Bank of Union - Monroe, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 22, 1930
Location: Monroe, North Carolina (34.985, -80.550)

Metadata

Model: gpt-5-mini
Short Digest: efbaa2ad

Response Measures

None

Description

Articles report Bank of Union failed to open Tuesday (news dated Apr 23–25, 1930), after which two other Monroe banks suspended. No reopening or receivership mentioned in articles; classified as suspension leading to closure (no evidence of resumption). Date inferred as Tuesday, 1930-04-22. Cause not specified in the text.

Events (1)

1. April 22, 1930 Suspension

Cause Details: Article gives no specific cause for Bank of Union's failure to open; simply reports it did not open, precipitating runs on other banks.
Newspaper Excerpt: failure of the Bank of Union to open Tuesday
Source: newspapers

Newspaper Articles (2)

1. April 24, 1930 Times Record News Wichita Falls, TX

Article from Times Record News, April 24, 1930

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Article Text

Three Banks Close in North Carolina Town MONROE. N. C., April 23. Two additional banks closed here today following failure of the Bank of Union to Tuesday and left this community without banking facilities The Farmers Bank and Trust company did not open its door day. and later in the morning the First National bank Sikes, president of the First National bank, blamed loss of public confidence following failure of the Farmers Bank and Trust company for its closing.

2. April 25, 1930 The Berkshire Eagle Pittsfield, MA

Article from The Berkshire Eagle, April 25, 1930

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Article Text

Co. has not purchased any interest in the mining rights of Beryllium Corp. at Keoflach in Steyr, Austria, as reported in Vienna It has never had an interest in this Due to Runs NEW failure of Bank of Union, Monroe, North Carolina, to open Tuesday, Farmers' Bank & Trust Co. and First National bank of Monroe suspended Wednesday. President Sikes of First National bank, said his institution was in good shape, and blamed loss of public confidence for run on bank. First National bank capitalized at $100,000 and had of and surplus of $55,000 at last financial statement. Farmers' Bank & Trust capitalized at $100,000 and had deposits of $300,000 and surplus $25,000.