Farmers Bank & Trust Company

Bank Information

Episode Type: Suspension → Reopening
Bank Type: trust company
Start Date: January 3, 1932
Location: Madison, North Carolina (36.385, -79.959)

Metadata

Model: gpt-5-mini
Short Digest: 42272aad

Response Measures

None

Description

Article (Cincinnati Enquirer, 1932-01-03) reports the Farmers' Bank & Trust Co. of Madison did not open for business today and mentions state banking authorities; no explicit mention of depositor run or permanent closing in the provided excerpt. The suspension appears to be related to state examiner action. Because the article gives no evidence of permanent failure, I classify this as a suspension with likely reopening (pending reorganization).

Events (1)

1. January 3, 1932 Suspension

Cause: Government Action
Cause Details: Bank did not open and state bank commissioner was informed; context indicates state examiner involvement and statewide bank takeovers/suspensions during the date's reports (action by banking authorities).
Newspaper Excerpt: Gurney Hood, State Bank Commissioner was informed this morning that ... the Farmers' Bank & Trust Co., of Madison, did not open for business today.
Source: newspapers

Newspaper Articles (1)

1. January 3, 1932 The Cincinnati Enquirer Cincinnati, OH

Article from The Cincinnati Enquirer, January 3, 1932

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Article Text

BANK CHAIN SUSPENDS Charleston (S. C.) Institution Is Taken Over By State. Charleston, S. C., January -(AP) People's State Bank, of Charleston, with 44 branches in 41 towns and deposits at the time of its last statement of $24,443,690, did not open for business today Its Board of Directors after it had decided to turn the affairs the system over to the state bank examiner for period of 30 days, pending efforts toward reorganizaThe bank, of the oldest in the state, was capitalized at $2,000,000 and listed its total in its last statement, September 29, at $28,773,802. The First National Bank. of Florence. closed today. Directors announced had been decided to place the bank in the hands of the Na tional bank examiners. Raleigh N. C., January Gurney Hood. State Bank Commissioner was informed this morning that the First National Bank. of and the Farmers' Bank & Trust Co., of Madison, did not open for business today. The Commissioner also announced that the First and Citizens' Bank & Trust Co., of Smithfield took over the Farmers' Bank Trust Co., of Smithfield, this morning.