Bank of Pee Dee - Rockingham, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 9, 1930
Location: Rockingham, North Carolina (34.939, -79.774)

Metadata

Model: gpt-5-mini
Short Digest: 93dcd46a

Response Measures

None

Description

Articles (Dec 9–10, 1930) report the Bank of Pee Dee 'failed to open its doors' and was placed in the hands of the state banking department/corporation commission; examiners were appointed and an audit ordered. The coverage attributes the closing to frozen credits and inability to realize on loans (bank-specific adverse problems). There is no clear description of a depositor run prior to suspension in the provided text.

Events (2)

1. December 9, 1930 Receivership

Newspaper Excerpt: Three banks ... were placed in the hands of the state banking department ... the affairs of the bank are placed in the hands of the Corporation (state) commission; examiners ... departed for Raleigh after having placed ... in charge to make an audit of the bank.
Source: newspapers

2. December 9, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Articles state 'frozen credits and inability realize upon loans' and inability to meet obligations led to suspension; examiners and state banking department placed in charge.
Newspaper Excerpt: Bank of Pee Dee failed to open its doors here today ... the affairs of the bank are placed in the hands of the corporation commission ... examiners ... placed in charge to make an audit of the bank.
Source: newspapers

Newspaper Articles (3)

1. December 9, 1930 The News and Observer Raleigh, NC

Article from The News and Observer, December 9, 1930

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Article Text

Bank of Pee Dee, Citizens Bank of Farmville and Bank of Hobgood Close Three banks in different sections Bank of Pee Rockingham, the Citizens Bank Farmville the Bank Hobgood -closed their doors yesterday. Total deposits were excess $880,000. No other resulting from three failures. been reported here last night. Largest failures the Bank Pee Dee which the the last call report, of $400,132. Outstanding figures that indicating Bills and $599,094. This failure came two years. to the day, failure the old Bank Citizens Bank of closed after run the bad deposits bills payable $129,000, and discounts estate holdings $35,000, surplus $70,000 last report. The little Bank Hobgood. with capital $10,000 surplus $1,000, deposits the last report had bills standing against $29,500 and the only bank in the small town served. BANK OF PEE DEE ROCKINGHAM'S OLDEST Rockingham, Dec. Bank Dee failed open its doors today. notice morning the front door stating order the board of directors the affairs the bank are placed in the hands the Corporation Messrs. Darden Carson, examiners, spent today departed this afternon for Ra leigh after having placed Heath, auditing firm Peak, Marwick, Mitchell Co., Charlotte, charge to make an audit of the bank. The Bank of Pee Dee was the old bank this section, having been established 1891. Frozen credits and inability realize upon loans can assigned its pension. According its last published statement Sept. its loans deposits $400,000, bills payable Capital $100.000 surplus Its total sources were lisetd The closing of the bank this morncame exactly years day since the Bank of Rockingham failed. The failure of the Banke of Pee Dee not affected the slightest the Farmers and Trust here. There has not the least semblance Though Farmers Bank was fortified against such continarmored truck from Federal Reserve Bank Charlotte having brought to Rockingham morning $100,000 additional the $300,000 the Farmers Bank already had hand. This gave the Farmers Bank $400,000 the precaution prov. money deposited today than withdrawn. that, the largest prepared place the half million dollars bank should have been needed. September 24th the Bank showed total resources with no bills pay able and deposits of

2. December 9, 1930 News and Record Greensboro, NC

Article from News and Record, December 9, 1930

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Article Text

TRIO EASTERN BANKS FAIL TO OPEN DOORS Bank of Pee Dee, Citizens Bank of Farmville, and Bank of Hobgood Closed. PEE DEE BANK WAS OLD Raleigh, Dec. banks different sections of eastern North Carolina closed their doors today. tieing up deposits in excess of $880,000. The banks were placed in the hands of the state banking department. John Mitchell, chief state bank The largest of three was the Bank of Pee Dee capitalized at $100,000 and had deposits of as of the last bank call. 24. The Citizens bank, of Farmville, capital $50,000 deposits of Sep. tember 24. placed the hands of banking department shortly after Parson was president of the Bank of Pee Dee, H. Aycock Throne was dent of the bank and Turnage The third bank to close was the Bank of Hobgood. Halifax county of and on tember 24 Shelton was and Dowdin, cashier. PEE DEE BANK'S CLOSING HAS EFFECT ON FARMER'S BANK Rockingham, Dec Bank of Pee Dee failed to open its doors here here today, this morning on the front door that, orthe fairs the bank are placed in the hands the corporation commisDarden and state bank spent today this for Raleigh after having placed Heath auditing Peak Marwick, Mitchell and Charlotte, in charge to make an audit the bank. The Bank of Pee Dee was the old. est bank this been established in Frozen credits and inability upon loans can be assigned as to its suspension. to last statement September its loans were deposits bills payable $100,000 and surplus $145,000 total were listed at the bank this morncame two the day since the Bank of Rockingham The failure of the Bank of Pee Dee has not affected in the slightest Farmers Bank company the other bank has been the least the bank was well fortified against any such contingency, an armored truck from the Federal Reserve bank in Charlotte having this morning additional the $300,000 that the Farmers bank already had on hand, but the precaution proved unnecessary much more money was detoday than Not only that, but the largest mill was the call the bank half million dollars should have been needed The September 24 statement of the total resources payable, and deposits of $663,657.32 Well Known North Carolina Minister Dies In Columbia C., Dec. The Rev. Morrison, pastor the church at Fountain died hospital tonight had been patient since last Thursday. He was 68 years Rev. Mr. Morrison was born in CaNorth For years he had held charges North Carolina and South Before going to Fountain Inn, he was in Lee

3. December 10, 1930 The Washington Daily News Washington, DC

Article from The Washington Daily News, December 10, 1930

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Article Text

Asheville Mayor to Quit as Result of Bank Suspensions Citizens Charge $8,000,000 in Public Funds Was Deposited Just Before Crash Came By United Press ASHEVILLE, N. C.-Mayor Gallatin Roberts of Asheville announced he will resign as soon as details of appointing a new city commission are completed, in a statement to the Citizen's Committee which has been seeking his resignation since Saturday. The committee demanded the resignation of Mayor Roberts and every other ranking public official of Asheville and Buncombe County as a result of disclosures of a special audit of public funds and their alleged connection with recent bank failures here. The committee charged that the city and boards no longer represented the people's interest because of their action in placing more than $8,000,000 of public funds in local banks which failed within a short time after deposits were made. By United Press RALEIGH, N. C.-Three more North Carolina banks were in the hands of the state banking department today, involving some $700,000 in deposits. They were: The Bank of Pee Dee, Rockingham, deposits $400,000; the Citizens Bank of Farmville, deposits $215,306; the Bank of Hobgood, deposits $49,261.