gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
07db6a73653864db
Response Measures
None
Receivership Details
Depositor recovery rate
18.0%
Date receivership started
1931-05-01
Date receivership terminated
1937-09-16
Share of assets assessed as good
37.5%
Share of assets assessed as doubtful
59.0%
Share of assets assessed as worthless
3.5%
Description
The National Bank of Kinston was ordered closed by the national bank examiner due to frozen assets before it could open for the day; its suspension then triggered runs on the other local banks.
Events (5)
1.February 25, 1908Chartered
Source
historical_nic
2.April 21, 1931Suspension
Cause
Government Action
Cause Details
Ordered closed by the national bank examiner due to frozen assets and poor collections.
Newspaper Excerpt
The National Bank of Kinston, faced with poor collections, was ordered not to open today by the national bank examiner.
Source
newspapers
3.May 1, 1931Receivership
Source
historical_nic
4.November 29, 1931Receivership
Newspaper Excerpt
judgment New in federal court, filed National Bank for the the $2,800 he Kinston, allowed of from Harvey, seeking and executive officer mer cashier
Source
newspapers
5.November 30, 1936Other
Newspaper Excerpt
Fagan will continue as receiver of the Wayne National Bank of Goldsboro the First National of Kinston, and the National Bank of Kinston.
Source
newspapers
Newspaper Articles (13)
1.April 21, 1931The Charlotte NewsCharlotte, NC
Click image to open full size in new tab
Article Text
Two Kinston Banks Close
Financial Institutions Shut Doors Within HourRun Started On Another.
Kinston, April tional Bank Kinston failed business National Bank forced its doors middle the Merchants and Farmers Bank experiencing The National Bank Kinston closed by order the national examiner who said assets developed National the other closed the officers decided Heath president National Bank of Kinston and Tingle McCoy president of the First National and Harvey executive vice-president and
Each of the banks understood deposits approximately Figures published by the banks listed condition March 31, follows: Harvey, vice-president cashier. Bank of Kinston: J. cash-
Marrying for money resort.
2.April 21, 1931The JournalMeriden, CT
Click image to open full size in new tab
Article Text
False Fire Alarms, Soap Box Oratory Fail To Halt Run On North Carolina Bank
Kingston, April (AP) fire alarms oratory to today in one had closed. The false in hopes would distract gathered Farmers Merchants bank, failed the crowd's interest. Neither did the distant playing brass which was brought into action. Chamber Commerce representatives pleaded from for the depositors to leave money with the bank. The bank meeting all dethis afternoon. The the National Bank Kinston failed open this and an hour the First National Bank closed.
3.April 21, 1931The Columbia RecordColumbia, SC
Click image to open full size in new tab
Article Text
TWO KINSTON BANKS CLOSED
KINSTON, N. C., April Two banks closed here today and officers of the only remaining one turned to drastic steps to save it in the face of run which a brass band. soap box orators and false fire alarms failed to halt. The National Bank of Kinston. faced with poor collections, was ordered not to open today by the national bank examiner. Forty-eight minutes after it opened the First National, facing a heavy run, posted a notice it was closing "for the protection of depositors."
TWO BANKS AT KINSTON CLOSE
Run Made on Third But Funds Are on Hand to Pay Off All Withdrawals
KINSTON, April banks closed here today and officers of the only remaining one turned to drastic steps to save it in the face of run which brass band, soap box orators and false fire alarms failed halt. The National bank of Kinston, faced with poor collections, was dered not to open today the by tional bank examiner minutes after opened the First National, facing heavy run posted notice was closing "for the protection of depositors.' similar run was in progress the Farmers Merchants bank, which, however. was still withstanding the inroads of withdrawals at noon. large crowd gathered at Kinston's principal corner during the morning. Speakers, representing the chamber of commerce and interests vantage points and sought to allay the fears of depositors, but apparently without effect Officials the First National bank insisted its affairs "in excellent condition" and blamed the closing on the of depositors. Thomas president of the National Bank of Kinston, said depositors his bank would lose little. Tingle 18 cashier of the National bank W. H. McCoy is president. W. Harvey, vice president and cashier, of the First National. Figures published by the banks give their condition as of March 31 follows: First $125,000: surplus profits deposits $1,167,000. National Bank of surplus and profits deposits Today President Heath said deposits were and that funds due the bank totaled about $700,000.
5.April 22, 1931Hickory Daily RecordHickory, NC
Click image to open full size in new tab
Article Text
KINSTON BANK MAY RE-OPEN SHORTLY April Directors the First National bank here, which closed yesterday when faced by after the run National Bank of Kinston suspended, today considering possible re-organization and opening but no announcement was expected for day or at Farmers and Merchants bank, remaining financial institution, appeared definitely have the storm which broke following yesterday's closings. It remained open throughout yesterday, augmented its cash reserve night and appeared to be doing normal business today. The National Bank of Kinston closed by the Nationbank examiner because of
Directors Of Closed Bank Consider Plans Re-organizing
KINSTON Apr. Directors the First National Bank here. which closed yesterday when faced run after the tional Bank of Kinston suspended. today were possible organization and re-opening but no was expedted for day least. The Farmers Merchants Bank, only remaining financial institution, appeared have weatherthe storm which broke about following yesterday's closings. remained throughout yesterday, augmented its cash reserve last night and doing today. The National Bank of was ordered closed by the National Bank examiner because of "frozen Heath president of the National Bank of Kinston and Tingle cashier. H. McCoy president of the First National and W. B. Harvey executive and cash-
Figures published by the banks in condition March 31, follows: First surplus and deposits, McCoy, president, Harvey, and cashier National Bank of $120,000; surplus and prifits, $54.000; deposits, Heath, president, Tingle cashier.
7.April 22, 1931Goldsboro News-ArgusGoldsboro, NC
Click image to open full size in new tab
Article Text
Trv To Reorganize One Kinston Bank
April 22. of the First National Bank here. which closed yesterday when faced by run after the National Bank Kinston suspended. today were considering possible reorganization and reopening. but no nouncement expected for at least.
The Farmers and Merchants Bank. only remaining financial inappeared definitely have weathered the storm which about following yesterday's closings remained-open through yesterday. augmented its cash last night and appeared be doing normal business today
The National Bank of Kinston ordered closed by the national bank examiner because of "frozen
FRANTIC EFFORTS FAIL TO CHECK RUN ON BANK
KINSTON, N. C., April 21 fire and today effort to halt run Kinston's remaining bank after others had closed. false fire alarms, rung in hopes they would distract crowd depositors gathered the Farmers and Merchants failed draw interest. did playing brass band, which was brought action. of commerce representatives pleaded from for the depositors to leave their money with the bank meeting all demands this run began when the National Bank Kinston failed morning later the First National bank closed.
9.April 22, 1931The Charlotte ObserverCharlotte, NC
Click image to open full size in new tab
Article Text
KINSTON BANKS CLOSE IN PANIC
False Fire Alarms Ring and Band Plays When Run on Remaining Bank Starts.
KINSTON. April distant band played and false fire alarms rang In an effort to distract them, depositors stormed the Farmers and Merchants bank of Kinston today after two others had closed. but found all their demands met. Tonight the bank's officers ex. pressed belief the run was over. The banks closing were the National bank of Kinston and the First National bank of Kinston Upon orders of the national bank examiner. who said he found its assets "frozen," the National bank of Kinston did not open this morning. Runs started on the other banks and 48 minutes later the First National closed. PLEAD ON SOAP BOXES. Chamber of Commerce representatives stood on soap boxes before the Farmers and Merchants bank and pleaded with the depositors to leave their money in the bank, the only remaining financial institution in the city. They also arranged for the band to play and for the fire alarms to be turned in. Approximately in deposits were tied up with the closing of the two banks. Officials of the First National said its affairs were in excellent condition and blamed the closing on the hysteria of depositors. Officers planned to seek to reopen SMALL LOSS SEEN. W. Heath, president of the National bank of Kinston, said the depositors would lose very little through the bank's closing. He said its officers were considering the possibility of reorganizing and reopening it. The bank was capitalized at $120,000. On March 31 its officers reported it had deposits of $1,105,000 and surplus and profits of $54,000. J. P. Tingle is cashier of the bank. The First National bank's deposits, as of March 31, were reported to be $1,167,000. with surplus and profits of $77,000. It was capitalized at $125,000. Officers of the Farmers and Merchants bank said deposits during the last hour of business today were greater than withdrawals. They said they had "considerable sum" in cash on the way here from Richmond for use if there were heavy withdrawals tomorrow.
FALSE ALARMS FAIL TO HALT RUN ON BANK
KINSTON, N. C., April 21 fire alarms and soap box oratory resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed. The false fire alarms, rung in hopes they would distract crowd of depositors gathered the Farmers and Merchants Bank, failed to draw the crowd's interest. Neither did the distant playing of a brass band which was brought into action. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money with the bank. The run began when the National Bank of Kinston failed to open morning and an hour later the First National Bank closed.
11.April 22, 1931The News and ObserverRaleigh, NC
Click image to open full size in new tab
Article Text
One Fails To Open; Another Shuts Doors Because of Heavy Run
Kinston, April was black Tuesday for Kinston. was the most hectic day in the city's recent history. The National Bank of Kinston, oldest local financial institutions. failed to open for business. Depositors swarmed down on the National Bank and Farmers and Merchants Bank runs. The was forced to close. latter weathered the storm. Excitement rife; ruled Queen Gordon Streets, where all three in stitutions are Crowds Harangued. Business leaders chamber of commerce rallied quickly. "Soapboxers" harangued the crowds effort to stem the runs. False alarms were rung from points the business district effort divert them. Even band played, parading through the streets. milling depositors continued the Farmers Merchants and First National. minutes after opening, latter went directors posted notice closed door the effect business been pended protection of depositors. Harvey, executive stated examination First National's affairs night showed to excellent dition without liability against directors stockholders. In Good Shape. Will Allen, ident the and said state institution better shape the winter. Farmers Merchants been regarded locally sort financial gibraltar. the orators who addressed Among the crowds from the curbsides Fred Sutton, member of islature: Rouse, former several business Plato Collins, tary the chamber commerce. department store manager funds before the crowd's entered bank deposit them. Stranger Lends Hand. Hawaiian broke the speakstranger, staying temporarily,' money in these banks. going there." the managers chain stores in the city had confer red agreed not day. made cent during their usual deposits. The mayor made appeal the public This carried extras. midst paper officers the First citement National announced they would close (Please Turn to Page Two.)
12.November 29, 1931News and RecordGreensboro, NC
Click image to open full size in new tab
Article Text
Kinston Bank Receiver Is Allowed Judgment of $2,800
(Special Daily News) judgment New in federal court, filed National Bank for the the $2,800 he Kinston, allowed of from Harvey, seeking and executive officer mer cashier Harvey did not file an the bank. Mr. to the Harvey was also the suit Mrs. In and she filed defendant alleging that an alleged loan and received any the indorsed the note that name without her knowladded there was to be This edge says the passed on
Miss Turnage Weds. TurKinston, Faulkner, both of Wilbur and married here Lenoir were small numWednesday the perber witnessed magistrate. Faulkformed by Mr. and Mrs. daughter ner Turnage, the member Frank of well known family.
FRANK FAGAN MADE RECEIVER OF BANKS Goldsboro Man Given Two More To Make Five Banks He Is Now Administering Goldsboro, Nov. 30 (AP)-Frank F. Fagan, of Goldsboro, has been appointed receiver of the First National Bank of New Bern and the National Bank of Washington, N. C., and will assume his duties December 5, it was announced today. Fagan will continue as receiver of the Wayne National Bank of Goldsboro the First National of Kinston, and the National Bank of Kinston.
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.
