Franklin Bank - Rocky Mount, VA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: August 4, 1893
Location: Rocky Mount, Virginia (36.998, -79.892)

Metadata

Model: gpt-5-mini
Short Digest: 977c60fd

Response Measures

None

Description

Article (Roanoke Times, 1893-08-05) reports Franklin Bank of Rocky Mount, Va., closed its doors this morning (Aug 4, 1893). Closure described as inability to make collections (liquidity problem); assets nearly twice liabilities and an early resumption is expected. No mention of a depositor run.

Events (1)

1. August 4, 1893 Suspension

Cause: Local Shock
Cause Details: Inability to make collections (liquidity problems) led to temporary closure; assets reported nearly twice liabilities and early resumption expected.
Newspaper Excerpt: THE FRANKLIN BANK CLOSES. inability to Make Collections the Cause of the Failure. ROCKY MOUNT, Va., Aug. 4.-(Special)-The Franklin Bank closed its doors this morning.
Source: newspapers

Newspaper Articles (1)

1. August 5, 1893 The Roanoke Times Roanoke, VA

Article from The Roanoke Times, August 5, 1893

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Article Text

THE FRANKLIN BANK CLOSES. inability to Make Collections the Cause of the Failure. ROCKY MOUNT, Va., Aug. 4.-(Special)-The Franklin Bank closed its doors this morning. It has a capital of $10,000 and a surplus of $15,000 with deposits of about $30,000. G. E. Dennis is president and G. H. T. Greer cashier It was organized under the State banking laws. Inability to make collections was the cause of its closing. Its assets are nearly twice its liabilities and an early resumption is expected. OTHER FAILURES. ST. PAUL, Minn., Aug. 4.-The temporary suspension of the German American National Bank last night, although not unexpected in banking circles, was a great surprise to the general community. So confident are the people of the strength of the remaining banks that, although some depositors are quietly withdrawing their money from a few banks, there is no particular excitement or general run. AKRON, Ohio, Aug. 4.-Six hundred of the depositors of the Akron Savings Bank assembled last evening in Columbia Hall and unanimously agreed to a plan whereby the institution will be enabled to discharge the receiver and open its doors for business next Monday morning. NEW YORK, Aug. 4.-N. L. Carte & Company, importers of tin plate and other metals, made an assignment today. The liabilities are about $350,000. The assets are large, but the actual amount cannot be given. S. Jacoby & Co., cigar manufacturers, failed to day. The liabilities are $150,000 with large assets. ST. LOUIS, Mo., Aug. 4.-The Hamilton- Brown Shoe Factory, located at Twentieth and Locuststreets, suspended operations this morning temporarily owing to depression of business, throwing 500 men and 400 women and girls out of employment.