11975. First National Bank (Washington, NC)

View Charter #4997 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4997
Charter Number
4997
Start Date
December 1, 1931
Location
Washington, North Carolina (35.547, -77.052)

Metadata

Model
gpt-5-mini
Short Digest
e8d2421a

Response Measures

None

Receivership Details

Depositor recovery rate
47.4%
Date receivership started
1931-12-11
Date receivership terminated
1939-10-18
Share of assets assessed as good
37.3%
Share of assets assessed as doubtful
52.3%
Share of assets assessed as worthless
10.4%

Description

First National Bank of Washington, NC was closed by order of its board on 1931-12-01 to protect all depositors (notice posted on doors). No run developed; a receiver (Harry G. Kramer) was later appointed (mid-December 1931), and liquidation/receiver actions continued into 1932–1933. Classified as suspension_closure (suspension with permanent closure/receivership).

Events (4)
1. May 4, 1895 Chartered
Source
historical_nic
2. December 1, 1931 Suspension
Cause
Voluntary Liquidation
Cause Details
Board of directors ordered the bank closed to protect all depositors; notice posted on doors; officers declined further statement. Closure appears self-initiated by board amid financial pressure and possible Federal Reserve demands; described as a protective/voluntary closing rather than a depositor run or government seizure.
Newspaper Excerpt
Announcement Posted On Doors To Effect That Bank Was Closed By Order Of The Board Of Directors.
Source
newspapers
3. December 11, 1931 Receivership
Source
historical_nic
4. December 16, 1931 Receivership
Newspaper Excerpt
Harry Kramer, appointed the Comptroller of the Currency receiver for the First National Bank of this city; Mr. Kramer Monday take his duties here.
Source
newspapers

Newspaper Articles (13)
1. December 1, 1931 Washington Daily News Washington, NC
Article from Washington Daily News, December 1, 1931

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Article Text

First National Bank Closes Doors Monday Afternoon; No Run At Bank Of Washington MacDonald Closes Round Table Conference Today Mahatma Gandhi, In His Final Word, Said That As Far As He Could Determine From Listening To Address, He And Government Had Come To Parting Of The Ways London, Dec Minister Ramsay MacDonald sed the second Round Table ference today with declaration that it had failed, but that work of arranging independence for India would go Mahatma Gandhi, in word, said that as far as he determine from listening Prime Minister's addr the British government had ed the parting of the ways. The Mahatma, day day of silence morning, steadfastly refused promises proposed by some colleagues and declared that would return to India to the campaign unless th government would give considered 'real liberty" to India millions of people The work of the conference the Prime Minist would be con through committee. While the delegates applauded he said the present national government fully the promises of the prelabor government as to Infuture must he amid loud applaus have put hands Let and The said, federation provinces and but that the Indians being unable to agree his government intention upon prepared come he said, problems the

2. December 1, 1931 Washington Daily News Washington, NC
Article from Washington Daily News, December 1, 1931

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Article Text

BANK CLOSED IN ORDER TO PROTECT ALL DEPOSITORS Deposits At Bank Of WashExceed Withdrawals During Early Business $500,000 ON DEPOSIT Announcement Posted On Doors To Effect That Bank Was Closed By Order Of The Board Of Directors. No develope this morning Bank of after the closing Monday afternoon of the First National Bank of this was by Ross, president of the institution, said that exceeded withdrawals for the first several during which the bank was bened this morning The First National Bank closed doors sterday moon, posting an the glass doors to the effect that the bank had been order the Board of that the depositors protected The bank vent The notice posted night o'clock of the closing of the bank. Officers of the bank declined make any statement anent tuation, from the Federal Reserve system made demands the bank could and alternative close doors The last statement the defunct institution showed the bank had over five thousand dollars on with capital stock of over five thousand statement published September No later figures are available for blication Fowle was president of the and M Dumay, cashier] Mr. Dumay had president recently when he voluntarily signed cashier after resignation of Pegram came This was done order expedite This bank closed order protect interest order the Board Directors' according the notice pasted the door Other than committal statement explanations. official of the bank would laborate unofficially that bank could have continued for longer The board not justified ndangering placing officers criminal position receiving money into insolvent institution, and so closed the All paid time future, according the streets last night and also rumored that bank was reorganized but no may definite plans were released up present time today There was much surprise and some demorilization about the city yesterday evening This passed over and became shing, however, as news that the crash was not so serious might have In the people accepted the news much more philosophically than had been The Bank of Washington, was in pay out dollar for dollar all depositors. Pres. Ross said that there would be no nin. He refused to allow any count depositor to Funds, this keeping with the law that effect The lobby of the latter bank was thronged today but no run developThe money flowing far ceeded the withdrawals. For most part the crowd consisted curious onlookers and those who had regular business to transact. The spirit of the people was deposit rather than withdraw. The crash came great surto all parties. No one, prise the inside, had those supposedly on knowledge to the effect that National Bank was in condition fronting on closing. It was thought

3. December 16, 1931 Washington Daily News Washington, NC
Article from Washington Daily News, December 16, 1931

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Commander Bourne Legion Service Nation Recognized HARRY KRAMER NOW ACTING AS BANK RECEIVER At First National Bank. Arrived Here Monday. Recently Of Hendersonville EASTERN CAROLINIAN Resided At Elizabeth City For Number Of Years. Entirely Familiar With Conditions In This Section. A very genial, affable gentleman Harry Kramer, native Elizabeth City, recently of Hendersonville, who appointed the Comptroller of the Currency receiver for the First National Bank of this city Mr. Kramer Monday take his duties here. Being Eastern Carolinian he entirely familiar with conditions in and has long been acquainted with the ficials of the local bank, and cidentally, is also well known by many other local citizens. He liquidating agent of the First Bank and Trust Company under the supervision State BankDepartment, and with his family has resided Hendersonville for some time. move family expect here around the the stated Mr. Kramer today. rather feel that we are ting back home again having sided in Eastern Carolina for many years, before HenBeing questioned bank Kramer his all work for the interest the depositor limit with those who indebtto the institution. will certainly appreciate the co-operation of local citizen Meeting Of Legion Members Held At Court House At O'clock Tuesday Night

4. February 4, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, February 4, 1932

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Article Text

HARRY KRAMER URGES CLAIMS FILED AT ONCE Receiver For First National Bank Urges That Note Be Meet AT RECEIVER'S OFFICE Notary Public Maintained To Acknowledge Claims Without Cost. Thanks Citizens For Cooperation. Urging that all creditors prove their claims as early as possible, G. Kramer, First National Harry Bank Receiver, announced today the place for filing claims was Receiver's bank the hours of that the individuals bring their pass book, certificate deposit or other legal evidence along with them when intending to file claims," he advised. A Public to be mainNotary tained at the Receiver's office and there no charge in connection with of the claims. Stating that the date and mount dividends to be paid pended entirely upon the expediency which note met, Mr. Kramer urged that each borrower make arrangements for some manner of systematic pay ment, when unable to meet in full. Especially emphasizing the fact that he had received splendid operation both from depositors Mr. Kramer stated debtors, that he wished to personally thank the bank's clientele for the fine co-operative spirit manifested their part. "it has indeed been to on the pleasure carry Receiver for the bank," he said.

5. February 25, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, February 25, 1932

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Article Text

NOTICES Shareholders of First National Bank Receive First Payment Call Harry G. Kramer, First tional Bank receiver, announced today that notices assessment of 100 per cent upon all shareholders the First Nation Bank this city, were being mailed out. The assessment amount is able the office the at the bank on 23rd, 1932. The receiver ized by the Currency at Washington, D. grant extension without terest share holders who pay 25 per centum the before March 23rd, 1932, on and who will written ligation, satisfactorily guaranteed, 25 entum per tional or before April 23rd, 1932; 25 centum on or before June 23rd, 1932. All deferred payments will interest after March 23rd, 1932. the legal rate North Carothat the interest may the case any share holder, who pays assessment before on March 23rd, 1932, and who pays the remaining installments on or before the dates which they mature under the of extension. share holders will promptly the liquidation of the comply bank's affairs can materially advanced, said Kamer, who also stated that he would appreciate greatly the co-operation share holders the matter.

6. April 8, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, April 8, 1932

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Article Text

TREASURY DEPARTMENT Office of the Comptroller of the Currency, Washington, D. C. Jan. 30, 1933 Notice is hereby given to all persons who may have claims a gainst 'he First National Bank of Wasnington," North Carolina that the same must be presented to Harry G. Kramer, Receiver, with the legal proof thereof within three months from this date or they may be disallowed. F. G. AWALT, Acting Comptroller of the Currency.

7. June 22, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, June 22, 1932

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Workers Have Not Been Paid Because of Slow Collection of County Taxes With the month of June drawing to close the heads of county departments, their co-workers and all county officials have yet to receive their May pay checks owing to the fact that tax collections are coming in SO slowly, was stated Wednesday. Out of the tax rate only 15 cents goes the General Fund out of which the laries are paid, and according to Mixon, county treasurer, the General Fund amount overdrawn and salary checks cannot be ten until further taxes are collected. When the First National bank closed, according to Mr. Mixon, the county had deposit there the credit of the Sheriff, Auditor, gister of Deeds and Treasurer 000. At the time the same counalso had at the bank for note $12,000 charged to the General Fund The deposit, which ing county books went to county offices, against the General Fund applied the Fund note. original bank suspended should have General Fund and when amount charged took out $4,800 more resulting Fund being Together with the slow lections this adjustment deposits has resulted in the paying county Mr. Mixon stated today that large tax probably forth coming within the days which would enable him hand out the May checks. Since ing June 11th, $3,653.42 money collected This money turned Mr. Mixon day, June 20th.

8. August 11, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, August 11, 1932

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Number Suits Listed In Clerk's Office number of suits against perowning shares of bank the First National Bank of this city, have been filed by Harry Kramer, First National Bank Receiver, the office of John clerk the Federal court. The names of the persons gainst whom the suits have been brought are as follows: Miss Adeline Mayo, Mrs. Swindell, Mrs. Nina W. Mrs. Lucy Mayo. Keys, N. SaleeWinstead.

9. August 26, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, August 26, 1932

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IN RELIEF National Bank Receivers to Ordered to closure Proceeding Days Washington, Aug. Chairman Fort of the Home Loan Commission said today that John Cole, of the Currency, has dered every national receiver suspend foreclosure proceedings Fort made his announcement the National Economic here today are today wiring," he state supervising thority requesting quick action. We want help to not your see that receivers generally grant sixty day despite but the other lenders likewise. There are times when forced liquidation indebtedness tainly if there any other means of credit exists. would with sight soon that the courour and should extinguished by the their homes and their life ings. The order, however, would have practically effect the liquidation of the First National Bank of this city foreclosures have instituted up until the sent time. connection with banking to foreglose means ito advertise and sell real personal property held as security obligations due the banks or individuals.

10. October 7, 1932 Washington Daily News Washington, NC
Article from Washington Daily News, October 7, 1932

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Receiver Of Local Bank Borrows Funds From U.S. Show Corporation Reports First National Bank of Washington Listed Among Banks Securing Funds Washington, Oct. Reconstruction port for August was made public today by South Tremble, clerk of of showed loans totaling month The report given out over the objection of Atlee Pomerne, of the Corporation Board. said loans authorized to financial institutions including companies and railroads Loans authorized to governors states relief amounted while $15,000,000 was authorized for the cotton stabilinzation corporation and the American Cotton tive Association. No part of the latter two had been Loans North Carolina institutions Washington First National Bank (Receiver) of Conway, Babson Surrey County Loan and Trust Company, of Freemont, $10,000. Loan and Trust Company $2,500. Greensboro North Carolina Bank and Trust Company, $6,500,000. Bank of Mt. Bank ceiver) $14,000. County Bank, $4,500. North Bank North Wilkesboro, $15,000. Raleigh- Commercial National Bank Raleigh (Receiver) $721,- Roanoke Bank and Trust Company, Roanoke Bank and Trust Company, $3,500. National Bank Shelby, $95,000. Hamlet Building and Loan Association, Building and Loan Association, Henderson Home Building and Loan Association, Smithfield Building and Loan Association Southport Building Loan $4,000.

11. October 7, 1932 Goldsboro News-Argus Goldsboro, NC
Article from Goldsboro News-Argus, October 7, 1932

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Approve $13,000 Loan For Closed Bank in Mt. Olive (Continued from Page One.) Gastonia: Gastonia Loan and Trust Company $2,500 Greensboro: Bank and Trust Company $6,500,000. Lexington: Commerical Bank Lexington $64,000. Mt. Bank Receiver (to be used in paying dividends.) Newland: Avery County Bank, $4,500. North Wilkesboro: Bank of North Commericial National Bank of Raleigh (receiver) $721,000. Roanoke Rapids: Citizens Bank and Trust Company, $4,000, and another of $3,500 Shelby: First National Bank of Shelby, $95,000. Washington: First National Bank of Washington (receiver) $16,000. Henderson: Henderson Building and Loan Association $7,500: Henderson Home Building and Loan Smithfield: The Smithfield Building and Loan Association Southport Southport Building and Loan Association

12. October 7, 1932 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, October 7, 1932

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Birmingham, Exchange Bank, 000. Castleberry, Peoples Bank of Castleberry, $5,000. Decatur, Mergan County National Bank Decatur Tennessee Valley Bank, Decatur, Tennessee Valley Bank, $25,000. Fairfield, Fairfield Trust and Bank, Guntersville, $4,500. Jasper, First National Bank of Jasper, $30,000. Lexington, Bank of Lexington, $6,000. Louisville, Louisville, Moulton Bank of Citizens Bank, $6,925. Tuscumbia First National Bank, $30,000. Florida: Clermont, Citizens Bank of $15,000. Fort St. Clermont. Lucie Bank, JackBank of First JacksonNaville, tional Bank of Kissimmee, Lake City, State Exchange Bank $3,500. Live Oak, Commercial Bank Live Oak, National Bank Milton, Saint State Bank, Starke, Bank of Starke, $59,985. Tavares, of Tavares $20,000. First National Georgia: Bank, Cumming. Bank Gainesville Bank, $25,000 Hartwell, First Bank of (receiver), Lake Park, Lake Park Bank, Lowndes Soperton, Bank $12,500. Valdosta, First Soperton, National Bank, $310,000. Wadley, Bank Wadley, $5,000. Waycross, First Bank $15,000. West Point, Citizens Bank and Trust $90,000. Winder National Bank, Carolina- Farmers & South Merchants Bank, $40,000; Camden, Bank Camden, Charleston, South Carolina Bank Charleston, First National of Florence (receiver). Saluda, Planters National Bank of Saluda (receiver) $20,000: Spartanburg. Central National Bank Bank Fairfield, $5,000; Winsboro, Bank of Fairfield, Tennessee- Bradford, Bank Bradford, $15,000; Chattanooga, First National Bank Chattanooga, First National Bank, $90,000; Covington, Union Savings Bank, $13,000; Crossville, First tional Bank $29,500; Dandrige, Jefferson County Bank, $15,000; Darden, Bank Darden, $2,300; Daytton, Dayton Bank Inc., $25,000; Eldridge, Bank of Eldridge, $8,500; Englewood. Bank Englewood, Friendship. Bank of ple's Exchange Bank. $15,000 Halls. Bank of Halls, $14,000 Halls, Bank Halls, $10,000 Humboldt. MerState Bank, Johnson Unaka City National Bank, Kingston Bank Trust Company, $8,000: Knoxville. Tennessee National Bank, $650,000: Lafayette. Citizens Bank, $25,000; Liberty. Liberty Savings Bank. $5,000 Lobelville, Bank of Locial Bank, First Duck Bank, Ripley. First State Bank, $5,500; Rutledge, Citizens Bank Trust Joseph, American Bank $2.200 Scotts Hill. Farmers State Bank. Svierville, Bank of SevierCitizens Bank Sneedville Westmoreland. Farmers Merchants Bank. Yorkville. Bank $10,000. North Carolina Conway. Bank of Conway, $2,500: Dobson. Surry CounLoan Trust Company, Fremont, Bank of Fremont, $10,000 Gastonia, Loan Trust Carolina Bank and Trust Company Commercial Bank of Lexington. Mount Olive, Citizens Bank (receiver), $13,Avery County North Bank North Wilkesboro, $15,000; Raleigh, Commercial National Bank Raleigh (receiver). $721,000; Roanoke Rapids Citizens Bank and Trust Company, $4,000; Rapids Citizens Bank and Trust Company, $3,500; Shelby, First National Bank Shelby, $95,000; Washington, First National Bank of Washington (receiver), $16,000. Building loan associations: North Hamlet Building & Loan Association Henderson, Henderson Building Loan Association $7,500; Henderson, Home Building Loan Association Smithfield Building Association Southport Building & Loan Association $4,000. Insurance companies: Alabama Loncoin Company, $66,200. Mortgage loan companies: Clarksville, Northern Bank Trust Company $40,000. Joint stock land bank the Atlanta Joint Stock Land Bank of Atlanta $55,000.

13. August 7, 1933 Washington Daily News Washington, NC
Article from Washington Daily News, August 7, 1933

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COLLECTIONS BANK TOTAL ONE OF Harry Kramer, First National Bank receiver, Gives Out Statement Monday Liquidation Expenses Totals $20,462.37. Includes Taxes, Insurance, Legal Expense Out total assests $1,038,of Kramer receiver the First National Bank of this has collected through June 20th of this year total of $305,686.85, which approximately one-third the total assets the closed institution These assets include the 000 stock assessment which been collected date or approximately forty cent. At the same time the total penses of the were These expenses the taxes and insurance the property well legal as expenses. Interests and rents excess of $10,000 have been lected after deducting this mount from the expenses flects net expense of only 0339 per cent the total collections. In October 1932 dividend per cent was paid the positors and other creditors. The results to be obtained in the further liquidation of this bank will depend largely upon the come of the prices paid the crops during the coming fall, vised Mr. Kramer today.