FAGAN QUITS BANK JOB; AYRES NAMED New Bern, July 1 (AP)-Fred Ayres of Washington, N. C., was appointed receiver of the Bank of New Bern and four other national banks in this section today succeeding Frank F. Fagan, resigned.
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.