Cherokee Bank - Murphy, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: October 1, 1931*
Location: Murphy, North Carolina (35.088, -84.035)

Metadata

Model: gpt-5-mini
Short Digest: dcb342e0

Response Measures

None

Description

Articles (May 10, 1932) report Cherokee Bank in Murphy 'closed last October' and that the former cashier pleaded guilty to embezzlement/forgery and paid receivers. No mention of a depositor run; bank had a receiver and remained closed. Date of suspension inferred as October 1931 from 'closed last October' relative to May 1932. OCR corrected name 'Story' to 'Storey/J. B. Storey' as in AP wire.

Events (2)

1. October 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed after discovery of irregularities by cashier (embezzlement, forgery, false entries) leading to closure in October and placement of a receiver.
Newspaper Excerpt: former cashier of the Cherokee bank here, which closed last October
Source: newspapers

2. May 10, 1932 Receivership

Newspaper Excerpt: agreed to pay the bank's receiver $3,500 ... His bondsmen had already paid the bank $9,880.
Source: newspapers

Newspaper Articles (2)

1. May 10, 1932 Hickory Daily Record Hickory, NC

Article from Hickory Daily Record, May 10, 1932

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Article Text

Banker's Sentence By Court Suspended MURPHY, May cashier the Story, former here, which closed Cherokee bank today was under last October, three years suspended tence after pleaded guilty irregularities and agreed pay the bank's suspended Judge Stack after Story pleaded guilty to charges bezzlement, and making entries. His bondsmen ready paid the bank $9,880.

2. May 10, 1932 The Charlotte News Charlotte, NC

Article from The Charlotte News, May 10, 1932

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Article Text

Prison Term Of Ex-Banker Is Suspended Former Cashier Of Cherokee Bank Agrees To Pay Receivers $3,500 and Pleads Guilty. Murphy, M 10. (AP) J. B. Storey. former cashier of the Cherokee bank here, which closed last October, today was under three to five years suspended sentence after he pleaded guilty of numerous irregularities and agreed to pay the bank's receiver $3,500. The sentence was suspended by Judge A. M. Stack after Storey pleaded guilty to charges of embezzlement, forgery and making false entries. His bondsmen had already paid the bank $9,880.