Bank of Wake (Wake Forest, NC)

Episode Information

Episode UID
5891503591584
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
589150359 hash
Start Date
December 18, 1931
Location
Wake Forest, North Carolina (35.980, -78.510)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d25bf36e73b224c9

Response Measures

None

Description

Bank closed after a run in Dec 1931 and entered liquidation with assets sold by mid-1933.

Events (4)

1. December 18, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
False rumors that Bank of Wake had large sums deposited in the Commercial National Bank of Raleigh triggered heavy withdrawals.
Measures
Bank failed to open and was closed by the state commissioner (suspended operations).
Newspaper Excerpt
Mr. Hood attributed the closing of the Bank of Wake to hysteria and a heavy run after the Commercial National bank here did not open yesterday.
Source
newspapers
2. December 18, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure attributed to hysteria and a run caused by false rumors linking its deposits to the closed Commercial National Bank of Raleigh.
Newspaper Excerpt
Two banks, the Bank of Wake at Wake Forest ... were closed today, Gurney P. Hood, state bank commissioner, said this afternoon.
Source
newspapers
3. January 15, 1932 Receivership
Newspaper Excerpt
Notice is hereby given to all persons who may have claims against The Bank of Wake, Wake Forest, N. C. ... present proof of claim at Wake Forest on or before the 15th day of March 1932. A. G. SMALL, Liquidating Agent.
Source
newspapers
4. July 1, 1933 Other
Newspaper Excerpt
I will offer for sale at public auction for cash ... on Saturday, July 1, 1933 ... the building formerly occupied by the Bank of Wake, and also all furniture and fixtures located in the said building, which furniture and fixtures belonged to the said Bank of Wake.
Source
newspapers

Newspaper Articles (5)

Article Text

2 N. C. BANKS FAIL TO OPEN RALEIGH, Dec. 18.—(AP)—Two banks, the Bank of Wake at Wake Forest in Wake county and the Bank of Grover at Grover in Cleveland county, were closed today, Gurney P. Hood, state bank commissioner, said this afternoon. The combined deposits of the two institutions aggregated about $180,000. Mr. Hood attributed the closing of the Bank of Wake to "hysteria" and a heavy run after the Commercial National bank here did not open yesterday. He said the two institutions had no physical connection. R. E. Royall was president and W. R. Pearce cashier of the Bank of Wake. Its statement of September 29 listed $184,306.12 as total resources, $20,000 capital, $10,000 surplus, and about $120,000 deposits. C. F. Harry was president and J. B. Ellis cashier of the Bank of Grover. Its September 29 statement showed $85,273.94 in total resources, $10,000 capital and about $60,000 in deposits.


Article Text

Two Small State Banks Are Closed Institutions at Wake Forest and Grover Fail to Open Doors Raleigh, Dec. 18 (UP)—Two small banks failed to open for business this morning, according to reports received by State Banking Commissioner Gurney P. Hood this afternoon. The Bank of Wake, at Wake Forest, 17 miles from Raleigh, closed tying up $125,000 in deposits. The run on the bank was caused by false rumors that it had large sums on deposit in the Commercial National Bank of Raleigh, which closed yesterday. The bank had a capital of $20,000, and a surplus of $10,000, with total resources of $184,506. R. E. Royall was president, and W. R. Pearce cashier. The Bank of Grover, in Cleveland county, also closed. It has deposits of $60,637, capital of $10,000, and resources of $85,273. C. F. Harry was president, and J. B. Ellis cashier.


Article Text

Want Ads WANTED—REAL ESTATE WANTED — TO LEASE SMALL hotel in good town. Box 15, Burlington, N. C. LOST—FOUND—STOLEN STRAYED FROM 700 DEVEREAUX St., black and tan hound dog; white around neck. Reward. H. L. Whiteside. Phone 473. LOST — BETWEEN SOUTH BOSTON, Va., and Rockingham, a brown zipper bag. Liberal reward for its return to F-710 News and Observer. LOST — LADIES' BLACK POCKETBOOK containing $140.04, Seaboard tickets, drivers license, etc. Reward. Phone 2294. LOST—STRAYED OR STOLEN. Black German Police Dog (female). Very gentle. Named Lady. Reward. Roy Smith, 1718 Scale St. Stockholders' Meetings BOYLAN-PEARCE COMPANY. Annual Meeting of the Stockholders of the Boylan-Pearce Company will be held, in the offices of the company in Raleigh, N. C., on Tuesday, February 9th, 1932, at eight o'clock P. M. C. P. TYSON, Secretary. LEGAL NOTICES TREASURY DEPARTMENT. Office of the Comptroller of the Currency, Washington, D. C. February 1, 1932. Notice is hereby given to all persons who may have claims against "The Commercial National Bank of Raleigh," North Carolina, that the same must be presented to Alfred M. Burrowes, Receiver, with the legal proof thereof within three months from this date or they may be disallowed. J. W. POLE, Comptroller of the Currency. NOTICE OF SALE OF PERSONAL PROPERTY. IN THE DISTRICT COURT OF THE UNITED STATES FOR THE EASTERN DISTRICT OF NORTH CAROLINA. In the matter of Edgar M. Brockwell, trading as Brockwell's Shop, Bankrupt. Under and by virtue of the powers vested in me as Trustee of Edgar M. Brockwell, trading as Brockwell's Shop, Bankrupt, and in pursuance of an order made by Honorable W. B. Duncan, United States Referee in Bankruptcy, the undersigned trustee will offer for sale to the highest bidder, for cash, in the store of Brockwell's Shop, at 212 South Salisbury Street, Raleigh, North Carolina, on Wednesday, February 17, 1932, at 10:30 A. M., the following articles of personal property: The entire stock of goods, wares, merchandise and fixtures, said stock consisting of hardware of every kind and description. All book accounts, one 1925 Model Buick Touring Car and such other things as may be found that belong to said estate. The successful bidder or bidders will be required at the time of sale to deposit with the Trustee, in cash, 10% of the bid or bids as good faith, pending confirmation. Sale is subject to confirmation by the Referee, without notice. A. R. HOUSE, Trustee in Bankruptcy. 704 Capital Club Building, Raleigh, N. C. North Carolina, County of Wake. In the matter of The Bank of Wake, Wake Forest, N. C. Notice to creditors to file claim Under authority of Subsection 10 of Section 218 (c), Consolidated Statutes, all persons who have claims against the above named bank are hereby notified to present proof of claim at Wake Forest on or before the 15th day of March 1932. Failure to present claim on or before the above date bars the claim not presented as to the assets of the bank in the hands of the Commissioner of Banks for the account of said bank at the time the claim is presented. Objection to the allowing of any claim may be made by any interested person by filing such objection in the pending action in the office of the Clerk of Court of this county and by serving a copy thereof on the Commissioner of Banks or the liquidating Agent of this bank. This the 15th day of January 1932. A. G. SMALL, Liquidating Agent. Bank of Wake, Wake Forest, N. C.


Article Text

LEGAL NOTICES Zebulon, N. C., Bankrupt.—Notice of First Meeting of Creditors.—To the Creditors of the above-named bankrupt: Notice is hereby given that on the 25th day of May, A. D. 1933, the said Milton Seymour Chamblee was duly adjudicated bankrupt; and that the first meeting of his creditors will be held at Raleigh, N. C., in Office of Referee, on the 7th day of May, A. D. 1933, at 12:00 o'clock noon, at which time the said creditors may attend prove their claims, appoint a trustee, examine the bankrupt and transact such other business as may properly come before said meeting. W. B. DUNCAN, U. S. Referee in Bankruptcy. Raleigh, N. C., May 27, 1933. 5-30-6-6. NOTICE OF SALE OF REAL ESTATE OF BANK OF WAKE Under and by virtue of the authority vested in me by Section 218c of the Consolidated Statutes of North Carolina, I will offer for sale at public auction for cash to the highest bidder on Saturday, July 1, 1933, at 12:00 o'clock, Noon, on the premises in Wake Forest, N. C., the following described lots or tracts of land, being the lots upon which is situated the building formerly occupied by the Bank of Wake, and also all furniture and fixtures located in the said building, which furniture and fixtures belonged to the said Bank of Wake: First Tract: Situated in the Town of Wake Forest, N. C., beginning at a rock at the corner of White and Jones Streets; running thence along the Eastern side of White Street thirty (30 feet); then East fifty-eight feet and six inches (58' 6") in line with the little brick building now located on said Holding's lot; thence North along side of said brick building thirty (30) feet to Jones Street running West to the begin-


Article Text

NEWS AND OBSERVER CLASSIFIED RATES Approximately 20 million feet origgrowth pine timber. Two million feet original growth near Raleigh E. Herring. Phone 8890. Box 659, Raleigh adding BUY OLD GOLD-BUR $20.00. Gibson tenor banjo with case, $23.50. Diamond cluster, diamonds, low gold, Raleigh Loan leigh Wilmington St., RaUKELELES, VIOLIN BOW Mandolins, and case, $10.00; Guitars, $4.95: All New Fayetteville Deal Plano Street Company, new stock 232 A. B. DICK MIMEOGRAPH, BURroughs Adding Machine. practically care News and Observer. Watch the Want Ade daily and you will find you will not wait them to get you what you are after. NOTICE OF SALE OF REAL ESTATE OF BANK OF WAKE Under and by virtue the authority vested in me Section 218c of the Consolidated Statutes of North Carolina. will offer for sale at public auction for cash to the highest bidder on Saturday. July 1933, at 12:00 o'clock. Noon, on the premises in Wake Forest, N. C., the following described lots or tracts of land. being the lots upon which is situated the building formerly 00 cupied by the Bank of Wake. and also all furniture and fixtures locat ed in the said building. which furniture and fixtures belonged to the said Bank of Wake: First Tract: Situated in the Town C1 Wake Forest. N. C., beginning at a rock at the corner of White and