North Carolina Bank & Trust Company (Greensboro, NC)

Episode Information

Episode UID
66005571599
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6600557 routing
Routing Number
66-0055
Start Date
March 3, 1933
Location
Greensboro, North Carolina (36.073, -79.792)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2c2158808103628f

Response Measures

None

Description

Suspension was under state commissioner authority in March 1933; bank moved into liquidation and conservatorship with assets/records transferred by August 1933.

Events (4)
1. March 3, 1933 Suspension
Cause
Government Action
Cause Details
Commissioner of Banks authorized restrictions under new state law; bank limited withdrawals to 5% of deposits and suspended payments on old accounts.
Newspaper Excerpt
the bank's suspension payments on old accounts until Tuesday and the limiting of withdrawals ... five per cent
Source
newspapers
2. March 8, 1933 Other
Newspaper Excerpt
restrictions were placed banking here nearly six months ago ... transfers to the new institution; service to assist with balances since it went on restrictions March 8 (context: reference to restriction start date in later article).
Source
newspapers
3. May 3, 1933 Other
Newspaper Excerpt
restraining the commission from approving the plan of reorganization of the North Carolina Bank & Trust Co., at Greensboro, and its 17 branches.
Source
newspapers
4. August 29, 1933 Receivership
Newspaper Excerpt
Smith Medlin, conservator and liquidating agent for the North Bank and Trust company, and his staff ... moving along with their efforts preparatory to turning the affairs over to the liquidating committee.
Source
newspapers

Newspaper Articles (7)
1. March 3, 1933 The Salisbury Post Salisbury, NC
Article from The Salisbury Post, March 3, 1933

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Article Text

WEATHER THE LARGEST EVENING Fair CIRCULATION tonight and Saturday, with SALISBURY EVENING POST little change in the temperature. PROPORTION To CITV'S POPULATION IN Wire SALISBURY, FRIDAY, MARCH NEA Stock Cotton, Prices Rise Wheat, N. Joins 29 Other States In Bank New Confidence Stabilization Aid Action In Circles Through Legal Money ASSEMBLY QUICK No Restrictions Can Be Put On New Deposits Raleigh, Mar. The North Carolina sembly today into the commissioner banks authorize banks limit withdrawals of deposits to suspend Almost simultaneously, Commissioner of Banks Hood announced the North Carolina Bank and Trust main offices Greensboro, already had taken advantage legislation and had limited withdrawals five cent deposits in all Durham. Elizabeth City, Fayetteville Charlotte just few of the many places where the banks did not take advantage of new law. In Rocky the North Carolina Bank Trust Company's branch placed five cent limit on withdrawals. Banks of Goldsboro, after conference. announced they would take advantage of the law. "Section That the commissioner banks hereby and empowered. in addition to other vested in whenever in judgment the circumstances warrant to authorize any bank. savings bank. indusbank, or other institution unhaving the powto receive. which is receiving money on deposit: extend for such period he deems and expedipayment of any time deposits where notice has been given may hereafter given. To postpone the payment demand deposits for such time to such extent he deems necessary expedient. permit bank to deposits (after the time the granting of the authority for postponement of the payment withdrawal) and such deposits shall segregated and held used solely meet such new deposit liabilities, provided that sums received from such new deposits shall be invested. deposited administered in all respects the orders and directions of the commissioner and said commissioner of banks shall have absolute power in regard the handling such new deposits and providing methods of checking against same and said commissioner banks shall have absolute power any time withdraw the permisto receive such new deposits. costs connection with the handling and administersuch new deposbe borne by the bank the no part expenses shall be charged against new deposits that any prevent the payment of new deposits full. "Section order that any institution may avail itself of the privileges herein granted. shall accept such terms the commissioner of banks from time to time impose upon "Section The comissioner of banks authorized and directed take possesion of any intsitution under his for failure immediately meet its posit liabilities shall accept the terms imposed with the of this act. and he hereby of and bility for permitting such institution to Nothing herein contained shall construed or interpreted any manner abating of the powers granted to and exercised the under existing The commissioner banks given full power and thority make rules and regulations and impose terms in regard the and administration all banks which shall permitted which. under the the commissioner being conducted in under the provision of this "Section This shall force and effect from and after its Calhoun, of Greensboro president of the North Carolina Bank Trust are located Burlington, (Continued

2. March 4, 1933 The News and Observer Raleigh, NC
Article from The News and Observer, March 4, 1933

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Article Text

Purpose of Restriction in Withdrawals Explained by Bank Head Greensboro, March 3.-N. S. Cal houn, president of the North Carolina Bank and Trust Company, made the following statement tonight relative to the bank's suspension pay ments on old accounts until Tuesday and the limiting of withdrawals old accounts per cent indefinitely after that date: "In more than twenty-five States there has been either declared solute moratorium withdrawals from banks, or restrictions imposed on withdrawals from banks. With this condition existing, the General Assembly of the State of North Caropassed under which the Commissioner of Banks was authorized permit restrictions on with. drawals such banks in North Caro. lina should desire to avail themselves the provisions of the law. This law similar laws already existing in more than half of the States. North Carolina Bank and Trust Company that in order equal protection to all of its depositors and to bring about such condition as that no depositor could secure preference, should limit withdrawals per cent. limitation was put on the opening business March and applies to collected balances of the close March "The Commissioner of Banks has further authorized the North Caro lina Bank and Trust Company ceive deposits and all deposits which made on March which may made subsequent there will time be subject any restrictions to withdrawal."

3. March 4, 1933 News and Record Greensboro, NC
Article from News and Record, March 4, 1933

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Article Text

One) protection to all of its depositors bring about such condition that depositor could secure preference, should limit withdrawals per cent. This limitation put at the opening of business on March 1933, and applies to collected balances of the close of business March 1933. "The commissioner banks has further authorized the North lina Bank Trust to ceive deposits, and deposits which were made March 1933, which may be made subsequent thereto, at no time be subject to any withdrawal.' Notices were immediately posted in the bank explaining that the with drawal limit applied only to balances at the close It does not apply to deposits made after that Mr. Calhoun, in discussing the situation the Daily News, made It clear that the action was not any internal banking troubles. All the came from outside the state, number of states and large cities where been placed on bank As result of this situation; he money is being taken out of North Carolina going into states where restrictions have been placed, the result being that here are being drained. Little of the money that the goes restricted states finds its way back here. Checks on banks which been deposited collection with the North Carolina bank have in recent weeks been back" in increasing numbers, Mr. Calhoun The situation has become tional scope, and Mr. Calhoun said his bank decided on the course taken yesterday in order to keep the money in North Mr. Calhoun thinks the only way to break the deadlock in the banking situation that exists throughout the nation for the fed eral government take hand. He would not venture to say just what course he thought the should but referred to the large of that is being tied up in deposits in postal savings banks," from in 1930 to December 1932, and also understand there increase in postal savings during the month of January, 1933." He added these astounding figures.' money gone out circulation, he said, when the deposits these postal savings in commercial banks, each bank has government other acceptable bonds as security for the deposits. places the government in competition commercial banks are trying to serve the said. The North Carolina Bank and Trust company, addition the main bank and branches units High Point, Burlington, Salisbury, Kinston, mington, Raleigh, Scotland Rocky Mount, Tarboro, agencies Bayboro and Wallace. It learned that number of industrial plants had made special arrangements the bank to meet their pay requirements today. The Home bank did limit on Officials there the bank was 100 on and deposits that no restriction was Ready Emergency. March Governor Carolina said today stands governor added felt state action banking needed and

4. March 5, 1933 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, March 5, 1933

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Article Text

Government Control Necessary The North Carolina Bank and Trust Company, of Greensboro, Friday limited withdrawals to five per cent. of the amount of deposits. President Calhoun, who was connected with Winston-Salem bank for time, in discussing the action with Greensboro newspapermen, said that was ren dered advisable not by the general banking conditions in this state but in other states. His bank. he explained, has been having trouble lately with checks on banks in other States deposited with it for collection. Restrictions of some sort governing withdrawal of deposits and operations of banks have been put into effect recently in thirty States. This fact, to. gether with the effect the banking situation in one State has upon banking operations another State, shows how necessary it is that all the banks of the country be placed under some sort of governmental supervision. President Calhoun takes this view, although he declines to suggest lines this supervision should take. He refers to the large volume of money that is being tied up in postal savings accounts. This increased from $175,271,686 in 1931 $929,540,200 at the close of 1932. This increase is obviously due to the lack of confidence on the part of the people in commercial banks. The nation-wide banking situation clearly one -over which the Federal Government must ercise intimate authority and supervision. The economic system will not get to going again until money. the medium of exchange, is made to flow normally efficiently. greed, or her mind be cluttered with outworn ideas of decadent era. Let her hark not to the rasping voice of the demagogue, the shrill cry of the anarchist, the soft whispers of persuasive privilege, the insistent pleas of corruption.

5. May 3, 1933 The Times-News Hendersonville, NC
Article from The Times-News, May 3, 1933

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HOUSE BALKS ON CHANGES IN REVENUE BILL Hood Restrained From Approving Bank Reorganization Plan HOUSE 0. K.'s VOTE ON PROHI REPEAL RALEIGH, May 3.-(UP).The house today by a vote of 91 to 12 passed and rushed to the senate the Murphy bill calling for a general election in November to vote on the Blaine amendment to repeal the 18th amendment. On motion of Representative Rufus Doughton, chairman of the finance committee, the house today refused to concur with the senate in the latter's amendments to the revenue bill. Speaker Harris announced he would appoint five house members of a conference committee to meet the senate's committee to settle differences. State Commissioner of Banks Gurney P. Hood today was served with an order signed by Superior Judge Henry A. Grady of Clinton, at Newbern, restraining the commission from approving the plan of reorganization of the North Carlina Bank & Trust Co., at Greensboro, and its 17 branches. The petition was filed by Lucas and Lewis, a firm at Newbern. Under suspended rules and in the guise of organizing a breeders association, both branches of the general assembly today passed a bill by Representative Neal of McDowell cunty, legalizing pari-mutuel betting at race tracks in McDowell county. The house today passed the bill by Senator Waynick, of Guilford, to submit to voters in the 1934 general election a list of amendments to the state constitution.

6. August 29, 1933 News and Record Greensboro, NC
Article from News and Record, August 29, 1933

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New Security National Bank Has Auspicious Beginning (Continued from Page One) been gone, owing to the large used yesterday and supplied to for future use. A rush order was placed and there will be plenty of the tickets this morning. "Coming Back Home." One particularly encouraging observation made by bank officials yesterday was the large number of deposite made by people who have been doing their banking out of the city since restrictions were placed banking here nearly six months ago are coming back said President Calhoun The entire staff of the National Security here, totaling about 30 per sons, including officials, showed great enthusissm over their work. even though the day's business was of such volume as to keep them at their desks until late in the day. Speaking for officials of the bank, both in the home office and the three tranches, President Calhoun said they most gratified at the interest in its opening day by tue citizens of the various cities in which the bank is operat- To Publish Statements. "In is the intention of the bank." he added, publish a of the Security National bank after the close of business today. This may be delayed for day or two until reports from the branches are received by mail. Statements will be. published from time to time, letting the public know of the progress of the bank and the support which It in receiving in the towns where it The active officials here in addition to President Calhoun are Hugh P. Beal, cashier; Roger Ljung. assistant cashier: C. M. Venstory. Jr., trust officer, and R. 8. Gochenour, auditor. Dr. John Berry. of Greensboro, 18 vice president but 18 not actively connected with operations of the bank. Liquidating Force Busy. While the new Security National was getting itself off to good start yesterday, Smith Medlin. conservator and liquidating agent for the North Bank and Trust company, and his staff of workers were moving along with their efforts preparatory to turning the affairs over to the liquidating committee. There is vast amount of work yet to be done. but Mr. Medlin yesterday said he thought the transfer would be made within few days. The North Carolina bank liquidating committee is composed of four depositors. two stockholders and representative of the Reconstruction Finance corporation. The liquidating asent, who is asstated by John G. Allen and E. C. McLean. yesterday opened quarters in the old Greensboro National bank building on South Elm street, Regular banking hours, from to o'clock, will be maintained, but those who are unable to transact business during the regular hours will find the Washington street entrance to the building available to them at all hours during the day. The task of moving the old records of the North Carolina bank to the Greensboro National building started Saturday afternoon as soon as it was announced that the new Security National would open Monday. For the convenience of depositors, Assistant Conservator E. C. McLean and two tellers of the old North Carolina bank were located in the Security National yesterday to give information as to balances so that the depositors might write checks and transfer to the new bank money deposited in the North Carolina bank since it went on restrictions March 8. This service will be maintained for the next few days. Eager to Close Accounts. Mr. Medlin told the Daily News that many who had new accounts in the North Carolina bank transferred to the Security National yesterday He said he was eager for depositors to close their accounts in the North Carolina bank as quickly as possible and transfer them to the new institution. This, it was pointed out, not only would help the Security National but would enable the liquidatNo ing agent to speed up his work. more deposits are being received by the North bank, all efforts being confined to liquidating activities. Employes of the Security National and the North Carolina bank were called together yesterday morning to hear brief talks by Mr. Medlin and Mr. Calhoun. Although the two banks are now entirely separate institutions, Mr. Medlin pointed out the necessity for close co-operation on the part of the employes of both. He emphaalsed to those who are going from the North Carolina bank personnel to the Security National that they are working still for depositors of the old bank because of their ownership of stock in the new bank. The very best effort that you can put into the successful operation of the new bank will not be too much," he said. Mr. Calhoun spoke briefly with refto the duties and responsibilities that every employe faces, em- that all of depositors in the old North Carolina bank. News Security bank, looked when the new greatly in the first The bank the new National that went up 20 all buildings across Martin of the National with an European and nationals new 20 years the old very best in had gone Bank went and Trust after land had vacant Brown. the of the new branches but kept the for the office Then Commercial caved in and two ago after heavy That carried Raleigh National had The gone into the the Citizens into the North Carolina Bank and Trust company went into where receiv mains. This new national gan in the old There were today Vice President Robert De was in charge. Steed cashier and son the rector and has the deparment. formerly with the National here. The Raleigh branch took than $285,000 in for first day. trust business had been the Page Trust company Raleigh branch turned over to the new bank. ComGurney Hood of the department that today. These funds will transferred after days. The Page Trust which was to bank not account litigation which inter rupted the Whether there to any future action which the banking and banking and Trust return business. is The Page company in big office building which remains in The bank under and The Raleigh branch the biggest ramifying from Aberdeen. are 12 Page The Security National opens with almost an entirely new personnel H. Andrews is assistant servator ing and helping in the wind- conup of old accounts the in North Mr. Andrews before Citizens National went into North Carolina was cashier. father, the late Alexande Boyd the was body of the bank of which Joseph G. Brown the soul. Raleigh to Citizens National come back as tional.

7. January 30, 1934 News and Record Greensboro, NC
Article from News and Record, January 30, 1934

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EXECUTE AGAINST PERSON OF PORTER This Is Provided In Judgment Obtained Last Week By Matthew Pass. APPEAL BEING TAKEN Execution against the person death early Sunday evening of Waldo Porter, one defendants, Miss Jessie Ruffin Denton, in the event that execution against Whitakers, who Rocky his property returned Mount hospital following an operaprovided the judgment which has for appendicitis and subsequent been complications. signed favor of Matthew Pass action McLean, who was popularly his against known. had number friends liquidation agent the North CaroGreensboro and occasions and Trust company, and visited here Mrs. Harold Tayothers. and Mrs. Cecil Boren, Mrs Pass, who alleged in his complaint Taylor, cousin, left yesterday for that $2,500 deposited by him origthe conducted inally the old Greensboro the afternoon at bank, predecessor of the North Caroo'clock by Rev. Crichter. of lina Bank and Trust company, had Red George W. been invested First of the church gage without his con- Mount; Rev. D. Howell, verdict the full the Whitakers church, amount the last civil term of Su- and Whitakers. perior Her Rev Carlos Womack, The jury's verdict was that the of the Whitakers church. "did and will not be able to attend service. legally and remove the sum Miss Denton had attended Whit$2,500 to the plaintiff.' high school and Carois set out in the that lina Teachers' college Greenville the action was based the "illegal addition to her Mr. and and acts the defendant Mrs. Cicero Denton, she survived Waldo Porter and the North Carolina brothers, Dr. Cicero Denton, Bank and Trust company, through its and Thomas Roy Denton, all predecessor. Whitakers. At the time the funds were allegedly without plaintiff's con- NEGRO WOMAN PUTS or knowledge. Porter an official of the predecessor bank. UP BOND OF $5,000 The judgment also provides that the $2,500 ,secured by mort- Young, Held For Killing executed Franks Ethel Mebane January 21, wife, payable to Mr. Porter and in- Gains Freedom. dorsed by him in blank, shall be surBond of was posted Monday rendered the Security National Young, negro woman, bank the liquidating agent of the facing charge second North Carolina Bank and Trust the death pany. The judgment also to opEthel Mebane, also Sunday erate proof of an unsecured claim night, January bond against the defunct signed and Mrs. Judge Clement signed the Sedgefield, the defendjudgment Saturday, notice ant and Isaac Tonkins, appeal the Supreme negro. has been given by the defendants. The woman fatally