11876. Bank of Oriental (Oriental, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 26, 1915
Location
Oriental, North Carolina (35.031, -76.693)

Metadata

Model
gpt-5-mini
Short Digest
1061dd26

Response Measures

None

Description

No article describes a depositor run. The bank was taken into the custody of an examiner and a receiver was appointed because of generally bad banking conditions, including bad loans and alleged mismanagement; cashier Miller committed suicide shortly before the examination. Dates are taken from the July 1915 newspaper reports.

Events (2)
1. July 26, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Examination found generally bad banking conditions, bad loans and alleged mismanagement following cashier Miller's suicide; led to liquidation and placing bank in receivership.
Newspaper Excerpt
A bank examiner took charge of the bank and now it is announced that a receiver will be appointed; that the examination shows no material shortage in Cashier Miller's accounts, but generally bad banking conditions which necessitate its going into liquidation.
Source
newspapers
2. July 29, 1915 Receivership
Newspaper Excerpt
Letters received ... from George H. Roberts, president of the bank, and W. J. Swan, receiver, hold out little hope for the recovery of his money. Bad loans and other alleged mismanagement are believed to have caused the bank to be placed in the hands of a receiver. (Richmond Times-Dispatch, 1915-07-29).
Source
newspapers

Newspaper Articles (2)
1. July 27, 1915 The Monroe Journal Monroe, NC
Article from The Monroe Journal, July 27, 1915

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Article Text

Don't Answer Too Soon. Statesville Landmark. When Cashier Miller of the Bank of Oriental, Pamlico county, shot and killed himself a week ago yesterday it was promptly announced that there was no cause for the suicide; that his accounts were all right. A bank examiner took charge of the bank and now it is announced that a receiver will be appointed; that "the examination shows no material shortage in Cashier Miller's accounts, but generally bad banking conditions which necessitate its going into liquidation." So it is just as well, when one holding out of the way, to wait until his accounts are examined before announcing that everything is all right.

2. July 29, 1915 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, July 29, 1915

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Article Text

RICHMOND DOCTOR LOSES Failure of Oriental, N. C., Bank Takes $5,000 From Dr. W. F. Grigg. As a result of the failure of the Bank of Oriental, Oriental, N. C., it was stated yesterday, Dr. William F. Grigg, a resident physician of this city, living at 10 West Grace Street, lost about $5,000, not counting the money placed to the credit of Mrs. Grigg, which amounts to several thousand dollars more. Letters received by the physician from George H. Roberts, president of the bank, and W. J. Swan, receiver, hold out little hope for the recovery of his money. Bad loans and other alleged mismanagement are believed to have caused the bank to be placed in the hands of a receiver. Dr. Grigg had expected to transfer his banking account to Richmond as soon as he could conveniently do so, but the crash came before he could make the arrangements.