First National Bank (Louisburg, NC)

View Charter #7554 on SPMC View balance sheet

Episode Information

Episode UID
755401584
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
75540 national
Charter Number
7554
Start Date
December 24, 1931
Location
Louisburg, North Carolina (36.099, -78.301)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4aa84b0c02ade450

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1931-12-22
Date receivership terminated
1937-09-29
Share of assets assessed as good
44.4%
Share of assets assessed as doubtful
48.1%
Share of assets assessed as worthless
7.5%

Description

Receiver appointed Dec 1931 and later federal loan to the receiver in 1933; no run reported.

Events (4)
1. January 12, 1905 Chartered
Source
historical_nic
2. December 22, 1931 Receivership
Source
historical_nic
3. December 24, 1931 Receivership
Newspaper Excerpt
Mr. Norman S. Bennett ... has been appointed as Receiver for the First National Bank of Louisburg. He received his commission from the Comptroller of the Currency
Source
newspapers
4. May 3, 1933 Other
Newspaper Excerpt
loan of $20,000 to the receiver the First National bank Louisburg
Source
newspapers

Newspaper Articles (3)
1. February 14, 1930 The Greenville News Greenville, SC
Article from The Greenville News, February 14, 1930

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Article Text

Bank Of Chesnee In Examiner's Hands SPARTANBURG, Feb. The Bank of Chesnee, of Chesnee, 20 miles northwest of here placed its affairs in the hands of the state bank examiner at directors meeting at o'clock tonight. The institution lost a number of deposits when the Dollar Savings bank and the Carolina National bank of closed December 30, but the directors were able to restore confidence and stabilize matters until today when the failure of the Rutherford county banks and the American State bank at Gaffney. rendered the situation too acute for the Chesnee bank to continue operations. The deposits, at close of business yesterday, amounted to $228,793.26 showing decrease of about $106,000 since the published statement of December 31, 1929; capital stock of the bank was $50,000. surplus $20,000 and bills payable none.

2. December 24, 1931 The Nashville Graphic Nashville, NC
Article from The Nashville Graphic, December 24, 1931

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Article Text

Norman S. Bennett Appointed Receiver of Louisburg Bank Receives Commission From Comptroller of Currency of Washington, C. Mr. Norman S. Bennett, who has been connected with the Peoples Bank and Trust Company of this city for number of years as assistant cashier has been appointed as Re ceiver for the First National Bank of Louisburg. He received his commission from the Comptroller of the Currency of Washington, D. C. Mr. Bennett left Wednesday for that city to take up his new duties. The government has made wise move in selecting this fine gentleman to handle the affairs of this defunct institution. His friends of this section and the county and state as whole will learn with much pleasure of his ap pointment and wish for him much success in his new adventure.

3. May 3, 1933 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, May 3, 1933

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Article Text

Shows Funds Report Not Yet Disbursed In N. WASHINGTON May large loans North Carolina banks, authorized by the Corporation March, had disbursed April the latest report of the discloses. These included loan of $517.000 to receiver of the mercial National bank High Point; $15,000 Champion Bank Trust company, Can$150,000 Commercial bank Lexington: $20,000 to the receiver the First National bank Louisburg: $15,000 to the Bank French Broad, Marshalk $7,500 the Bank Rich $100,000 the First bank Shelby; $60,000 the Union Trust company of Shel$32,000 the Farmers National Bank Trust company. Other loans North Carolina banks authorized during March $37,500 to the Citizens tional bank Durham; $500,000 North Carolina Bank Trust $16.the Bank Ashe, Jeffer$5,000 Bank Ashe, $10,000 Deposit Savings bank. North boro, $173,000 Wake County Savings bank, Raleigh: $10,000 the Bank Red Springs; $5,000 Citizens Trust company, Bank Spruce Pine; 000 the Merchants Farmers Bank, Inc., of Statesville, and the Peoples Loan Savings bank, Statesville.