchants Bank of Alta Vista failed to open for business today. The bank capital stock of 000, surplus of $3,500 and deposits $105,661.52 in its last statement. Frank Hammer president of the stitution. An examiner has been sent here Bristow, Commissioner Insurance and Banking, to take over the bank's affairs. Three Close Indiana Indianapolis, Dec. Indiana banks failed open their doors today. the State Banking Department notified. They The American Trust and Savings $100,000: the Central State Bank of Whiting, capitalized and the State Bank of Brook, capitalized $55,000. The State Department issued statement regarding the closings. The Richmond bank had deposits the Whiting bank the State Bank of Brook, 000. Customers Who Bought Lavishly As Prospective Purchaser By Owner Another In Illinois Newark, Dec. Mount Vernon, III., Dec. 19 said William Schachat, prospec- Jefferson State Bank closed today tive buyer of delicatessen shop, protect depositors. It had deposits David Fishman said he took $741,000. week. Arkansas Bank Shuts Door "All right. Stick around and Little Ark., Dec. 19 next week." replied Fish your eyes The Clark County Bank Gurdon. deposits of closed watched customers spend doors today under the five-day bank grand total of $325. But suspension law. after he bought the store, he the first week's receipts only $100. Nevada Birds Top Market Court testified Reno, Nev., Dec. Chancery Fishman distributed money prices for the holiday market the that his friends to spend his were received by Nevada turkey among make the week' producers this year for the second consecutive season.

4. December 20, 1930 Chattanooga Daily Times Chattanooga, TN

Article from Chattanooga Daily Times, December 20, 1930

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AGREEMENT GOSSIP LIFTS RAIL SHARES Carrier Securities Register Impressive Gains. Eastern Roads Reported Bucking I.C.C.'s Four-TrunkLine Plans. NEW YORK. Dec. 19 (P).-Railroad securities recorded some of the most violent upswings of recent years in the New York Stock Exchange today In the bond division the carrier liens made the sharpest gains witnessed in recent years Advances of $10 to $20 per bond of $1,000 par value were common. and Frisco 412 per cents surged up $50 The Standard Statistics price index of thirty representative bond issues. equally divided between industrials utilities and rails gained 1.2 points. and the index for ten rails alone surged up 1.7 points These are the widest advances for a single day since this index has been compiled on a daily basis. starting at the beginning of 1928 In stocks, the rail issues made the most pronounced recovery since the violent rebound from the bottom level reached in November 1929. The average of twenty issues showed a gain of approximately $3.50 The vigorous upturn in rail securities is regarded in Wall Street as representing technical reaction from an oversold and an over -deflated condition of these issues Both rail stocks and bonds had been depressed to an average level which was the lowest in about five years The upturn greatly enlivened brokerage house gossip over the in the railroad consolidation plans Eastern railway heads are expected to meet in New York again early next week and one report that a four-trunk line system had been virtually agreed upon was widely circulated. This would be in conflict with the interstate commerce commission -trunk line plan. Upon this rumored agreement the Pennsylvania would sell the Lehigh to the Chesapeake & Ohio The Baltimore & Ohio would get the Reading and the New York Central would get the Lackawanna The Pennsylvania would seek to retain the Wabash. No official was available It seemed like old times to veteran traders to see the rail stocks once more in the spotlight for these issues which had dominated the stock market for generations, took a back seat in the great bull market of 1924 29 and were quite overshadowed by industrials and utilities Norfolk & Western rose $9.75 getting up to $200, compared to recent low of $181.50 Union Pacific sold up $6.50 to $179.50 having recently touched $166 50. Baltimore & Ohio rose $5.12 to $72 after touching $55.37 earlier in the week New York Central rose $4 62 to $119 a gain of $13 over its minimum level of the week ATLANTA BANKS TO PAY $1,200,000 IN INTEREST ATLANTA, Dec 19 (AP) -Banks here will distribute approximately $1,200,000 on New Year's day as reward to persons who saved their money A total of $700.000 of the amount will be paid as interest on savings deposits while $500,000 will be distributed in dividends Bank officials who compiled the figures said interest is computed semiannually on savings accounts at 3½ per cent. BIRMINGHAM INVESTORS TO RECEIVE $3,000,000 BIRMINGHAM Dec 19 (AP) The Age-Herald today said stockholders in financial institutions industrial and soon. utilities corporations here will receive more than $3,000,000 in dividends and interest disbursements on Jan. Figures given by the paper, it was stated, were compiled from reports of major industries and institutions located here or which have places of business in Birmingham Corporations listed include iron and steel. utility. insurance. real estate building and loan. banking, dry goods and other companies. Bank Suspensions. RALEIGH. N C., Dec. 19 Four North Carolina banks closed today The largest was the Savings Bank and Trust company, of Elizabeth City which was capitalized at $100,000 and had deposits of $805,049 according to its bank call statement of Sept. 24 The others were the First National Bank of Lenoir, capital deposits, $534,035 the Carolina State bank. of Gibson, capital $20,000. deposits. $41 162 and the Merchants and Farmers bank. of Garysbury, capital, $15,000. deposits, $27,869. ALTA VISTA Va. Dec 19 (AP) The Farmers and bank of Alta Vista, failed to open for business today The bank had capital stock of $25.000. surplus of $3,500 and deposits of $105 661 52 in its last statement An examiner has been sent here by M E. Bristow. commission of Insurance and banking, to take over the bank's affairs LITTLE ROCK, Ark. Dec. 19 (AP) The Clark county bank at Gordon notified the state banking department it had suspended today for five days On Sept 24. the date of the last bank call. the bank listed surplus and capital $33,000 and deposits. 332 The Citizens bank at Foreman also suspended for five days to permit reorganization It recently was merged with the and Planters bank and retained the capital stock of both. INDIANAPOLIS. Dec 19 (AP) Three Indiana banks failed to open their doors

5. December 22, 1930 Statesville Record and Landmark Statesville, NC

Article from Statesville Record and Landmark, December 22, 1930

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Heavy Run Closes One Lenoir Bank Dec. First National Bank, of Lenoir, did not open business today. In statement signed by the directors and the action was said have followed heavy withdrawals and "lack of by due the closing of other banks North bank 000 with surplus $75,000 and divided of $18,052.98. On tember the date of the bank call, listed of deposits Officers said the deposits the close were Elizabeth City Bank Fails to Open Elizabeth City, Dec. ings Bank and Trust Company here tailed to open for business today. Clover Bank Taking Steps Clover, Dec. the closed bank of Clover met today and their its financial soundness and their best efforts to bring about The followed general mass meeting of zens consider the town's financial situation. Four Banks Close Raleigh, Dec. North Carolina banks closed today. In addition to the Savings Bank Trust Company, of Elizabeth City and the First National Bank of noir, the Carolina State Bank and the Merchants and Farmers Bank of closed. The Elizabeth bank, City capitalizand with deposits of was the

6. December 22, 1930 Statesville Record and Landmark Statesville, NC

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Heavy Run Closes One Lenoir Bank Lenoir Dec. First National Bank, Lenoir, did not for business today. statement signed by the diand action said to heavy withdrawals and "lack of by due of ther North Carolina." The capitalized 875,000 with surplus $75,000 and undivided profits On tember 24, date of the last call, listed deposits of Officers the deposits the close were $376,540.76. Elizabeth City Bank Fails to Open ings Bank and Trust Company failed to open for business today. Clover Bank Taking Steps to Reopen Clover, Dec. the closed bank of Clover met today and expressed their financial soundness and pledgtheir efforts to bring reopening. The action followed general mass meeting of zens consider the town's financial situation. Four Banks Close Raleigh, North Carolina banks closed today. In addition the Savings Bank Trust of Elizabeth Company, and the First Bank the State Bank and the Merchants and Farmers Garysburg, closed. The Elizabeth capitalizand with deposits of was the largest.