First National Bank (Monroe, NC)

View Charter #8712 on SPMC View balance sheet

Episode Information

Episode UID
871201564
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
87120 national
Charter Number
8712
Start Date
April 23, 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
6b7d839bc73cb597

Response Measures

Full suspension

Description

A 1933 article confirms the bank closed in April 1930 and stockholders faced assessments.

Events (4)
1. May 28, 1907 Chartered
Source
historical_nic
2. April 23, 1930 Run
Cause
Local Banks
Cause Details
Run triggered by failure/closure of nearby Bank of Union and resulting loss of confidence after Farmers Bank & Trust did not open.
Newspaper Excerpt
President Sikes ... blamed loss of public confidence for run on bank.
Source
newspapers
3. April 23, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension followed runs after the failure/closure of the Bank of Union and Farmers' Bank & Trust's failure to open.
Newspaper Excerpt
First National bank of Monroe suspended Wednesday.
Source
newspapers
4. June 9, 1930 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)
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. 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.

3. 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.

4. February 5, 1933 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, February 5, 1933

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Article Text

BANK STOCKHOLDERS TO RESIST PAYMENT Special The Charlotte Observer MONROE, Feb. 4-Forty stockholders of the First National bank. which closed in April, 1930, met here today at the courthouse to discuss plans of resisting payment of a 100 per cent assessment called by the North Carolina Bank and Trust Major W. C. Heath addressed the gathering, explaining, in his opinton, that the North Carolina Bank and Trust company had broken the contract which bound the stockholders of the First National bank to pay the assessment. By majority vote, the stockholders voted resist payment collectively.