Farmers National Bank - Louisburg, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10260
Charter Number: 10260
Start Date: September 17, 1926
Location: Louisburg, North Carolina (36.099, -78.301)

Metadata

Model: gpt-5-mini
Short Digest: 7c5b3422

Response Measures

None

Receivership Details

Depositor recovery rate: 47.0%
Date receivership started: 1925-05-22
Date receivership terminated: 1928-12-31
OCC cause of failure: Governance
Share of assets assessed as good: 61.1%
Share of assets assessed as doubtful: 38.9%

Description

Articles describe the bank as defunct with a receiver actively pursuing recovery of notes (1926) and the former receiver later implicated in grand jury charges (1929). No mention of a depositor run; bank was closed and in receivership.

Events (4)

1. September 13, 1912 Chartered

Source: historical_nic

2. May 22, 1925 Receivership

Source: historical_nic

3. September 17, 1926 Receivership

Newspaper Excerpt: receiver for the Farmer's National Bank of Louisburg ... suit brought ... by the plaintiff notes ... since the bank ... defunct the First National bank Louisburg.
Source: newspapers

4. June 13, 1929 Receivership

Newspaper Excerpt: Swetenburg ... was receiver for the ... Farmers National Bank Louisburg. District Attorney Tucker ... the grand charges ... the jury found true bill ...
Source: newspapers

Newspaper Articles (2)

1. September 17, 1926 The News and Observer Raleigh, NC

Article from The News and Observer, September 17, 1926

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Article Text

BANK RECEIVER SEEKS TO RECOVER ON NOTES The of Gordon Hinney, Coats of ceiver for the Farmer's National Bank of Louisburg, against W. Dyed Malone, against H. Yarborough and Newell, and against Yarbor three being this was started Federal yesterday before Judge Meekins. The suit brought by the Jap Mink, Natural plaintiff notes fendants by the bank aggregatmaintain bank Yarborough Malone $500 more than covers the $1,150 notes. The plaintiff maintains that since the bank, who the law $42,000 from the bank Allen pay the lawyers. Part of the work, for which the plaintiff, was bring about defunct the First National bank Louisburg. Ruffin represents the Raleigh's plaintiff White, Ben Holden, Louisrepresents the defendants,

2. June 13, 1929 The News and Observer Raleigh, NC

Article from The News and Observer, June 13, 1929

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Article Text

SPRING HOPE BANK CHARGED WITH Swetenburg, former the defunct First Na. tional of Spring Hope presented by the Federal grand jury charge has arranged his bond $2,000 his appearance here November 11, clerk United States District Court has been In. formed. Swetenburg was receiver for the three Spring and the First National Selma the Farmers National Bank Louisburg. District Attorney Tucker the grand charges the each the banks the jury found true bill the the Spring bank. with $2,969.56 that bank's funds. The through the Federal clerk's office signed the defendant and Sweten.