gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b5c3e0b45ef6fb60
Response Measures
Borrowed from banks or large institutions, Fed/other loan, Full suspension
Receivership Details
Depositor recovery rate
41.4%
Date receivership started
1932-01-26
Date receivership terminated
1937-03-31
Share of assets assessed as good
28.0%
Share of assets assessed as doubtful
43.1%
Share of assets assessed as worthless
28.9%
Description
OCR errors in articles corrected (dates and some wording); receiver named shortly after closure.
Events (5)
1.January 9, 1901Chartered
Source
historical_nic
2.January 20, 1932Run
Cause
Bank Specific Adverse Info
Cause Details
Sustained heavy withdrawals by depositors over several days prompting directors to stop payments; no discrete false rumour described.
Measures
Directors decided to cease paying or receiving funds and posted notice to protect depositors until further notice.
Newspaper Excerpt
The notice posted on the this account of the continued steady of our deposits for the last several days ... hoped that for tion may worked out short time whereby business be
Source
newspapers
3.January 20, 1932Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board closed the bank to protect depositors after continued heavy withdrawals; suspension appears voluntary by directors pending resolution.
Newspaper Excerpt
Elkin National Bank Is Closed ... decision was made of the directors ... decided paying receiving any funds until notice.
Elkin National Bank Is Closed
Surry Town's Oldest and Largest Institution Closes Doors
The (Special Elkin National Bank oldest banking tion failed open for this morning decision was made of the directors, at the The notice posted on the this account of the continued steady of our deposits for the last several days and in protect the of positors of the Elkin National Bank at the on decided paying receiving any funds until notice. hoped that for tion may worked out short time whereby business be Signed Alex cashier Members of the board directors today express that the bank will be reopened for business at an date. indication of a run upon the Bank of apparent and business at that institution is nor mal.
Spradlin Named Receiver Of Elkin National Bank
Hotel Elevator Falls 9 Stories
High perserious injury and possible when an the Sheraton Hotel fell floor to the afteroperating elevator the in the accident. cut one fell the top and his manager of the said the elevator not The car skidded on the pels to the ment rapid rate of speed number of the passengers were
Ingle Attorney For Bank Receiver
Will Assist Receiver Spradlin in Handling Affairs of Elkin Bank
John J. Ingle well known attorney of has been ap. attorney for the receiver National Bank following W Pole comptroller of the Mr. Ingle will upon his new at once. He also serving as for Spradlin in the receiver Peo National of this city Like Mr will divide his attention between the two but will be able continue practice unless an his amount of litigation should derelative the affairs of the
4.August 26, 1932The SentinelWinston-Salem, NC
Article Text
Pay Dividends At Elkin Bank of per is dividend the Elkin H. to here stated which is National of to paid $32,000 Elkin sent since those who January Only closed the claims will receiver dividends which meet with he secured debts $15,000 alphathirteen will
5.August 27, 1932The SentinelWinston-Salem, NC
Article Text
Pay Dividends At Elkin Bank cent. is being A dividend of per depositors the distributed the distribuElkin National Bank, been started tion having H. to busistated while here with the Peoples ness which he is also National of to be paid out The dividends and Elkin aggregate the institution since closed sent the January first 18. Only those who had proved claims will receive the dividends at this time, the receiver sufficient reserve with which to meet all unproved claims. Since he took over has the paid receiver. out ship Spradlin secured debts and $70,000 on the $15,000 allowed approximately for Payments are being made alphabetically and will require thirteen
6.September 3, 1932The SentinelWinston-Salem, NC
Article Text
BANK SOME OF HIS EXPERIENCES
H. receiver for Bank and the Elkin Bank for the Elkin nand Mr. Spradquoted that the had the calling their had $700 balance his credit the bank when his heifer three his first for Another Mr. Spradlin rather smallthe first dividend same the those read the records learn why the present somewhat larger.
7.December 4, 1932News and RecordGreensboro, NC
Article Text
$3,488 Suit Docketed Here Against Elkin Bank Receiver
Suit started in Surry county Superior by Royal Manufacturing company against W. Spradlin receiver the Elkin National Saturday federal court here. The plaintiff seeking collect on three drafts alleged have been paid to the Elkin National bank by Chatham company, which receiver refused to allow as preferred claims,
C. of C. Elects Officers Today Receiver of Bank A president of the chamber of Denies Charges In commerce for the year 1933 was to be elected at the meeting of the board of directors of the organ- Burcham Complaint ization at session scheduled for
Answering the complaint of McKinley Burcham, world war veteran, who seeking judgment for against W. H. Spradling, receiver of the Elkin bank, the receiver admits that the plantiff had balance to his credit the amounts of $2.024.02 and 245.63 in the bank at the time closed, but denies all other allegations The plaintiff had alleged misrepresentation on the part former bank officials inducing him keep his money obtained on judgment against the government. and contended his balance should be garded having priority over claims of common creditors.
Roosevelt Sends Four Nominations To Senate
COUNTRY MAKES LARGE LOANS IN CAROLINA
April loan authorized the North Carolina Bank and Trust company Greensboro, topped others the state the Rereport to Congress Others included The Indepen$135,000: United Bank and Trust $50,000: Elkin National bank, (receiver). Rocky Mount Homestead and association. $49,500: associOxford. Atlantic Building Loan association. High The total in North Carolina $3,558,542
10.October 26, 1933News and RecordGreensboro, NC
Article Text
Plea For -Liquidation Of Regan Assets Is Denied
105 East Broad Street, Phone 2873 Daily High Point, Oct. of against whom proceed. Ing has been filed in United States district court, today rejected Mr Ragan's proposal to allow him five his estate over period was here The properties which will be in the bankruptcy proceedings, that will now follow are valued at more than million dolThe bankruptcy was filed by the receiver the National bank the of the National Bank of Elkin, and the Federal Reserve bank some time ago, Mr. Ragan through his attorneys made the proposition for self liquidation that was not found Satisfactory.
11.January 20, 1934The Charlotte ObserverCharlotte, NC
Article Text
AUTHORIZE LOANS OF $251,000 TO 4 BANKS
The ized to four Carolina banks in NovemThree of to the Cherryville National bank the Elkin tional bank receiver: to the trst National bank of rate per cent None these had been distributed up November 1933 fourth loan, was Bank of Spruce Pine at
12.August 30, 1934The SentinelWinston-Salem, NC
Article Text
Elkin Bank To Pay Depositors $24,902 Soon to of Elkin been and sent just soon signed receiver announced ing the tion $900 in the has pay the previous all paid will be for unsecured paid to since bank closed the of to to of by by money bank by is total more total liabilities at time of the totaled since the suspension business established amounted to total of the to making these accounts the In four money the money rowed held bank the years. his has paid within two or = loan without to The loan is to back within secured in give the work work ing receivers his the affairs of the Institutions as quickly as
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.