Click image to open full size in new tab
Article Text
BLACKSBURG CLOSES AND TURNED EXAMINER
Citizens Bank at Blacksburg Tuesday morning, the day the failure of the Cherokee Savings Bank to open here. The Citizens Bank was closed by order of the board of directors, and the state bank was asked take charge, accordinb to Sapoch, the cashier, The Citizens Bank was organized 1920 with capital of $20,000. Mr. Sapoch Tuesday said the sources were the neighborhood $170,000, while liabilities cluding deposits aggregating around Cline, general manager the Broad River Mills at Blacksburg the president, but the business has been under the active management of Mr. Sapoch, stated. The closing two Cherokee counbanks this week does not appear have effected other lecal financial institutions, according officials. Depositors in the closed banks are being and there naturally some feel- of uneasiness on the part concerned until definite information regarding the final outcome available. This pected several days yet. county has never had bank failure the past, the CaroBank and Trust Company, which operated in Gaffney time few years ago, having been taken over by the American State Bank with comparatively small loss for the stockholders and none for the depositors. Various opinions have been pressed the for the closing of two banks in this county this week but far official no information has become available. One man yesterday asserted that the craze automobiles was the principal factor in the situation, judgment. He declared the ple are living beyond their and that this prevented many from meeting that might have prevented the situation that influenced the directors closing the banks.
