23063. Bank of Hillsboro (Hillsboro, WV)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 12, 1930
Location: Hillsboro, West Virginia (38.135, -80.213)

Metadata

Model: gpt-5-mini
Short Digest: a211cdf8

Response Measures

None

Description

State department of banking closed the Bank of Hillsboro (Pocahontas County, WV) to conserve assets and negotiations were underway for takeover by the Bank of Marlinton. No bank run is described for this bank in the articles. Closure was announced in multiple papers on 1930-12-16; articles state the bank was closed on the prior Friday (taken as 1930-12-12).

Events (1)

1. December 12, 1930 Suspension

Cause: Government Action
Cause Details: Closed by the State Department of Banking to conserve assets; negotiations for takeover by the Bank of Marlinton were reported.
Newspaper Excerpt: the State Department of Banking today announced the closing of the Bank of Hillsboro, in Pocahontas County. The said the bank was closed Friday to conserve assets and that negotiations for taking over the institution were being made by the bank of Marlington.
Source: newspapers

Newspaper Articles (11)

1. December 16, 1930 The Muskegon Chronicle Muskegon, MI

Article from The Muskegon Chronicle, December 16, 1930

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Wall Street Briefs New York, Dec. of steel rails in the Chicago district has increased to 50 per cent of rated against 40 per cent previously, Dow, Jones & says. Stocks of refined lead in the United States at the end of November showed an increase over October, although November refinery production was under that of the previous month Stocks at the end of totaled tons, against 84,375 in October, the American Bureau of Metal Statisties reports. Total refinery production of lead in the United States in November was 48,988 short tons, against 55 369 in October and 53,237 in September. Approximately 20 organizations have bonus distributions to employes. The latest to announce such action include the National Metal Exchange, two weeks' salary to employes; 10 Operating Bureau, Inc. which manages the loan offices the Beneficial Industrial Loan Corp., weeks' salary employes; and National Real Estate Corp. the Christmas bonus to all employes. Chicago, Dec. (U.S.D.A.) Potatoes 64: on track 167; total U. shipments 448: trading rather slow: sacked per cwt., Wisconsin Round Whites few Round Whites 40; Idaho Russets No. No. Colorado Brown Beauties 1.60; McClures unbranded 1.60-1.65. Charlotte, N. C., Dec. 16-(P)Eleven banks North Carolina closed their doors today. Runs were blamed. Four banks in Gaston county four in the Asheville area western North Carolina, one in Cleveland county, one in Johnston county and one in Bertie county shut their doors. The First National bank of Gastonia was the largest the eleven, with deposits og $3,066,072 on Sep24. The Peoples bank of Waco in Clevecounty, with capital of and resources of $111,338.26 shut its The Clayton Banking company of Clayton, $75,000 of did not open. The Bank of Aulander, in Bertie county, with capital $80,125 and resources of $385,896.95, also did The other three Gaston banks, the Gaston Loan and Trust company of Gastonia, the Bank of Dallas, and the People's Bank of West Gastonia, comparatively small institutions. combined deposits totaled $270,Closing of the Bank of Franklin, in Macon county. that town without financial institution. The bank's deposits were listed at $416,800. The Citizens' bank, which merged with the Franklin last had deposits of $125,000. The Bank of with deof $182,000, and the Bank Clyde, with deposits of $105,000, failed to open later withstanding runs westerday. The Bank of Fletcher, in Hendercounty, closed in after an hour and half. Its deposits were listed at $103,500. S. C. Bank Is Closed York, S. Dec. Bank of Clover, York county closed it's today Lee Robinson, president of the First National bank of Gastonia, which failed to open this morning, also president of the Clover institution. The bank had resources of about $650,000. Utah Bank Closes Salt Lake Utah, Dec. The Columbia Trust company of this city was placed in the hands of the banking department today. Frank B. Cook, president of the institution, said the board of directors requested the closing "in order to protect all depositors without preferThe bank is not insolvent, having 20 per cent reserve at the close Monday, and it is the opinion of the board that every depositor be paid in full,' Cook said. "Total are $718,544.24. Total assets are $1,175,590.93.' W. Va. Bank Closed. Charleston, W. Dec. The state department of banking today the of the Bank of Hillsboro in county. The said the bank was closed Friday "to conserve assets" and that negotiations for taking over the were being by the bank of Marlinton. Bank at Fairmont, W. Va., Closes Fairmont, Dec. The Union of Fairclosed its doors benoon today. Inability to liquiassets rapidly enough to meet demands for was given as the cause for the closing. pfd

2. December 16, 1930 Evening Star Washington, DC

Article from Evening Star, December 16, 1930

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TEN BANKS CLOSED TO PROTECT FUNDS Eight Are in North Carolina, One in South Carolina and One in West Virginia. By the Associated Press. CHARLOTTE, N. C., December 16.Eight North Carolina banks, four in the western part of the State and four in Gaston County either failed to open or closed their doors today. Directors of the institutions explained the action was taken as a precautionary measure for the protection of depositors. "Heavy withdrawls" was given as the reason in practically every case. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072.11. Resources were given at $4,656,067.68. The other three Gaston banks, the Gaston Loan & Trust Co. of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Town Is Bankless. Closing of the Bank of Franklin in Macon County left that town without a financial institution. The bank's deposits were listed at $416,800. The Citizens' Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa, with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson County, closed in the face of heavy withdrawals after remaining open an hour and half. Its deposits were listed at $103,500. One Fails in South Carolina. YORK, S. C., December 16 (AP).-The bank of Clover, York County, closed its doors today. J. Lee Robinson, president of the First National Bank of Gastonia, which failed to open this morning, is also president of the Clover institution. One Closed in Hillsboro. CHARLESTON. W. Va., December 16 (AP).-The State Department of Banking today announced the closing of the Bank of Hillsboro, in Pocahontas County. The announcement said the bank was closed on Friday "to conserve assets" and that negotiations for taking over the institution were being made by the bank of Marlington. The Bank of Hillsboro on September 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746.

3. December 16, 1930 The Evening Sun Baltimore, MD

Article from The Evening Sun, December 16, 1930

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WEST FAILURES North Carolina Hardest Hit, With Eleven Institutions Closing Doors Charlotte, banks in North Carolina closed their doors today. Four banks in Gaston county, four the Asheville area of western North Carolina, one in Cleveland Johnston county and one in Bertie county shut their doors. The First National Bank Gastonia the largest of the eleven with posits of $3,066,072.11 September 24. Waco Bank Shuts Doors The Peoples Bank Waco, Cleveland county, with capital and resources of shut its doors. The Clayton Banking Company, Clayton, capitalized $75,000 and with resources did The Bank of Aulander, in Bertie county, with capital of and sources of also did open. The other three Gaston banks, the Gaston Loan and Trust Company, the Bank of Dallas the Peoples Bank of West Gastonia, small The deposits totaled $270,052.84 Closing of the bank of Franklin, Macon county, left that town without financial institution. The bank's its were listed $416,800. The CitiBank, which merged with the Franklin last month, had deposits $125,000. The bank of Swannanoa, with posits of $182,000 and the bank with deposits failed open runs yesterThe bank of Fletcher, in Henderson county, closed the face of heavy after open hour and half. Its deposits listed South Carolina Bank Closed York, Dec. Bank Clover, York county, closed Lee Robinson, president of the First National Bank Gastonia, which failed open this morning, also president of the Clover instituThe bank had resources of about $650,000. Closure In Salt Lake City Salt Lake City, Dec. The Columbia Trust Company of this city placed the hands of the State Banking Department today. Frank B. Cook, president of the institution. said the board of quested the closing order to protect bank not insolvent, twenty the business Monday, and the opinion the board that every depositor will paid Cook said. posits assets West Virginia Bank Closed The State Department of announced closing of the Bank Hillsboro, Pocahontas county. The said the bank Friday and that for taking institution were being made Bank of Marlinton. The Bank of Hillsboro 24 had capital stock resources and deposits totaled $127,746.

4. December 16, 1930 The Boston Daily Globe Boston, MA

Article from The Boston Daily Globe, December 16, 1930

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BANK OF HILLSBORO, W VA, HAS BEEN CLOSED CHARLESTON. W Va, Dec 16 CA. P. State of Banking today announced that the Bank of Hillsboro, in Pocahontas County, was closed on Friday "to assets. The bank on Sept 24 had capital stock of $25,000, resources 746. and its deposits totaled $127,- All sold out in many places last Sunday. Have you ordered the Sunday Globe regularly from your newsdealer or newsboy?

5. December 16, 1930 The Capital Times Madison, WI

Article from The Capital Times, December 16, 1930

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Salt Lake City and Charleston Banks Shut SALT LAKE CITY The Columbia Trust Co. of this city was placed in the hands of the state bank ing department today. Frank B. Cook. president. said the board of directors requested the closing in order to pro"Total deposite are and total assets are $1,175,590.98. he said. adding that "every depositor will be paid in full." W. Virginia Bank Shut state department of banking today announced the closing of the Bank of Hillsboro "to conserve ussets The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits $127,746. 4 Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today. leaving only one financial institution in this textile city of 20.000 The First National bank and the Carton Loan First National bank. largest of the lour. had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,007.68.

6. December 16, 1930 The Capital Times Madison, WI

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Salt Lake City and Charleston Banks Shut SALT LAKE CITY (AP) The Columbia Trust Co. of this city was placed in the hands of the state banking department today Frank B. Cook president. said the board of directors requested the closing in order to protect all depositors "without preference "Total deposits are $718,544.24. and total assets are $1,175 he said adding that "every depositor will be paid in full." W. Virginia Bank Shut CHARLESTON, W. Va. The state department of banking today announced the closing of the Bank of Hillsboro "to assets The bank on Sept. 24 had capital stock of $25,000 Its were $205 and its deposits $127,746. Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today leaving only one in this textile city 20,000 The First National bank and the Claston Loan and Trust Co., the Bank of Dallas and the Peoples Bank of West Gastonia blames withdrawals The First National bank, largest of the four, had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,067.68.

7. December 16, 1930 Montpelier Evening Argus Montpelier, VT

Article from Montpelier Evening Argus, December 16, 1930

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SIX BANKS CLOSE DOORS In One Instance Action Is Taken Conserve Assets Gastonia, Dec. 16, Gaston county banks failed to open their doors today, leaving only financial institution in this textile of 20,000. The First National bank and the Gaston Loan and Trust company Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia blam"heavy withdrawals" in notices ing they would not open. The First National bank the gest of the four, had $3,660,072.11 deposit September 24. Bank officials said $800,000 had been paid to deposisince November 20, when the American National bank of Asheville closed its doors. Jenkins, president of the Asheville bank, was vice president the First National bank and its largest single stockholder. York, Dec. Clover, York county closed its doors today. Lee Robinson, president of the First National Bank of Gastonia which failed open this morning, president of the Clover institution. The bank had resources of about $650,000. Charleston, W. Va., Dec. 16, The state department of banking day that the Bank of Hillsboro, in Pocahontas county, was closon Friday The bank on September capital stock of $25,000. Its resources and its deposits taled $127,746.

8. December 17, 1930 Tampa Bay Times St. Petersburg, FL

Article from Tampa Bay Times, December 17, 1930

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11 BANKS CLOSE THEIR DOORS IN NORTH CAROLINA Four in Gaston County and Like Number in Asheville Area CHARLOTTE N.C., Dec. 16.(P)-Eleven banks in North Carolina closed today. Four banks in Gaston county, four in the Asheville area of western North Carolina, one in Cleveland county, one in Johnston county. and one in Bertie county shut their doors. The First National bank of Gastonia was the largest of the 11. with deposits of $3,066,072.11 on Sept. 24. The Peoples Bank of Waco, in Cleveland county, with capital of $5,000 and resources of $11,338.26, shut its doors. The Clayton Banking company. of Clayton. capitalized at $75,000 and with resources of $393,731.36 did not open. The Bank of Aulander, in Bertie county, with capital of $80.125 and resources of $385,896.95. also did not open. The other three Gaston banks, the Gaston Loan & Trust company. of Gastonia, the Bank of Dallas, and the Peoples Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin. in Macon county, left that town without financial institution. The bank's deposits were listed at $416.800. The Citizens bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa, with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000. failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after remaining open an hour and half. Its deposits were listed at $103,500. WEST VIRGINIA BANK CLOSED CHARLESTON, W. Va., Dec. 16.(P)-The state department of banking today announced the closing of the Bank of Hillsboro, in Pocahontas county. An announcement said that negotiations for taking over the institution were being made by the Bank of Marlington. The Bank of Hillsboro on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72, and its deposits totaled $127,746. PARENTS GIVEN CHILDREN NEW YORK, Dec. 16.-(.P)-Mr. and Mrs. Pietro Ricci may keep custody of their young sons, Ruggiero and Giorgio, violin prodigies, Supreme Court Justice Vallente ruled today.

9. December 17, 1930 Chicago Tribune Chicago, IL

Article from Chicago Tribune, December 17, 1930

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11 MORE BANKS CLOSE DOORS IN NORTH CAROLINA Two More Shutdowns in Rural Illinois. Charlotte, C., Dec. in Eleven banks in North Carolina closed their doors today. Four banks in Gaston four the Asheville area of western North Carolina, one in one in and one in Bertie shut doors county First National bank of The was the largest of the with of $3,066,072 on Sept. 24. The Peoples bank of in with capital of $5,000 and resources of $111,338, shut its doors. The Clayton Banking company of capitalized $75,000 and with resources of did not The Bank of Aulander capital of $80,125 and of also did not resources open. Three Small Banks Close. The other three banks, the Gaston Loan and Trust of the Bank of Dallas, and the Peoples bank of West Gastonia comparatively small totaled Closing of the Bank of Franklin, Macon left that town in out financial The a were listed at The deposits Citizens' bank, which merged with the Franklin last month, had deposits of Bank of Swannanoa, with of and the Bank of posits with deposits of failed to after withstanding runs The Bank of Henderson closed in the of heavy remaining open an hour and half. Its deposits were listed at $103,500. Two in South Carolina. S. Bank of York county, closed its doors Lee president the First National bank of Gastonia, failed to this is open president of the Clover tion. The bank had resources of about Golconda Bank Closes. of the Pope County State bank at Golconda for examination and adjustment announced today by State Auditor The bank capitalized at The first of this the had total deposits of $314,216.41. Loans totaled $244,286.79. Another Illinois Bank. a heavy run last week the First National bank of Kansas, this morning failed to open its doors for business. The bank was capitalized at $50,000. Kentucky Bank Reopens. Ky., Dec. (AP) The Farmers bank, which closed here Nov. 26 because of heavy withdrawals, opened today with approval of the state banking department. Depositors have agreed to a deferred payment plan to conserve assets but Christmas savings will be distributed immediate ly. The bank has deposits of W. Virginia Bank Closes. Charleston, W. Va., Dec. The state department of banking today the closing of the Bank of Hillsboro, in Pocahontas county. The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746. And Another. Fairmount, W. Va., Dec. The Union National Bank of Fairmount closed its doors today. Inability liquidate assets rapidly enough to meet demands for withdrawals was given as the cause for the closing. One in Nebraska. Lincoln, Neb., Dec. closing of the State Bank of Niobrara, at Niobrara, Neb., today was nounced here by the state department of trade and commerce. The bank had deposits of approximately $275,000. One in Salt Lake. Salt Lake City, Utah, The Columbia Trust company of this city was placed in the hands of the state today. Frank said: bank is not insolvent, having 20 per cent reserve at the close of business and it is the opinion of the board that every depositor will be paid Total deposits Total assets are $1,175,590.98." SAVED FROM DEATH BY James from at kidnaped by about shoot when other

10. December 17, 1930 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, December 17, 1930

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the Bank of Alabama showed its affairs to be in excellent shape. FULTON, KENTUCKY. BANK REOPENS FULTON, Ky., Dec. 16. The Farmers Bank, which closed here November 26 because of heavy withdrawals. reopened today with approvof the state banking department Depositors have agreed to deferred payment plan to conserve assets but Christmas savings will be distributed immediately. The bank has deposits of $395,000. WEST VIRGINIA BANK SUSPENDS CHARLESTON. W. Va., Dec. 16. The state department of banking today announced the closing of the Bank of Hillsboro, in Pocahontas county. An announcement said that negotiations for taking over the institution were being made by the Bank of Marlington. The Bank of Hillsboro on September 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits totaled $127,746. WITHDRAWALS FORCE ANOTHER TO CLOSE FAIRMONT, W. Va.. Dec. 16.-(P) The Union National Bank of Fairmont closed its doors shortly before noon today. Inability to liquidate assets rapidly enough to meet demands for withdrawals was given as the cause for the closing.

11. December 17, 1930 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, December 17, 1930

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11 NORTH CAROLINA BANKS FAIL TO OPEN Gastonia First National, with $3,066,072 Deposits, Is Largest. By Associated Press. CHARLOTTE, N. C., December 16. -Eleven in North Carolina closed their doors today. Four banks in Gaston County, four in the Asheville area of Western North Carolina, one in Cleveland County, one in Johnston County and in Bertie County closed. The First National Bank of Gasthe largest. with deposits of $3,066,072. The People's Bank of Waco had resources of $111,338.26. The Clayton Banking Company of Clayton, capitalized at $75,000. had resources of $393,731.36. The Bank of Aulander, with capital of and resources of $385,896.95, also did not open. By Associated Press. State Department of Banking today the closing of the Bank of Hillsboro, in Pocahontas County The announcement said the bank was closed on Friday "to conserve assets.' and that negotiations for taking over the institution were being made by the Bank of Marlinton. By Associated. FAIRMONT W. VA., December 16. -The Union National Bank of Fairmont closed its doors shortly before noon today Inability to liquidate assets rapidly enough to meet demands for given as the cause for the closing. Dells Made in Saline. MO., December 16.Big, little, fat and dolls, tall, short, old and young dolls, and boy and girl and papa and mama dolls. about 500 of them, have been made this summer by the Women's Extension clubs Saline County, and will be shipped at once to various and institutions in Missouri. The dolls are to be given the children for Christmas presents.