11918. Rural Hall Bank & Trust Company (Rural Hall, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
December 20, 1930
Location
Rural Hall, North Carolina (36.240, -80.293)

Metadata

Model
gpt-5-mini
Short Digest
9353e2d1

Response Measures

None

Description

The bank did not open on Dec. 20, 1930 and was placed in the hands of the State Corporation Commission (state took charge). Articles explicitly state there was no run and officers said the bank was solvent; the immediate action was state takeover/suspension. No article mentions a reopening, and the institution appears to remain closed under state control, so classified as suspension_closure. Causes include government action prompted by local withdrawals (drought-affected farmers) and failures of nearby banks.

Events (1)
1. December 20, 1930 Suspension
Cause
Government Action
Cause Details
State Corporation Commission took charge after the bank failed to open amid steady withdrawals caused by drought-hit farmers and fallout from failures of other local banks.
Newspaper Excerpt
The Rural Hall Bank and Trust Company, at Rural Hall, did not open for business Saturday morning. The institution is now in the hands of the State Corporation Commission and a representative of that body is expected in Rural Hall soon to take charge of the affairs of the institution.
Source
newspapers

Newspaper Articles (6)
1. December 20, 1930 The Sentinel Winston-Salem, NC
Article from The Sentinel, December 20, 1930

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Article Text

BANK OF RURAL Declared to Be Solvent: Officials Say Depositors Will Be Paid. The Rural Hall Bank and Trust Company, at Rural Hall, did not open for business Saturday morning The institution is now in the hands of the State Corporation Commission and a representative of that body is expected in Rural Hall soon. to take charge of the affairs of the InstituThe bank is in a solvent condition its but its closing was the circumstances which had no control. Patrons have steady and deposits have been very low Reasons Assigned Several reasons assigned for this The drought of past summer hit the farmers of Rural Hall hard and they very little for their As they have had little money to deposit, but have had to withdraw some of their to spend for Failure of banks in Stokes County also had part in the of the Rural Hall who have reason the failure the banks have been by relatives and other friends have their money from the Rural Bank in order to render this No Run on Bank There has ben on the bank very little is being manifested over the accord ing to reports from Rural Hall Of ficers of the bank declared their confidence that every depositor be paid in their statements that the institution O. said that according are approximately The bank is capitalized at $10,000 its surplus and undivided profits $3,500. bank organized tember 1920 E. L. Kiser of Rural Hall is citizens are familiar at the Rural Bank and Trust Company said urday morning that there is little question that depositor will get his some time required straighten out the affairs of the institution

2. December 20, 1930 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, December 20, 1930

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Article Text

Hall Doors Are Closed Dec. Rural Hall Bank and Trust Rural Hall, village miles north did open business today. directors said the bank and "depositors will dollar" their money. The corporation commission pected to send representative charge the Kiser president: Kiser. said the capitalized had deposits $57,000 surplus

3. December 21, 1930 Chicago Tribune Chicago, IL
Article from Chicago Tribune, December 21, 1930

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Article Text

3 MISSISSIPPI BANKS CLOSE; 4 MORE SUSPEND State Takes Charge to Protect Patrons. Dec. Mississippi were today in of over by the the Commerand of at came that the Greenwood Bank and the National bank and the Security Bank and Trust all at Greenwood, closed protective The bank closing the bank of McLain at McLain A of the state banking department sent there to make an audit after Willie the bank's president that B. Reed, the cashier, admitted his asked to be said the was closed because of recent death of G. Wilson Sr., chairman of the board. Macedonia Bank Closed. ing of bank of Macedonia in Hamilton nounced by the state auditor this Withdrawals Cause Closing. Cairo, collect fast enough to caused the closing the Farmers and Merchants State bank at Cypressen, Johnston county, D. C. Casper, president, stated. Georgia Bank Suspensions. Mobley, state of announced today his department had been asked to take over the affairs the Union Banking company of branches at Braxand the Toombs at Lyons, and the Citizens bank of Ray City. Allied Banks Suspend. Dec. Two Goldsboro banks, both under the failed to open Notices said the institutions been closed in the interests of deNational bank of Goldsboro and sources of italized at The Goldsboro and Trust company, an had of $226, 413 and of at G. Norwood of both banks and sons cashiers. Another Carolina Bank Closes. Rural Hall, N. Dec. The Rural Hall Bank and Trust com pany did not open for business E. L. Kiser is president.

4. December 21, 1930 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, December 21, 1930

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Article Text

Local Bank Clearings -Other Quotations Saturday Same day last year Decrease $ Same day last week For week 46,916,086.03 Same week last year Decrease Previous week Products, Market Basis. meal com. rate 24.00@24.50 Atlanta. first clean mill run 011@ Suit Thrown Out. Circuit Judge Lafon Allen today threw out of court the $25,000,000 resuit for alleged and ince instituted against officers and directors of the Bancokentucky Company, Louisville Trust National Bank of Kentucky and Louisville National Bank & Trust had admitted a "discrepancy. Cashier had himself locked up in the Hattiesburg jail until the audit had been completed, although no charges have been filed against him. GOLDSBORO, N. BANKS FAIL TO OPEN GOLDSBORO, N. C., Dec. 20. Two Goldsboro banks. both under same management, failed to open today. Notices said the institutions been closed in the interests of depositors. The National Bank of Goldsboro listed deposits 30 and resources of $623,663.74 in its last state ment on September 24. The bank is capitalized at $100.000 and had sur of 46 on September 24. The Goldsboro Say tings Trust Company, an affiliated institution, had deposits $226, 413.53, resources 491 and surplus of $19,078. the same date. It is capitalized $41,000. Norwood is president of both Thomas H. Norwood and John Norwood, his sons, are cashiers National Bank of Goldsboro and Goldsboro vings & Trust Company, respectively RURAL HALL N. C., Dec. The Rural Hall Bank Trust Company did not open for business today. E. L. Kiser is president. O. M. Kiser is eashier and said the institution, capitalized at $10,000. had posits of approximately $57,000 and surplus of $3,800. ANOTHER BANK CLOSES IN ARKANSAS ARKADELPHIA, Ark., Dec. 20. The Merchants and Planters bank here suspended today for a fiveday period. James G. Clark was president of the local bank and of the Clark County bank Gurdon, which suspended yes terday for five days. Officers of the bank said suspension was decided upon because of uneasiness caused by the Gurdon bank suspension. The Merchants and Planters bank had deposits of bout $750,000, with capital and surplus of $90,000. SMALL ALABAMA BANK CLOSES DOORS MONTGOMERY, Ala., Dec. 20. (AP) Dent Green, state superintendof banks, announced today that the Bank of Camphill, at Camphill, had closed its doors today. Mr Green said closing of the bank was due to frozen assets, largely caused by poor crops and the extended drouth of last summer. The bank had $50,000 capital stock and $10,000 surplus. DEFUNCT BANK TO PAY DIVIDEND JACKSONVILLE, Fla., Dec. 20 presents, in the form a per cent are to be given all creditors of the defunct Brotherhood State bank here, who are entitled of to participate in the distribution its assets. Joseph M. Glickstein, receiver, said today the dividend. the second since the institution failed last would mailed to depositors next Tuesday in time for Christmas. GEORGIA BANKS NAMED IN REQUEST BY ASSOCIATED PRESS State Superintendent of Banks A. B. Mobley Saturday inced that department had been asked to take over the Union Banking Company of which also branches at Braxton and Nicholls, the County Bank at Lyons, the Citizens' Bank of Ray City, in Berrien The last bank call, Septembed 24, showed the Union Banking Company to have resources of capi of of surplus, $23,000, undivided profits, $94,108, and deposits, No bills were payable at that according to the call. The County Bank on September 24 had resources of 471.38, capital, surplus, $6,000, deposits, $163,000 and bills $20,000. pay September 24 call shows the The Citizens' of Ray as ing of capital, and no bills Inspectors will placed in of the banks, Mr

5. December 21, 1930 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, December 21, 1930

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Article Text

One Rural Hall Bank Is Closed Another, the Commercial and Farmers, Reported in Fine Condition Rural Hall Bank and Trust Company which closed its doors yes. terday is not the only bank in Rural Hall. It was announced last night E. E. Shore, cashier of the Compercial and Farmers Bank of Rural Hall. that this institution is in good financial condition and that the directors declared the regular annual dividend per cent. to stockhold. last Thursday The Commercial and Farmers Bank is the oldest bank in Rural Hall, having been established 24 years ago, Mr. Shore declared It has never lost dollar and has remained under the same management from its beginning, he said. and has never been in sounder financial condition than it today. Rural Hall Bank and Trust Company failed to open for business Saturday morning and the institution been placed in the hands of the State Corporation Commission The bank in not insolvent, its officers stated. but its closing was due to control. Patrons been making steady withdrawals and deposits have been very Several reasons have been assigned for this it being stated that mers of the Rural Hall hard hit by drought and depression have drawn heavily on savings accounts in order to buy necessities by the failure of the Bank of There has been no run on the bank and very little anxiety being manifested the situathe bank state that depositor will receive 100 cents on the dollar According to O. M. Kiser. cashier deposits the bank amounted to at latest report The bank is capitalized at $10,000 It has surplus and undivided profits amounting to $3,500. E L. Kiser president of the institution which was established September 1, 1920. High Point Banks On Sound Footing

6. December 21, 1930 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, December 21, 1930

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Article Text

8 Mississippi Banks Close Their Doors; 5 Are in Greenwood JACKSON, Dec. Eight banks closed their doors in Mississippi Saturday. Three of the banks were small institutions in scattered parts of the state five of them were located in Greenwood, where depositors started runs on the banks after the Wilson Banking Company, with resources of $1,777,000, failed to open Saturday. Within short time three other banks closed and later another shut its doors, leaving only the Bank of Commerce doing in the city. Notices were posted on the doors saying the banks had closed for the "protection of all depositors alike." Directors of the Wilson Banking Company in statement that decided to close the bank and they place the hands of State Banking Department for liquidation because situation caused by the of A. Wilson, had always arranged credit for the other closed banks, the Greenwood Bank and Trust Security Bank Trust Company, the National Bank Greenwood First and the Greenwood Savings Bank were expected by their officials to reopen soon. Frozen assets and poor collections by the bank aminer for the closing of the Commercial Bank of Drew. in with deposits the Clay with Bank of Pheba, deposits less than He also announced that the State Department had taken over the Bank McLain, closed at that would be the books had audited Reed, cashier, had admitted STATE FOUR BANKS TO TAKE OVER B. state of banks, announced Saturday his department had been to Union Banking affairs of Company Douglas, operating branches at Braxton Nicholls: Bank, Lyons, the Citizens Bank Ray City, Berrien County The Union Banking Company the last call on September 24 listed resources capital of undivided and deposits of no Moses Griffin and R. Yeomans, cashier The bank was established 1899. The Toombs County Bank reported resources capital $30,000, of deposits bills payable W. McNatt was president and W. China. The institution 1906 The Bank of Ray City at the last call showed resources of capital of deposits and no bills payable. H. Swindle was president and John Luke. cashier. The bank was established in 1911. Two Goldsboro Banks Close GOLDSBORO, Goldsboro banks, under the falled to open tions been in the interests of depositors. National Bank of Goldsboro listed deposits and sources in its last statement on September 24. The bank capitalized at and had of on The affiliated institution, had deposits resources and surplus of $19,on the same date. It is capitalized Norwood Is president of both banks. Thomas Norwood John Norwood, his sons, are cashiers the National Goldsboro and the Goldsboro Savings and Trust Arkansas Closing Merchants and Planters Bank here Saturday for five-day James Clark was president the local bank and the Clark Bank Gurdon, which suspended Friday for days. One Closed in Alabama 20. F. Green, supeintendbanks annouced Saturday the Camphill, at its doors. The bank had $50.000 capital stock and $10,000 surplus. Rural Hall Bank Closes RURAL The Rural Hall Bank and Trust Company did not open for business Saturday Kiser president. said the capitalized at had deposits approximately $57,000 and surplus of