Bank of Franklin (Franklin, NC)

Episode Information

Episode Type
Run → Suspension → Reopening
Start Date
December 16, 1930
Location
Franklin, North Carolina (35.181, -83.382)
Bank Type
state

Metadata

Episode ID
Bank ID
City ID
Model
gemini-3-flash-preview
Short Digest

Notes

The bank suspended on Dec 16, 1930, following heavy withdrawals and reopened on April 29, 1931.

Events (3)
1. December 16, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals occurring simultaneously with the failure of seven other North Carolina banks in the region.
Measures
Closed doors as a precautionary measure for the protection of depositors.
Newspaper Excerpt
Heavy withdrawals generally was given as the reason. ... Closing of the bank of Franklin in Macon county left that town without a financial institution.
Source
newspapers
2. December 16, 1930 Suspension
Cause Details
Precautionary suspension due to heavy withdrawals and regional bank failures.
Newspaper Excerpt
The Bank of Franklin, N. C., small State bank which suspended operations last Dec. 16
Source
newspapers
3. April 29, 1931 Reopening
Newspaper Excerpt
The Bank of Franklin, a small State bank here, which suspended operations last December 16, reopened for business today.
Source
newspapers

Newspaper Articles (13)
1. December 16, 1930 Grand Haven Tribune Grand Haven, MI
Article from Grand Haven Tribune, December 16, 1930

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Article Text

EIGHT NORTH CAROLINA BANKS FAIL TO OPEN

CHARLOTTE N. Car., Dec. 16 (AP) 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 in each case explained the action was taken as a precautionary measure for the protection depositors. Heavy withdrawals generally was given as the reason. The First National Bank of Gastonia, the largest of the eight had deposits of $3,066,072 Re sources were given as $4,656,067 The other three Gaston banks. the Gaston Loan and Trust Com pany of Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia were comparatively small institutions. Their combined deposits totalled $270,052.84. Clos ing of the bank of Franklin in Macon county left that town with out a financial institution.

The Pank of Swannonoa failed to open after withstanding runs yesterday. The bank of Fletcher in Henderson county closed in the

2. December 16, 1930 The Houston Chronicle Houston, TX
Article from The Houston Chronicle, December 16, 1930

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Article Text

EIGHT BANKS IN NORTH CAROLINA BUSINESS

Associated Press. Charlotte, Dec. North Carolina banks, four part the state four Gaston County, closed their today. of the institutions in case taken ure for protection deposit"Heavy generas the reason. First Bank Gastonia, the eight, deposits given other three Gaston banks, the Gaston Loan Trust pany, of Bank and People's Bank West Gastonia small The Closing the Bank of Franklin, in Macon left that town without financial institution. The deposits were listed which Franklin month, had deposits of The Bank of with deposits the Bank Clyde, with deposits failed after withstanding Bank Fletcher, Henderson County, closed the after remaining open hour and half. posits were listed

3. December 16, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1930

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Article Text

EIGHT SOUTHERN BANKS CLOSED

Heavy Withdrawals Given as Chief Reason

CHARLOTTE, N C, Dec 16 (A. P.)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 precautionary measure for the protection of depositors. "Heavy withdrawals' was given as the reason in practically every case. The First National Bank of Gastonia, the the eight, had deposits of $3,066,072. Resources were given as 4.656,067. The other three Gason County banks, the Gaston Loan and Trust Company of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052. Closing of the Bank of Franklin, in Macon left that town without, financial 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 with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesThe Bank of Fletcher, in Henderson County, closed in the face of heavy withdrav after remaining open an hour and half. Its deposits were listed at $103,500.

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

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Article Text

THREE BANKS IN NORTH CAROLINA TOWNS CLOSED

ASHVILLE, N C, Dec 16 (A. P.)Three banks in small Western North Carolina towns failed to open their doors today. The closing of the bank of Franklin left that town without financial "institution The bank had deposits of approximately $541,800. The Band of Clyde, with deposits of $105,000, was closed because of heavy withdrawals. The same reason was given for the closing of the Bank of Fletcher, which had deposits of $103,500

5. December 16, 1930 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, December 16, 1930

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Article Text

EIGHT CAROLINA BANKS SUSPEND

Charlotte, N. C., Dec. 16—(AP)—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 in each case explained the action was taken as a precautionary measure for the protection of depositors. "Heavy withdrawals" generally was given as the reason.

The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072. Resources were given at $4,656,067.

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, were comparatively small institutions. The combined deposits totaled $270,052.84.

Closing of the Bank of Franklin 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 closed in the face of heavy withdrawals. Its deposits were listed at $103,500.

6. December 16, 1930 The Chickasha Daily Express Chickasha, OK
Article from The Chickasha Daily Express, December 16, 1930

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Article Text

NORTH BANKS SUSPEND

Eight Closed by Directors; Heavy Withdrawals Given as Main Reason.

Charlotte, N. C., Dec. 16. North Carolina banks, four in the western part of the state and four in Gaston county, closed their doors today. Directors of the institutions in each explained the action was taken as measure for the of "Heavy withdrawals" generally was given as the reason. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan and Trust company, of Gostonia, the Bank Dallas and the Peoples Bank of West Gastonia small institutions. Closing of the Bank of Franklin, in Macon county, left that town without financial institution. The Bank of and the Bank of Clyde, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after the remaining open an hour and half.

7. December 16, 1930 Evening star Washington, DC
Article from Evening star, December 16, 1930

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Article Text

TEN BANKS CLOSED TO PROTECT FUNDS

Eight Are in North Carolina, One in South Carolina and One in West Virginia.

Press CHARLOTTE December Eight North Carolina banks, four in the western part of the and four Gaston County either failed to open closed their today. of the explained the action taken as precaufor the of depositors. "Heavy withdrawls" was given as the reason in practically every First National Bank Gastonia, largest the eight, had deposits given other three Gaston the Loan the Dallas and the West Gastonia, People's small bined deposits totaled Town Is Bankless. Closing of the Bank of Franklin in without Citizens deposits listed bank's which with Franklin last month, deposits The Bank of Swannanoa, with $182,000, Clyde, failed yesterday. Bank HenderCounty, closed the face of heavy Its deposits were listed $103,500.

One Fails South Carolina. YORK, December Clover, County, closed its First failed Bank president Gastonia, of the this morning, also president of Clover

One Closed in Hillsboro. W. today announced the closing County. the Hillsboro, in The said the was closed Friday conthat the for made the The Bank had capital stock and its deposits $127,746.

8. April 29, 1931 Evening Star Washington, DC
Article from Evening Star, April 29, 1931

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Article Text

North Carolina Bank Reopens

FRANKLIN, N. C., April 29 (P).The Bank of Franklin, a small State bank here, which suspended operations last December 16, reopened for business today.

9. April 29, 1931 News and Record Greensboro, NC

Article Text

FORMER PREACHER IS BANK OF FRANKLIN HELD AT STATESVILLE WILL REOPEN TODAY

W. M. Branch, of Mount Airy, Arrested Charge Forgery. Was Holiness Minister

Special Daily Branch Mount holiness was held the police tion this afternoon charge forgery Branch said passed was Davis company check signed drawn First bank of was learned from the Baltimore bank the check was party had and issued checks southern Folice here found same type Branch's Branch about 40 of age and have near Mount understood not work

New Officers and Board of Di. rectors Named. Bank Suspended Business Dec. 16.

Franklin April Bank business during the western last December will reopen for business was funds start off Franklin from morning Albert repreNorth Carolina ink department and board stockholders the The officers and diM D Rogers first Dr board tors chosen and assistant last The apital the

10. April 30, 1931 Brooklyn Eagle Brooklyn, NY

Article Text

Standard Brands Net 30c a Share

Standard Brands, Inc., and subsidiaries in the quarter ended March 31 had net income of $4,054,588 after expenses, minority interest and Federal taxes, but before profits and loss items, equal, after dividends on 7 percent preferred, to 30 cents share on 12,644,002 shares common against $3,496,226 or 25 cents share on 12,633,170 shares in the first quarter of 1930 The above earnings include operations of German and South African subsidiaries of Royal Baking Powder Company for the three months ended Jan. 31, 1931, and English subsidiaries for two months ended Feb. 28, 1931. and three months ended March 31, 1930. After payment of preferred and common dividends there was surplus for the quarter of $2,749 before profit and loss credits and charges, against deficit of $1 491 930 in the first quarter of the previous year.

N. C. BANK REOPENS The Bank of Franklin, N. C., small State bank which suspended operations last Dec. 16, reopened for business today

11. May 1, 1931 Brooklyn Eagle Brooklyn, NY

Article Text

N. C. BANK REOPENS The Bank of Franklin, N. C., a small State bank which suspended operations last Dec. 16, reopened for business today

12. May 1, 1931 Brooklyn Eagle Brooklyn, NY

Article Text

Indian Strife Hurts French

Continued from Page gentlemen wanted something shiny reasonably but wanted It as cheaply as they could get it. Competition Came Competition came in the military and semi-military trade. Germans found false that shone was reasonably durable and much cheaper. They made it by machinery, Nuremberg became the great competitor against the Lyons gold thread of quality Still the Lyons people did not worry Did they not have the monopoly of the India trade. where quality alone counted and where competition totally unknown, where the demand was so constant that the thread could be made almost on a cost-plus basis and sold as long as marriage remained Hindu institution? Now that is gone. The ancient wooden drawing benches, precisely like those of the middle ages exhibited in the Cluny Museum, are gathering dust. And the wiredrawers and their families are growing thin. Trouble in India. hunger in Lyons.

N. C. BANK REOPENS The Bank of Franklin. N. C., small State bank which suspended operations last Dec. 16, reopened for business today

13. March 24, 1933 The Asheville Times Asheville, NC

Article Text

Franklin Bank Reopens To Pay Off Depositors

FRANKLIN, March 24. (Special) The Bank of Franklin opened Wednesday morning for the purpose of paying off any who had placed in the bank during the past two years. About two years ago the Bank of Franklin closed. but later opened as new institution. which had the power to take money on deposit without the right to loan the money. By the action Wednesday the bank is offering all depositors the last two years their money. This money has been handled without the paying of any interest. The old bank lacked about $38,000 of paying off all old claims. At this time plans are being worked out to enable the old bank to reopen.

MRS. NICHOLAS ROOSEVELT DIES YORK. March Mrs. Nicholas Roosevelt. mother of Henry Latrobe Roosevelt, assistant of navy, died here today at the home her daughter. Mrs. Arthur Hoff. 68 East 86th Street. istrators paid the Central Bank and Trust company the sum of alleged to be payment in full for Wesleyan Home "On March 1931, the administrators paid to Pansy Ray the sum of $10,000 in full for her claim against estate and on April 17, F. Watson was paid 8350 for attorney's fees in the Ray case." More than 50 disbursements. are listed in the complaint. Many them are payments made to Mr. Weaver and Mrs. Byrd. Mr. Byrd, prominent Asheville financier and organizer of the Federal Mortgage company and other real estate here, was killed in 1929, when the can which he was riding crashed post on Highway No. 10 near Statesville.