Peoples National Bank (Winston-Salem, NC)

View Charter #4292 on SPMC View balance sheet

Episode Information

Episode UID
429201578
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
42920 national
Charter Number
4292
Start Date
June 25, 1931
Location
Winston-Salem, North Carolina (36.100, -80.244)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b3cfb4de4b541430

Response Measures

None

Receivership Details

Depositor recovery rate
17.5%
Date receivership started
1931-06-29
Date receivership terminated
1937-01-30
OCC cause of failure
Governance
Share of assets assessed as good
26.9%
Share of assets assessed as doubtful
37.2%
Share of assets assessed as worthless
36.0%

Description

Bank closed June 25, 1931 and was placed in receivership; litigation alleges internal fraud/misapplication of funds.

Events (4)
1. April 28, 1890 Chartered
Source
historical_nic
2. June 25, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after alleged improper loans, abstractions and misapplications by employees; capital/surplus allegedly insufficient.
Newspaper Excerpt
The bank closed its doors June 25, 1931.
Source
newspapers
3. June 29, 1931 Receivership
Source
historical_nic
4. June 29, 1931 Receivership
Newspaper Excerpt
W. H. Spradlin, Jr. receiver, of the People's National ... appointed depositors committee; receiver ready for claims at local bank; open doors defunct Peoples National Bank so depositors may file proof of claims.
Source
newspapers

Newspaper Articles (7)
1. July 19, 1931 The News and Observer Raleigh, NC

Article Text

RECEIVER TO APPOINT DEPOSITORS COMMITTEE Winston July 18.-A depositors committee, of men of mature judgment, will be appointed voluntarily by W. H. Spradlin, Jr. receiver, of the People's National The receiver, anxious to get every penny out of the assets in liquidating the bank. determined to protect the depositors far as is humanly possible. Therefore the determination to draw around bimself an advisory of men directinterested in ehalf of the depositors. He also announced that he had no plan to buy the bank, as reported

2. August 12, 1931 The Sentinel Winston-Salem, NC

Article Text

RECEIVER READY FOR CLAIMS AT LOCAL BANK Open Doors Defunct Peoples National Bank So Depositors May File Proof of Claims. BEING LIQUIDATED Claims Will Be Attested and Depositors Issued Receiver's Certificates, Which Are Negotiable. L Bank be Nabbed With Pal, Philpot, He Admits Holdup of Filling Station Man in Forsyth County. OWES 29 YEARS Convicted With Summerfield Martin for Murder of Automobile Dealer.

3. January 6, 1932 Winston-Salem Journal Winston-Salem, NC

Article Text

Bank Receiver Answers Suit Liability for Loss of Money in Firemen's Relief Fund Denied yesterday to the of and Deposit Company of Peoples National til against wherein the denies any the part of the ank account for depositof by the W Holcomb to credit of the Relief and later withdrawn by him. The indemnity company the bank negligent in former $61 and for relief money belonging the The bank counters this of the in that the failed to properly supervise the of at conduct that these functionaries never the bank to the ledgers otherwise check part of the fund deposited in Bank Holcomb was accountable to the and were charged by of the fund. the Yet these trustees any treasurer the prepared attorney to receiver, that the ademnity provided bond treasurer of the pledging duties such. In further defense the answer more than three ntervened the filing of the the of Holcomb the treasurer's for the The Firemen's Relief consisted $23,000 amount deposited with cording to information

4. March 18, 1932 Winston-Salem Journal Winston-Salem, NC

Article Text

BankAidReady Says Hancock Congressmen Peoples Bank Receiver Should Ask Loan Is First Step Will Expedite Application, He Says By WALTER BROWN March Finance Corporation has assured Representative Frank the Fifth North Carothat it the aid defunct Peoples National Bank Winston pointed that action could be taken the filed with corporation its made application for and to pay the Hancock personally talked with officials and assurance of its given co-operate the the in giving relief the depositors. Absurd Haneock the statement made officials of the treasury by last week that dividend could be paid 60 absurd. He said under between with proper treasury the struction dividend could be the The North that of the appropriated marked" for specific purpose granting depositors have their funds tied secure aid from Finance by the bank the for just he steps to expedite proper much Dividend H It was learned the has written to Salem currency in department or five treasury dividend be paid the Collections short of and fallen reason divithe The bank dend has been on June The comptroller the (Continued on Page Twelve)

5. May 21, 1932 The Charlotte Observer Charlotte, NC

Article Text

FRAUD CHARGED IN BANK SUIT Bonding Company of Winston-Salem Institution Involved in Litigation. WINSTON-SALEM, May 20.—(AP)—A suit charging fraud in the operation of the now defunct People's National bank here, and claiming the United States Fidelity and Guaranty company is now responsible to W. H. Spradlin, the bank's receiver, for $25,300, was filed in Forsyth county superior court today. The complaint charged that when the bank closed June 25, 1931, its capital and surplus was not more than $175,000, and that the national banking laws, prohibiting loans to any one person of more than 10 per cent of the capital and surplus had been violated by a $29,800 loan to H. W. Spaugh. Recovery from the fidelity company is sought on the grounds that the loan was made by Taylor M. Simpson, cashier of the bank, who was bonded by the fidelity concern.

6. May 25, 1932 The Greensboro Record Greensboro, NC

Article Text

SWIMMERS OPEN WOULD COLLECT CLASSES SOON SUM OF $25,300 Winston-Salem Bank Receiver Seeks to Collect From Fidelity Company W. H. Spradlin, receiver of the Peoples National Bank of Winston, filed suit in federal court Wednesday to collect $25,300 from the United States Fidelity and Guaranty company. an amount claimed due because of abstractions and misapplications alleged to have been made by employes of the defunct bank The guaranty company, with main offices at Baltimore, Md., is being sued under the provisions of an alleged bankers' blanket bond indemnifying the bank to the extent of $50,loss the acts of dis000 against by honest bank employes bond was issued The indemnity March 1928. according to the complaint filed by Mr. Spradlin. former resident of Greensboro The bank closed its doors June 25, 1931. In Case. sets forth that the The complaint bank's capital stock was never more than $175,000. It calls attention to the federal laws making it crime for officials to lend any one person one time amount more than cent of the capital stock of per bank. The complaint recites that while the bond was effect Taylor M Simpson, an employe of the Peoples bank, collusion with other employes of the bank. fraudulently abstracted and misapplied funds the bank in making unlawful loans H. Spaugh. The complaint alleges that the in question were in excess of bank's instance and in others wherein the of Registration For Free Swimming Lessons Already Started At Y. M. C. Men and boys are now registering the M. for the annual free school which will get under way the M. A. pool starting Monday of next Special is called to the fact that two classes have been provided for men this year by the school. The instruction for this group will be given o'clock each night during the was pointed out that there were almost as many men in city who are unable to swim there are is estimated that per cent one in every four who have not learned to Confidence Method. The confidence method of teaching swimming will be used in all classes. This method of instruction has recognition in many parts the country, and has been adopted by many and camps. The advantage offered by this system that it produces confidence confidence produces the swimmer. Many have actually been taught to swim in one lesson by this method. Swimming one of the best forms of exercise and recreation that one use and is expected that the pool will be crowded each day next week with folks who are anxious to learn this useful Ten classes will be held each day starting Monday and the enrollment will be limited to 300

7. June 22, 1932 The Greensboro Record Greensboro, NC

Article Text

Made Parties To Suit Started By Bank Receiver Judge Johnson Hayes signed motion federal court Wednesday making Spaugh Taylor Simpson, parties the suit brought by lin, receiver Peoples National bank Winston against United States Fidelity Guaranty company several weeks In this action the receiver sues the guaranty company and Spaugh and for recovery of because alleged illegal which Simpson, bank employe, made to Spaugh and others before the closed year. The guaranty company filed answer Wednesday denying liability.