Bank of Wake - Wake Forest, NC

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 18, 1931
Location: Wake Forest, North Carolina (35.980, -78.510)

Metadata

Model: gpt-5-mini
Short Digest: 2ea2eb20

Response Measures

Full suspension

Other: Liquidation by Commissioner / appointment of liquidating agent (G. Small).

Description

Dec 18, 1931 article reports the Bank of Wake did not open after a heavy run (attributed in text to failures/closures of other banks). By Jan 15, 1932 a liquidating agent/notice to creditors appears, indicating the bank remained closed and was in liquidation. Classified as run → suspension → permanent closure with liquidation.

Events (3)

1. December 18, 1931 Run

Cause: Local Banks
Cause Details: Heavy withdrawals after Commercial National (another local bank) did not open, triggering a run on the Bank of Wake.
Measures: Bank did not open; suspended payments/closed that day per state commissioner.
Newspaper Excerpt: the Bank Wake Wake Forest ... were closed today, Gurney Hood, state commissioner, said this noon. ... Mr. Hood attributed the ... heavy run the Commercial National did not open yesterday.
Source: newspapers

2. December 18, 1931 Suspension

Cause: Local Banks
Cause Details: Closure/suspension followed heavy run prompted by other local bank(s) failing or not opening (Commercial National).
Newspaper Excerpt: BANKS FAIL TO OPEN ... the Bank Wake Wake Forest ... were closed today, Gurney Hood, state commissioner, said this noon.
Source: newspapers

3. January 15, 1932 Receivership

Newspaper Excerpt: North Carolina, County of Wake. In the matter of The Bank of Wake, Wake Forest, N. Notice creditors file claim ... This the 15th day of January 1932. G. SMALL, Liquidating Agent. Bank of Wake, Wake Forest, N. C..
Source: newspapers

Newspaper Articles (2)

1. December 18, 1931 Hickory Daily Record Hickory, NC

Article from Hickory Daily Record, December 18, 1931

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Article Text

BANKS FAIL TO OPEN Dec. banks, the Bank Wake Wake Forest Wake county and the Bank Grover at Grover Cleveland county, were closed day, Gurney Hood, state commissioner, said this noon. The combined deposits the institutions aggregated about $180,000. Mr. Hood attributed the ing the Bank of Wake and heavy after run the Commercial National did not open yesterday. He said the two institutions had Royall was president and Pearce cashier the Bank of Wake. Its statement September 29 listed total resources, $20,000 capital, $10,000 surplus, and about $120, deposits. president and Elliu cashier the Bank Grover. Its September 29 statement showed $85,273.94 total resources, $10,000 capital about in deposits.

2. February 7, 1932 The News and Observer Raleigh, NC

Article from The News and Observer, February 7, 1932

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Article Text

Want Ads 5-6 NOTICE OF SALE OF PERSONAL PROPERTY. IN THE DISTRICT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF NORTH CAROLINA. In the matter of Edgar M. Brockwell, trading as Brockwell's Shop, Bankrupt. Under and by virtue of the pow. ers vested in me as Trustee Edgar M. Brockwell, trading Brockwell's Shop, and in pursuance an order by Honorable W. B. Duncan, United States Referee in Bankruptcy, the under- LEGAL NOTICES signed trustee will offer for to the highest bidder, for eash, in the store Brockwell's Shop, 212 South Salisbury Street, Raleigh, North Carolina, on Wednesday, February 17, 1932, 10:30 M., the following articles of personal propThe entire stock of goods, wares, merchandise and fixtures, said stock consisting of hardware of every kind and description. All book accounts, one 1925 Model Buick Touring Car and such other* things be found that belong said estate. The successful bidder or bidders will be required the time of sale with the Trustee, in eash, 10% of the bid bids as good faith, pending Sale subject to confirmation by the Referee, without notice. HOUSE, Trustee in Bankruptey. 704 Capital Club Building, Raleigh, N. C. North Carolina, County of Wake. In the matter of The Bank of Wake, Wake Forest, N. Notice creditors file claim Under authority of Subsection 10 of Section 218 (c), Consolidated Statutes, all persons who claims against the above named bank are hereby notified present proof of claim Wake Forest before the 15th day of March 1932. Failure to present claim or be. fore the date bars the claim not presented the assets of the bank in the hands of the Commissioner of Banks for the account of said bank at the time the claim presented. Objection to the allowing of any claim may be made by any interested person filing such objection in the pending action the office of the Clerk of Court of this county and by serving copy thereof on the Commissioner of Banks or the liquidating Agent of this bank. This the 15th day of January 1932. G. SMALL, Liquidating Agent. Bank of Wake, Wake Forest, N. C. 24, 31-1-7.