11910. Bank of Rockingham (Rockingham, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 13, 1928
Location
Rockingham, North Carolina (34.939, -79.774)

Metadata

Model
gpt-5-mini
Short Digest
d66bddde

Response Measures

Full suspension, Books examined

Other: Placed in hands of State Corporation Commission; audit and likely liquidation

Description

Multiple contemporaneous articles (Dec 13-14, 1928) report an extensive run with large Saturday withdrawals ($30k-$40k), the bank failed to open Dec 13/14 and was placed in the hands of the State Corporation Commission for audit/liquidation. Cause of the run is described as uncertain but attributed to uneasiness from recent bank failures across the South Carolina border and possibly rumors; I classify the immediate trigger as distress from other local banks (local_banks). The bank was closed by directors and authority of the State Corporation Commission and appears destined for liquidation.

Events (3)
1. December 13, 1928 Run
Cause
Local Banks
Cause Details
Depositors made steady withdrawals over several days, with $30,000–$40,000 withdrawn on Saturday; contemporaries attribute uneasiness to recent bank failures across the South Carolina border and circulating rumors.
Measures
Officers closed early Saturday (closed doors at 3:30 instead of usual 5:30); bank failed to open Monday.
Newspaper Excerpt
there was gradual withdrawal of funds ... It is said between $30,000 and $40,000 was withdrawn Saturday.
Source
newspapers
2. December 13, 1928 Suspension
Cause
Government Action
Cause Details
Directors closed the bank after continued withdrawals and placed affairs in charge of the State Corporation Commission for audit and likely liquidation.
Newspaper Excerpt
The Bank of Rockingham failed to open for business Monday morning ... there was posted on the doors notice reading 'This bank will not open until further notice.' ... 'Closed by order of the board of directors, and placed in the hands of the Corporation Commission.'
Source
newspapers
3. * Other
Newspaper Excerpt
An audit is being made by Pullen & Co., certified public accountants ... In all probability, it will be liquidated in the regular way, namely, through the liquidating department of the State Corporation Commission.
Source
newspapers

Newspaper Articles (7)
1. December 14, 1928 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, December 14, 1928

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Article Text

Rockingham Bank Closes Doors Affairs Placed in Hands of State Corporation Commission After Run; Action Shocks City. $42,000. The loans amounted to $336,314. with bills payable of $65,000. The total resources were listed at $448,325.94 The ROCKINGHAM, Dec. 13.-The Bank of Rockingham has failed to open for business and its affairs are now in the hands of the state corporation commission. An audit is being made by Pullen & Co., certified public accountants, which will be completed within two weeks. In the meantime, final de cision will be made as to the best plan to take to conserve the reof the bank for the best interest of all concerned In all probability, It will be liquidated in the regular way. namely, through the liquidating department of the State Corporation commission. The closing of this bank, which has been in operation for score of years, came as surprise to the business people the community, who had the utmost confidence in the officials and directors. The other four banks of the town. with resources of over three million dollars have not been hurt by the closing of this one bank. C AUSE IS PUZZLE. As to what caused the run on the bank, no one seems to know. It have been started by a rumor or from a restive or uneasy feeling aroused by the many banks across the state line in South Carolina goIng broke with more particular reference to the closing of the banks in Cheraw, 22 miles south of last At any rate. for some days gradual withdrawal of funds had been in progress, mostly by small depositors. There was no apparent This walnut drop leaf tea run' being made last Saturday, but nevertheless steady infiltration wagon at of depositors throughout the day withdrawing their account finally Other walnut, mahogany and caused the officers of the bank to decorated tea wagons, all with lose 3:30 instead of usua Saturday closing time of removable trays $25 to $45 30. It is said between $30,000 and $40,000 was withdrawn SaturCLOSED DOORS bank did not open. but instead there was posted on the in All Colors notice reading "This bank will not until further notice. Taylor and Carson. from the cor- Priced From poration commission arrived from Raleigh early Monday, and on Tuesday morning another notice was $2.50 to $15 posted. reading "Closed by order of the heard directors, and placed in the hands of the corporation comThe liquidating department of the will very probably wind up the aftairs of the stitution and as soon the audits of the resources and liabilities will A summary of the condition of the bank, as filed October showing deposits at that time approximate. ly $320,000 The capital stock is $50,000, surplus fund $15,000 and real estate and fixtures valued at

2. December 14, 1928 The Charlotte News Charlotte, NC
Article from The Charlotte News, December 14, 1928

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Article Text

Rockingham Bank Is Closed After Depositors' Run Rockingham, Dec. 14.-(P)-Representatives of the State Corporation Commission are now in charge of the Bank of Rockingham, which failed to open for business Monday morning after an extensive run had been made on the institution the latter part of last week. An audit 15 being made of the bank's books and report is expected to be ready within two weeks. Plans are being worked out to conserve the resources the bank to the best interest of all concern. ed. It 15 said that the affairs will very likely be liquidated in the regular way, through the liquidating department of the Corporation Commission. What caused the run on the bank is not known, although it 16 believed by some that depositors felt uneasy because of number of failures recently across the border in South Carolina. For several days last week there was gradual withdrawal to funds principally by smaller depositors. according to bank officials. It is said that more than $30,000 was withdrawn Saturday. The last statement of the bank showed deposits approximately $320,000. Capital was $50,000. surplus $15,000, real estate and fixtures $42,000. Loans amounted to $336,314.47 and bills payable $65. 000. Total resources were listed at $448,225.94. There are four other banks in the town none of which has been affected by the failure.

3. December 14, 1928 The News and Observer Raleigh, NC
Article from The News and Observer, December 14, 1928

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Article Text

ROCKINGHAM BANK CLOSESITS DOORS Continued Withdrawals Make It Necessary To Suspend Operations Rockingham, Dec. 13.-The Bank of Rockingham failed to open for business last Monday morning, and its affairs are now in the hands of the State Corporation Commission. An audit is being made and will be completed within two weeks. In the meantime. final decision will be made as to the best plan to take o conserve the resources of the bank. The closing of this bank which has been in operation for score of years, came as complete surprise to the business people of the community, who have the utmost confidence in the officials and directors. The other four banks of the town, with resources of over three million dollars, have not been hurt in the slightly by the closing. As to what caused the run on the bank, no one seems to know. It may have been started by rumor circulated by some unknown party, or from a restive or uneasy feeling aroused by the many banks across the State line in South Carolina go. ing broke, with more particular refgrence to the closing of the banks in Cheraw, 22 miles south of here last month. At any rate, for some days gradual withdrawal of funds had been in progress. mostly by small depositors. There was no apparent "run" being made last" Saturday, but nevertheless a succession of withdrawals finally caused the officers of the bank to close its doors at 3:30 instead of the usual Saturday clos ing time of 5:30 It is said between $30,000 and $40,000 was withdrawn on Saturday. On Monday the bank did not open, but instead there was posted on the doors notice reading "this bank will not open until fur. ther notice." Messrs. Taylor and Carson, from the Corporation Commission, arrived from Raleigh early Monday, and on Tuesday morning another notice was posted, reading "closed by order of the board of directors, and placed in the hands of the Corporation Commission." A summary of the condition of the bank, as filed October 3rd, show. ing deposits at that time approximately $320,000. The capital stock is $50,000. surplus fund $15,000 and real estate and fixtures valued at $42,000. The loans amounted to $336,314.4 with bills payable of $65,000. The total resources were listed at $448,325.94.

4. December 14, 1928 The Virginian-Pilot Norfolk, VA
Article from The Virginian-Pilot, December 14, 1928

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Article Text

VIRGINIA COUNTIES BankInRockingham Fails; Audit Begun GET $247,131.55 IN Rockingham, N. C., Dec. NOVEMBER GAS TAX Representatives of the State Corporation Commission are now in charge of Checks To Be Mailed Out Today, State Comptroller Announces; Figures Itemized Richmond, Dec. totalling will be mailed out tomorrow to the counties Virginia as the share of the gasoline tax collections for E. R. Combs, State announced today The share of the counties in this tax is and rents of each five cente tax collected are the amounts to be sent to each county: 409 420.70; tox, Arlington, AuBland, Botetourt, Brunswick, Buchanan, 212 Caroline, Carroll, Charles City, $803.83; Charlotte, ChesterCulpepper, $1,932.11; Cleveland, $627 Elizabeth City, $3,410.85; Giles, 481 Gloucester, Hanover, 325 Henrico, 648 Henry, $3,427.94; Isle of Wight, James King George, King and Queen, King Lancaster, $813.94; Lee, $1,891.58; Lunenburg, Loudon, Louisa, Middlesex, 10; New Nottoway, Orange, Page, $1,854.95; Patrick, Prince Prince George, Princess $1,975.10 Anne, sell, Rockingham, $5,322.20; RusSmyth, $2,378.34; ford, $575.55; Surry, $1,346.35; Susses, Warren, $786.19; Wise, $7,380.31; Wythe, $2.York, $1,353.47. the Bank of Rockingham, which failed to open for business Monday morning after an extensive had run been made on the institution the latter of part last week. An audit is made of the bank's books and is pected to be ready within two weeks. the run on not although believed by some that depositors felt cause of number of failures uneasy recently beacross the border in South The last of the bank showed 000. Capital deposits of $320.was 000, real estate and fixtures, surplus, $42,000. Loans amounted to and bills payable, resources were listed at There are four other banks in the none of which has been affected by the failure.

5. December 14, 1928 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, December 14, 1928

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Article Text

News From Northwest North Carolina and All the State Run on Bank Closes Doors Bank of Rockingham, Richmond, Is Victim of Unheralded Stampede resentatives of the State Corporation Commission are now in charge of Bank which open for business Monday morning after an exten had been made the Institution the latter week. An audit being made the and report expected to be ready within two weeks. Plans are heing out is to the sources the bank to the best terest of all concerned. is said that the very likely liquidated the through the liquidating depart ment of the Corporation Commis sion. What caused the the on bank is not believed some felt uneasy because of failures recently across border South Carolina several days last week there was gradual withdrawal funds principally according to is said that more $30,000 was Saturday The last statement of the showed deposits of surplus and fixtures amounted to $336,314.47 and bills payable $65,000. Total were listed at There are four other town has been affected by the failure. New Incorporations Raleigh Dec of filed the of Hood Incorporated By Gurney P. Hood Nathan of live and dressed tal $25 By G. McNafry and F. Smith all of Craven Realty Corporation New Bern. To and deal in real estate capital subscribed stock $300. By Miller, M. Miller and McK Carmichael. all of New Bern

6. December 14, 1928 News and Record Greensboro, NC
Article from News and Record, December 14, 1928

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Article Text

BANK OF ROCKINGHAM IS IN HANDS OF STATE Corporation Commission In Charge Following Run On Institution Last Week. DIRECTORS CLOSE IT UP (Special to News) Rockingham, Dec. of the state corporation in charge of mission are now which failed Bank of Rockingham, business Monday mornto open for extensive run been after an the latter made on An audit is being part of the and made to be within port is expected two weeks. worked out the the the said that the affairs will liquidated in the regular likely through the liquidating of the the on the bank although It believed not that depositors because number failures the border South across For several last week there to officials that more than $30,000 was drawn of the bank showed deposits approximately was surplus real estate and fixtures Loans amounted bills payable Total sources were listed The closing of the Bank of ingham. which had been ni operation for score of came complete surprise to the business of the who people confidence in the officials the utmost the other four banks and directors, of the with of over have not been three million hurt in the slightest by the closing this one bank. gradual withFor some days drawal of funds had been in no being made last Saturday but nevertheless steady infiltration of dethroughout the day withpositors their accounts finally caused drawing officers of the bank to close its the m. instead the doors Saturday time of usual On Monday the bank did not but instead there was posted the doors notice bank will not open until further notice Messrs. Taylor and Carson. rived from Raleigh early Monday Tuesday morning another and on "Closed notice was by order of board of directors. placed in the hands of the corporation commission

7. December 21, 1928 The Independent Elizabeth City, NC
Article from The Independent, December 21, 1928

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Article Text

Kitty Hawk Now Safe on Map of World More Smokes, Less Sweets, is Doctor's Advice-Thieves Steal 25;000 Cigarettes-Holly Shipments Heavy"Babe" Ruth In North Carolina-Other Interesting News of the State Tersely Told for Our Busy Readers 31. of Win- of the world. If Hawk the map who thought that those there for press disdate lines used it will be and henceforth vertising the traditional hardships that went all pilgrims must undergo. While Kitty Hawk. the House or Reprerelative to Kitty Hawk by Raiph of Congressman LaGuardia. of New York. distinguished soldier aviator. also addressed the House on the achievements of aviation while the ceremony was gcing on at Kitty Hawk. Warning the American people against unhygienic eating habits, and suggesting a revision of the American diet. George F. Buchan. M. D., member of the Royal College of Physicians and one of Great Britain's leading sanitarians. sent radio message from the Baltic on high seas to S. G. Jett. commissioner of public health at Reidsville in answer for a request for statement on public health His message follows: "I have just finished a tour of the States. investigating the public health conditions in America. noticed that many people finished their meal with sweets, This is hygienically unsound, as stick to the crevices of the sweets and lead to fermentation and teeth dental decay. The correct way to finish meal is with coffee a and a cigarette The fruit hardens the the Coffee stimulates the flow of saliva and acts as a mouth wash: and the cigarette disinfect the mouth and soothes the nerves." Police in Henderson are looking for thieves who entered a wholesale cigar store in that town. and stole about 25,000 igarettes 01 various brands. Holly shipments out of Eastern North Carolina are the heaviest in history indicate Products the Carolina are bringing good prices at New York and other points. George Herman ("Babe") Ruth. Bern. The Babe came unannoune- home ed this year at his own request. the result. he said. of being "overwelcomed on his last visit. -An effort will be made at the coming session of the Legislature to have bill passed for an appropriation to properly equip and train rille teams representing this State at the National Rifle matches at Camp Perry Ohio. The measure will call for about $6,000 which would be used to send civilians and National Guard groups to Fort Bragg to train. and later to equip and organize team which will have a better showing in the Camp Perry -The Good Samaritan Hospital. Eleada Orphanage and American Legion Post No. 601 of the Oteen hospital. all of Asheville the Baptist Orphanage at Thomasville the Presbyterian Orphanage at Barium Springs. the Balfour Orphanage at Hendersonville and the Buncombe County Children's Home. each has received $60.757 according to the appraiser of the estate of the late Mrs. Mattie B. James. of New York Her estate showed a net value of -A young Buncombe county man aid down the burden of the three ears' troubled conscinece the other lay when he went to S. Silverman Asheville merchant and told him hat three years ago he had stolen WO caps which he used as Christnas presents for his family. The onstration of honestly that he gave instration of hoeesty that he gave he money back as Christmas preent when the convert brought it to -Working toward a consummaion of a nation-wide merger of the Congregation and Christian churchs-a movement that was born in he mind of Dr. W. A. Harper, preident of Elon College-is being exended to educational institution as well. Though it will 02 next October before the COM unimation place leaders of both chevehes fee that no doubt to the sue by his hair And 1.1 treat courses. is "shaven and shorn that his cries, ravings. yells ano warning in defence of his long beautiful curls were in valu. He said that the people all Lold him that he and his curls were both bound for hell. Capt. John Allen Midgette. keeper of the Coast Guard Station at Chicomacomico has returned to his station afterd an official visit to Washington. Captain Midgette got a bushel of medals from the American and British governments for his work in rescuing the crew of the British tanker. Mirlo. which was struck off Hatteras by German submarine during the World War. -Eleven voung men and boys were placed in the Greensboro jail charged with being the first organized group of joy rider thieves the city has ever had Twenty five automobiles were temporarily stolen by the gang within the last few weeks. for parties. They lasted until the gasoiine was exhausted and then they were driven as near the place of theft as possible. -State Highway Commissioner Frank Page was presented with a handsome silver service set by contractors at the close of the highway meeting this week. F. J. who presented the gift in Blythe: behalf of the contractors. paid high tribute to Mr. Page's ability and ty. fairness in his dealings with contractors in the State's 150 million dollar highway system. -The Bank of Rockingham is closed and its affairs are in the hands of the State Corporation Commission. The closing of the bank came as a complete surprise to the basiness people there. who had utmost confidence in the officials and directors. The steady number of withdrawals on the bank during the la !ew weeks is said to be the cause of itas closings Following close at the heels of their highly successful two-week Northern and the celebration of their tent hanniversary the Carolina Playmakers of the University of North Carolina have just brought out a new volume of Carolina Folk contains favorable comment and sale Cranking his car was 100 much exertion for Ammie Bell ML Olive He dead from of man who -The first cousin a wanted to fight a circular saw has been found W. H. Whisnant of Charlotte tried to knock a locomotime off the track with his car and then offered to fight the train crew. He was fined $50 for operating an influence of under the automobile liquor and his driving license revoked for year. -W. G. Eaton. who lives on the farm of Ben C. Mayo near Tarboro, recently killed the immense Duroc hog that won the prize at the Coastal Plain Fair The animal weighed 1.134 pounds and was the largest in Edgecombe counever raised hog -Death reduced the ranks of the Confederate veterans in Davidson County to at least 44 before the Christmas pension checks arrived. Forty-seven checks of $182.50 each were sent there for the surviving veterans, the oldest 01 which is John Elicr of Thomasville township. who is now in his 99th year. -As Christmas approaches chicken thieves are becoming more active every night in Wilson County. One farmer is looking for 22 chickens a stolen from his henhouse in one night anothe is looking for 35 that were litted from his pen. and still the theft of three reports prized birds. Fairy dreams of a fortune left in box in the Central sale deposit Bank and Trust Co., at vanished in for Elizabeth it and found it to contain only cancelled note: and checks. -The Charlotte city government finished the first quarter of its has of $403,861. -Joseph F. ston-Salem will soon undergo an opertaion for the removal of a 38 calibre bullet from his brain. The bullet has been lodged in his brain for the last six years. following Al- an Md. accident in not impair injury does though the his brain. he is partially paralyzed. -Preferring death to business failure and murder to separation from her 11-year-old nephew. Mrs. Lillian E. Fields. proprietor of the Blue Bird Tea Room in Oxford. snuffed out her own and the boy's life by turning on the gas in a room she had sealed tightly. for the purpose. -The annual Christmas package wrapping station which opened in Raleigh this week. began its first day by wrapping 350 packages for busy shoppers. The station is operated each year by the Chamber of Commerce of that city and leading business firms. -Federal prohibition agents in Kinston put a crimp in the contention that new model Fords can out. class cars in the run chased Three agents in a flivver containing two rum-rumers of 13 and distance 42 of the little car liquor. Downie Beother's Wild Animal Circus is being sued in the Vanco County Superior Court as the result of the killing several months ago of Eugene Ford year old Henderson Negro boy. by a truck owned by a man named "Blackie" Sinner. William S. Joyce 48. a laborer of Woodbury N. J., has been indicted by grand jury there charged with Jersey and kill his wile. -Another woman motorcycle pa3been buried in Kinston, senger has 20. was fatally Miss Adelle when the motorcycle on injured which she and Eden Bird automo- time bile mechanic were riding spilled post. them while specding on a highway near Kinston. -Orders to wash their own socks no Jailor issued to the colored convicts were 50 in number. at the more than Lenoir county stockade "Santa Claus is coming" was the explanation given the convicts. Every conwill be filled with vict's stocking Christmas candies Christmas eve. Dunn student treatment for an hurt Crime the town has Recently signed the jail M United Secretary ing short vacation with golf planned item