Bank of Wagram - Wagram, NC

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 1, 1930*
Location: Wagram, North Carolina (34.888, -79.366)

Metadata

Model: gpt-5-mini
Short Digest: 876660b8

Response Measures

None

Description

Article (Sanford Express, 1930-04-10) reports the Bank of Wagram was ordered closed by the Corporation Commission a few weeks earlier because of inability to realize loans after crop failures; it reopened under order on April 1, 1930 with depositors agreeing not to withdraw funds until Jan 1, 1932. No actual depositor run is described.

Events (3)

1. March 1, 1930* Suspension

Cause: Local Shock
Cause Details: Inability to realize on loans because of crop failures in the section over a period of years; bank was ordered closed by the Corporation Commission.
Newspaper Excerpt: A few weeks ago the Bank of Wagunder order of the ram failed, and an Corporation Commission it was ordered closed.
Source: newspapers

2. April 1, 1930 Reopening

Newspaper Excerpt: The Laurinburg Exchange states that this bank opened for business on April 1st., under an order of the Corporation Commission.
Source: newspapers

3. * Other

Newspaper Excerpt: the depositors of the bank agreed to leave their money on deposit in the bank and not withdraw it before January 1st, 1932 ... No new money will be loaned by the bank before that time.
Source: newspapers

Newspaper Articles (1)

1. April 10, 1930 The Sanford Express Sanford, NC

Article from The Sanford Express, April 10, 1930

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Article Text

WILL THE PEOPLES BANK RE-OPEN? A few weeks ago the Bank of Wagunder order of the ram failed, and an Corporation Commission it was ordered closed. Its affairs were found in good shape. The only trouble was inability to realize on loans because of crop failures in that section over period of years. The Laurinburg Exchange states that this bank opened for business on April 1st., under an order of the Corporation Commission. The paper further states that the depositors of the bank agreed to leave their money on deposit in the bank and not withdraw it before January 1st, 1932, the bank, however, to pay dividends to the depositors before that time, as fast as its assets are collected and converted into cash. No new money will be loaned by the bank before that time, and all deposits made in the bank after April 1st will be kept in separate fund and will be payable to such depositors and will not be subject to the old liabilities of the bank existing prior to April 1st, It is believed that this method or re-organization will be most favorable to all the depositors of the Bank of Wagram and the community again will have bank for the convenience of the people there. The Express learns that there is talk of steps being taken to re-open the People Bank, which closed on Monday due to shortage. It is reported that the bank is in good shape and there is no reason why it should not open its doors and carry on its buisness in normal way. It is stated that the depositors may be asked to agree to not make a run on the bank and thereby help restore confidence in the institution. A number of banks that closed in this State during the past year or two have re-opened and in little time will be functioning in way that will restore confidence. THE SINCLAIR CASE During the past week or two some of the State papers have had much to say about federal officer stopping Superior Court Judge Sinclair on the highway and informing him that he was advised that he had liquor in his baggage. Judge Sinclair said he had no liquor and invited the officer to look. The officer did and found a pint or so of the ardent in the judicial luggage. Judge Sinclair said he had