Bank of Grover (Grover, NC)

Episode Information

Episode Type
Suspension → Closure
Start Date
December 18, 1931
Location
Grover, North Carolina (35.175, -81.450)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
370986178
Model
gpt-5-mini
Short Digest

Notes

Articles report the bank 'closed' Dec 18, 1931 but give no reopening or receivership details; closure likely related to contagion from Commercial National's failure.

Events (1)
1. December 18, 1931 Suspension
Cause
Local Banks
Cause Details
Closed amid local banking distress and hysteria after Commercial National in Raleigh failed to open, leading to runs on nearby institutions.
Newspaper Excerpt
Two banks, the Bank of Wake at Wake Forest in Wake county and the Bank of Grover at Grover in Cleveland county, were closed today, Gurney P. Hood, state bank commissioner, said this afternoon.
Source
newspapers

Newspaper Articles (2)
1. December 18, 1931 Hickory Daily Record Hickory, NC

Article Text

2 N. C. BANKS FAIL TO OPEN

RALEIGH, Dec. 18.—(AP)—Two banks, the Bank of Wake at Wake Forest in Wake county and the Bank of Grover at Grover in Cleveland county, were closed today, Gurney P. Hood, state bank commissioner, said this afternoon.

The combined deposits of the two institutions aggregated about $180,000.

Mr. Hood attributed the closing of the Bank of Wake to "hysteria" and a heavy run after the Commercial National bank here did not open yesterday. He said the two institutions had no physical connection.

R. E. Royall was president and W. R. Pearce cashier of the Bank of Wake. Its statement of September 29 listed $184,306.12 as total resources, $20,000 capital, $10,000 surplus, and about $120,000 deposits.

C. F. Harry was president and J. B. Ellis cashier of the Bank of Grover. Its September 29 statement showed $85,273.94 in total resources, $10,000 capital and about $60,000 in deposits.

2. December 19, 1931 Winston-Salem Journal Winston-Salem, NC

Article Text

Two Small State Banks Are Closed

Institutions at Wake Forest and Grover Fail to Open Doors

Raleigh, Dec. 18 (UP)—Two small banks failed to open for business this morning, according to reports received by State Banking Commissioner Gurney P. Hood this afternoon.

The Bank of Wake, at Wake Forest, 17 miles from Raleigh, closed tying up $125,000 in deposits. The run on the bank was caused by false rumors that it had large sums on deposit in the Commercial National Bank of Raleigh, which closed yesterday.

The bank had a capital of $20,000, and a surplus of $10,000, with total resources of $184,506. R. E. Royall was president, and W. R. Pearce cashier.

The Bank of Grover, in Cleveland county, also closed. It has deposits of $60,637, capital of $10,000, and resources of $85,273. C. F. Harry was president, and J. B. Ellis cashier.