State Bank - Raleigh, NC

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: f2f0bc21

Response Measures

None

Description

The article (1903-12-02) mentions historically that the State Bank at Raleigh failed and county orders were unpaid for two months. No run is described; the bank is described as having failed (i.e., closed). No precise date or follow-up reopening is given in the text.

Events (1)

1. * Suspension

Cause: Bank Specific Adverse Info
Cause Details: Article states the State Bank at Raleigh failed, causing county treasurer's deposits to be unavailable and county orders unpaid for two months; implies bank insolvency/failure rather than a rumor or correspondent failure.
Newspaper Excerpt: That was no fault of the county administration. I settle the school tax on the first of January and pay the county tax later. I understand that in some counties the first tax collected by the sheriff must go to run the county and that delays the settlement by the sheriff with the State. Johnston county has plenty of money. It is run on sound business principles and most economically, and the county does not need any money until the first of January. During the past year two bridges have been built, one an iron bridge over Neuse river. There has been only one time in eighteen years when county scrip was not as good as gold—and that was when the State Bank at Raleigh failed. The treasurer of the county had his money deposited in that bank and for two months county orders were not paid on presentation.
Source: newspapers

Newspaper Articles (1)

1. December 2, 1903 The News & Observer Raleigh, NC

Article from The News & Observer, December 2, 1903

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Article Text

# JOHNSTON STILL THE BANNER. Sixteen out of Eighteen Years Sheriff Ellington First to Pay Taxes. For eighteen years Sheriff Ellington, the poet sheriff of Johnston county, has held that office. During sixteen years of that time he has been the first sheriff in the State to settle with the State Treasurer. Yesterday he came to Raleigh and paid to State Treasurer Lacy the sum of $15,869.77, the amount ascertained to be due the State. And he was the first sheriff in the State to make settlement, keeping old Johnston "the banner county." Talking about his county and its affairs, Sheriff Ellington said: "Johnston county does not owe a cent, and has several thousand dollars in the county treasury. The tax rate is below the constitutional limit, the entire State, county and school tax being 63 cents. Is there another county with so low a tax? In addition two townships levy a road tax. During the past year two bridges have been built, one an iron bridge over Neuse river. There has been only one time in eighteen years when county scrip was not as good as gold—and that was when the State Bank at Raleigh failed. The treasurer of the county had his money deposited in that bank and for two months county orders were not paid on presentation. That was no fault of the county administration. I settle the school tax on the first of January and pay the county tax later. "I understand that in some counties the first tax collected by the sheriff must go to run the county and that delays the settlement by the sheriff with the State. Johnston county has plenty of money. It is run on sound business principles and most economically, and the county does not need any money until the first of January." Fortunate Johnston! It wouldn't be a bad idea for other counties to get the receipts for this state of affairs!