Bank was under restrictions after the 1933 banking holiday and a receiver was appointed in July 1934.
Events (5)
1.February 1, 1871Chartered
Source
historical_nic
+62 years
2.March 1, 1933*Suspension
Cause
Government Action
Cause Details
Placed under restrictions following the March 1933 national bank holiday and subsequent comptroller actions.
Newspaper Excerpt
Both banks have been under restrictions since the 1933 bank holiday.
Source
newspapers
+17 months
3.July 24, 1934Receivership
Newspaper Excerpt
James Stokes, conservator the Merchants and Farmers National bank ... probably will receive appointment ... vacated by K. Dorsett, appointed today receiver the Merchants and Farmers ... K. Dorsett ... in charge of the bank receiver and liquidating agent
Source
newspapers
same day
4.July 24, 1934Receivership
Source
historical_nic
+26 days
5.August 19, 1934Other
Newspaper Excerpt
DIVIDEND FOR DEPOSITORS TO WAIT ... dividend would be paid to creditors of the closed Merchants and Farmers bank ... K. Dorsett, in charge of the bank receiver and liquidating agent, yesterday refused to be that optimistic
Source
newspapers
Newspaper Articles (10)
1.June 26, 1934The Charlotte NewsCharlotte, NC
Article Text
PlanningToLiquidate M. And F. Bank Here
Washington Authorities Indicate That Proposal For Organization Of Piedmont National Park Here Will Not Be Carried Out.
Washington June comptroller of currency's office was restricted Trust company of Charlotte, that the N. dividend. understood this action would void organize bank assets of the Independence Trust and the restricted Merchants and Farmers National bank also Charlotte Both banks have been under restrictions since the 1933 bank holiday. Reorganization plans had been formulated calling for creation of single institution be known as the Piedmont bank The gave why Independence paid the dividend, merely announcing it had received official notification of such was understood receiver will be appointed to liquidate the Merchants and Farmers bank The Independence Trust was state bank.
2.July 6, 1934The Charlotte ObserverCharlotte, NC
Article Text
DELAY BANK RECEIVER
No Action Yet Taken Toward Liquidating Two Restricted Institutions.
No reported yesterday movement liquidate Merchants National and the Independ banks formed basis establishthe proposed Piedmont The proposed new bank failed materialize result of payment by the of the Independence Trust instructions of the department, of per dividend to depositors that inwhich with the Merchants Farmers bank the holiday in March,
MENTIONED
After the office the bank plained that would be appointed liquidate Friends James DeLaney, Charlotte torney, his behalf for and Senator RobReynolds announced would favor Mr. DeLaney's Senator Bailey The Observer he wanted Reynolds his choice position. He said he and Senator submit the names several persons acceptable to them for the Yesterday explained also the Trust that orders had Gurney for that institu-
To Give Ice Cream Supper The Ona Patt rson circle of terian church give an ice supper night the home Mrs. Pat the circle are invited to be pres-
3.July 11, 1934The Charlotte ObserverCharlotte, NC
Article Text
AWAIT WORD ON RECEIVER
No Information Available as to Profitable Appointment of James A. Stokes.
No information was available from yesterday on the proposed appointment receiver for restricted chants Farmers National bank which shortly liquida tion posal new here that bank and the Independence Trust restricted, as the basis of the James Stokes conservator of Farmers whom appeal being made had heard the the expected the comptroller decides to break cedent long standing by appointreceiver who has been connected the bank both and officer bewent restricted basis. Stokes has indorsed for the place Senator Robert and Senator Bailby depositors commitreported Monday, and generally have an excellent chance of being the Independence Trust company, state institution whose payment of cent sulted in the collapse of the plan establish the national bank. terday by Tyer. the conserv-
4.July 15, 1934The Charlotte NewsCharlotte, NC
Article Text
Bailev Favors Smith As Bank Receiver Here
Is Made For Receiver For The Merchants And Farmers National Bank
Bank and
Helped Proposed organizing nationwide banking holidays was the Merchants Farmers former cashier was the but Charles Stone was the appointment contrary policy The week abandoned efforts half Stokes Meanwhile and Senator eral submitted comptroller lists men acceptable as the the week there indications pressure was being exerted upon Bailey upon Senator Reynolds the Wants Depositors Protected Senator the position wants and must receiver will "look the positors Senator authorized The Charlotte quote as am going over any bank ing one experience, after the terests know the financial interest the bank and first matter matter of protecting individual Commenting on Smith Senator Reynolds said came know when was nection with the new national bank down Charlotte He made good survey of the situation Washington at the week-end summarized this stood that the treasury will follow the action has been taken mendation was that in behalf of Mr Smith this development available Mr Smith night Reports the busi section indicated that the recommended groups friends for Vaughan Hawkins, Pat Long, James DeLaney patrick and the First National bank of Char. An effort is being made was Kirkpatrick appointment as attorney for the receiver
5.July 16, 1934The Charlotte NewsCharlotte, NC
Article Text
REYNOLDS BACKING B FOWLER
Asks Appointment Of County Board Chairman
START CONTEST
Prospective of for the Merchants and Farm bank of be subject first political dispatches revealed United States appointment of their an unexpected confused of the the currency that Henry the board named Balley Recommends Smith made the Roy Smith cashier restricted Trust of Charlotte concerned with the Merchants Farmers National when informed of the day's declined to anyfor but plainly dicated expectation that the ultimate probably by sort may be some time in the Until the and the will charge of press the said an appointment expected to be was made that Senator A. as attorney for the A report source uswell said that Sen ator Balley had Char appointment as attorney for the receiver but that known be Mr that James L. DeLaney be apas in this still another reT Kirkpatrick of has been by to the of representatives and Mercer Blankenship attorney for apas attorney This from decision the weeks ants and Farmers National because the plan new national bank here and effect a partial merger assets the Merchants and and the Independence held that 50 per cent dend by the trust plan to organize the new tional bank
6.July 18, 1934The Charlotte NewsCharlotte, NC
Article Text
Gets Kirkpatrick Endorsements
Colonel Kirkpatrick has applied for the position attorney the proposed receiver for the Merchants Farmers National bank he said today. Colonel Kirkpatrick the endorsements of McA. Currie, man of the county Democratic executive Smith, president of the Mecklenburg Bar association: Solicitor John CarpenPostmaster Paul Younts, John Renfrow, register of deeds; Sheriff Irwin, Mayor Wearn, Clyde Stancill, county attorney; City Manager Pridgen, Edwin Bridges and Frank Orr city attorneys, about members of the bar association
7.July 24, 1934The Charlotte NewsCharlotte, NC
Article Text
James Stokes, conservator the Merchants and Farmers National bank of Charprobably will receive appointment position the Charlotte office of the Reconstruction Finance corporareports culated in business circles here reports said friends are advocating for appointthe place vacated by K. Dorsett, appointed today receiver the Merchants and Farmers an said he has plans for his future business activities. He expects to be gaged this bank more days making the formal transfer assets.
8.August 19, 1934The Charlotte NewsCharlotte, NC
Article Text
DIVIDEND FOR DEPOSITORS TO WAIT
Dorsett Says M. And F. Dividend Not Possible By September 15
HITCH OVER ATTORNEY
The Washington correspondent The News informed at the offices of the comptroller of the currency that dividend would be paid to creditors of the closed Merchants and Farmers bank here "about the middle September.' K. Dorsett, in charge of the bank receiver and liquidating agent, yesterday refused to be that optimistic, however. "If were to start writing checks today they could not be finished and approved by the middle September,' he "That too big that period ready for dividend payment. The News Washington correspondent also informed that there hitch attorney the receivership far appointment attorney for this post has been made. The Farmers is pected pay dividend the bank had entered agreement with the Trust company pay per cent dividend part the plan for forming the Pledmont National bank Supposedly funds then available for such diviThe Piedmont bank plan was voked the Trust company paid its per cent state bank and compliance with the state law, before Merchants and Farmers bank made similar payment.
9.August 19, 1934The Charlotte ObserverCharlotte, NC
Article Text
CLOSING OF THE definitely decided that fairs of the Independence Trust Company are to be wound up and the bank will out business with the coming of September Thus Charlotte is to lose two landmarks, the liquidation of the Merchants Farmers having been under way for days. The office building from which the Independence Trust Company operated mains of the most elaborate Charlotte's structures and monument the faith of JULIAN LITTLE in the future of this city. was MR. LITTLE astonished the people of the city when he tore down the two-story frame building on the Independence Square corner, known to the older people for long time as "Wriston's corand erected in its place towering office building, the leader office construction in the The Independence Trust Company had popular business, but early the days of depression it had the misfortune to the victim street gossip, the whispers growing volume sufficient incite The bank resisted this stampede substantial manner and might have been able to have survived permanent institution but for the grouping of one unfavorable circumstance after other. made noble effort to survive behalf of its stockholders and depositors, but the difficulties character that could not be the fine institution history.
10.August 21, 1934The Charlotte NewsCharlotte, NC
Article Text
Joseph Ervin Attorney For Bank Receiver
Charlotte Lawyer Is Named By Comptroller Of Currency For Work With M. And F. National Bank.
By H. E. C. Bryant Charlotte News Staff Writer Washington, Aug 21.-Appointment of Joseph Ervin, of Charlotte, attorney for the receiver of the Merchants and Farmers National in Charlotte announced today the comptroller of the currency Several names were submitted for the place and was that the appointment Ervin reflection the Mr. Ervin never had any Merchants and Farmers bank and has the support of Senators Bailey and Reynolds for the position.
Attorney for Receiver Is Prominent Young Lawyer Here Much developed the today the Washington Ervin. of law firm Carswell and had been by the comptroller of the chosen currency, attorney for newly pointed the and Farmers here. himself was reticent subject. saying that he had not received the appointment and was, therefore, not in position discuss He of the more prominent of the younger lawyers the city, here county about ten ago. memwell known Burke county His father leading of that section
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.
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Merchants & Farmers National Bank · Episode ID 178101599