Farmers & Merchants Bank - Mount Olive, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 10, 1926
Location: Mount Olive, North Carolina (35.198, -78.068)

Metadata

Model: gpt-5-mini
Short Digest: 017cc0e8

Response Measures

None

Description

Newspaper (Jan 5 1927) refers to the institution as the defunct Farmers and Merchants Bank of Mt. Olive and reports that the receiver (Grady) has begun suits. The paper also says affairs were to have been ended on November 10 (likely 1926), indicating the bank had already suspended/closed and a receiver was appointed. No mention of a depositor run in the article; therefore classified as a suspension leading to permanent closure (receivership).

Events (2)

1. November 10, 1926 Suspension

Cause Details: Article does not state a specific cause for the suspension/closure; only that the bank is defunct and affairs were to be wound up November 10.
Newspaper Excerpt: It had been understood that the affairs of the defunct Institution were to have been ended on November 10 last
Source: newspapers

2. January 5, 1927 Receivership

Newspaper Excerpt: Four suits to collect ... were begun yesterday with the filing of complaints by Grady, receiver, with Clerk of Court ... the defunct Farmers and Merchants Bank of Mt. Olive were begun yesterday with the filing of complaints by Grady, receiver, ...
Source: newspapers

Newspaper Articles (1)

1. January 5, 1927 The Goldsboro News Goldsboro, NC

Article from The Goldsboro News, January 5, 1927

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Article Text

RECEIVER BEGINS SUITS Four Actions Growing Out Failure Farmers Bank Started Four suits to collect same due on notes to the defunct Farmers and Merchants Bank of Mt. Olive were begun yesterday with the filing of complains by Grady, receiver, with Clerk of Court B. Hoows It had been understood that the at. fairs of the defunct Institution were to have been ended on November 10 last, but of the suit Indicates that there In some business One of the suits filed yenterday against Mrs. Della Anderson, for note of $275. dated October Judgment for this amount is asked from the court. Permission sell land pleased colinteral In loan of L. Matcher and others is asked in another suit begun One of the suits is aga'nst H. D. Andrews and concerns note for $1750 given on December 1925 Twenty-four shares' of the Andrews and Knowell's company were listed as collateral In this loan, and per mission to sell this stock was asked from the court The fourth suit is against Kornegay for $1500 on a note said have been given October 30, 1924 $450 made on Payment of The this complaint for court is prayed the remaining