gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e32134d24e286dcf
Response Measures
Accommodated withdrawals, Fed/other loan, Public signal of financial health, Capital injected, Full suspension, Books examined
Receivership Details
Depositor recovery rate
52.1%
Date receivership started
1930-12-08
Date receivership terminated
1940-09-11
Share of assets assessed as good
32.5%
Share of assets assessed as doubtful
58.4%
Share of assets assessed as worthless
9.1%
Description
A contemporaneous 1904 embezzlement episode is also referenced but is separate from the 1930 failure.
Events (6)
1.August 30, 1865Chartered
Source
historical_nic
2.July 23, 1904Other
Newspaper Excerpt
it was impossible to send them off. It had been necessary to withdraw the money from the banks upon which the checks were drawn and as money was being withdrawn from the First National Bank faster than it was being deposited.
Source
newspapers
3.December 1, 1930Run
Cause
Bank Specific Adverse Info
Cause Details
Abnormally heavy withdrawals driven by bank's large investment in an expensive office building and carrying charges, plus regional bank failures prompting withdrawals.
Measures
Closed doors to protect depositors; posted notice signed by the president; sought examiner/receiver involvement.
Newspaper Excerpt
heavy withdrawals led to decision to close the doors for the protection of all depositors.
Source
newspapers
4.December 4, 1930Receivership
Newspaper Excerpt
The bank is now in the hands of national bank receivers ... national bank examiners ... receiver for the First National bank of Charlotte, J. M. Logan, receiver ... took charge of its affairs and is liquidating them.
Source
newspapers
5.December 4, 1930Suspension
Cause
Bank Specific Adverse Info
Cause Details
Management suspended payments/operations after heavy withdrawals and financial strain from building investment and carrying charges.
Newspaper Excerpt
failed to open for business today ... notice ... said heavy withdrawals led to decision to close the doors for the protection of all depositors.
Source
newspapers
6.December 8, 1930Receivership
Source
historical_nic
Newspaper Articles (21)
1.July 24, 1904The Montgomery AdvertiserMontgomery, AL
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Article Text
BREEZE EMBEZZLEMENT TRIAL. Second Week of Famous North Carolina Case at End. Charlotte, N. C., July 23.-To-day marked the close of the second week of the Breeze embezzlement trial. A great mass of testimony has been introduced and the indications are that at least one more week will be required in bringing the case to a close. William E. Breeze, the defendant, has been on the witness stand the greater part of the time since Wednesday at noon and it is probable that his direct testimony will not be finished before the adjournment of court Monday afternoon. Touching the failure of the First National Bank to remit checks for drafts that had been collected for other banks, Major Breeze said they were signed and held back for the simple reason that it was impossible to send them off. It had been necessary to withdraw the money from the banks upon which the checks were drawn and as money was being withdrawn from the First National Bank faster than it was being deposited. it was impossible to replace the funds. The witness was striving to carry the bank along and still hoped to be able to avert the threatened panic. As it turned out the depositors at home got the benefit of this action and the creditor banks in the north lost. The witness averred that he received no personal benefit from any of the money that was withdrawn from the bank. the checks that were charge against his account having been drawn to pay various bills. His overdrafts were for the purpose of making good the interest and renewals of notes.
Bank Of Chesnee In Examiner's Hands
SPARTANBURG, Feb. The Bank of Chesnee, of Chesnee, 20 miles northwest of here placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. The institution lost a number of deposits when the Dollar Savings bank and the Carolina National bank of closed December 30, but the directors were able to restore confidence and stabilize matters until today when the failure of the Rutherford county banks and the American State bank at Gaffney. rendered the situation too acute for the Chesnee bank to continue operations. The deposits, at close of business yesterday, amounted to $228,793.26 showing decrease of about $106,000 since the published statement of December 31, 1929; capital stock of the bank was $50,000. surplus $20,000 and bills payable none.
3.December 4, 1930The Free Lance-StarFredericksburg, VA
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Article Text
Carolina Banks Fail To
CHARLOTTE Dec First National the oldest National bank in North Carolina. failed to open for business today notice. signed by M Mcaden. president, and posted on the door. said heavy withdrawals led to decision to close the doors for the protection of all depositors. The bank is now in the hands of national bank receivers4,ha9fl national bank examiners Founded in 1869. the First Nation had capital stock of surplus $400,000 and on September reported deposits of Dec The Zebulon Banking and Trust Company. only bank of Zebulon. 15 miles from here. failed to open business today Bunn. vice-president and cashier of the bank, said the closing followed series of withdrawHe said the directors hoped reopen the institution
Louisiana's leading hen produced eggs 334 days last year.
4.December 5, 1930The Charlotte ObserverCharlotte, NC
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Article Text
SOLID AS ROCK.
HARLOTTE yesterday underwent bank shake-down only realize, after the excitement simmered away, upon just solid foundation its banking institutions planted. The ancient known the National Bank, established while the South steeped the demoralization of lost and one of oldest financial landmarks the State, of adverse circumstances and the closing of its doors naturally created feeling of nervousness among depositors other banks, to development of on one bank. which was alacrity happy demonstration of its ability meet the crisis the situation was the Branch Bank of the Reserve System. of cash to institutions, one having immediate more than cash. All the six the State and National, met the with ample supplies cash. and after the first flurry the people of the waked realization the fact that the banking secure The city had one bank less, and that the And yet not the had to condition of far of public expectation. the people their institutions, instead of being shaken. strengthened the situation of the cash vaults. Further, there was interruption the distribution among the city stockholders the quarter million dollars in semi-annual dividends that them. money behind Charlotte banks. and not brother has helped to the hospital all else going The temporary that existed, small though proved. was altogether out proportion the The misfortune overtook the First tional was one accumulating centering around the investment made in expensive office building and recent days come under the baneful influgrown the bank failures and around Asheville. The had no relations, whatever, with the Asheville Nashville banks, the feeling of general distrust growing the string of failures in that part the country that started withdrawal deposit movement the First National Bank. Henry president of the failed bank high the confidence. the of the community whole, being victim of financial circumstances, of which the: was possible except through the pro closing the doors for readtective justment of the affairs the bank. But yesterday's affair the Charlotte banking more firmly confidence of the local public than of the strength developed, strength that means the Charlotte banks are firmly planted as rock. One weak point been worked out the situa tion. while absolute stability of the financial has been given evidence that unquestionably satisfy the public.
5.December 5, 1930The Charlotte ObserverCharlotte, NC
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Article Text
Depositors Reassured Banks Here Are In Sound Condition
Closing of First National Caus ed by Special Circumstances Not Applicable to Other Institutions, Officials Say.
STARTS ON PAGE ONE. about early
EXAMINER KEEPS COUNSEL. national told The afternoon unable any concern of the allowed the first said Mr. place, don't know have been five Notices beneath the ular notice announced under the in tional R. national by resolution of the of recent heavy of deposits was specific cause for the the bankers Charlotte the real of failure the weight the the bank trying to building it HEAVY CARRYING CHARGES charges be pointed and the financial burden for the building resented the and of the hood of and capital according to
The bank's shown its assets capital and fund Deposits surplus totaled time and demand Loans and and other details United States government securities other and $1 furniture and estate than serve with cash and due and several er minor profits were listed as to and bills and of in circulating notes
McLEAN DENIES RUMOR. that the North and Trust big chain formed some ago with Greensand former would over the National and who The Observer at home in in declared The city of in city E. county treasurer the in cot NOT TO LOSE The funds depository of held the county Corn expect county covered by the is He at City covered No the funds said is which of expenditure great burden on and this same lack good business made the task of putting our on rental standpoint more with our liquid largely banking daily have become justice to our firm that our should be turned bank for orderly liquida
HEAVY WITHDRAWALS CITED. all this burden last the of funds and this has made our action for that all our positors protected this been by and is my firm like paid ask for your and in the be to bring possible comH. president of the discuss the the failure of First the effect the of latter financial His the National of and The primary cause the abnormally invest office $1,825 This was all of entirely large for of this whole ending directly to this believe vas entirely honest failure and standpoint of judgment in the of bank. is the bank and great importance from the standpoint the being OTHER BANKS SOUND. is by opinion that the other of Charlotte in condition and safe and confidence of their depositors. We usual liquid and amply that position and glad to desirable loans that in nection accounts normal today our of
REASSURES the Charlotte his had run the names the banks led depositors to came but the general velopment, of and our that and We this
FOR Portland, 1060 the Des deposit KOMO the the KMO for the to trying pointed extremely further the to day the for our consider banks of of the no reason for the public to be unduly ACTION WAS WISE. The statement was made by R. Dunn. president of the National much regret see the doors of the First National Bank close, caused probably by the large expenditure for their elegant The officers of First acted wisely in prompt to conserve their assets so that their depositors and would have every conthe other banks here in my in fine condition and fully able to handle the situation. National bank is not and in tion take care of our depositors every READY TO PAY ALL Speaking for the Merchants and National Lank vice president and cashier, said: "The Merchants and Farmers National is prepared to pay all of its full on demand up to one cents the lar. have the cash in hand or available to do this and want depositors reassured on point. We have anticipated this and fully prepared to meet addition are prepared to extend all our present customers their full line accomand we are also in position to take new and desirable regard all the remaining banks in Charlotte as liquid institutions, well prepared to meet any demands that might be made them. and think the situation will itself few the great strength of the banks and the fact that the closing bank to special reasons not applicable to any other institutions in the city. "Sorry hear of the closing of the First National bank. said H. M. president of Union National Think is largely due to too much being up in office and annual cost of carryJust great clean failure without any dishonesty or attached it. failure will not affect the other banks they are excellent financial condition, in my opinion. have prepared for such for long time and have ample cash available for any emergency.
6.December 20, 1930New Journal and GuideNorfolk, VA
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Article Text
Funds Of College Tied Up In Closed Charlotte Bank rassment. students are being cone By TREZZV ANDERSON soled this thought. CHARLOTTE failure First National Bank. to colored had their ALLEGED PLOT savings Coming the of those involved is Johnson Smith the TO RUN BANK deposits running into the thousSeveral members of the Smith ulty were the of the oldest INVESTIGATED which was Numerous Negroes of city had money there and fear is expressed that some The bank closed "avoid loss former editor the Messenger among several persons developed their called before the States Attorney here trons had of the closing The bank alleged charges of giving last week books now the hands exam- that utterances rumors attempting make National Bank was to close Douglass its soon. something on The rumor said caused deposiunderstood that require tors to withdraw and about 50 days to liquidate affairs of the bank. $200,000 during four days last week. believed will the each their when the affairs States Attorney denied before the have settled. charges they had helped circulate FORMED with Political the before Science Club in the history Union Among University organized Thad- States Attorney were Attorney deus Smith industrial of year. William members the classes Berean Baptist Church: Lusk, study science former bond salesman for the the bank, interested in the study of and Mrs. Rosie science.
7.January 14, 1931The Charlotte NewsCharlotte, NC
Article Text
See Three Ways Open For Relief
Purchase of Stock in Building Corporation, Refinancing and Reopening; Sale of Paper. Receiver Is Upheld
Judge Makes Receiver for Bank Permanent Receiver for Building.
The movement for rehabilitation of the closed First National Bank of Charlotte came today to its first real test of strength, with the stockholders and other wealthy business men of this city meeting at 2:30 P. M. hear details of proposal for financing purchase of the First National Bank Building Corporation's Several major possibilities presented by this being by McAden, president the bank: R. Johnand Dr. Anderof Montreat large stockholder. Among these possibilities Purchase of the bank's holdings of stock in the building corporation the immediate purpose relieving the of the buildRefinancing and reopening that may derived from the refinancing of the building Sale of the bank's assets and liabilities an agreed price some other banking institution, should developments reopenthe bank by the present Reopening the bank the and liabilities possibilities contingent success for the effort aiming purchase of the bank's investment the or major part of that investment In financial understood that. the progress to that the the might proposition reopen the bank the bank continued to carry an
8.March 19, 1931Cedar Rapids OutlookCedar Rapids, NE
Article Text
Carolina Banks Fail To
CHARLOTTE Dec First National the oldest National bank in North Carolina. failed to open for business today notice. signed by M Mcaden. president, and posted on the door. said heavy withdrawals led to decision to close the doors for the protection of all depositors. The bank is now in the hands of national bank receivers4,ha9fl national bank examiners Founded in 1869. the First Nation had capital stock of surplus $400,000 and on September reported deposits of Dec The Zebulon Banking and Trust Company. only bank of Zebulon. 15 miles from here. failed to open business today Bunn. vice-president and cashier of the bank, said the closing followed series of withdrawHe said the directors hoped reopen the institution
Louisiana's leading hen produced eggs 334 days last year.
9.April 1, 1931The Charlotte ObserverCharlotte, NC
Article Text
Bank Receiver Files Complaint To Recover $50,000 In Gaston
J. M. Logan Alleges that Thom L. Craig and Thomas Wilson Owe First National Large Sum On Notes.
Complaints have been filed in Gaston county superior court by J. M. Logan, receiver for the First National bank of Charlotte, against Thomas L. Craig and Thomas Wilson. seeking verdicts totaling $50,000 on notes the plaintiff contends are owed the bank by the defendants, it was revealed yesterday at the office of S. C. Hendricks, clerk of the court of Gaston.
There are two suits. One name Mr. Craig as the only defendant and seeks the recovery of $20,000. The other suit, for $30,000. names Mr. Craig and Mr. Wilson as joint defendants The receiver is attempting as rapidly as possible to clear up the at fairs of he closed institution. which failed to open its doors the first last December. The bank's stock holders and depositors for some time were busily engaged with tentative plans to reopen it, but the plans have since been abandoned and the receiver is now seeking bids on the handsome 20-story bank building It considered all but certain that the banking quarters on the first floor and the entire second floor of the bank will shortly be leased to the Federal Reserve branch bank here, which now has the entire top floor of the building The lease will be signed in the next week or two, It is believed and actual signing awaits only the formal approval of the board of directors the Federal Reserve bank of Richmond's board of directors, it undertood. Depositors of the closed bank have until May to file their claims, Receiver Logan has and he urges all who have not yet made application to at once.
10.April 28, 1931The Charlotte ObserverCharlotte, NC
Article Text
BUILDING TAKES UPWARD SWING
Permits Totaling $30,650 Issued; One Building Will Cost $25,000. proached the receiver for informaBuilding permits took an upward tion in connection with the probable swing yesterday the total for sale of the building. it is understood. the day reached $30,650. The largIn fact Dr. R. Anderson, chairest permit was issued to E. T. Canman of the directors and stockholdsler for the construction of builders committee of the closed First ing at 511 East Fourth street on the National bank. who was one of the site now by the old Cityleaders in the movement to reCounty market. The permit authororganize the bank. has publicly anized the construction of building nounced that attempts will be made cost $25,000. The Home Real to form syndicate of Estate and Guaranty company depositors and stockholders of the Charlotte was named as the bank to purchase the bank building tractors and thereby conserve their interests The new building will be occupied in the by Pettit Motor company and will Actual sale of the building how. represent an Investment of approxever. will be deferred for some time. imately Mr. Logan indicated yesterday Last Other permits issued were: night he Station WBT Stewart to construct and urged all have garage 1223 Seigle avenue at not done to come to the bank to cost of $50 file their claims. This must be done D. construct May he explained, or the dwelling at 812 Jackson avenue, claims may not be allowed It was cost $700 Logan's third radio broadcast. E. B. Hagler, to construct dwellPart Time college. to build Workers addition to building on avenue Stephens company, to repair will find it quick, conapartment at East Ninth and North venient and profitable College $100
11.July 9, 1931The Charlotte NewsCharlotte, NC
Article Text
Suits Filed By Bank Receiver
Action to Collect Promissory Notes of First National Bank Is Started.
Fourteen civil suits were filed in the office of the Clerk of Court today by M. Logan, receiver for the First National Bank of Charlotte. for collection of promissory notes held by that bank, totalling $15,294.51 The defendants named in the fourteen suits were as follows: W M. $308.51; L. Elder and wife, $1,700; F. W. McComb and wife, $525; Mrs. H. McKenzie and E. R. Smith, $300; R. H. M. Brown. guardian for Alfred Brown. et $3,090; Robinson and wife, 8659: H. Robinson and E. R. $216.70. John Kambis and J. Kambis, 8225; R. E. McDowell and wife, $700; Harold Otey. Smith and Alida K. Smith, $2,750; B George Pharr. Bertha Pharr, and Junius Alexander, $330.30; A. M. Marshall, Ethel Todd Marshall, and H. Barringer, $400; O. Smith and F. J. Robinson, $3,590 The suits were filed through John M Robinson. attorney for the plaintiff.
12.July 19, 1931The Charlotte NewsCharlotte, NC
Article Text
Depositors Of Defunct Bank To Get Checks
About 3,600 Ready, With Arrangements Made for Claimants to Fall in Line.
Approximately 3,600 checks were held by M. Logan, receiver of the defunct First National Bank Charlotte, yesterday for distribution tomorrow to depositors in this which closed its doors early last December. amounts these checks represent 17 cent of the amount the individual claims. according to the announcement made by the receiver. Persons these checks at the of the receiver, on the floor of the First National Bank be required to the It explained. Arrangements have been made for claimants to form in line and enter one door, present their certificates and retheir checks and depart by another door, Mr. Logan. These arrangements were anticipation of rush by claimants, that the congestion can be minimized. will be the first dividend paid to depositors this defunct bank since Receiver Logan took charge of its affairs. The exact amount to be distributed has not been announced.
13.October 16, 1931The Charlotte NewsCharlotte, NC
Article Text
Report Made That Bank Branch May Build Here
No More Wives For W. C. Burgess
Receiver for First National Building Quotes Leach But Officials Say No Foundation.
W. Burgess, quarry operaor, with three living wives, one divorce and five children, packed his grip this morning and was taken for ride by the law. His sentence from three to five in the State penitentiary custody of Deputy Sheriff Herbert Garrison was taken to Raleigh. Before going he declined to comment on his affairs He was convicted in Superior Court here on a charge of bigamy.
A report that the Carolinas branch of the Federal Reserve Bank of Richmond plans at some time to erect building here to house the branch came to light today in connection with the report of J. M. Logan, receiver for the First National Bank Building. Inc., Judge Yates of the Western North Carolina District of United States Court. The report has been filed here at the office of the Clerk of Federal Court. It is dated September 30. The local branch of the Federal Reserve Bank occupied the enitre City News twentieth of First National Bank for several years and recently moved into the first floor banking quarters after the Open Offices failure of the First National Bank The Southern Waterproofing Com- of Charlotte. pany has opened offices here 212 "Last Summer I discovered that Latta Arcade. R. O. Tingley is the the lease of the Federal Reserve local manager. Bank on its quarters (twentieth floor) expired this Fall," Mr. Logan said in his receiver's report to Judge Weiner Roast Webb. had conference with The Dorcas Class of First A. R. P. Mr. Leach, manager of the Charlotte Church will give weiner roast at branch, and he told me that they the home of W. Cook, on Derita had in contemplation the erection Road, at o'clock this evening. of their own building and would probably not be willing to renew the lease which they had at that time but would probably want to continue to occupy the twentieth floor on month-to-month basis until their new building was erected.' Clement, who few days ago succeeded Hugh Leach as managing director of the Carolinas branch when Mr. Leach was elevated to the post of managing director the Baltimore Branch of the Federal Reserve Bank of Richmond, said today that he had not discussed the matter of new building here and knew nothing it. Governor Seay, the Fifth Federal Reserve District, was queried and said there was no foundation for the report.
14.October 20, 1931The Charlotte ObserverCharlotte, NC
Article Text
BANK RECEIVER IS OPTIMISTIC
Hoover's Credit Corporation Expected to Help Relieve Financial Stringency. get Conditions generally are showing gradual improvement and business is much better now than it was back this Mistol in July and August, according to M. Logan, receiver of the First National bank, who in December will have completed a year's stay in Yesterday Mr. Logan, who is in position to know financial conditions in Charlotte and the surrounding territory, since is his business to liquidate the affairs of the defunct bank which failed to open last December 4. was frankly optimistic One reason for his confidence in this the future, he ascribed to the recent plan of President Hoover to effect $500,000,000 National Credit in poration. This corporation, among other things, is designed to powerful financial help to the nation by taking over frozen assets Tilt your head back and drop of solvent and banks soothing Mistol into your nose PRAISES HOOVER PLAN till it runs back into your Many banks have failed because throat. Mistol holds its healthey could not their assets ing balms in contact with the quickly into money. Logan deepest nose and throat pas- pointed out. The new credit corporsages. Quickly, soreness van- ation extending credit to such ishes, colds are relieved, in- institutions would prevent such fall. ures in the future. Mr. Logan fection checked. Your doctor praised the president's plan as one approves. At all drug stores. having great promise and gave his enthusiastic endorsement to the general There has been very noticeable Mistol increase of late in inquiries concerning Charlotte real estate. Mr. Logan also pointed out. He feels that such activity points to better business Within the First National Bank 666 building. of which he is now acting as general manager, office space is being taken in quite satisfactory LIQUID OR TABLETS manner, he declared When he took Relieves or Neuralgia the affairs of the bank and of in 30 minutes, checks Cold the its subsidiary bank building holdfirst day, and checks Malaria in ing company only about 25 per cent of the rented. Now ap666 Salve for Baby's Cold proximately 66 per cent are rented and bringing in revenue, declared Mr. Hear the Latest
15.February 8, 1932The Charlotte NewsCharlotte, NC
Article Text
Suit of Receiver Heard In Court
Trial of the case of M Logan receiver for the First National bank here against Thorn Clark. which was started in United States district court here Friday. was continued this morning before Judge E. Yates Webb Judge Webb returned here for an extension of the term of federal court. The regular civil term was to ended last week but several cases scheduled for trial, including the incompleted bank case caused him to continue the court into this The bank receiver entered suit against Mr. Clark for approximately $35,000 Mr. Clark was one of several guarantors who set up line of credit at the First National bank for textile plant that is now in receivership.
16.September 19, 1932The Charlotte NewsCharlotte, NC
Article Text
Order Allows Loan Paid $3,000 Monthly
An order allowing J. M. Logan receiver for the First National Bank, to repay loan from the Union National bank of $16,020.40 at the rate of $3,000 month until the principal and interest have been taken care of was filed in the local office of United States district court this The money was borrowed to pay taxes on the First National Bank building by authority of an order from Judge E. Yates Webb, dated April 18, 1932. The loan was at SIX per cent interest and was payable on demand from the Union National bank. Receiver's certificate No. was issued by Mr. Logan as security Entry of the order today also signde by Judge Webb. provides for repayment of the loan
17.May 2, 1933The Columbus LedgerColumbus, GA
Article Text
MAN KISSES WIFE THEN SHOOTS HIMSELF
Charlotte, N. C., May vid T. Byers, assistant in the office of the First National bank receiver was critically wounded in his home today and his wife told police he had kissed her then into an adjoining room and himself through the head. M. Logan. First National receivsaid auditors were checking By.
18.May 3, 1933News and RecordGreensboro, NC
Article Text
DAVID BYERS MAKES ATTEMPT AT SUICIDE
Assistant to Charlotte Bank Re. ceiver Critically Wounds Self. Reason Unknown.
Charlotte May assistant in the of the First National bank receiver was found critically wounded in his home here tonight and his wife told police he kissed her, then gone into adjoining room and shot himself through the head. Byers taken to hospital where attaches said his condition was crit. Frank N Littlejohn chief of tectives. quoted Mrs Byers husband asked her to they arose this and that she went the kitchen to breakfast few later she was quotsaying she heard and found Byers the floor with smoking pistol his hand M Logan First National receiver said auditors were checking Byers Neither Mrs Byers nor Logan could give the act he Byers at the hospital but that Mrs Byers said husband said last that he was going to kill himthought little of it at the time.
19.November 4, 1933The Charlotte ObserverCharlotte, NC
Article Text
PARTICIPANTS IN AMERICAN AIR RACES
Senator Urges Appointment on Treasury Department.
RECOMMENDED HIGHLY
Seeks to Have Incumbent Re- tire in Favor of Deserv- ing Democrat.
James L. DeLaney. Charlotte lawyer and secretary of the Mecklenburg county board of elections, has been indorsed by Senator Robert R. Reynolds to succeed J. M Logan receiver of the First National bank here, Senator Reynolds announced night while here on his Shelby to speak
De of the entire all of fers most
20.January 12, 1934The Charlotte ObserverCharlotte, NC
Article Text
RECEIVER WINS IN COURT SUIT
Logan and Pegrams Win in Suit Involving Property Brought Up by 2 Banks
M. Logan receiver of the First National as receiver yesterday brought in United States district court by the Union National bank and the Charlotte National bank against himself Thomas R. Pegram and M. Pegram The suit involved deed of trust given Mr. Logan receiver the piece of West Trade and Southern railway The plaintiffs sought have the set aside order they equally First National bank in distribution of the assets realized from that property The jury that the deed trust given the receiver valid.
21.July 18, 1934The Charlotte NewsCharlotte, NC
Article Text
First National Checks Are Expected Soon
Report Dividend Checks Will Be Sent Here From Washington For Payment Friday And SaturdayMakes Total Of 36 Per Cent.
Dividend checks for the First National will sent here ington for payment Friday Saturday, the Washington correspondent The News told today the office the comptroller currency This the fourth to the the bank, will bring the total distri- bution per cent, or approximately $500,000, to creditors, and approximately $772,000 to secured creditors. making total distributed to all creditors by the receiver. has been estimated that, with sale of the First Bank building additional $600,000 will
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
