Merchants & Farmers Bank (Dunn, NC)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
February 1, 1904*
Location
Dunn, North Carolina (35.306, -78.609)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
371020051
Model
gpt-5-mini
Short Digest

Events (4)
1. February 1, 1904* Run
Cause
Bank Specific Adverse Info
Cause Details
Prolonged withdrawals over about ten days leading to inability to meet depositor demands
Newspaper Excerpt
there having been a run on the bank for the past ten days
Source
newspapers
2. February 10, 1904 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after being unable to meet depositor demands following a run
Newspaper Excerpt
Merchants and Farmers Bank of Dunn closed its doors to-day, being unable to meet the demands of its depositors
Source
newspapers
3. February 10, 1904 Receivership
Newspaper Excerpt
sent Bank Examiner Ellington to take charge, pending the appointment of a receiver. W. A. Stewart, Receiver later advertises sale of bank property (April).
Source
newspapers
4. April 12, 1904 Other
Newspaper Excerpt
offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn ... Bids will be received on April 12th, 1904. W. A. STEWART, Receiver.
Source
newspapers

Newspaper Articles (13)
1. February 11, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, February 11, 1904

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Article Text

A BANK FAILURE AT DUNN. Merchants and Farmers Could Not Meet Demands of Depositors. The Corporation Commission yesterday received notice that the Merchants and Farmers Bank, of Dunn, of inability to meet the demands of its depositors, there having been a run on the bank for the past tend ays. The commission at once sent assistant Bank Examiner W. L. Williams to Dunn to hold the assets of the bank, and wired to Bank Examiner J. o. Ellington to go three immediately and take charge of the bank's affairs until a receiver can be appainted according to law. Mr. E. F. Young is president of the bank, and Mr. V. L. Stevens cashier. The last printed statement showed that the institution, which is a commercial State bank, owed depositors about $81,000, and its assets amounted to $114,332. The bank was established April 1st, 1900, and its capital stock is $22,000. It is thought that the bank will be able to pay all its depositors in full within the next few days. Bank Examiner Ellington will reach Dunn, it is expected, this morning.

2. February 11, 1904 The Times Dispatch Richmond, VA
Article from The Times Dispatch, February 11, 1904

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Article Text

BANK SUSPENDS. Corporation Commission Sends State Examiner to Take Charge. (Special - The Times-Dispatch.) RALEIGH, N. C., Feb. 10.-Merchants and Farmers Bank of Dunn closed its doors to-day, being unable to meet the demands of its depositors, and the Corporation Commission has sent Bank Dxaminer Ellington to take charge, pending the appointment of a receiver. E. F. Young is president and v. L. Stvens cashier. The last printed report showed $80,000 deposits and $114,000 resource. The capital was $22,000.

3. February 11, 1904 The Savannah Morning News Savannah, GA
Article from The Savannah Morning News, February 11, 1904

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Article Text

BANK AT DUNN CLOSES. Could Not Stand a Run the Depositors Started Upon It. Charlotte, N. C., Feb. 10.-As the result of a run for ten days, the Merchants and Formers' Bank of Dunn, a state institution, to-day closed its doors. The capital is $22,000, assets $115,000. The depositors will probably be paid in full.

4. February 12, 1904 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, February 12, 1904

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Article Text

The Merchants' and Farmers' Bank at Dunn Fails. (Special to The Messenger.) Raleigh, N. C., February 10 -Trustees of the Baptist Female University today paid all the debts on that propperty, and cancelled the last mortgage. The total debt was $33,000. There was one mortgage for $20,000 to the Raleigh Savings Bank The corporation commission is notified that the Merchants' and Farmers' Bank of Dunn, unable to meet demands upon it, has closed its doors. An asistant bank examiner at was once sent there, to take charge. State Bank Examiner Ellington goes there tomorrow. There had for ten days been a run on the bank. Its capital stock is $22,000. Last report showed assets $115,000 and liabilities $80,000. It is thought the depositors will be paid in full.

5. April 1, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 1, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34 1/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31—2wks.

6. April 2, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 2, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34 1/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.

7. April 5, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 5, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34 1/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31--2wks.

8. April 6, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 6, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34½60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31-2wks.

9. April 9, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 9, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34 1/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31--2wks.

10. April 10, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 10, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34 1/2 x 60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31—2wks.

11. April 12, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, April 12, 1904

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Article Text

SALE OF VALUABLE PROPERTY. The undersigned offers for sale the real estate and bank building of the Merchants and Farmers Bank of Dunn, N. C. Lot 34 1/2x60 feet. Banking room and store room on first floor, six office rooms on second floor, together with all bank fixtures. Rents about $800 a year. Bids will be received on April 12th, 1904. Bidders required to put up forfeit of 5 per cent on bid. This offer bona fide. W. A. STEWART, Receiver. Merchant and Farmers Bank, Dunn, N. C. 3-31—2wks.

12. July 12, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, July 12, 1904

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Article Text

REFERRED TO SPECIAL MASTER Bankruptcy Case of E. F. Young Contested on Ground of Solvency. Judge Purnell in the United States District court, yesterday afternoon signed an order referring the bank. ruptcy suit now pending in that cours against E. F. Young, of Dunn, to S. H. McRae, Esq., of Fayetteville, as special master, to take testimony, find facts and conclusions of law and report to Judge Purnell on the question of the solvency or insolvency of Mr. Young. This course was taken at the sug. gestion of Godwin and Davis, attor, neys, and at the request of Mr. W. A Stuart, of Dunn, also, receivers, of the Merchants and Farmers Bank, of Dunn. The suit has been commenced against Mr. Young at the instance 01 the depositions of the bank.

13. July 19, 1904 The News & Observer Raleigh, NC
Article from The News & Observer, July 19, 1904

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Article Text

DUNN BANKING CASE. Discussing Question of a Jury Trial for Alleged Bankrupt. Mr. E. G. Davis, of the law firm of Godwin & Davis and H. L. Godwin, Esq., of Dunn, were in the city yesterday, and in company with Col. T. M. Argo appeared before Judge T. R. Purnell in the matter of E. F. Young, alleged bankrupt of Dunn. Mr. Davis represented petitioning creditors; Mr. Godwin represented the interest of W. A. Stewart, who is the receiver of the Merchants and Fariners Bank of Dunn, while Col. Argo represented other parties who are interested in the bankruptcy proceedings. The question was upon the right of the bankrupt to a jury trial and upon intimation of the court that this quesiton would properly come before it upon the report of Special Master S. H. McRae, Esy.,. No further action was asked or taken by the attorneys.