First National Bank (Laurinburg, NC)

View Charter #5651 on SPMC View balance sheet

Episode Information

Episode UID
565101572
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
56510 national
Charter Number
5651
Start Date
December 17, 1930
Location
Laurinburg, North Carolina (34.774, -79.463)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0296e2226409e8b8

Response Measures

None

Receivership Details

Depositor recovery rate
68.5%
Date receivership started
1930-12-23
Share of assets assessed as good
31.9%
Share of assets assessed as doubtful
47.9%
Share of assets assessed as worthless
20.2%

Description

Receiver was appointed and dividends paid in liquidation; closure date given as December 17, 1930.

Events (4)
1. December 24, 1900 Chartered
Source
historical_nic
2. December 17, 1930 Receivership
Newspaper Excerpt
Burrowes, receiver for the closed First National Bank here ... cent dividend paid creditors ... The First National Bank ... closed December 17, 1930, and not until July ... receiver in liquidation available.
Source
newspapers
3. December 17, 1930 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in receivership; state/national authorities or receiver took control following closure.
Newspaper Excerpt
The First National Bank, oldest bank this closed December 17, 1930
Source
newspapers
4. December 23, 1930 Receivership
Source
historical_nic

Newspaper Articles (4)
1. February 14, 1930 The Greenville News Greenville, SC
Article from The Greenville News, February 14, 1930

Click image to open full size in new tab

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.

2. December 18, 1930 The Courier News Blytheville, AR
Article from The Courier News, December 18, 1930

Click image to open full size in new tab

Article Text

Institutions at and Green Forest Doors Today. LITTLE ROCK Two northwest banks were swept the state's already extended list defunct nancial institutions today the closing of the Peoples Bank of Berryville and the Farmers and Merchants bank of Green Forest. Both members of the twelve of which shut their doors yesterday. The Berryville bank was capitalized with deposits $177,835. and the Green Forrest institution had capital stock of with deposits aggregating $158.- The state banking took immediate action to nince the two banks the hands of department examiners. check complet this merning by Taylor banking commissioner. devosits of the Hudsoeth stitutions to anproximately with canital and surplus gregating action the two banks pending business today attributed heavy withdrawals of The three weeks developing from unrest depositors. Two of the banks closed the Marion County bank of and the Bank of Pyatt. DOYSESS charters and as the Citizens Bank of Yellville. but under senarate names the remaining nine pending yesterday. the First National hank of Harrison and the First National bank of Eureka Springs operate under national banking charters and have been placed in national bank examiner from the office of the The banks closing vesterday and today did no' attempt to take vantage the five day provision provided by state banking laws reorganization of affairs but closed outright. No plans for reprganization have been announced and believed the aftairs of the various will be the First National bank and the Scctland County Savings bank of Laurinburg were closed today. approximately In deposits.

3. December 18, 1930 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, December 18, 1930

Click image to open full size in new tab

Article Text

BENTON BANKER ACCUSED OF $5,400 EMBEZZLEMENT ILL., December 18. (By Goodin, former of the First National Bank of Benton closed recently, and treasurer of the First Baptist Church of Benton. is held on bond following the issucharging with embezzeling of the bank's funds. The closing Benton without bank. Goodin is 37 years old and is married. Two Missouri Banks Closed. JEFFERSON CITY. Dec. 18. Union Savings Bank of Monroe City, Monroe County. was closed by its directors today following steady and heavy run of withdrawals, according to the State Finance The State Bank of Collins, St. Clair County, with total resources of $81,000, was also closed. Two Arkansas Banks Close. Dec. (By U. Closing of two additional members of the group, which twelve closed today They the People's Bank and Merchants Bank of Green Forrest. Two Close in North Carolina. N. Dec. (By First National Bank and the Scotland County Savings Bank of Laurinburg were closed today. involving approximately $315.000 in deposits Hinto James is president of both.

4. July 30, 1931 The News and Observer Raleigh, NC
Article from The News and Observer, July 30, 1931

Click image to open full size in new tab

Article Text

OF BANK TO GET DIVIDEND Laurinburg, July to signed Burrowes, receiver for the closed First National Bank here cent dividend paid creditors with proven within days, which indicated the time will take get checks written. The First National Bank, oldest bank this closed December 17, 1930, and not until July of condition liquidation available. The report public at that time cash nearly total claims proven against the bank June