First & Citizens National Bank (Elizabeth City, NC)

View Charter #4628 on SPMC View balance sheet

Episode Information

Episode UID
462801101
Episode Type
Run Only
Bank Type
national
Bank ID
46280 national
Charter Number
4628
Start Date
September 11, 1891
Location
Elizabeth City, North Carolina (36.294, -76.235)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e86456e5553ee0f9

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

1930 article implies a local panic tied to failure of the Savings Bank & Trust Co.; evidence First & Citizens endured a 'gruelling test' but did not suspend.

Events (3)
1. September 11, 1891 Chartered
Source
historical_nic
2. September 11, 1891 Other
Newspaper Excerpt
The First National Bank, of Elizabeth City, N. C., was to-day is authorized to begin business with of Chas. H. Robinson as president, and Samuel A. Green as cashier.
Source
newspapers
3. December 19, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Failure/wreck of the local Savings Bank & Trust Co. (mismanagement by P. H. Williams) triggered a local panic and withdrawals.
Measures
Bank received increased deposits and retained depositor confidence; no suspension mentioned.
Newspaper Excerpt
It is fortunate for Elizabeth City that the strength of its oldest and largest bank was subjected to a gruelling test in last Friday's panic.
Source
newspapers

Newspaper Articles (3)
1. September 12, 1891 The State Chronicle Raleigh, NC
Article from The State Chronicle, September 12, 1891

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Article Text

Electric Sparks. By the United Press quiet. Affairs in China are reported Bolivia will have a good exhibit at the World's Fair. BERLIN, Sept. 11. Itis reported that Prince Bismarck has had a slight attack of apoplexy. Sophie Gunsberg, the nihilist, is believed by the Russian refugees in London to have been secretly executed by the Russian authorities. Mr. Wanamaker has decided that the captors of Rube Burrows, the Alabama outlaw, are entitled to the ment. reward offered by the governAustin Gibbons, of Paterson, N. J., and Jack McAuliffe, of Brooklyn, engaged in a bout yesterday, liffe. which resulted in favor of McAuThe first night baloon ascension on record was made in Jackson, Mich., night before last, and came near costing the fool-hardy aeronaut his life. Admiral Brown, commander of the Pacific station, has been ordered to proceed from Chili to San Francisco. Our government considers the troubles in Chili at an end. LONDON, Sept. 10. The Times says that a syndicate of European capitalists has offered to advance half a million pounds to the Chilian Junta to meet pressing requirements. CLEVELAND, O., Sept. 11. The Improved Order of Red Men finished their business to-day. Atlanta, Ga., was selected as the place where the next General Council is to be held. The representatives of the a Augusta exposition gave a recepd tion in the Thorndyke hotel, Bos-1 ton, which was largely attended by W manufacturers and business men of 1New England. d WASHINGTON, D. C., September 11 11. The First National Bank, of al Elizabeth City, N. C., was to-day is authorized to begin business with of Chas. H. Robinson as president, ne and Samuel A. Green as cashier. in The capital is $50,000. 0 or The Trades Union Congress in session at Liverpool, resolved that actual workingmen should be appointed as inspectors of mills and It factories. They will petition Parre liament to have an eight hour nworking dav for miners

2. February 14, 1930 The Greenville News Greenville, SC
Article from The Greenville News, February 14, 1930

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Article Text

Bank Of Chesnee In Examiner's Hands SPARTANBURG, Feb. The Bank of Chesnee, of Chesnee, 20 miles northwest of here placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. The institution lost a number of deposits when the Dollar Savings bank and the Carolina National bank of closed December 30, but the directors were able to restore confidence and stabilize matters until today when the failure of the Rutherford county banks and the American State bank at Gaffney. rendered the situation too acute for the Chesnee bank to continue operations. The deposits, at close of business yesterday, amounted to $228,793.26 showing decrease of about $106,000 since the published statement of December 31, 1929; capital stock of the bank was $50,000. surplus $20,000 and bills payable none.

3. December 26, 1930 The Independent Elizabeth City, NC
Article from The Independent, December 26, 1930

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Article Text

WHO WRECKED THE BANK? ET this fact stand out above all the excitement of the past week: P. H. Williams. the so called "great financialNwizard". was responsible for the wreck of the Bank & Trust Co. Mr. Williams is not so smart he lacks that fundamental quality that makes for good citizenship. community interest. Mr. Williams has not built for Elizabeeth City: he has built for self. Selfishly he invested his own money in the stocks and bonds of outside corporations. He advised and encouraged others in the community to do likewise. And it was this money that might have remained in Eilzabeth City to work for the upbuilding of Elizabeth City that was withdrawn from the vaults the Savings Bank & Trust Co., leaving it moneyless. Mr. Williams is not so smart. By his own example and advice he accomplished the undoing of the financial institution which he headed. Short-sighted Mr. Williams! These rich men who invest their money in stocks and bonds are as undesirable citizens as the miser who hoards his money in an old sock. Mr. harles Blades. a Mr. Pat Villiams and any one of a number of other so called big men of this town are not worth half as much to the Lown as the laboring man who puts his savings into a good sound bank where they pay him a fair rate of interest while working for the community in which he lives and upon the prosperity of which he depends for employment. P. H. Williams has been an evil and vicious influence in the community. Let that statement sink home. Mr. illiams instead of building up his bank and building up the community's resources. has been one of the most powerful influences at work to drain the community of needed cash. And he ceeded in wrecking his own bank. He wasn't SO long-headed after all. If all the money in this community were invested in foreign stocks and bonds. Elizabeth City and the Albemarle would be utterly bankrupt. It is the money that is kept at home that is the money in local circulation and that builds homes industries. It is fortunate for Elizabeth City that the strength of its oldest and largest bank was subjected to a gruelling test in last Friday's panic. The First & itizens National Bank has long enjoyed the contidence its home people that confidence has been immeasurably strengthened by what happened here last people never put their money in banks before are bringing their savings to the bank that has proved its strength. Money in a good bank is better than money in a bond: it isn't easy to a bond when you need the money and it often happens that the bond for which you pay $100 may turn out to be worth much less than that when you try to dispose of it. lot of folks in our town are holding to-day for which they would be glad to get $75. In these terrible times the community ithout a considerable cash reserve is inviting bankruptcy. Keep your money in your home bank and encourage your friends and neighbours to likewise.