Cherryville National Bank (Cherryville, NC)

View Charter #12896 on SPMC View balance sheet

Episode Information

Episode UID
1289601607
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
128960 national
Charter Number
12896
Start Date
November 1, 1933*
Location
Cherryville, North Carolina (35.379, -81.379)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
bf9967f8693444d5

Response Measures

None

Description

Bank was under a conservator and sought RFC assistance; no clear evidence of a depositor run or of subsequent reopening in provided articles.

Events (5)
1. March 5, 1926 Chartered
Source
historical_nic
2. November 1, 1933* Suspension
Cause
Government Action
Cause Details
Bank placed under a conservator (conservatorship) and restricted operations; RFC later authorized a loan to the bank's conservator.
Newspaper Excerpt
restricted Cherryville National bank ... under conservator
Source
newspapers
3. November 30, 1933 Other
Newspaper Excerpt
RFC authorized loan of $30,000 to the Cherryville National bank conservator (loan not disbursed up to Nov. 30, 1933).
Source
newspapers
4. December 5, 1933 Other
Newspaper Excerpt
Depositors of the restricted Cherryville National bank have filed for the immediate recovery of $115,000 from the estate of Dan Rhyne, who died last year.
Source
newspapers
5. September 29, 1934 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)
1. December 5, 1933 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, December 5, 1933

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Article Text

HIS BANK (Charlotte News) Depositors of the restricted Cherryville Na tional bank have filed for the immediate covery of $115,000 from the estate of Dan Rhyne, who died last year. We should dislike very much to prejudice this suit by any casual comment, the facts are stated payment of the depositors' claims no more than just. cannot be argued that the depositors failed, by failing make demand, take advantage of the offer. for guarantees made not for the purpose of inducing withdrawals but to prevent them. We daresay that if Uncle Dan had lived through the holiday which ended with his bank under conservator there wouldn't have been any need for suit. He might have been able his part show that the depositors no special claim. but would have known that they thought they which to square-shooter like Uncle Dan would have been about the same thing.

2. January 19, 1934 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, January 19, 1934

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Article Text

LEND MONEY TO BANKS IN STATE Loans Totaling $251,000 Authorized By the RFC During November Period The reconstruction finance corporation reported today it authorized loans totaling $251,000 to four North Carolina banks in November. Three of the loans, $30,000 to the Cherryville National bank conservator; $47,000 to the Elkin National bank receiver; and $170,000 to the First National Bank of Granville at Oxford, were made at an interest rate of per cent. None of these loans had been disbursed up to November 30, 1933 The fourth loan, $4,000. was to the Bank of Spruce Pine at per cent. Under the emergency farm mortgage act. the corporation reported it had authorized loan of $37,000 to the Sandy Creek drainag district. No. 3, Cumberland county, North Carolina. The corporation subscribed for preferred stock in three North Carolina banks, taking $12,500 in the Banner Elk bank: $12,500 in the Bank of Laurel Hill and $15,000 in the Bank of Under the emergency relief and construction act, the corporation reported two loans totaling $11,812.30 to Charles F. Gates and Son, incorporated, of Faison, N. C. The corporation also reported that $516.60 of loan to the Citizens National bank, of Gastonia, had been cancelled or withdrawn.