11942. Farmers & Merchants Bank & Trust Company (Stoneville, NC)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
trust company
Start Date
May 17, 1928
Location
Stoneville, North Carolina (36.467, -79.907)

Metadata

Model
gpt-5-mini
Short Digest
510de43c

Response Measures

Full suspension, Books examined

Other: Directors closed the institution and called for a state examination; awaiting state headquarters guidance.

Description

Two contemporaneous newspaper items (both 1928-05-23) report a run that withdrew about $11,000 and that the directors closed the bank and called the state examiner. The bank remained closed awaiting word from state headquarters; no reopening or receivership is reported in these excerpts, so final outcome is unclear. Dates are approximated from the publication date: articles say 'closed since Thursday,' so I set the event dates in mid-May 1928.

Events (2)

1. May 17, 1928 Run
Cause
Bank Specific Adverse Info
Cause Details
Reports that securities on two notes held by the bank had denied their indorsements (endorsers disclaimed), leading depositors to withdraw funds.
Measures
Directors met and closed the institution; called for a state examination; state examiner D. M. Darden investigated.
Newspaper Excerpt
The doors of the Farmers and Merchants Bank and Trust company of this town have been closed since Thursday afternoon, run on that and the preceding day withdrawing about $11,000 from the bank.
Source
newspapers
2. May 17, 1928 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closure followed the run triggered by reports that endorsers denied their endorsements on two notes held by the bank.
Newspaper Excerpt
Only about $1,000 in cash was left in the bank Thursday afternoon...the directors met, closed the institution and called for a state examination...The bank doors have remained closed, the directors awaiting word from state headquarters.
Source
newspapers

Newspaper Articles (2)

Article from The World-News, May 23, 1928

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Article Text

Believe Sweeley Set New Record By Flight Galveston, Texas, May 23 William R. Sweeley today was believed by army officers here to have set new record for dawn-todusk flight service plane. Flying new Curtis Falcon A-3 with 12-cyinder. motor, Lieutenant Sweeley covered approximately 1,500 miles from Buffalo, N. to Galveston. 13 hours and 25 minutes, He stopped for fuel at Louisville and Memphis. He left Buffalo at m. (central standard time), and arrived here at 4:40 In advancing claim record for officers at Fort Crockett said his flight was longer than any dawnto-dusk hop of which any record was available here. Members of the first pursuit squadron flew from Selfridge Field, Mich., to San Antonio, Texas. last year. but the distance much shorter than the Buffalo-Galveston air line. Stoneville, N. C. Bank Closed. Stoneville, N. doors of the Farmers and Merchants Bank and Trust company of this town have been closed since Thursday afternoon, run on that and the preceding day withdrawing about from the bank. Only about $1,000 in cash was left in the bank Thursday afternoon. was said, when the met. closed the institution and called for a state examination. M. Darden. state bank examiner, was here Friday and Saturday. Following his investigation he made no statement. leaving Saturday afternoon. The bank doors remained closed. the directors awaiting word from state headquarters. The by the bank depositors was caused by that securities on two notes held by the bank had denied their indorsements. Lubbock. Texas of the spring drouth, followers of the Lubbock team in the West Texas League are holding rain checks. When strong wind the dense cloud of dust and sand, the game with Coleman called off and "rain" checks were issued


Article from The Roanoke Times, May 23, 1928

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Article Text

Round About The Old Dominion T. Mann Backs Hoover Bluefield. Va Isaac Mann of Bramwell, one of the largest coal operators in West Virginia and an outstanding figure in state Republican politics announces his support of Herbert Hoover for the presidency. Mr Mann in formal statement declared there 18 no candidate 'more desirable "more capable bringing about favorable status for the coal industry Stoneville. N. C. Bank Closed Stoneville N. C.-The doors of the Farmers and Merchants Bank and Trust company of this town have been closed since Thursday afternoon run on that and the day withdrawing about $11.000 from the bank Only about $1.000 in cash was left in the bank Thursday afternoon it was said when the directors met closed the institution and called for a state examination D. M. Darden state bank examiner was here Friday and Saturday Follow. ing his investigation he made no statement. leaving Saturday afternoon The bank doors have remained closed the directors awaiting word from state headquarters The run by the bank depositors was caused by reports that securities on two notes held by the bank had denied their indorsements Woman Hangs Self by the constant barking of dog. relatives of Mrs. Annie Wetzel of Columbia Furnace, went to stable at the Wetzel home Saturday morning and found the woman suicide by hanging Mrs. Wetzel had attached lead line from set of harness to rafter in the stable and, fastening the other end around her neck plunged through hole in the mow to her death Despondency is believed the cause Her husband is an invalid To Ask Fire Rate Cut Fredericksburg C. Hall of Leesburg chairman of the finance committee of the House of Delegates and patron of the insurance reform laws passed by the General Assembly in 1928 along with Judge R. R. Parker. of Wise county. preparing to file petition soon after July with the State Corporat Commissian calling for general reduction of 15 per cent in fire insurance rates in Virginia Mr Hall will base his petition. which will be filed in the names of numher of citizens of the state. on the findings of the special commission on fire insurance rates in Virginia headed by Dr C. Chandler president William and Mary College of which Braden Vandeventer. of Norfolk was member Judge Campbell to Be Orator Bristol Preston W Campbell of Abingdon and member of the Virginia supreme court of appeals will be the Memorial Day speaker here on Sunday June was announced Saturday by Charles N Crockett. commander of Hackler-Wood Post of the American Legion. which organization is sponsoring the program. Memorial Road Bill Passes Washington magnificent memohighway linking the Arlington Memorial Bridge with Mount Vernon was virtually assured Monday when the House passed the Swanson-Moore bill The bill which already had passed the senate passed the house by rising vote of 177 to 61. It now goes to the white house for the president's signature The president indorsed the highway project in his annual message to Congress NO little doubt is felt that he will sign the bill W. Va. Mine Fatalities Drop. Elkins. W Va There were fewer fatalities among the of West Virginia in April than in March and few. er deaths due to falls of roof and coal there being only eleven of that kind in the past month The total number of deaths in April was thirty eleven of the fatalities resulting from gas and dust explosions other explosives causing the death of two miners and electrical shock being responsible for another There was only one shaft fatality So far this year. the first four months of 1928. fatal accidents reached total of 131 as compared with 258 for the corresponding period of 1927. Propose $1,000,000 Hotel Bristol Purchase of properties at the junction of Elk and Lynn avenues are involved in deal which has for its purpose the erection of milliondollar plan hotel athletic club and theater, says the Elizabethton Star The structure will be at least ten stories and will be modern in every respect Sunday School Meeting Martinsville group Sunday school meeting will be held at the Methodist church in on Thursday be chairman of the meeting The schools to be represented are Martins. ville. Bassett Cascade Providence Brosville. Salem Nettle Bethel. Ridge Fieldale, New Hope. Elamsville Creasy's Chapel. Mount Meadows Haris Chapel. Concord Trinity Stuart Pole Ridgeway and Mt Bethel Mine Foreman Killed Mr and Mrs R. Dick Mitchell Jenkinjones, was instantly killed Monday afternoon when struck by falling state in the mines of the H Mead company East Gulf. Mitchell was employed as mine foreman