11933. First National Bank (Spencer, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10662
Charter Number
10662
Start Date
June 9, 1923
Location
Spencer, North Carolina (35.692, -80.435)

Metadata

Model
gpt-5-mini
Short Digest
ae6f9e4d

Response Measures

None

Receivership Details

Date receivership started
1923-07-03
Date receivership terminated
1923-12-15
OCC cause of failure
Run
Share of assets assessed as good
55.4%
Share of assets assessed as doubtful
22.3%
Share of assets assessed as worthless
22.3%

Description

Articles (June 9–16, 1923) report the Bank of Rockwell closed their doors following the closing of Peoples National Bank of Salisbury; closures are attributed to distress from the Mecklenburg mills being thrown into receivership. Bank examiners were in charge and no reopening is mentioned, so this is classified as a suspension that led to permanent closure/receivership.

Events (5)

1. December 9, 1914 Chartered
Source
historical_nic
2. June 9, 1923 Suspension
Cause
Local Shock
Cause Details
Closures reported to be in distress as a result of the Mecklenburg chain of mills being thrown into receivership; banks had been interested in financing the mills.
Newspaper Excerpt
Three smaller bank. in Rowan county closed their doors yesterday afternoon and today following the closing yesterday of the Peoples National Bank of Salisbury. The three banks are the First National Bank of Spencer, the Merchants and Farmers' Bank of Granite Quarry and the Bank of Rockwell.
Source
newspapers
3. July 3, 1923 Receivership
Source
historical_nic
4. December 15, 1923 Restored To Solvency
Source
historical_nic
5. December 15, 1923 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from Evening Star, June 10, 1923

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Article Text

THREE BANKS CLOSE IN NORTH CAROLINA Forced to Shut Down When Salisbury Institution Stops Business. By the Associated Press. SALISBURY, N. C., June 9.--Three smaller bank. in Rowan county closed their doors yesterday afternoon and today following the closing yesterday of the Peoples National Bank of Salisbury. The three banks are the First National Bank of Spencer, the Merchants and Farmers' Bank of Granite Quarry and the Bank of Rockwell. The Spencer institution will be able to pay its obligations in full, it was said today by W. G. Folger, national bank examiner, but no statements as to the situation of the other three could be obtained in authoritative quarters here today, nor would bank officers generally discuss the closing for the present. The Peoples National Bank, it was announced by its officers yesterday, was closed because of withdrawal of deposits following the throwing of the Mecklenburg mills into receivership. as it was explained that the banks had been interested in financing the mills. The Peoples National Bank was capitalized at $100,000. the Spencer bank at $25,000. the Rockwell institution at $7,000 and the Granite Quarry bank at $5,000.


Article from Atlanta Tri-Weekly Journal, June 16, 1923

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Article Text

NORTH CAROLINA Raleigh.-North Carolina Supreme court denies 9-year-old girl's right to sue father for damages when de murrer of defense granted by Judge Long in Gaston county superior court is sustained in suit of Mildred Small and her next friend, W. L. Balthis, against J. C Small, for $5.000 as a result of automobile accident, involving father's car, covered by liability policy. Raleigh.-Associate Justice Clark son hands down his first supreme court opinion, sustaining the right of Durham city government to dispose of city opera house for less than $250,000, if within good judgment of officials, by sustaining ac. tion of superior court judge in refusing to enjoin city government. Wadesboro.-Civitan club is organized here with 21 members. Frank H. Kennedy, president of Charlotte Civitan club, presenting charter. Wilmington.-Miss Mildred Moore, 18, Bay City, Mich., arrives here to see her brother, M. v. Moore, 21, World war veteran who left home before her birth and never returned. not knowing of her existence until a few years ago. Southern Pines.-Destruction of Lexington hotel is begun by Leonard Bliss and Adam de Rochemont, preparatory to construction of a fireproof 60-room hotel, probable cost of which is not stated. Spencer.-H. C. Milier resigns as superintendent of city schools to accept similar position at Washington, N. C., and school board elects E. T. McSwaim to succeed him. Statesville.-J. F. Alderman, of Mooresville, deputy sheriff, is brought to a hospital for treatment of wound sustained when his pistol, accidentally dropped, was discharg ed. He will recover. Albemarle -The seventh annual session of the Charlotte division, Baptist Woman's Missionary Union, of which Mrs. T. B. Henry, of Wadesboro, is president, convenes here. Star.-Norfolk Southern railway begins improving roadway preparatory to putting larger engines into service next fall between Charlotte and Raleigh. Winstom-Salem.-W. A. Zeiglar, 42, for 22 years Southern railway engineer, is found dead in his room here with .22 calibre pistol gripped in hand. Coroner's jury returns verdict of suicide, for which no reason has been advanced. Davidson.-Dr. J. M. McConnell, member of the Davidson college fac. ulty, and Mrs. McConnell accept invitation of John R. Todd, wealthy New York city building engineer, to trip abroad of several months' duration, and will leave the latter part of June. Davidson.-Three hundred and fifty delegates attend session here of fifth annual conference for young people of Presbyterian synod of North Carolina. Salisbury.-Fourth bank closes doors in Rowan county, each re. ported to be in distress as result of Mecklenburg chain of mills be. ing thrown into receivership. Peoples National bank, Salisbury, was first to close, then followed First National bank, Spencer, Bank of Rockwell, and Merchants and Farmers' bank, of Granite Quarry. Bank examiners are in charge. Greensboro. W. Cloninger, vice president, Atlantic Bank and Trust Co., denies report that his bank will take over Peoples National bank of Salisbury. Scotland Neck.-Nineteen mules and numerous farm buildings are destroyed by fire at Halifax Farms, Inc., loss being estimated at $15.000 or more, partly covered by insurance. Ahoskie.-Judge John H. Kerr, formally announces, at Windsor, his candidacy for congress. Wilkesboro.-Attendance at federal court, Judge Webb presiding, necessitates holding sessions in county court room and June term of Wilkes county superior court is indefinitely postponed by Judge J. Bis Ray. Wilkesboro.-Wilkes county commissioners vote reward of $20 to any official delivering to sheriff complete distilling outfit, and compensation for delivery of incomplete equipment will be determined on this basis. Wilkesboro.-Miss Mary Sue Enhis, daughter of Mr. and Mrs. E. N. Ennis, Milledgeville, Ga., is married to H. C. Landon, Jr., manager of Boone Trail Motor company. teremony taking place at home of bride's parents. Bride was a member of high school faculty here. Clayton, N. C.-Miss Mary Creech Williams, daughter of Mr. and Mrs. D. H. Williams, is married here to G. D. Crawford, young attorney of Cornelia, Ga. Dunn.-M. M. Jernigan assumes office of recorder here and warns all violators his attitude toward them should influence them to leave his jurisdiction without delay. Newton. Miss Edna Rowe, Maughter of Mr. and Mrs. E. L. Rowe, of Claremont, is married here to Clyde D. Guion, druggist, of Monroe. Grenesboro. Officials announce Basil H. Hedgecock, convicted of misappropriating funds of defunct Home Bankin ocmanpygMWFYPP Home Banking company, High Point, of which he was cashier, will mmediately begin serving his sen. tence, totailing from four to five years. Asheville.-Fred L. Seely, local capitalist, presents to University of North Carolina, at Chapel Hill, grand piano purchased from Metropolitan Opera House, instrument being described as largest in state. Kinston.-State Senator L. P. Lann local tobacco