Bank of St Pauls - St Pauls, NC

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1932
Location: St Pauls, North Carolina (34.807, -78.971)

Metadata

Model: gpt-5-mini
Short Digest: 4db5be75

Response Measures

None

Description

Article (The News and Observer, 1932-01-01) lists the Merchants and Farmers Bank of Garysburg among banks whose assets were placed in the hands [of] the banking department for liquidation and notes naming of liquidating/receivership agents. No explicit run is described in the excerpt. Therefore this is a suspension leading to closure/liquidation by the banking department (government action).

Events (3)

1. January 1, 1932 Receivership

Newspaper Excerpt: Name Liquidating Agents. Hood last night that E. W. Staples... had been named its agent... been named liquidating agent for the Beaufort Banking Trust Company Beaufort, and ... liquidating
Source: newspapers

2. January 1, 1932 Suspension

Cause: Government Action
Cause Details: Banking department took assets and placed bank in liquidation; state banking authorities named liquidating agents.
Newspaper Excerpt: these banks were the Merchants and Farmers Bank of Garysburg and the Bank of Pauls... other assets were replaced in the hands the banking department for liquidation.
Source: newspapers

3. * Other

Newspaper Excerpt: Listed among banks placed in liquidation by the banking department; no mention of a depositor run in the provided text.
Source: newspapers

Newspaper Articles (1)

1. January 1, 1932 The News and Observer Raleigh, NC

Article from The News and Observer, January 1, 1932

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Article Text

BANKS ESTABLISH NEW BRANCHES (Continued From Page One.) other assets were replaced in the hands the banking department for liquidation. These banks were the Merchants and Farmers Bank of Garysburg and the Bank of Pauls. Open New Branches. St. Pauls not left without banking facilities. as the Branch Banking and Trust Wilson. opened its branch there. giv ing this institution which was in strong that was unnecessary for to restrietions withdrawals even in the faces of failures around dozen branches in Eastern North Carolina. The other branch was opened at Leaksville by the Hood System In dustrial Bank Reidsville. This chain industrial of which Banking Commissioner Gurney Hood the founder. has main offi. ces ten cities and towns. Commiscioner Hood divested himself of his holdings the company when he became State To the statement of confidence in the North Carolina bank made Wednesday by John M. Miller. Richmond. director of the National Credit Corporation the Fifth Fed. Reserve district, Commissioner Hood yesterday added his statement: Cause For Fear. "The North Carolina Bank and Trust has recently been amined by us in all of its units and examinations have been consolidated and in our opinion the bank amply solvent. Therei no excuse for any run on this bank." Commissioner Hood also called at. tention strength the Branch Banking and Trust Co., Wilson: "It one of the strongest banking Institutions North Carolina It well managed, strong board of directors," said. Mr. Miller supplemented his statement the North Carolina bank with its 13 branches yesterday, stating from where went the difficul ties of the United Bank which prethe heavy from the North Carolina, that the North Carolina was Pearry on and pay everybody who wants their money." "The North Carolina Bank and Trust Co. has received over eight million dollars cold cash. Deposits are being probably fast as are going out. Several of the largest the United States wired their full The the North Carolina Bank and Trust Co. among the best in the State North and deserving of the full support of its entire within and without the State," 'he stated. Credit to McLean. Former A. W. McLean, chairman of the board of the North Carolina, was here yesterday ferring with and officers of the local branch To the personal efforts and the gredit for the rapid of financial support scale without precedent this From all over the State where have been heavy withdrawals the wake of failures yesterday came of subsding excitement the return to nor mal business the banks that have subjected to and met what regarded as the severest test in the history the State. Name Liquidating Agents. Hood last hight that E. W. Staples, of the United Bank and Trust Company of at San ford and Reidsville, had been named Its agent. He said this was variation from the bank department's policy not Daming local man as liquidating agent, but added Staples, former president of the Bank of Lexington, and been with the United for only short time and had nothing to do the institution's loans. Hugh Davis og Burgaw, was named liquidating agent for the Beaufort Banking Trust Company Beaufort, and Ayeock Freliquidating