Initial closings described as precautionary after threatened withdrawals; later records show liquidation and assessments.
Events (3)
1.August 7, 1930Run
Cause
Rumor Or Misinformation
Cause Details
Threatened withdrawals/small run and general depositor nervousness prompted heavy withdrawals
Measures
Directors ordered the bank closed; posted notice on doors
Newspaper Excerpt
a notice posted on the doors said ... closed because of threatened withdrawals
Source
newspapers
same day
2.August 7, 1930Suspension
Cause
Rumor Or Misinformation
Cause Details
Directors ordered temporary closure to protect depositors amid threatened withdrawals
Newspaper Excerpt
Two banks, the Citizens Bank and Trust company and the Eastern Bank and Trust company, closed their doors here yesterday
Source
newspapers
+42 days
3.September 18, 1930Receivership
Newspaper Excerpt
defunct Citizens Bank and Trust company of New Bern which failed several weeks ago ... audit of the failed bank's affairs has been completed (Sept. 18).
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 Index-JournalGreenwood, SC
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Article Text
Examiner To Cope With Bank Trouble
NEW BERN, Aug. 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 company, 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.
4.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.
5.August 8, 1930The Columbia RecordColumbia, SC
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Article Text
EXAMINER INVESTIGATES NEW BERN BANK FAILURES
NEW BERN, N. Aug. -Examiner Taylor, of the state banking department, was in New Bern today see what could be done about giving New Bern banking facilities. Chief ExaminJohn Mitchell was expected later in the day. Two banks, the Citizens Bank and Trust company and the Eastern Bank and Trust company, closed their doors here yesterday, leaving New Bern with only an industrial bank. Five branches of the Eastin this section also closed. The First bank suspended business last October.
6.August 8, 1930The Richmond News LeaderRichmond, VA
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Article Text
NEW BANKING FACILITIES ARE CUT
Two Banks Closed and State Examiner Now Studying Conditions.
Asosciated Press Taylor, an examiner of the state banking department, was in New Bern today to see could be done about giving New Bern banking facilities. Chief Examiner John Mitchell was expected later Two banks, the Citizens' Bank and Trust Company, closed their doors here yesterday, leaving New Bern with only Morris Plan bank. Five branches of the Eastern this section also closed. The First National bank suspended here last October. Officials of the two banks today reiterated that the institutions are sound and that closing was precautionary measure. The News Leader covers Richmond Roof.
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, 1930Ledger-StarNorfolk, VA
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Article Text
PREPARE REOPENING
Two Closed Financial Institutions At New Bern Said To Be Sound
New Bern, C., Aug. Taylor, examiner the state banking was New today what could done about giving Bern bankfacilities. Chief Examiner Mitchell expected later in banks, the Citizens Bank and Trust Company the Eastern and Trust Company, closed doors here yesterday, leaving Bern withonly Bank branches the Eastsection closed. Bank suspended last Officials the banks today reiterated stitutions sound and that closprecautionary President W. Swan the declared his bank would closed had, officials been the impression that could reopen immediately soon public confidence was restored. Directors the Eastern appointed investigate sibilities reopening
10.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
11.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.
12.October 30, 1931The Daykin HeraldDaykin, NE
Article Text
NEW BANKING FACILITIES ARE CUT
Two Banks Closed and State Examiner Now Studying Conditions.
Asosciated Press Taylor, an examiner of the state banking department, was in New Bern today to see could be done about giving New Bern banking facilities. Chief Examiner John Mitchell was expected later Two banks, the Citizens' Bank and Trust Company, closed their doors here yesterday, leaving New Bern with only Morris Plan bank. Five branches of the Eastern this section also closed. The First National bank suspended here last October. Officials of the two banks today reiterated that the institutions are sound and that closing was precautionary measure. The News Leader covers Richmond Roof.
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.
