City Bank - Raleigh, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 20, 1922
Location: Raleigh, North Carolina (35.772, -78.639)

Metadata

Model: gpt-5-mini
Short Digest: edac6aca

Response Measures

None

Description

Article (Feb 25, 1922) describes the City Bank (which had become Central Bank and Trust Company) as a defunct institution with receivers and indictments for embezzlement; depositors were told they might not receive 50% — indicates failure and receivership rather than a depositor run. The bank later identified as a Trust company, so bank_type set to 'trust'. Failure occurred about five weeks before the article (mid-January/early Feb 1922).

Events (2)

1. January 20, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Allegations of embezzlement and misappropriation (charges against president, cashier and others; semi-official statement by receivers that depositors might not receive 50%).
Newspaper Excerpt: the City bank which more recently became the Central Bank and Trust Company... the rumors stretched over the five weeks since the bank's failure.
Source: newspapers

2. February 25, 1922 Receivership

Newspaper Excerpt: The semi-official statement of the receivers that the depositors might not receive 50 per cent on their losses... Arrest tonight of former President R. G. Allen of the City bank which more recently became the Central Bank and Trust Company ... brought to climax the rumors stretched over the five weeks since the bank's failure.
Source: newspapers

Newspaper Articles (1)

1. February 25, 1922 The Daily Times Wilson, NC

Article from The Daily Times, February 25, 1922

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Article Text

JORMER BANK OFFICIALS HAVE BEEN ARRESID Raidigh, Feb 2.2-Arrest tonight of former President R. G. Allenfi of the City bank which more recently became the Central Bank and Trust Company, President John H. Hightower, of the newly named and defunct institution, and H. H. Massey, its cashier, brought to climax the rumors stretched over the five weeks since the bank's failure. The warrants were sworn out by Chief State Bank Examiner Clar_ ence Latham under whom Hightower had served as an examiner for a short term. The charges are that Hightower and Massey embezzled and misappropriated $30.000, while the allegations against Alier. piled on for four years indica.e a greater liability than that. There are five counts against Massey and Hightower. Fifty thousand dollar bonds were required of Hightower and Allen, both giving them quickly. The Allen brothers from Louisburg came over and signed, local friends of Messrs. Hightower and Massey getting them out. There was no imprisonment. Many charges against the indicted men are admittedly technical. The semi-official statement of the receivers that the depositors might not receive 50 per cent on their losses had much to do with the arrests. The corporation commission had been unable to make any settlement with former President Allen who had sold his interest in the bank and also his Superba theater, the handsome moving picture house here.