Bank of Midland - Midland, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 4, 1926
Location: Midland, North Carolina (35.227, -80.501)

Metadata

Model: gpt-5-mini
Short Digest: 91808440

Response Measures

None

Description

Article (1926-11-04) reports the Bank of Midland had been placed in receivership several months earlier after its building was destroyed by fire and its affairs found to be in bad shape. No run is described; the bank was in receivership and a receiver (Concord National Bank) is paying a 33 1/3% dividend to creditors. Classified as suspension leading to permanent closure/receivership.

Events (2)

1. November 4, 1926 Receivership

Newspaper Excerpt: Creditors and stockholders of the Bank of Midland, which was placed in the hands of receivers, the Concord National bank at Concord, several months ago, now will get 33 per cent of their holdings in the bank, the ... Judge M. Stack ... ordered that this be done. ... The Concord National bank was made permanent receiver.
Source: newspapers

2. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank building destroyed by fire and the bank's affairs were found to be in bad shape, leading to suspension/receivership.
Newspaper Excerpt: The Bank of Midland was placed in the hands of receivers several months ago after its home was destroyed by fire and it found that its affairs were in bad shape.
Source: newspapers

Newspaper Articles (1)

1. November 4, 1926 The Albemarle Press Albemarle, NC

Article from The Albemarle Press, November 4, 1926

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Article Text

Receiver For the Bank Of Midland Makes His Report TELLS COURT 33 PER CENT ON HOLDINGS CAN BE PAID AND THIS IS ORDERED DONE. Creditors and stockholders of the Bank of Midland, which was placed in the hands of receivers, the Concord National bank at Concord, several months ago, now will get 33 per cent of their holdings in the bank, the tified Judge M. Stack in Cabarrus county court that it in position to pay that amount once. Judge Stack ordered that this be done. The order provides that the money be paid to "all creditors, (including depositors) of the said bank except to those indebted to said bank, which dividend will be applied to their indebtedness, and except to the stockholders said bank whose dividend be retained to be supplied to whatever assessment may be necessary to levy on the stockholders of said The order means, it is said, that the receiver bank has secured enough to this 33 1-3 money pay cent dividend and does not mean an additional dividend cannot be paid later if collections justify The Bank of Midland was placin the hands of receiver eral months ago after its home was destroyed by fire and it found that its affairs were in bad shape. The American Trust pany named temporary receivand later the Concord National bank was made permanent receiver.