11938. Planters Bank (Stantonsburg, NC)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 30, 1931
Location
Stantonsburg, North Carolina (35.607, -77.823)

Metadata

Model
gpt-5-mini
Short Digest
1b747163

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Dec 31, 1931–Jan 4, 1932) list the Planters Bank of Stantonsburg among several small North Carolina banks that 'closed' during the banking disturbances and for which liquidating agents were named. The articles do not describe a depositor run specifically at this bank; rather it is listed among banks that closed amid a wave of local bank failures/panic. Therefore classified as a suspension that led to permanent closure (liquidation). Date of closing reported in the cluster around Dec 30–31, 1931.

Events (1)
1. December 30, 1931 Suspension
Cause
Local Banks
Cause Details
Closed amid a wave of bank closings in North Carolina during the Dec 1931 banking disturbances; listed with other small banks for which liquidating agents were appointed.
Newspaper Excerpt
Planters bank of Stantonsburg; ... Planters bank of Stantonsburg, reported deposits of ...
Source
newspapers

Newspaper Articles (3)
1. December 31, 1931 The News and Observer Raleigh, NC
Article from The News and Observer, December 31, 1931

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Article Text

HAS CONFIDENCE IN STATE BANKS From Page One.) from the Federal Bank Charlotte up Branch in currency. It was followed by truck from the Federal Richmond, $1,000,000 rency. was also lion more on the way from New Burlington and Greensboro the North Carolina Bank and Trust was fortified by from vaults closed United Commissioner Hood dered $25,000 Burlington transferred and $100,000 This transfer of funds by the State Bank ng from has charge for normally routine speeded up The positors United Bank are secured against the North Bank put up for the was last night that who had been ill for more week, left his bed and Tuesday night. to his bed here and from Director Miller the Fifth district of the National Although not soliciting business fact pointing out that two per interest, the Post Office continued swell its Savings business yes terday, and local banks was not other cities where failures. Deposits of the United Bank branches totaled $5,660,120 Paul Garrett New president Travis, The talized with $520,325.75 surplus undivided profits. Staples, executive of the United. was closed for "best interest depositors. At Wilson where the Bank failed open Tuesday, the First National and the Wilson and Savings did not open for busi yesterday. Col. Bruton president of both institutions. The First at the time its last $1, 025,000 those the Wilson Trust and Savings, $860,000. Warren eashier the First National and Barnes the Trust and Savings. The Beaufort Banking and Trust bank Beaufort, did not notice signed by President Taylor and Cashier stating was closed due the the public the inability good pay their was possible that the bank would had deposits the time third quarter $317,057. small institution, the Planters' Bank Stantonsburg, reported deposits of was president. One county failed was the Bank of Ahoskie branch deposits of Hoggard, president. The Winton Trust deposits $295,000 which McGlohon dent, closed later in the day run. Bank of Chatham Siler City deposits $280,000 closed. Jenkins was president. The State of had deposit $11,000 the United Bank and Trust Co., of by of deposit of $6,000 the Reidsville the bank, tected by $25,000 State deposit of $1,000 the Beaufort Banking and Trust Co., protected by bonds and deposit of 000 in the First protected by $10,000 in State There were no State deposits in any other banks which closed yes. terday. Taylor, liquidating agent for the State said the affairs of the United Bank and Trust had placed the hands auditors of the and and Bank Darden, Roberts and assistant Carter and Company of Raleigh was placed charge the and Trust Company and auditor, charge the Chatham. Harry Bundy City placed the Bank Ahoskie the Trust Redford Durham, the Bank Stantonsburg and and Company Raleigh the Beaufort Banking Company. Death List Grows. The death toll stood at four today early the death yesterday Miss Irene Durst, Charleston, W. Va.

2. January 1, 1932 The Sentinel Winston-Salem, NC
Article from The Sentinel, January 1, 1932

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Article Text

ALL IS QUIET ON BANKING FRONT Support Pours Into Institutions Victims of Panicky Runs. Raleigh Expressions of confidence stability North Carolina banking today. North Carolina Bank and had complete state M. Miller director the Credit Corporation the Federal ReEight dollars additional to the bank's hand evidence the North Carolina its said bank its and withstand the raid which made some customers entirely said the bank was payments are made out. the largest corporations in United States wired their He praised the the Lean chairman of the as the its entire elientiele within and without Bank Hood issued Bank amined by us all its units and have been consolidated one statement and in our opin. the bank There no excuse for any run on this bank The Branch Banking and Trust Company at Wilson. also had un. qualified endorsement the state Runs this yesterday and the part of had subsided this Hood said there was no excuse for any runs on bank night E. of the United Bank Trust Company branches at Burlington, Santo liquidating agent. The bank He said this variation from the policy of not local man as liquidating agent, but added former of the Bank Lexington, had the short had nothing to do with the institution's Hugh Davis, of Burgaw, was named liquidating agent for the Beaufort Banking and Trust pany at Beaufort, and Ay. Coleraine liquidating agent for the Bank of at Coleraine liquidating agent for the Citizens Bank of Mount Olive the Bank of Pikeville, the Planters Bank Stantonsburg, the Wilson Trust and Savings Bank Wilson, and the Planters Bank of at Kenley and Creek No state banks closed today. al. though which closed and were operating under agreements the end of limit These the Merchants and FarmBank Garysburg and the Bank of Pauls New depositors were paid off in full the banks were returned to State Bank for The Branch Banking and Trust of branch Pauls and the Hood System Industrial Bank of Reidsville opened a at The National Bank Snow Hill and the National Bank of not open for business today of Snow Hill, was president of both.

3. January 4, 1932 The Robesonian Lumberton, NC
Article from The Robesonian, January 4, 1932

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Article Text

THERE'S NO SUBSTITUTE FOR HOOD ADVISES BANKERS TO INVOKE 30-DAY CLAUSE Full Confidence In Banks of North Carolina. (AP) P. ficod, state commissioner of banks. advised North Carolina bankers that necessary bank should not hesitate to invoke the clause in the interest of depositors. Hood, ill at his home here, telephoned his brief statement to Ra- THERE'S NO SUBSTITUTE FOR NEWSPAPER ADVERTISING leigh newspapers following receipt of reports that eight banks, with deposits approximating $8,869,000, had closed during the day Inst Wednesday in the state Meanwhile, at Greensboro, John M. Miller, Jr., of Richmond, directer the National Credit corporon for the fifth Federal Reserve district. said the corporation had full confidence in the banks of North Carolina and was prepared to 50 to the full length of its ability to protect them. Hood urged invoking of the 30day clause of the North Carolina banking statute, under which banks can refuse to pay savings accounts on demand. requiring depositors to give 30 days notice that they desire to withdraw their funds, to forestall "hysteria." Chief among Wednesday's bank closings was the United Bank and Trust company of Greensboro, with branches at Burlington, Sanford and Reidsville. W. Staples, executive vice president of the United, said there had been heavy withdrawais recently and loans upon which the bank was unable to realize. Two of the :losed banks were located in Wilson, the First Nationand the Wilson Trust and Savings bank. Other banks losed during the same day follow: Beaufort Eanking and Trust company of Beaufort; Planters bank of Stantonsburg; Bank of Ahoskie, with branch at Powellsville: Bank of Chatham, Siler City; Winton Bank and Trust company, Winton. THERE'S NO SUBSTITUTE NEWSPAPER ADVERTISING Three Jersey calves were purchased by county farmers from the Coastal Plain Branch Station cember.