Bank of Southport - Southport, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 1, 1923
Location: Southport, North Carolina (33.922, -78.020)

Metadata

Model: gpt-5-mini
Short Digest: 9c2abfcd

Response Measures

None

Description

Article states the Bank of Southport closed its doors February 1, 1923 and a receiver is handling claims and dividend disputes in 1926, indicating a permanent closure with a receiver. No run is described; closure appears tied to insolvency and receivership litigation over deposits and dividends.

Events (2)

1. February 1, 1923 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed its doors Feb 1, 1923; subsequent receiver handling deposit claims and disputes over dividends, indicating insolvency leading to suspension.
Newspaper Excerpt: the Bank of Southport that closed its doors February 1, 1923
Source: newspapers

2. July 30, 1926 Receivership

Newspaper Excerpt: demand by the receiver of the Bank of Southport ... for deposits amounting to $124,811 ... The Southport receiver contends ... the Southport bank did not close until February 1923, this bond was null and void, hence the depositors of the bank here are entitled to receive this dividend ... none having been paid, but held up and delayed by the contentions that are to be deter-
Source: newspapers

Newspaper Articles (1)

1. July 30, 1926 The News and Observer Raleigh, NC

Article from The News and Observer, July 30, 1926

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Article Text

IMPORTANT CASES TO BE HEARD NEXT WEEK Depositors of Bank of Southport Hope Dividends Will Be Forthcoming Southport, July 29.-Two most Kittrell, North Carolina, died at her home in Richmond, on Monday important cases to the depositors morning, July 26th. of the Bank of Southport that Mrs. Hunt, who before her marclosed its doors February 1, 1923, riage was Miss Rosa V. Raney, was will come up for hearing at the a daughter of the late Thomas H. sessions of Federal Court next week Raney and Mrs. Eliza P. Baird Raney at Wilmington. The first is the of Granville county, and sister of demand by the receiver of the Bank the late R. B. Baney of Raleigh and of Southport, the People's United C. W. Raney of Henderson. Bank, of this city, for deposits Mrs. Hunt is survived by her hus. amounting to $124,811 that were in band; four children, John Leigh the Commercial National made by Hunt, Cora Raney Hunt, Mrs. George the Southport bank between De C. Fitzhugh, and Ira Thomas Hunt, cember 15 and December 31, 1922. Jr.; foster son, Herbert Wood; The contention will be made that and one grandchild, Katherine Bevthe trials of W. B. Cooper and erly Hunt, all ofwhom reside in Thomas E. Cooper have shown that Richmond. She leaves also one the Commercial National Bank of brother, T. H. Raney, of Chapel iHII, Wilmington was not solvent when and number of nieces and nephews. these deposits were made, its in Funeral services were held in solvency dating from December 15, Saint Paul's Church of Richmond 1922, and its closing being DeTuesday afternoon, after which she cember 31, 1922. was laid to rest in Hollywood The second case is on the conCemetery. tention that $16,000, the 10 per cent divide dthat of the Commercial Na. tional Bank should be charged against the Cooper bank here, to apply on the bond of the Wilmington bank for & credit. The Southport receiver contends that the Commercial National Bank hav. ing closed its doors December 31, 1922, while the Southport bank did not close until February 1923, this bond was null and void, hence the depositors of the bank here are entitled to receive this dividend to be added to additional amounts that will enable the bank receivers here to pay dividend at once, none having been paid, but held up and delayed by the contentions that are to be deter-