Farmers Bank & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: May 1, 1929*
Location: Wallace, North Carolina (34.736, -77.995)

Metadata

Model: gpt-5-mini
Short Digest: 1eb8a0b6

Response Measures

None

Description

The article states the bank has been 'under the management of Hoke Smith, agent, since its closing May' and refers to it as a 'failed' institution with a receiver paying dividends. No run is described. Cause of suspension/closure is not specified in the article, so classified as 'other.'

Events (2)

1. May 1, 1929* Suspension

Cause Details: Article notes the bank closed in May but does not specify the reason for suspension or failure.
Newspaper Excerpt: under the management of Hoke Smith, agent, since its closing May
Source: newspapers

2. November 10, 1929 Receivership

Newspaper Excerpt: BANK RECEIVER SENDS OUT 10 DIVIDEND Failed Wallace Institution Expects To Make Another Payment Later Wallace, Nov Farmers Bank and Trust Company, of Wallace, under the management of Hoke Smith, agent, since its closing May, mailing out checks 10 cent per dividend to its two thousand depositors. This is the first dividend; however...the assur. ed of another substantial 'payment (Excerpt showing receiver distributing first dividend to depositors.)
Source: newspapers

Newspaper Articles (1)

1. November 10, 1929 The News and Observer Raleigh, NC

Article from The News and Observer, November 10, 1929

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Article Text

BANK RECEIVER SENDS OUT 10 DIVIDEND Failed Wallace Institution Expects To Make Another Payment Later Wallace, Nov Farmers Bank and Trust Company, of Wallace, under the management of Hoke Smith, agent, since its closing May, mailing out checks 10 cent per dividend to its two thousand depositors. This is the first dividend; however, with another wave of prosperity for this community in sight, and with the con tinued capable management of Mr. Smith the assur. ed of another substantial 'payment Chief Willie Murray yesterday "transported" the Duplin County jail Thomas James Aaron Davis, white, had convicted by Justice Pearsall for transporting and having their possession for purpose sale, in toxicating liquors. These parties had tobacco on Wallace market remained over to ply their trade night. "outpouring spirits,' amounting to four gallons, witnessed Special Officer Davis, Mayor Osborne Carr and M. O. Powell. The Wallace tobacco market has made some booster sales few days, some large loads Friday averaging high $43,000 per hundred. The sales this week have been the heaviest season, fact the heaviest several years. ap. pears the farmers have realized their ultimate advantage to patronize their home markets. market Monday usual: the Armistice celebrations affecting The merchants will be open until about o'clock. Exhibits Huge Potato. Wilson, Nov. 9.-Perhaps the largest sweet potate ever grown in this section is on exhibition in this city,