gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b14f5366896033e5
Response Measures
Accommodated withdrawals, Capital injected, Full suspension
Receivership Details
Date receivership started
1930-12-20
Date receivership terminated
1931-03-12
OCC cause of failure
Other
Description
Receiver appointment reported in early press; known receivership date 1930-12-20 used for receivership event.
Events (8)
1.July 23, 1890Chartered
Source
historical_nic
2.December 16, 1930Run
Cause
Local Banks
Cause Details
Heavy withdrawals after other regional bank failures (e.g., National Bank of Asheville) and general hysteria prompted depositor runs.
Measures
Directors did not open bank; acted as precaution to protect depositors.
Newspaper Excerpt
The First National of Gastonia suffered a depletion of deposits the 30 days. President said the was attributable to hysteria.
Source
newspapers
3.December 16, 1930Suspension
Cause
Local Banks
Cause Details
Bank directors closed the bank as a precaution after heavy withdrawals and regional bank failures.
Newspaper Excerpt
The First National Bank of Gastonia... failed to open for business today. Directors... explained the action was taken as a precautionary measure for the protection depositors.
Source
newspapers
4.December 20, 1930Receivership
Source
historical_nic
5.December 20, 1930Receivership
Newspaper Excerpt
Mr. F. E. Marshall has been appointed receiver in the First National Bank of Gastonia, North Carolina, and is now in charge of the liquidation.
Source
newspapers
6.March 1, 1931*Reopening
Newspaper Excerpt
Although... the First National Bank Gastonia... closed has since been reorganized and reopened.
Source
newspapers
7.March 12, 1931Restored To Solvency
Source
historical_nic
8.January 25, 1935Voluntary Liquidation
Source
historical_nic
Newspaper Articles (16)
1.December 16, 1930The RepublicanSpringfield, MA
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FOUR BANKS IN NO. CAROLINA FAIL TO OPEN
Forced to Close by Depletion of Deposits; Hysteria Blamed
Raleigh, N. C., Dec. 16-Five banks, four Gaston county, North Carolina, the fifth in York South Carolina, failed to open for business today. The banks are the First National of Gastonia, deposits, capital stock, Bank deposits, $300,000; capital stock, $300,000. Gaston Loan and Trust Gastonia, ital stock. Bank Dallas. C., deposits. $75,000; capital stock, $30,000. People's bank, Western Gaston county, North Carolina, deposits, $75,000; capital stock. The First National of Gastonia suffered an depletion of deposits the 30 days. President said the was attributable to "hysteria."
2.December 16, 1930Grand Haven TribuneGrand Haven, MI
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EIGHT NORTH CAROLINA BANKS FAIL TO OPEN
CHARLOTTE N. Car., Dec. 16 (AP) Eight North Carolina banks. four in the western part of the state and four in Gaston county either failed to open or closed their doors today.
Directors of the institutions in each case explained the action was taken as a precautionary measure for the protection depositors. Heavy withdrawals generally was given as the reason. The First National Bank of Gastonia, the largest of the eight had deposits of $3,066,072 Re sources were given as $4,656,067 The other three Gaston banks. the Gaston Loan and Trust Com pany of Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia were comparatively small institutions. Their combined deposits totalled $270,052.84. Clos ing of the bank of Franklin in Macon county left that town with out a financial institution.
The Pank of Swannonoa failed to open after withstanding runs yesterday. The bank of Fletcher in Henderson county closed in the
3.December 16, 1930The Post-CrescentAppleton, WI
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NORTH CAROLINA IN FEAR OF RUNS
Action to Protect Depositors Follows "Heavy Withdrawals"
Charlotte, North Carolina banks, failed open closed their doors today. case explained action taken precautionary measure for the protection depositors. "Heavy withdrawals" generally the reason. The First National bank of Gastonia, the largest of the eight, deposits $3,066,072. Resources given $4,656,067. The other three Gaston banks, the Loan and Trust pany, Gastonia, Bank of Dallas and the Peoples West Gastonia comparatively small institutions. The combined deposits totaled Closing of the Bank of Franklin, that without financial institution. The bank's deposits were listed The Citizens bank, which merged with the Franklin last month, had deposits of $125,000.
The Bank Swannanoa with deposits $182,000 and the Bank $105,000 failed to open after withstanding The Bank of Fletcher closed in the face open and half. Its deposits were listed at $103,500.
INQUIRY IN NEW YORK Binghamton, af. Andrew president the State bank missing the doors the institution closed was the object inquiry today from The state banking department, searching out the amount shortage reported about $600,000. one of the investigators. Federal officers came uopn that was the supreme treasurer organizaand the officers that organization, the Greek Catholic union, rived to check their The exact shortage, state bank might not determinuntil early next week. Deposiwere largely laborers.
CLOSE ILLINOIS BANK III. the Pope County State bank conda for examination and adjustment was bank capitalized first this year the had total Loans total$244,286.79.
Paris, First Nationbank Kansas, failed to open its today. There the bank last Friday. president, did not issue statement. The bank capital stock $50,000.
Burled alive in rabbit hole near Box week, Irish terrier rescuers wagging tail.
4.December 16, 1930The DispatchMoline, IL
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Article Text
ELEVEN NORTH CAROLINA BANKS CLOSED TODAY
By Associated Leased Wire. Charlotte, Dec. banks in North Carolina closed Four banks in Gaston county, four in the area of North one in Cleveland county, one Johnson county and one in Bertie county shut their doors. The First National bank of Gastonia the largest of the eleven, with deposits of $3,066,072.
5.December 16, 1930The Boston Daily GlobeBoston, MA
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Article Text
one financial institution in this textile city of 20,000 population. The First National Bank and the Gaston Loan and Trust Gastonia, the Bank of Dallas and the People's Bank of West Gastonia blamed "heavy withdrawals' in notices saying they would not open. The National Bank, largest of the four, had $3,066,072 on deposit Sept 24; resources were listed at $4,656,067. Bank officials said $800,000 had been paid to depositors since Nov 20, when the National Bank of Asheville closed its doors. L. L. Jenkins, president of the Asheville bank, was vice president of the First National Bank and its largest single stockholder.
6.December 16, 1930The Boston Daily GlobeBoston, MA
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BANK OF CLOVER, c, CLOSED ITS DOORS TODAY YORK, S C, Dec 16 (A. P.)-The Bank of Clover, York County, closed its doors today. Lee Robinson, president of the First National Bank of Gastonia, which failed to open this morning, is also president the Clover institution, which had resources of about $650,000.
7.December 16, 1930The Capital TimesMadison, WI
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Salt Lake City and Charleston Banks Shut
SALT LAKE CITY The Columbia Trust Co. of this city was placed in the hands of the state bank ing department today. Frank B. Cook. president. said the board of directors requested the closing in order to pro"Total deposite are and total assets are $1,175,590.98. he said. adding that "every depositor will be paid in full."
W. Virginia Bank Shut state department of banking today announced the closing of the Bank of Hillsboro "to conserve ussets The bank on Sept. 24 had capital stock of $25,000. Its resources were $205,748.72 and its deposits $127,746.
4 Gastonia Banks Shut GASTONIAN N. Gaston county banks failed to open today. leaving only one financial institution in this textile city of 20.000 The First National bank and the Carton Loan First National bank. largest of the lour. had $3,066,072 on deposit Sept. 24. Resources were listed at $4,656,007.68.
8.December 16, 1930The Chickasha Daily ExpressChickasha, OK
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Article Text
NORTH BANKS SUSPEND
Eight Closed by Directors; Heavy Withdrawals Given as Main Reason.
Charlotte, N. C., Dec. 16. North Carolina banks, four in the western part of the state and four in Gaston county, closed their doors today. Directors of the institutions in each explained the action was taken as measure for the of "Heavy withdrawals" generally was given as the reason. The First National Bank of Gastonia, the largest of the eight, had deposits of $3,066,072. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan and Trust company, of Gostonia, the Bank Dallas and the Peoples Bank of West Gastonia small institutions. Closing of the Bank of Franklin, in Macon county, left that town without financial institution. The Bank of and the Bank of Clyde, failed to open after withstanding runs yesterday. The Bank of Fletcher, in Henderson county, closed in the face of heavy withdrawals after the remaining open an hour and half.
9.December 16, 1930The HeraldRock Hill, SC
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Article Text
Eight Institutions Are Closed Today
Charlotte, Dec. 16. (AP)Eight North Carolina banks, four in the Asheville area in the westTern part of the state, and four Gaston county, either failed to open or closed their doors today. Directors of the institutions said the action was taken for protection of depositors. "Heavy withdrawals" was referred to in practically every case.
The First National bank of Gastonia, largest of the eight, had deposits of $3,066,072.11 listed in its September 24th report. Resources were given as $4,656,067.68.
The other Gaston banks, the Gaston Loan & Trust Co., of Gastonia; the Bank of Dallas and the Peoples Bank, of West Gastonia, were comparatively small. Their
CAROLINA BANK CLOSED.
York, S. C., December 16-(AP)The Bank of Clover, York County, closed its doors today. Lee Robinson, President of the First National Bank of Gastonia, which failed to open this morning, is also President of the Clover institution. The bank had resources of about $650,000.
CAROLINA BANK CLOSED. York, S. C., December The Bank of Clover, York County, closed its doors today. J. Lee Robinson, President of the First National Bank of Gastonia, which failed to open this morning, is also President the Clover The bank resources of about $650,000.
12.December 18, 1930Fort Mill TimesFort Mill, SC
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YORK COUNTY the request of Ben Farris, game warden elect York county, the York legislative delegation met in the grand room in court house here Friday afternoon State game warden's the appointment of RobFewell of Rock Hill game worden. The naming of uty game warden has been necessitated, by the reluctance of the chief warden's office to issue sion to Mr. Farris account of an leged lack of educational qualifications, The deputy game warden will without from the pay county forth the letter Farris to the which the delegation signed, asking that the pointment be made. The only change the delegation made in was asked to sign out the and insert words warden," Senator Campbell being the opinion that would require of the Legislature name clerk for Mr. Farris. This opinion not concurred in by sentative Bradford. but since the gation took the view that deputy game warden could the pected of clerk. there greement the delegation to whethas Mr. Farris' office assistant should known clerk deputy game warden. The deputy will be compensated for his services by Mr. Farris His bond will be the same as that the game warden. All the members of the delegation, Senator Campbell and Representatives Bradford, Dunlap, H. Hicks and attended the meeting Senator Campbell presided and Mr. chosen secretary. The only other matter presented to delegation concerning the appropriation for cross country roads on rural mail routes. and Fred members of the legislative of the York County Rural riers' asociation. explained the good sults accomplished by means of the propriation and requested that support the be continued.
Increased for York. Talk of increase mills the town tax levy, making mills, led meeting of the York town council with the York BusiMen's association, at which the financial affairs of the town discussed length and in detail. The outcome of the discussion was the pointment committee of five, headby the Noe. to study the council and try means for increasing the of the town without resort to raising the levy. an alternative way to raising the money without interfering with the tax levy, Mayor W. Morton suggested sewer tax and sprinkler warehouses and cotton mills. read financial statement in which shown that decreased revenue of the town the of town property. The assessed valuation has decreased $129,082 from 1925 from to levy raised 1896 from but the added revenue no longer sufficient to take care of the
York to Seek Soldier Hospital. York will make an effort secure the United States government hospital that may be erected part of the country before Decision last meeting York Business Men's association and committee appointed work with other committees of the town help bring about the desired result. Mayor Morton was asked to call citizen's meeting some time between January matter will be presented to the people
Clover Bank Closes Doors. The Bank of Clover, capitalized $30,000 and assets totaling failed to open its doors Tuesday morning and notice posted the information that this step was taken for protection the depositors taken in apprehension, said, "run" the bank the result the failure the First tional bank Gastonia. the president which, Lee Robinson, president the Clover bank. be the general belief the part sons thta the Clover bank solvent and that will closing the only temporary.
Drunk Driving Charge for Benediet. Keyes Hickory, didn't pathway strewn flowers when Corner" married. the marriage handled
13.January 1, 1931The Milan StandardMilan, MO
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MADE RECEIVER IN BIG BANK
Mr. F. E. Marshall has been appointed receiver in the First National Bank of Gastonia, North Carolina, and is now in charge of the liquidation. The bank had deposits of more than three million dollars. Mr. Marshall happened to be a visitor at the U. S. Treasury Department, when a friend in the department remarked that difficulty was being experienced in finding capable receivers for big institutions. Mr. Marshall expressed a willingness to handle this bank's affairs, and was named. He formerly was connected with the Comptroller's office-Unionville Republican. Mr. Marshall is a brother to that prince of fellows and fine business man, Col. Neal Marshall, of Unionville.
Fountain pen and general use inks at the Standard office.
"Tried preparations that kill rats, but RAT-SNAP is the only one that prevents disagreeable odors after killing. Also like RAT-SNAP because it comes in handy cakes, no mixing with other food. You don't have to dirty your hands. it's the best for household use." Try RAT-SNAP. Three sizes, 35c, 65c. $1.25. Sold and guaranteed by THE MOREHEAD DRUG STORE. THE LANE HARDWARE STORE. S. E. MORLAN, Pollock, Mo.
Bank Receiver Seeks To Recover Security Fund Loaned to Man
Various Mill, Bank and Real Estate Company Stocks In Asheville Are Involved
LOGAN REPRESENTS BANK
Suit Is Regarded as First Major Move to Clear Up Affairs of Institution
CHARLOTTE March Suit for $50,000 has been filed against Jenkins, of Asheville. by the receiver of the closed First National bank here, the clerk United States district court here vealed today. The complaint of the receiver. M. Logan, alleges the sum sought was loaned to Jenkins the First National bank with various mill. bank and real estate company stocks security. These were itemized as follows:
Stocks Listed. 225 shares of capital stock in the First National Bank of Gastonia. 100 shares of capital stock in the National Realty company. of Gas90 shares of capital stock in the Arlington mills, of Gastonia, 50 shares of capital stock the Haywood Realty company, Asheville. $5,000. 43 shares of capital stock in the Parkdale Mills, Inc., of Gastonia. $3.600.
Although the stocks represent quoted values in security the $50,000 loan, the First National Bank Gastonia whose stock is listed half the quoted value. closed in has since been reorganized and reopened. The stock that of old bank Under Indictment. Jenkins now under indictment on charges of violating the banking Jaws as the result the closing of banks in which he was interested The note $50,000 dated October 27. 1930. was later newed and the suit asks interest from January 25, 1931. The suit is regarded here as the first major move in clearing up the affairs of the First National bank here.
Two other suits filed seek to collect $200 each from Ramsour and B. Ramsour, of Lincoln countv, allegedly due on shares of stock they bought.
15.March 21, 1931The News and ObserverRaleigh, NC
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BANK RECEIVER SUES JENKINS FOR $50,000
Charlotte, March first important step the clearing up the affairs of the First National Bank here sounded today with information that suit been started against L. Jenkins, of Asheville, for $50,000, to have been loaned him by the local bank with various Asheville and Gastonia mill, bank and real estate company stocks security. The suit was instituted by J. M. Logan, receiver for the First Na. tional Bank. Then on which the civil action brought in Federal Court being dated October 27, 1930, according to the papers the case, and rep. resents renewal of loan of $50,000. stocks represent, at their quotvalues, $69,375 deposited cover the $50,000 loan. ever, the First National Bank of Gastonia stock, representing more than half of the collateral security deposited in connection with the note, since has closed its doors, and has reopened. Mr. Jenkins is under indictment at the present time on charges of conviolate the banking laws spiracy connection with the failure banks at Asheville and Gastonia.
HEARTY CO-OPERATION have re-open the National Bank W. Mr. Grady Gaston of *:.* Gastonia of on the re-opening of LACE here Dear With great deal of interest our people have learned of the aggresmunity to re-open your F.r National Bank on sound basis. Gastonia was faced with the same situation that confronts you about year and as a result of of our people our bank was plete confidence of our people and on rendering very vital service to this community. With us it was a deliberate and unanimous conviction that we could not afford not to resimply our bank. Realizing the open enormous entailed by forced liquidation and the resultant which would come to bankruptcy individuals and firms great many under prevailing economic conditions, our people concluded with one accord that the re-opening of bank essential to the our tinued progress of this community. Even stockholders and depositors of our other major bank nere realized that business interests would jeoparized in the long seriously run if this bank were not re-opened. As result. actuated by the high of protecting our own inpurpose terests. our whole people joined enthusiastically in remarkable camraised $500,000 of local paign and short time. making poscapital in the re-opening of our bank sible in the year more than Later on $50,000 raised and this was enabled small state bank that closed at the same time to rewas open. have thus learned in a biz We what community solidarity and way mean. am confident co-operation the our First re-opening National Bank here has meant to our interests and more has done more to weld our comin'o whole than munit; that happened in anything Gaston during the present Quite naturally we are all in your laudable tremely and all of us shall be wishing for ou complete success. Yours very truly. W. G. GASTON, Executive Secretary.
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.
