Wilmington Savings & Trust Company

Episode Information

Episode UID: 66000171103
Episode Type: Suspension → Closure
Bank Type: trust
Bank ID: 6600017 routing
Routing Number: 66-0001
Start Date: November 25, 1891
Location: Wilmington, North Carolina (34.226, -77.945)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: c4e22f6e7556bf6e

Response Measures

None

Description

Article says the Wilmington Savings & Trust Company was 'affected' by the suspension of the First National; it's unclear if it fully suspended or was only impacted.

Events (1)

1. November 25, 1891 Suspension

Cause: Local Banks
Cause Details: Affected by the suspension of the First National Bank of Wilmington; local bank distress contagion.
Newspaper Excerpt: The Bank of New Hanover Wilmingtor, Savings and Trust Company affected 1.3 the suspension.
Source: newspapers

Newspaper Articles (1)

1. November 26, 1891 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, November 26, 1891

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Article Text

BANK CRASH AT WILMINGTON, N. C, The First National Suspends-Exeitement Subdued-Everything Quiet. [By telegraph to the Dispatch.) WILMINGTON, N. C., November 25.-The follow 12 notice was posted on the doors ofthe First National Bank this morning: "In consequence of the stringency in duancial and and their inability to meet further demands, the directors of this bank have docided In the interest of all concerned, to suspeed business until (u ther notice." The officers an in 110 bank, every entrance to which is doesd. and it is impossible now to get any statementas to the condition of affairs. CAPITAL STOCK AND DEPOSITS. The capital stock is $250,000. and the last publish statement shows deposits amounting 63403,000. An employee of the bank who is Amiliar with its affairs has just expressed the opinion to an Associated Press reporter that the depositors will suffer no loss. Large crowds are gathered around the bank discussing the situation, but the excitement 1s of sentified character Cad everything is comparatively quiet. The Bank of New Hanover Wilmingtor, Savings and Trust Company affected 1.3 the suspension. EXAMINGE ALDEN TO TAKE CHARGE. WASHINGTON, D. C., November 25.-Mr. Lacey, Despiratier of the Currency, was informed this sorming of the suspension of the First National Bank of Wilmington, N. C., and he instructed Bank Staminer Alden to proceed from WashIngion at once to take charge of the bank. STATEMENT FROM THE DIRECTORS. WILMINGTON, N. C., November 25.-The Board of Directors has given to the press the following Scial statement concerning the suspension of the First National Bank: Theranses which led to the suspension have existed & long while. The capital was impaired by heavy losses several years ago, as is generall) understood from the fact that no dividends Date been declared since 1887. The directors hoped that 413 careful management the earnings of the tank would be sufficient in a few years to cover these old losses, but slow collections in consequence of the general stringency prevailing in section 200 this fall, have compelled them to alendon this hope and close the bank to protect the depositors as well as the kholders against further risk. Notwithstanding the shrinkage in many BO curities on account of the general deprossion in business, it is hoped that the resources of the bank, under prudent handling. will yield more than enough to pay the deposiDOCS in