12011. Planters Bank (Wilson, NC)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 29, 1931
Location
Wilson, North Carolina (35.735, -77.931)

Metadata

Model
gpt-5-mini
Short Digest
494829e9

Response Measures

Full suspension

Other: Bank appears to have closed (suspended) and later declared defunct; grand jury probe in 1932. Branch Banking & Trust brought currency to other Wilson banks to satisfy depositors.

Description

Contemporary newspapers report a run/heavy withdrawals on Planters Bank leading the bank to close on Dec 29, 1931; attempts to reopen under depositors' agreement were mentioned but the bank remained defunct (grand jury probe noted in Dec 1932). Cause of the run is reported as contagion from other local bank failures ('follow lead of four in Wayne County'), so classified as local_banks.

Events (3)
1. December 29, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by failures and runs at other nearby/local banks in preceding days (contagion from Wayne County bank failures).
Measures
Board discussed efforts to reopen under depositors' agreement; bank hoped to reopen (per president George F. Walston).
Newspaper Excerpt
Dec. closing of four Wayne county banks today following heavy withdrawals ... run on the Planters Bank caused close.
Source
newspapers
2. December 29, 1931 Suspension
Cause
Local Banks
Cause Details
Bank suspended operations after heavy withdrawals tied to local bank failures and runs in the region; closure followed board decision not to open next day.
Newspaper Excerpt
The Planters Bank of Wilson closed last night following meeting of the board of directors. The bank suffered heavy withdrawals yesterday.
Source
newspapers
3. December 24, 1932 Other
Newspaper Excerpt
JURY ORDERS PROBE OF DEFUNCT WILSON BANK ... The bank closed December 29, 1931.
Source
newspapers

Newspaper Articles (4)
1. December 29, 1931 The Herald-Sun Durham, NC
Article from The Herald-Sun, December 29, 1931

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Article Text

TWO MORE BANKS WILL CLOSE TODAY Failures At Wilson And Goldston Follow Lead Of Four In Wayne County Dec. Bank Commissioners Gurney P. Hood tonight said he had been informed the Planters bank of Wilson and the Bank of Goldston would not open their doors tomorrow morning The Planters bank had deposits of $825,000 and was capitalized $100,000 with 30,000 surplus and undivided George E. Walston president, ported efforts would be made to reopen it under depositors agreement W. M. Farmer was vice president and The Bank of Goldston in Chatham had deposits of more than $100,000 and had capital and surplus of $26,000. Hugh Womble was president. and T. W. Goldston cashier Dec. closing of four Wayne county banks today following "heavy withdrawals and small left one town withrun banking facilities and hampered jusiness in two more communities Mount Olive was bankless as the First National bank there closed a few minutes after the of beginning what officials was "small run.' The Citizens bank there did not open withdrawals had been heavy during the past several The other banks were the Wayne National bank of Goldsboro and the Bank of Pikeville of Pikeville These also not open today because of "recent heavy withdrawals. None of the banks are related Their deposits were given as The Wayne is of National bank one the largest in eastern North Carolina Its directors yesterday to close and W. E. announced the cause was heavy withThe bank listed deposits of K. Borden is president The Bank of was capitalat $20,000 and had surplus of the Citizens bank was capitalland at and had surplus of the Wayne National bank was $350,000 and had surplus of Statements of the First National bank gave its as with and capital of $50,000 each. T. Thigpen is its president

2. December 31, 1931 The Nashville Graphic Nashville, NC
Article from The Nashville Graphic, December 31, 1931

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Article Text

Planters Bank Closes At Wilson Its Doors 28.-The Planters Dec. Bank of Wilson closed last night following meeting of the board of directors. The bank suffered heavy withdrawals yesterday. The bank had deposits of $825,000, and was capitalized at $100,000 with $30,000 surplus and undivided fits. President George F. Walston said that efforts would be made to reopen the bank under depositors' agree ment. Farmer was vice-president W. M. and cashier. There are three other banks in Wilson, the home office of the Branch Banking and Trust Co., The First National, and the Wilson Trust and Savings Bank.

3. January 6, 1932 The Herald Rock Hill, SC
Article from The Herald, January 6, 1932

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Article Text

MORE SOBER THINKING Wilson (N, C.) Times) We have been proud of our people and the way they have held themselves when all around us in other counties banks were failing, and other folks were losing their heads. Not single bank had failed in Wilson County up to Monday, when run on the Planters Bank caused close. Then our folks lost their heads and the runs started on the other banks, causing them, also, to close, with the exception of Branch's Bank, which was compelled to bring an enormous amount of currency into Wilson to satisfy the demands of its depositors. Now, that money those of you ed out of our banks, The Planters, The First National and the Wilson Trust and Savings Banks, which caused them to close? All them well managed and perfectly solvent, but bank cannot be of service to community if you compel to remain perfectly liquid state, require nothing but stocks and bonds as security. The great trouble with our country today is the fact that all this hysteria has compelled our bankers carry their resources in such shape that they can convert their securities into cash at moment's notice, rather than having our houses and lands as security. mortgage on land should be the best security the world, and we hope and trust that our farmers will turn their attention quality products, and thus raise the average price for tobacco and cotton, and raise their liv. and thus make our farms productive 80 they be of Those you have pulled your money the banks of and have hid where worth nothing to you anyone else, go your bankers and tell them that you regret that did Give them your hand in encouragement and ask them to reopen their banks. Unless you do, you will paralyze business and make matters worse, and sooner or later it will react on you. Let's think more getting good living out of and some other things besides worshipping of and the golden calf.

4. December 24, 1932 The Herald-Sun Durham, NC
Article from The Herald-Sun, December 24, 1932

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Article Text

JURY ORDERS PROBE OF DEFUNCT WILSON BANK Dec. investigation of the affairs of the defunct Planters Bank of Wilson was recommended by the county grand jury in special report to Judge Dantels in Wilson county superior court The grand jury cited five alleged statutory of as disclosed in report of the Lee Rawlands and The bank closed December 29, 1931.