11881. Pilot Bank & Trust Company (Pilot Mountain, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
December 3, 1903
Location
Pilot Mountain, North Carolina (36.387, -80.470)

Metadata

Model
gpt-5-mini
Short Digest
f917d314

Response Measures

None

Description

Newspaper accounts (Dec 1903) report the Pilot Mountain bank 'closed its doors' and the Corporation Commission appointed a receiver; articles describe bookkeeping irregularities and probable defalcation by the cashier. Later (June 1904) there is discussion of a proposed reorganization, but no article confirms a resumption of business — therefore classified as suspension leading to closure/receivership. Bank name appears in variants (Pilot Bank and Trust Company / Pilot Mountain Bank and Trust Company); corrected to match provided name.

Events (2)

1. December 3, 1903 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bookkeeping irregularities and apparent defalcations by the former cashier; capital impaired and assets partly uncollectable.
Newspaper Excerpt
The North Carolina Corporation Commission appoints W. F. Carter, of Mt. Airy, receiver for the Pilot Banking and Trust Company, of Pilot Mountain, which closed its doors last Saturday.
Source
newspapers
2. December 12, 1903 Receivership
Newspaper Excerpt
W. F. Carter, of Mt. Airy, was today made permanent receiver for the Pilot Mountain Banking and Trust Company. ... the bank's assets were about $49,000 but ... $10,000 or more was worthless, uncollectable.
Source
newspapers

Newspaper Articles (8)

Article from The Times Dispatch, December 4, 1903

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Article Text

MAKESMONEY FOR STATE North Carolina Will Net $100,000 Profits on Her Penitentiary for the Year. ARE BUILDING A FINE ROAD Wilkesboro-Jefferson Turnpike is to be One of the Finest Mountain Highways in Country. (Special to The Times-Dispatch.) RALEIGH, N. C., Dec. 3.-The directors of the State penitentiary, who have just closed their December meeting, say they will pay into the State treasury by January 1st $100,000 as net profits over running expenses of the Institution for the past year. They decided to Increase the force of convicts at work on the Wilkesboro-Jefferson Turnpike, with a view to completing it within a year. They claim it is to be one of the finest mountain roads in America. Rev. T. B. Davis, of Bethel Hill, has accepted a call to become assistant pastor of the Tabernacle Baptist Church, Rev. J. C. Masse being the regular pastor. Charters were granted by the Secretary of State to-day for four new stock companies as follows: Tripple City Realty Company, of Burlington, authorized capital $100,000; John Cook principal incorporator. W. T. Carlton Lumber Company, Lattimore, N. C., capital $12,000; principal incorporators W. T. Carlton and W. B. Gattys. The Cliffdale Telephone Company, of Rutherford county, capital $5,000; principal incorporator, Ed. Thompson. The Tribune Publishing Company, of Rutherfordton, capital $5,000; J. P. Manning and E. M. Roberson incorporators. RECEIVER NAMED. The North Carolina Corporation Commission appoints W. F. Carter, of Mt. Airy, receiver for the Pilot Banking and Trust Company, of Pilot Mountain, which closed its doors last Saturday. He will take charge of the bank at once. The commission announce that the investigation of the State bank examiner indicates that the bank will pay all liabilities. Mr. C. Jones Iridell of Richmond, has arrived here to attend the funeral of his sister, Mrs. Margaret Tredwell Shipp. and will accompany the remains to Charlotte to-morrow morning for interment. A funeral service was held in Christ's Church at 5 o'clock this afternoon, conducted by Dr. Marshall. The sword of Major Munford Stokes was placed in the Hall of History to-day. It cost $1,000, and was presented to him by the officers and men of his command In the United States army during the war with Mexico, being loaned to the Hall of History by his daughter, Mrs. C. N. Hunt, of North Wilkesboro. Major Stokes was killed during the first year of the Civil War. Rev. G. F. Smith, for the past four years pastor of the Edenton Street Methodist Church, but made presiding elder of the Warrenton District by the recent conference, has arranged to move his family to Littleton. Rev. G. T. Adams, the retiring. pastor of Central Methodist Church, was presented with a gold medal last night by the Epworth League of that congregation. He goes to the Centenary Church In Newbern.


Article from The News & Observer, December 4, 1903

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Article Text

ATTENTION : CONFEDERATES. The members of the Wake County Confederate Veterans Association will meet at the mayor's office this (Friday) morning at 11:30 o'clock for the purpose of attending the funeral of our late comrade, Jas. D. Newsom. J. J. THOMAS, President. N. W. WEST, Secretary. Receiver Appointed. The Corporation Commission announced yesterday afternoon that Mr. W. F. Carter, of Mt. Airy, had been appointed receiver of the Pilot Bank and Trust Company, of Pilot Mountain. The appointment was made at Dobson by Judge McNeill, upon the application of the Corporation Commission.


Article from The News & Observer, December 6, 1903

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Article Text

Hiram Lodge meets on Monday evening at half past seven o'clock. Rain, of the misty, drizzling kind, was the state of affairs in Raleigh yesterday. Mr. A. B. Andrews, Jr., has gone to Winston-SCalem where last night he made an address before the Elks. Already the stores are beginning to put on a Christmas look. The toys and Santa Claus things are coming to the front. Mr. C. H. Poe returned yesterday morning from Washington City, where he attended the North Carolina Press Association's annual meeting. Another divorce suit for abandonment has been commenced in this county. It is James Washington against Mattie Washington, President Geo. T. Winston, of the A. and M. College, who is sick at his home with an attack of lumbago, was reported better yesterday. Rev. B. W. Spillman, Field Secretary of the Sunday School Board of Southern Baptist Convention, is in the city and will go to Charlotte this week. Services will be conducted at the St. Luke's Home by the Church of the Good Shepherd during the month of December at a quarter of four o'clock each Sunday afternoon. Mr. S. A. Ashe, Jr., of the Raleigh Hosiery Company, will leave today for Chattanooga, Tenn., where he goes tc attend a meeting of the Southern Association of Hosiery Manufacturers. Rev. R. F. Bumpass, the new pastor of Edenton Street Methodist church, arriver_ yesterday from New Bern and is a guest at the home of Mr. Joseph G. Brown. He will preach this morning and tonight at Edenton Street church. Rev. John W. Jenkins, the Superintendent of the Methodist Orphanage, has placed in the hands of Mr. J. G. Brown. treasurer of the Orphanage, $1,173 received by him for the Methodist Orphanage at the Methodist conference in Goldsboro. Mr. J. O. Ellington, of Smithfield, State Bank Examiner, arrived yesterday from Pilot Mountain, where he installed Mr. W. F. Carter, of Mt. Airy, as receiver of the Pilot Bank and Trust Company. With him he brought quite a string of bonds. Mr. Geo. W. Blacknall has returned from a visit to Greensboro and Virginia He is the clever representative of Frank Teller & Company, of Philadelphia, in this section and he is making a specialty of the Royal Blue cigar, which is a capital smoke and a popular favorite.


Article from The News & Observer, December 6, 1903

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Article Text

Mr. J. 0. Ellington, of Smithfield, State Bank Examiner, arrived yesterday from Pilot Mountain, where he installed Mr. W. F. Carter, of Mt. Airy, as receiver of the Pilot Bank and Trust Company. With him he brought quite a string of bonds.


Article from The News & Observer, December 13, 1903

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Article Text

THE PILOT MOUNTAIN BANK. W. F. Carter of Mount Airy is Made Permanent Receiver. (Special to News and Observer.) Winston-Salem, N. C., Dec. 12.-W. F. Carter, of Mt. Airy, was today made permanent receiver for the Pilot Mountain Banking and Trust Company. He will give a $5,000 bond. Mr. Carter was appointed temporary receiver by Judge McNeill at Dodson ten days ago upon the request of the North Carolina Corporation Commission. At this time the bank officers were notified to appear in... this city today and show cause why the temporary receivership should not be made permanent. At the hearing before Judge McNeill today the bank was not repre sented. and no resistance to the motion was offered. Mr. Carter, in reply to a question from His Honor, stated that the bank's assets were about $49,000 but he expressed the opinion that $10,000 or more was worthless, uncollectable. Mr. Taylor thought a conservative esti mate of the assets would be $35,000. The bank's books show many irregularities and it may be necessary to employ an expert before the responsibility for the bank's condition can be ascertained. Before the failure the stockholders met and passed a resolution to the effect that the bank's capital stock, $20,000, had been impaired 50 per cent. The defalcations of Mr. Stone, the former cashier, have not been ascertained. He left Pilot Mountain several months ago. He is believed to be in Canada.


Article from The Times Dispatch, December 13, 1903

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Article Text

RECEIVER PERMANENT. Affairs of Pilot Mountain Bank in Court: (Special to The Times-Dispatch.) WINSTON-SALEM, N. C., Dec. 12.W. F. Carter, of Mt. Airy, was to-day made permanent receiver for the Pilot Mountain Banking and Trust Company. He will give a $5,000 bond. Mr. Carter was appointed temporary receiver by Judge McNeill, at Dobson, ten days ago upon the request of the North Carolina Corporation Commission. At that time the bank officers were notified to appear in this city to-day and show cause why the temporary receivership should not be made permanent. At the hearing before Judge McNeill to-day, the bank was not represented, and no resistance to the motion was offered. Mr. Carter in reply to a question from His Honor, stated that the bank's asets were about $49,000, but he expressed the opinion that $10,000 or more was worthless, uncollectable. Mr. Taylor thought a conservative estimate of assets would be $35,000. The bank's books show many 1rregularities, and it may be necessary to employ an expert before the responsibility for the bank's condition can be ascertained. Before the failure the stockholders met and passed a resolution to the effect that the bank's capital stock ($20,000) had been impaired fifty per cent. The defalcations of Mr. Stone, the former cashier, have not been ascertained. He left Pilot Mountain several months ago. He is believed to be in Canada,


Article from The News & Observer, June 29, 1904

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Article Text

PROPOSITION TO REORGANIZE. Probable That the Pilot Mountain Bank and Trust Company Will Accept. (Special to News and Observer.) Winston-Salem, N. C., June 28.-A proposition has been made to re-organize the Pilot Mountain Bank and Trust Company, and it is highly probable that it will be accepted at a hearing to be held here July 12. At a hearing here today before Judge E. B. Jones. the litigation between the trust company and the Pilot Mountain Furniture Company was adjusted. Both concerns have been in the hands of receivers for some time. Mr. Lindsay Patterson, referee, and Lawyers S. B. Watson and Clement Manly went to Dobson today for a hearing in the big Boyd Whitfield Land case. About six thousand acres of land, including the old Pilot Mountain is involved in the contest.


Article from The Times Dispatch, June 29, 1904

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Article Text

# TO REORGANIZE. Proposition in Regard to Pilot Mountain Trust Company. (Special to The Times-Dispatch.) WINSTON-SALEM, N. C., June 28.-A proposition has been made to reorganize the Pilot Mountain Bank and Trust Company, and it is highly probable that it will be accepted at a hearing to be held here July 12th. At a hearing here to-day before Judge E. B. Jones, the litigation between the trust company and the Pilot Mountain Furniture Company was adjusted. Both concerns have been in the hands of receivers for some time. Mr. Lindsay Patterson, referee, and Lawyers C. B. Watson and Clement Manly went to Dobson to-day for a hearing in the big Boyd-Whitfield land case. About six thousand acres of land, including the old Pilot Mountain, is involved in the contest.