11929. Citizens Bank & Trust Company (Southern Pines, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
August 2, 1909
Location
Southern Pines, North Carolina (35.174, -79.392)

Metadata

Model
gpt-5-mini
Short Digest
3fa6ae67

Response Measures

None

Description

Bank was closed by the North Carolina corporation commission/state bank examiner for an alleged shortage discovered after the cashier left on vacation. A receiver was appointed days later. Articles show $15,000 (Aug 2) and $16,000 (Aug 12) reported shortages — minor discrepancy in reported amount. No run or depositor panic is mentioned.

Events (2)
1. August 2, 1909 Suspension
Cause
Government Action
Cause Details
Closed by state bank examiner/corporation commission due to an alleged $15,000 shortage discovered after the cashier left on vacation.
Newspaper Excerpt
State Bank Examiner J. K. Doughton closed the Citizens' Bank and Trust company at Southern Pines today by order of the corporation commission, on account of an alleged shortage of $15,000 discovered since Cashier George A. Kimball left, July 17, for his vacation
Source
newspapers
2. August 12, 1909 Receivership
Newspaper Excerpt
Judge Adams, of the Superior Court, to-night at Pittsboro, appointed W. B. Richardson receiver of the Citizens Bank and Trust Company, at Southern Pines, closed by the commission on account of a $16,000 shortage. It is said a reorganization, which will absolve the depositors from any loss, will follow soon.
Source
newspapers

Newspaper Articles (2)
1. August 3, 1909 Atlanta Semi-Weekly Journal Atlanta, GA
Article from Atlanta Semi-Weekly Journal, August 3, 1909

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Article Text

CITIZENS' BANK CLOSES AT SOUTHERN PINES RALEIGH, N. C., Aug. 2.-State Bank Examiner J. K. Doughton closed the Citizens' Bank and Trust company at Southern Pines today by order of the corporation commission, on account of an alleged shortage of $15,000 discovered since Cashier George A. Kimball left, July 17, for his vacation to be spent, he said, at York Beach, Maine. The bank's capital is only $10,000, with $32,000 deposits. All efforts made thus far failed. A receiver will be appointed.

2. August 13, 1909 The Washington Herald Washington, DC
Article from The Washington Herald, August 13, 1909

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Article Text

Names Receiver for Bank, Special to The Washington Herald. Raleigh, N. C., Aug. 12.-Upon a petition of the corporation commission, Judge Adams, of the Superior Court, to-night at Pittsboro, appointed W. B. Richardson receiver of the Citizens Bank and Trust Company, at Southern Pines, closed by the commission on account of a $16,000 shortage. It is said a reorganization, which will absolve the depositors from any loss, will follow soon.