Bank of Rutherfordton (Rutherfordton, NC)

Episode Information

Episode UID
5849873891273
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
584987389 hash
Start Date
January 6, 1906
Location
Rutherfordton, North Carolina (35.369, -81.957)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d1b2a1a3a3eb1166

Response Measures

None

Description

State examiner took charge and a receiver was to be named; articles cite insolvency per examiner.

Events (2)
1. January 6, 1906 Receivership
Newspaper Excerpt
A receiver will be named. President D. F. Morrow states that the bank was closed on account of unpaid notes; ... all depositors would be paid in full.
Source
newspapers
2. January 6, 1906 Suspension
Cause
Government Action
Cause Details
State bank examiner, by order of the corporation commission, took charge after finding the bank conducted business unsafely and insolvent.
Newspaper Excerpt
State Bank Examiner F. J. Haywood today took charge of the Bank of Rutherfordton ... A receiver will be named.
Source
newspapers

Newspaper Articles (7)
1. January 7, 1906 Evening Star Washington, DC
Article from Evening Star, January 7, 1906

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Article Text

Bank in Charge of Examiner. CHARLOTTE, N. C., January 6.-State Bank Examiner F. J. Haywood today took charge of the Bank of Rutherfordton, N. C., by order of the corporation commission. A receiver will be named. President D. F. Morrow states that the bank was closed on account of unpaid notes; that the assets were far in excess of liabilities and all depositors would be paid in full. The assets, according to the president, are $8,000 cash, $14,000 in notes and bonds, and banking house furniture and fixtures worth $8,000. The capital stock was $10,000.

2. January 7, 1906 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 7, 1906

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Article Text

North Carolina Bank's Troubles. Charlotte, N. C., Jan. -State Bank Examiner F. J. Haywood today touk charge of the Bank of Rutherfordton, at Rutherfordton, N. C., by order of the corporation commission. A receiver will be named. President D. F. Morrow states that the bank was closed on account of unpaid notes, that the assets were far in excess of liabilities, and all depositors would be paid In full. Assets, according to the President, are $8,000 cash, $14,000 in notes and bonds and banking house furniture, and fixtures worth $3,000. The capital stock was $10,000.

3. January 7, 1906 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 7, 1906

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Article Text

Receiver for North Carolina Bank. Charlotte, N. C., January 6.-The state bank examiner, F. J. Haywood today took charge of the bank of Rutherfordton, at Rutherfordton, N. C., by order of the corporation commission. A. receiver will be named. President D. F. Morrow states that the bank was closed on account of unpaid notes: that the assets were far in excess of liabilities, and all depositors would be paid in full. The assets, according to the president. are $8000 cash, $14,000 in notes and bonds and banking house furniture and fixtures worth $3000. The capital stock was $10,000.

4. January 7, 1906 Daily Press Newport News, VA
Article from Daily Press, January 7, 1906

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Article Text

State Bank Fails. (By Associated Fress CHARLOTTE, N. C., Jan. 6.State Bank Examiner F. J. Haywood today took charge of the bank of Rutherfordton, at Rutherford:on, N. C.A receiver will be named.

5. January 7, 1906 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 7, 1906

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Article Text

North Carolina Bank's Troubles. Charlotte, N. C., Jan. -State Bank Examiner F. J. Haywood today took charge of the Bank of Rutherfordton, at Rutherfordton, N. C., by order of the corporation commission. A receiver will be named. President D. F. Morrow states that the bank was closed on account of unpaid notes, that the assets were far in excess of liabilities, and all depositors would be paid in full. Assets, according to the President, are $8,000 cash, $14,000 in notes and bonds and banking house furniture, and fixtures worth $3,000. The capital stock was $10,000.

6. January 9, 1906 The Semi-Weekly Messenger Wilmington, NC
Article from The Semi-Weekly Messenger, January 9, 1906

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Article Text

RUTHERFORDTON BANK CLOSED Examiner Haywood in Charge Until a Receiver Can be Appointed-Charters by the State. (Special to The Messenger.) Raleigh, N. C., January 6.-The corporation commission, upon the report of Bank Examiner F. J. Haywood, Jr., that the Bank of Rutherfordton has conducted business in an unsafe and unauthorized manner, jeopardizing the interests of depositors, and is now insolvent, orders the examiner to take charge until the commission has a receiver appointed to wind up business. D. F. Morrow, of Rutherfordton, is president of the bank, which at its last statement showed assets $31,518, capital $10,000, deposits $18,996. Charters are issued to the BerryhillSuther-Drufee Company, Charlotte, wholesale and retail shoe business, capital $25,000; the North State Bobbin Company, Mount Airy, capital stock, $25,000; the Lee-Dupree Hardware Company, Dunn, wholesale and retail, capital stock $50,000; the Interstate Machine and Supply Company, Wilmington, T. D. Olive, R. W. Gibson and others stockholders, capital $50,000 half subscribed.

7. January 11, 1906 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, January 11, 1906

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Article Text

Bank's Doors Closed at Rutherfordton. Charlotte, Jan. 6.-State Bank Examiner F. J. Haywood today took charge of the Bank of Rutherfordton, at Rutherfordton, N. C, by order of the Corporation Commi-sion. A receiver will be named. President D. F. Morrow states that the bank closed on account of un paid notes; that the assets were far in excess of liabilities, and all depo=ito S would be paid in full. The according to the president, are $8,000 cash, $14,000 in notes and bonds, and banking house furniture and fixtures worth $3,000 The capital stock was $10,000.