Citizens Bank & Trust Company (Wilmington, NC)

Episode Information

Episode UID
66000971499
Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
trust
Bank ID
6600097 routing
Routing Number
66-0009
Start Date
November 1, 1924*
Location
Wilmington, North Carolina (34.226, -77.945)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
953138f5dcdbd6e7

Response Measures

None

Description

Bank type inferred from name; closure ordered by state bank examiner and receivers named weeks later.

Events (3)

1. November 1, 1924* Run
Cause Details
Heavy withdrawals/inability to collect promptly while large withdrawals were in progress (run by depositors).
Newspaper Excerpt
WILMINGTON-Citizens Bank and Trust company, capitalized at $50,000, is closed, after run by depositors, by order of Chief State Bank Examiner Clarence Latham.
Source
newspapers
2. November 22, 1924 Suspension
Cause
Government Action
Cause Details
Closed by order of the Chief State Bank Examiner due to inability to meet withdrawals and collection problems.
Newspaper Excerpt
WILMINGTON-Citizens Bank and Trust company... is closed, after run by depositors, by order of Chief State Bank Examiner Clarence Latham.
Source
newspapers
3. December 9, 1924 Receivership
Newspaper Excerpt
Louis J. Poisson, local attorney, and Clarence J. LeGrand, former cashier of the defunct Citizens Bank and Trust company, which was closed last month by the North Carolina Corporation commission, today were appointed temporary receivers for the institution in an order signed by Judge Henry A. Grady in Superior court.
Source
newspapers

Newspaper Articles (2)

Article from Atlanta Tri-Weekly Journal, November 22, 1924

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Article Text

ASHEVILLE. - Loss estimated at $60,000 is caused by fire of unknown origin which destroys warehouse of S. B. Penick & Co., dealers in roots, barks and herbs. W. W. Guy, of Marion, vice president, says company recently lost $300,000 in fire at Jersey City, N. J., plant. RALEIGH. - Labor conditions throughout state are "spotty," according to report by Labor Commissioner Shipman, which discloses various regional shortages and sur1 luses of common and skilled labor. SHELBY. - Edgar Harmon, 42, father of 11 children, dies of injuries received when run down by motor bus driven by Frank Lindsay. Harmon was ploughing in field near road at time of accident. SHELBY.-Charlie Royster, unique Cleveland county citizen, prominent in politics, dies of heart failure while 'possum hunting. GASTONIA.-Unprecented number of cases of persistent hiccoughs is reported by physicians, one of whom reports dozen cases under is servation, one patient being in serious condition. Infrequent malady made appearance fortnight ago. CHARLOTTE. - This section on November 17 was in its forty-eighth day of unusually protracted dry spell, which began September 30. Only recorded precipitation since that, date occurred October 26, when less termittent drizzle. termitten drizzle. RALEIGH. - Western North Carolina Power company files with secretary of state amendment to charter increasing authorized capital from $5,000,000 to $12,000,000. Company' officials at Charlotte refuse to make explanatory statement. RALEIGH.-Fruit judging team of North Carolina State college, of Raleigh, won third place in intercollegiate fruit judging contest at Atlantic City, held under auspices of American Pomological society, according to announcement at state college. ASHEVILLE.-In presence of distinguished gathering at last resting place of William Sidney Porter, known as "O. Henry," Arthur B. Maurice, author. lays wreath on grave and launches movement to establish memorial here, last home of famous North Carolina author. RALEIGH.-Collections of taxes on automobiles for fiscal year ending June 30, 1925, will amount to $10,096,872.29. says estimate by Secretary of State Everett submitted to Governor Morrison. Collection for first four months of fiscal year to. tal $6,016,000. Gasoline tax is ex. pected to produce $500,000 monthly total during remaining eight months of year. WILMINGTON-Citizens Bank and Trust company, capitalized at $50,000, is closed. after "run" by depositors, by order of Chief State Bank Examiner Clarence Latham. Inability to collect promptly while heavy withdrawals were in progress is blamed. Unsecured deposits amount to $135,000 or more, it is indicated.


Article from News and Record, December 10, 1924

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Article Text

WILMINGTON IS SCENE OF ANOTHER ROBBERY Negro Cook Held Up By Another Negro and Robbed of Money and Keys. BANK RECEIVERS NAMED (Special to Daily News.) Wilmington, Dec. 9.β€”Another daring hold-up was staged this morning at 5:45 o'clock at Sixth and Chestnut by an unknown negro, who, at the point of a pistol held up Johnny Corbett, negro cook employed by the Rose cafeteria. Corbett was commanded to, and did, give up all of his money, keys to the cafeteria and a watch, and was then permitted to proceed on his way to work. Report of the robbery was submitted by Corbett to the police, and the department is investigating. Louis J. Poisson, local attorney, and Clarence J. LeGrand, former cashier of the defunct Citizens Bank and Trust company, which was closed last month by the North Carolina Corporation commission, today were appointed temporary receivers for the institution in an order signed by Judge Henry A. Grady in Superior court. Judge Grady ordered that the defendant bank officers appear before him at Clinton, December 18, and show cause why a permanent receiver should not be appointed to liquidate the affairs of the institution. A special term of the United States district court, the first since the death of Judge Conner, will open here tomorrow at 10 a. m. with Judge C. A. Woods, of Marion, S. C., senior circuit judge of the fourth circuit, presiding. No jury cases will be tried but motions will be heard and several cases involving intricate points of law are expected to be brought be-