Bank of Union (Monroe, NC)

Episode Information

Episode UID
66015471564
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
6601547 routing
Routing Number
66-0154
Start Date
April 22, 1930
Location
Monroe, North Carolina (34.985, -80.550)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
71a026fe7d97a727

Response Measures

None

Description

OCR in first article is garbled; dates inferred from datelines.

Events (2)
1. April 22, 1930 Suspension
Cause Details
Article states the bank 'failed to open' on Tuesday; no cause given.
Newspaper Excerpt
failure of the Bank of Union to open Tuesday
Source
newspapers
2. April 23, 1930 Suspension
Cause
Local Banks
Cause Details
Suspensions occurred following failure/closure of the Bank of Union, prompting loss of public confidence and runs on other local banks.
Newspaper Excerpt
Farmers' Bank & Trust Co. and First National bank of Monroe suspended Wednesday
Source
newspapers

Newspaper Articles (2)
1. April 24, 1930 Times Record News Wichita Falls, TX
Article from Times Record News, April 24, 1930

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Article Text

Three Banks Close in North Carolina Town MONROE. N. C., April 23. Two additional banks closed here today following failure of the Bank of Union to Tuesday and left this community without banking facilities The Farmers Bank and Trust company did not open its door day. and later in the morning the First National bank Sikes, president of the First National bank, blamed loss of public confidence following failure of the Farmers Bank and Trust company for its closing.

2. April 25, 1930 The Berkshire Eagle Pittsfield, MA
Article from The Berkshire Eagle, April 25, 1930

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Article Text

Co. has not purchased any interest in the mining rights of Beryllium Corp. at Keoflach in Steyr, Austria, as reported in Vienna It has never had an interest in this Due to Runs NEW failure of Bank of Union, Monroe, North Carolina, to open Tuesday, Farmers' Bank & Trust Co. and First National bank of Monroe suspended Wednesday. President Sikes of First National bank, said his institution was in good shape, and blamed loss of public confidence for run on bank. First National bank capitalized at $100,000 and had of and surplus of $55,000 at last financial statement. Farmers' Bank & Trust capitalized at $100,000 and had deposits of $300,000 and surplus $25,000.