11917. First National Bank (Roxboro, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
11211
Charter Number
11211
Start Date
October 12, 1931
Location
Roxboro, North Carolina (36.394, -78.983)

Metadata

Model
gpt-5-mini
Short Digest
27d750eb

Response Measures

None

Receivership Details

Depositor recovery rate
25.4%
Date receivership started
1931-10-19
Date receivership terminated
1938-04-20
Share of assets assessed as good
21.2%
Share of assets assessed as doubtful
57.6%
Share of assets assessed as worthless
21.2%

Description

Newspapers dated Oct 13, 1931 report 'The First National Bank, Roxboro, failed to open for business yesterday' and the president made a speech reassuring depositors. Later 1934 articles show a receiver (Lifsey) bringing suits, indicating the bank remained closed and entered receivership. OCR errors in Article 1 truncated some sentences; I corrected phrasing where obvious. The contemporary accounts mention depositors being reassured but do not clearly describe a discrete run triggered by a specific false report, so I classify this as a suspension leading to permanent closure/receivership.

Events (5)

1. July 26, 1918 Chartered
Source
historical_nic
2. October 12, 1931 Suspension
Cause Details
Newspaper reports state the bank 'failed to open for business' and the president reassured depositors; no specific cause (rumor, correspondent failure, or government action) is named.
Newspaper Excerpt
The First National Bank Roxboro failed to open for business yesterday and ... the bank was checked when its president ... made speech reassuring depositors
Source
newspapers
3. October 19, 1931 Receivership
Source
historical_nic
4. August 8, 1934 Receivership
Newspaper Excerpt
Actions to collect $3,200 started by bank receiver ... First National bank, Roxboro ... suits for the collection ... by the bank receiver Lifsey, the First National bank, Roxboro
Source
newspapers
5. September 5, 1934 Receivership
Newspaper Excerpt
Declaring the plaintiff has failed to make out cause of action, the defendant in the action of Lifsey, receiver the First National bank of Roxboro ... filed demurrer in United States court today
Source
newspapers

Newspaper Articles (4)

Article from Evening Herald Courier, October 13, 1931

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Article Text

ROADS ASSOC. MEETING Speaker Would Have Build Roads Oct. 18. time the federal should provide funds to build, construct maintain interstate highways without Kirkpatrick, Charlotte, president of the United Good Road Association, opening annual convention of the organization today. "Highways logically divide themselves three groups," said Mr. Kirkpatrick, "national interestate, intrastate and lateral or communal highways. national system should built largely by national funds, state highways by the lous states and county roads by the taxpayer." Mr. Kirkpatrick advocated tional license shoud government find itself unable to appropriate the $2,000,000,000 needed for highway construction for next Failing in he said for purposes should be complete national system of Total expenditures by state high1930 for road building to Mr. per increase Kirkpatrick reported. He said 2,393 miles highways faced than the year and that present state lous year systems include miles, surfaced. CURB MARKET NEW YYORK, Curb traders returned today. small volume market accumulated over the selling weekend and the result extended depression prices, mild although the chief characteristic the trading was its dullness. Volume contracted sharply on downward movement and the slow through the earlier transactions reduced well below hours levels. Losses were largely Electric Bond Share, Middle West Utilities, Consolidated Gas Baltimore American Gas Electric heavier most power light holding company sagging point other the clines in same group amounted mostly Several blocks Cities Service cessions. Oil couple points and Oil of Ind. part week's rise. Ohio Standard and Plymouth slightly heavy. Great Pacific dipped nearly half dozen points in selling then America reacted below 80 before found support. Ltd., backed the trend other priced specialties toward lower levels. the curb Call money the per vance on the big board. KILLS FATHER; SUICIDES NEW YORK, Oct. 13. pressed the recent death his mother and his father going marry another woman, William Feinbaum, 25, killed Aaron, yesterday turned the weapon himself near Point yards the New Haven William died few minutes later. ROXBORO BANK CLOSES Oct. The First National Bank Roxfailed open for business yesterday and on Bank was checked when its president, made speech reassuring depositors The First National Bank capital of listed $662,331.51 and deposits King. spent days Washington visiting Mr. and Mrs. Howard and the guest for several Mrs. MorrisNew


Article from The Bee, October 13, 1931

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Article Text

Roxboro Bank Fails to Open The First National Bank Roxboro. failed open for business yesterday the People's Bank checked only when Long. made speech reassuring The National Bank had capital $662,331.51 and deposits


Article from News and Record, August 8, 1934

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Article Text

Actions to Collect $3,200 Started By Bank Receiver Suits for the collection combined total clared due bank stock United States here Lifsey, the Tuesday First National bank, Roxboro these, the amounts sought, being as folMary F. Morton. Mrs $500


Article from The Greensboro Record, September 5, 1934

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Article Text

DISMISSAL OF LEGAL SUIT Bank Receiver Claims Plaintiff Has Failed to Establish Cause of Action Declaring the plaintiff has failed to make out cause of action in its complaint, the defendant in the action of Lifsey, receiver the First National bank of Roxboro, against Mary F. Morton, filed demurrer in United States court today and asked that the action be dismissed. The plaintiff has instituted action to recover judgment for $1,300 the assessment shares of stock in the defunct Another defendant in an action by Receiver Lifsey recover stock assessments filed an answer the complaint. This was by Mrs. alleged owner two shares stock in the Roxboro bank. In the answer the defendant denies certain of the but admits that August, 1929, the defendant received from the executor of the estate of relative two shares; that July, 1931, the defendant went the bank and asked that these shares placed trust for grandson, naming the child's mother trustee: also transferring five other shares the People's bank Roxboro about the same time. By the bank error, ficials transferred the stock direct the grandson, and the defendant pleads the error the bank officials bar to recovery.