First National Bank - Louisburg, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7554
Charter Number: 7554
Start Date: December 24, 1931
Location: Louisburg, North Carolina (36.099, -78.301)

Metadata

Model: gpt-5-mini
Short Digest: eea2336f

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1931-12-22
Date receivership terminated: 1937-09-29
Share of assets assessed as good: 44.4%
Share of assets assessed as doubtful: 48.1%
Share of assets assessed as worthless: 7.5%

Description

Articles report the First National Bank of Louisburg as a defunct institution with the Comptroller appointing a receiver (Dec 24, 1931). No article describes a depositor run; bank is in receivership and received federal loans in 1933. Classified as suspension leading to closure/receivership (no run reported).

Events (5)

1. January 12, 1905 Chartered

Source: historical_nic

2. December 22, 1931 Receivership

Source: historical_nic

3. December 24, 1931 Receivership

Newspaper Excerpt: Norman S. Bennett Appointed Receiver of Louisburg Bank. ... He received his commission from the Comptroller of the Currency of Washington, D. C.
Source: newspapers

4. December 24, 1931 Suspension

Cause Details: Bank became defunct and ceased operations leading to suspension/closure; specific triggering cause not stated in articles.
Newspaper Excerpt: The government has made wise move in selecting this fine gentleman to handle the affairs of this defunct institution.
Source: newspapers

5. May 3, 1933 Other

Newspaper Excerpt: These included loan of ... $20,000 to the receiver the First National bank Louisburg: ... the latest report ... discloses. (Federal loans to receivers not yet disbursed.)
Source: newspapers

Newspaper Articles (2)

1. December 24, 1931 The Nashville Graphic Nashville, NC

Article from The Nashville Graphic, December 24, 1931

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Article Text

Norman S. Bennett Appointed Receiver of Louisburg Bank Receives Commission From Comptroller of Currency of Washington, C. Mr. Norman S. Bennett, who has been connected with the Peoples Bank and Trust Company of this city for number of years as assistant cashier has been appointed as Re ceiver for the First National Bank of Louisburg. He received his commission from the Comptroller of the Currency of Washington, D. C. Mr. Bennett left Wednesday for that city to take up his new duties. The government has made wise move in selecting this fine gentleman to handle the affairs of this defunct institution. His friends of this section and the county and state as whole will learn with much pleasure of his ap pointment and wish for him much success in his new adventure.

2. May 3, 1933 Hickory Daily Record Hickory, NC

Article from Hickory Daily Record, May 3, 1933

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Article Text

Shows Funds Report Not Yet Disbursed In N. WASHINGTON May large loans North Carolina banks, authorized by the Corporation March, had disbursed April the latest report of the discloses. These included loan of $517.000 to receiver of the mercial National bank High Point; $15,000 Champion Bank Trust company, Can$150,000 Commercial bank Lexington: $20,000 to the receiver the First National bank Louisburg: $15,000 to the Bank French Broad, Marshalk $7,500 the Bank Rich $100,000 the First bank Shelby; $60,000 the Union Trust company of Shel$32,000 the Farmers National Bank Trust company. Other loans North Carolina banks authorized during March $37,500 to the Citizens tional bank Durham; $500,000 North Carolina Bank Trust $16.the Bank Ashe, Jeffer$5,000 Bank Ashe, $10,000 Deposit Savings bank. North boro, $173,000 Wake County Savings bank, Raleigh: $10,000 the Bank Red Springs; $5,000 Citizens Trust company, Bank Spruce Pine; 000 the Merchants Farmers Bank, Inc., of Statesville, and the Peoples Loan Savings bank, Statesville.