gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b9ed50c633befe8f
Response Measures
None
Description
Closed Aug 7, 1930 as precaution against threatened withdrawals and later went into liquidation (assessments filed Sept/Nov 1930).
Events (3)
1.August 7, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Spread of rumors and threatened withdrawals prompted heavy deposit outflows and panic among depositors.
Measures
Directors ordered the bank closed as a precaution; 30-day notice rule invoked at Eastern to limit withdrawals.
Newspaper Excerpt
the Citizens Bank was closed this morning, minutes before its regular opening time, when throng depositors noted withdraw their funds.
Source
newspapers
2.August 7, 1930Suspension
Cause
Rumor Or Misinformation
Cause Details
Precautionary closure ordered by directors in face of threatened heavy withdrawals and spreading rumors.
Newspaper Excerpt
A notice posted on the doors said that the directors ... had ordered the bank closed because of threatened withdrawals.
Source
newspapers
3.September 18, 1930Receivership
Newspaper Excerpt
record of the capital stock defunct Citizens Bank and Trust company of New Sern which failed several weeks ago, The audit of the failed bank's fairs has been since tember 18, about pleted. filed the office of clerk of Wake Superior court.
Two New Bern Banks Temporarily Closed
NEW BERN, N. C., Aug. Citizens Bank and Trust Com pany, with resources of over million dollars failed to for business open today.
A notice posted on the doors said that the directors of the banking in stitution had ordered the bank closed because of threatened withdrawals. NEW BERN, N C., Aug. The failure of the Citizens Bank to open this morning caused run on the Eastern Bank and Trust Company which closed temporarily to protect its depositors. It is said that both banks will soon re-open.
2.August 7, 1930St. Louis Post-DispatchSt. Louis, MO
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Article Text
Two Depositories at Newbern, N. C., Shut Doors. By the Associated Press. NEWBERN. N. C., Aug. 7.-The only banks in Newbern closed their doors today. A notice posted on the door of the Citiens' Bank and Trust Co. said the bank was closed because of threatened withdrawals. Two hours later the Eastern Bank and Trust Co. was closed after a small run. The Citizens' Bank had a capital of $50,000 and total re-
3.August 8, 1930The Charlotte ObserverCharlotte, NC
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Article Text
TWO BANKS AT NEW BERN CLOSE TO PREVENT RUNS
NEW BERN, Aug. 7-State Bank Examiner John Mitchell and sistants from the banking department of the state corporation commission were expected here tonight to take charge of the Citizens Bank and Trust company and the Eastern Bank and Trust company of this city, both of which closed their doors here this morning as precautionary measures against threatened heavy runs and withdrawals. Since last October the First National Bank of New Bern has been in the hands of a receiver, so that the city is now without any commercial bank, except the Morris Plan bank. It is thought at least one of the two banks that closed today will be permitted to reopen shortly, as both are said to be in good financial shape. Closing of the Citizens bank affects the home office here and also its five branches at Arapahoe, Maysville, Oriental, Bayboro and Vanceboro. MRS. JOHN BASKERVILL INJURED IN CAR WRECK
Mrs. John Baskervill, wife of the Raleigh correspondent for the North Carolina Association of Afternoon Newspapers, had her right arm broken in three places when driven by her husband collided. another at Valdese, near here, Mr. Baskerville was not injured His wife is being treated at a Morganton hospital.
4.August 8, 1930The Charlotte NewsCharlotte, NC
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Article Text
Saturday Grocery And Market Specials For Thrifty Housewives
Two New Bern Banks Will Be Investigated
Examiner Seeking Facilities for Residents-Bank Officials Say Conditions Sound.
Taylor. an examiner of the State Banking Department. was in New Bern today to see what could be about giving New Bern banking facilities. Chief Examiner John Mitchell was expected later in the
Two banks. the Citizens Bank and Trust Company, closed their here yesterday. leaving New Bern with only Morris Plan bank Five branches of the Eastern in this section also closed The First Na. tional Bank suspended business here last Officials the two banks today reiterated statements that the in. stitutions are sound. and that closing was precautionary measure President W. Swan. of the Eastern, declared his bank would not have closed had officials not been under the impression that It could reopen or soon as public confidence was Directors of the Eastern late yes. terday appointed to investigate the possibilities*of imme-
5.August 8, 1930The News and ObserverRaleigh, NC
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Article Text
New Overwhelmed By Demands of Depositors
New Bern, Aug. 7.-State Bank Examiner John Mitchell and assistants from the banking department of the State Corporation Commission were expected in the city night to take charge the Citizens Bank Trust Company and the Eastern Bank Trust Company, which elosed here today precautionary measures against heavy runs withdrawals. New thus left, at least temporarily, without bank, except for Morris Bank, First National Bank has been in the hands receiver since October. hoped, that least one of the two closed today, and possibly both, may be reopen early they are reported to good dition. In fact, meeting of directors the Eastern Bank and Trust Company held late day, make immediate investigation the possibility opening the bank and its five possible. On the President Swan, dent John Weskett, and Warren, director and The branches are Maysville, Oriental, and Vanceboro. Citizens First To Close. The Citizens Bank was closed this morning, minutes before its regular opening time, when throng depositors noted withdraw their funds. gradual drawals and the spread of rumors during the last few days, large yesterday but the bank officials expected to open today, until the waiting throng was outside. Cashier Scott states that the bank in good shape and amply nominal tions that institution could stand heavy withdrawals and that only decision close the bank, order protect depositors and all others concern-
For almost two and half hours the Eastern Bank remained open after the closing of the other institution. Every effort was made handle the situation but early became evident that many panicky depositors would immediatetheir The 30-day rule for notifying the bank about withdrawing was put into force the tide ed and the that the heavier the rest of the day. To interests of all in the best manner (Please Turn to Page
6.August 8, 1930The Modesto BeeModesto, CA
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Article Text
Two North Carolina Banks Close Doors
NEWBERN, N C., Aug. 7.-(P) Citizens Bank and Trust Company the Eastern Bank and Trust Company their doors here to-day leaving city without a financial institution. notice posted on the door of the Citizens Bank Company being closed because of withhours the Eastern Bank and Trust closed in the fact of small run depositors.
7.August 8, 1930The Durham SunDurham, NC
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Article Text
NEW BERN HOPES TO REOPEN BANKS
Examiner Taylor, of the state banking department, was in New Bern today to see what could be done about giving New Bern banking facilities. Chief Examiner John Mitchell was expected later in the day.
Two banks, the Citizens Bank and Trust company and the Eastern Bank and Trust closed their doors here yesterday. leaving New Bern with only an industrial bank. Five branches of the Eastern in this section also closed. The First National bank suspended business here last October Officials of the two banks today reiterated statements that the are sound. and that (Continued on Page Eleven-A)
Out Plans For Banking Facilities
NEW aminer the banking New Bern today about Bern bankChief Examiner John Mitchell expected later in the the Citizens Bank and Trust company the Eastern Bank Trust closed their doors here leaving New Bern industrial branches the Eastern section closed The National Bank suspended business October
9.August 8, 1930News and RecordGreensboro, NC
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Article Text
2 NEW BERN BANKS CLOSE THEIR DOORS
Citizens Bank and Trust Company and Eastern Bank and Trust Close.
CITY NOW HAS NO BANK
(Special to Daily News) New Bern, Aug. Bank Examiner John Mitchell and assistants from the banking department of the State Corporation commission were expected here tonight to take charge of the Citizens Bank and Trust company and the Eastern Bank and Trust of this city. of which closed their doors both here this morning as precautionary against threatened heavy measures runs and withdrawals. Since last October the First Naof New has been tional hands of receiver, that in the the city now without any except the Morris Plan mercial hoped that at least one bank. the two that closed today of will be permitted to reopen to be in good finan as both are cial shape Citizens bank closed The first, five minutes before opening time this morning, when large of depositors noted waitthrong outside to withdraw The directors met hurriedly and decided to open. After gradual withdrawals and spread ruthe last few there mors during large withdrawals yesterday Scott states that the bank Cashier able to operate under amply normal trend but that no tion could stand unusually heavy The Eastern bank remained open for almost two hours dur- deing the withdrew funds and there positors indications that the hysteria would of this bank affects The closing office here also its the home five Oriental, Bayboroa Vanceboro. Mr states he believes is closing. He the and that the officers will confer with the bank examiners relative to reopenat an date. meeting of directors of the Eastern Bank and Trust company here late today, appointed to immediate the of the bank and its five as soon as possible. On the are President Vice President John Weskett, and T. Warren. director and attorney The Eastern bank has capital stock of with undivided of and of over Riley Ross is cashier capital of the Citizens bank with surplus and divided profits than Henry Henderson is president.
10.August 11, 1930Statesville Record and LandmarkStatesville, NC
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Fanned Rumors Cause Hysteria Remaining Banks Close Two National Failed Their Last October. New Citizen's Bern, Aug. Bank and Trust Company and the Bank and Trust Company which closed yesterday will not the arrival here of John open Mitchell, chief bank cials said today. meantime Taylor, another bank examiner, charge.
New Bern, Aug. Bank Examiner John Mitchell and assistfrom the banking department of State Corporation take charge of the Citizens Bank and Trust Company and Bank and Trust this both which closed their Thursday morning precautionary against threatened heavy runs Since the First bank. has been the hands of that now without except the Morris Plan bank that least one of the banks closed shortly. said to be in good financial shape. Citizens bank was closed five minutes before opening time, large throng depositors noted waiting withdraw The directors met decided not After gradual withdrawals and the spread of rumors during the last were large withdrawals Wednesday. Cashier Scott states that the bank amply able to under normal trend but that institution could stand unusually heaEastern bank remained open for almost two half hours ing the morning but depositors withdrew funds and there were ind cations that the hysteria would grow. The closing of this bank home office here and also its five branches Arapahoe, Maysville, Oriental, Bayboro and Vanceboro.
11.August 11, 1930Statesville Record and LandmarkStatesville, NC
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Article Text
Wilson Company to Occupy Citizens Bank EastBank and Trust Co. Given Permission Reopen. New Bern, Aug. ference State Bank Examiner John Mitchell Friday afternoon Swan and John Weskett, and vice president of the Eastern and Trust that had given the bank here, they open obtain the of the possible that the bank tors. reopened here within the next local branch the Branch Banking and Trust Company, of Wilopened here this morning at Harris, sistant vice president of the will be in charge of the local Although the new bank will have connection whatever with any the former banks, be housed Bank Trust Company audit Citizens Bank books will be separ ately the Baxter, of Raleigh, the liquidating of the banking division the state comTaylor, of Raleigh, of the banking department of the state corcommission, took charge of poration the Citizens Bank Trust the Eastern Bank and Company Trust Company, which closed Thursas precautionary measures heavy and withdrawals. prevent
12.November 9, 1930News and RecordGreensboro, NC
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Article Text
HOLDERS OF RALEIGH BANK STOCK ASSESSED
Sixty Persons Must Pay for and Trust Co.
Daily News Office Raleigh, Nov. stockholders the Raleigh Banking Trust which went down the crash the Durfey and Marr brokerage house, the beginning several days run on the bank, must by November 10. the corporathe sessment representing capital stock of the The Raleigh Banking and Trust company. which closed its doors and went liquidation through the Page Trust company September 16. carried deposits when the doors closed. the stockholdand directors Drake, the largest and he and his family will have the largest amount Mr. Drake's family had nearly $100,000 invested in the bank. On the same day in Craven county Superior court, assessments will docketed by the corporation against the 61 stockholders record of the capital stock defunct Citizens Bank and Trust company of New Sern which failed several weeks ago, The audit of the failed bank's fairs has been since tember 18, about pleted. filed the office of clerk of Wake Superior court.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
