Liberty Savings Bank (Wilmington, NC)

Episode Information

Episode UID
66001071478
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
6600107 routing
Routing Number
66-0010
Start Date
February 1, 1923
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
60fb94485dbc11c5

Response Measures

None

Description

Bank was closed by the state Corporation Commission and placed in receivership; later legal actions and stockholder assessments followed.

Events (5)
1. February 1, 1923 Receivership
Newspaper Excerpt
the receiver of the Liberty Savings bank, T. E. Cooper ... receiver's report indicates ...; receiver for the Liberty Savings bank ... makes first payment to depositors in 1925
Source
newspapers
2. February 1, 1923 Suspension
Cause
Government Action
Cause Details
Closed by order of the state Corporation Commission (state regulatory action following bank distress)
Newspaper Excerpt
The Liberty Savings Bank was closed by order of the Corporation Commission on February 1, 1923
Source
newspapers
3. October 29, 1923 Other
Newspaper Excerpt
Judge E. H. Cranmer ... signed an order assessing all stockholders of the defunct Liberty Savings Bank 100 per cent on the dollar to care for $40,000 worth of alleged worthless assets now held by the bank receiver
Source
newspapers
4. November 22, 1924 Other
Newspaper Excerpt
Convicted here today of violating the state banking laws in connection with the failure of the Liberty Savings Bank, Thomas E. Cooper, former president ... sentenced to eight years
Source
newspapers
5. December 2, 1925 Other
Newspaper Excerpt
Receiver for the defunct Liberty Savings bank ... authorized its first dividend to depositors; ten per cent paid depositors
Source
newspapers

Newspaper Articles (16)
1. April 4, 1923 The News and Observer Raleigh, NC
Article from The News and Observer, April 4, 1923

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RESERVES DECISION DEFUNCT BANK CASE Wilmington, April 3.—Judge H. G. Connor, of the United States district court, after hearing the evidence and argument of counsel yesterday in the case of the city of Southport against the receiver of the Commercial National bank, the receiver of the Liberty Savings bank, T. E. Cooper, J. C. Rourk, J. W. Brooks and U. A. Underwood, stated that he would reserve his decision in the matter until counsel had time to file briefs in support of the contentions of the various parties. To Cure a Cold in One Day Take Laxative BROMO QUININE tablets. The box bears the signature of E. W. Grove. (Be sure you get BROMO.) 30c.—(adv.) tf.

2. April 11, 1923 The Salisbury Post Salisbury, NC
Article from The Salisbury Post, April 11, 1923

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TO ATTEND MEETING OF SCHOOL DIRECTORS AT CHARLOTTE ON FRIDAY Superintendent R. G. Kizer, Miss Sue E. Reese and other educational workers in Rowan will go to Charlotte Friday of this week to attend a joint meeting of county school superintendents, members of the boards of education and members of county boards of commissioners, called by Dr. E. C. Brooks, state superintendent of public instruction, for the purpose of going over the new school code and hearing it fully explained. This meeting embraces the territory known as the Charlotte district and is one of six to be held at different points in the state, and it is expected that quite a large number having charge of the educational work in this section will be present. ARREST PRESIDENT OF DEFUNCT BANK Raleigh, April 11.—A warrant charging fraud against Thomas E. Cooper, president of the defunct Commercial National Bank and Liberty Savings Bank of Wilmington and J. C. Rourk cashier of the latter bank, have been issued by Justice of the Peace E. Lloyd Tilley and the two men who were arrested in Wilmington yesterday will be brought to Raleigh to stand trial. Trial has been set tentatively for Saturday but will probably be postponed until next week. INVESTIGATE DEATH OF CONVICT IN FLA. (By Associated Press) Madison, Fla., April 11.—Investigation into the death of Martin Tavert, North Dakota youth, while serving a sentence in a convict labor camp 14 months ago was started today by a grand jury here. APPLE ORCHARDS NOT BADY DAMAGED

3. October 30, 1923 The Goldsboro News Goldsboro, NC
Article from The Goldsboro News, October 30, 1923

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Judge Cramer Rules Assessment Bank Stockholders Wilmington, N. C., Oct. 29—Judge E. H. Cranmer, of Superior Court, has signed an order assessing all stockholders of the defunct Liberty Savings Bank 100 per cent on the dollar. This is to care for $40,000 worth of alleged worthless assets now held by the bank receiver. The Liberty Savings Bank was closed by order of the Corporation Commission on February 1, 1923, and an auditor's report showed its assets at that time to be $229,000. The receiver's report indicates that $40,000 of this is either worthless or extremely doubtful according to attorney's for the receiver. The order signed by Judge Cranmer is for the purpose of securing this amount. A Venezuelan railway, from Caracas to Valencia, has 86 tunnels in only 55 miles.

4. October 30, 1923 The Charlotte Observer Charlotte, NC
Article from The Charlotte Observer, October 30, 1923

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BANK STOCKHOLDERS MUST COVER LOSSES WILMINGTON, Oct. 29.—Judge E. H. Cranmer in New Hanover superior court here today signed an order assessing all stockholders of the defunct Liberty Savings bank, 100 per cent on the dollar. This is to care for $40,000 worth of alleged worthless assets now held by the bank receiver. The Liberty Savings bank was closed by order of the corporation commission on February 1, 1923, and an auditor's report showed its assets at that time to be $299,000. The receivers' report indicates that $40,000 of this is either worthless or extremely doubtful, according to attorneys for the receiver.

5. October 30, 1923 The News and Observer Raleigh, NC
Article from The News and Observer, October 30, 1923

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ASSESS STOCKHOLDERS OF WILMINGTON BANK Wilmington, Oct. 29.—Judge E. H. Cranmer, in Superior Court, has signed an order assessing all stockholders of the defunct Liberty Savings Bank 10 per cent on the dollar. This is to care for $40,000 worth of alleged worthless assets now held by the bank receiver. The Liberty Savings Bank was closed by order of the Corporation Commission on February 1, 1923, and an auditor's report showed its assets at that time to be $229,000. The receivers' report indicates that $40,000 of this is either worthless or extremely doubtful, according to attorneys for the receiver. The order signed by Judge Cranmer is for the purpose of securing this amount.

6. October 30, 1923 The Sentinel Winston-Salem, NC
Article from The Sentinel, October 30, 1923

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WILMINGTON BANK PEOPLE MUST MAKE GOOD $40,000 Wilmington, Oct. 30—Judge E. H. Cranmer in New Hanover Superior court here has signed an order assessing all stockholders of the defunct Liberty Savings bank, 100 per cent on the dollar. This is to care for $40,000 worth of alleged worthless assets now held by the bank receiver. The Liberty Savings bank was closed by order of the corporation commission on February 1, 1923, and an auditor's report showed its assets at that time to be $229,000. The receivers report indicates that $40,000 of this is either worthless or extremely doubtful, according to attorneys for the receiver.

7. October 31, 1923 The Tampa Times Tampa, FL
Article from The Tampa Times, October 31, 1923

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Clews to Character By J. O. Abernethy. The Weak Chin. Call the roll of men and women who have achieved greatness in any field of endeavor since the dawn of creation and you will find that they had chins strong and firm. A man with a weak chin has a hard time living it down—no matter where he goes. A weak chin will have behind it a correspondingly weak character. It is contrary to nature to put a powerful chin on a man or woman of passive character. Put Andrew Jackson's or Theodore Roosevelt's chin on any unaggressive person and you would have a deformity. By the same token if you grafted a weak chin on either of the types mentioned it would seem grotesque. A weak chin may be known by the way it recedes. Visualize an imaginary line up and down from where the nose joins the forehead in the center of the brows to the nostrils; let the line split the nostril in the center, then extend it straight downward below the lips so that if the chin sticks out the line would cross it; if the chin drops behind this line, you will know that here is a receding, a weak chin and that you need not expect any great achievement by the individual who wears it. You will find that persons of this type are vacillating, inclined to "wait for something to turn up" and do not show much tenacity either in work or play. Generally they are drifters. Stockholders Pay. Wilmington, N. C., Oct. 30.—Judge E. H. Cranmer in New Hanover superior court, signed an order assessing all stockholders of the defunct Liberty Savings bank 100 per cent. on the dollar. This is to care for $40,000 worth of alleged worthless assets now held by the bank receiver. The Liberty Savings bank was closed by order of the corporation commission on Feb. 1, 1923, and an auditor's report showed its assets at that time to be $220,000. The receiver's reports indicates that $40,000 of this is either worthless or extremely doubtful, according to attorneys for receivers.

8. November 12, 1924 Asheville Citizen-Times Asheville, NC
Article from Asheville Citizen-Times, November 12, 1924

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JURY NAMED FOR COOPER HEARING (Special Correspondence of The Asheville Citizen) WILMINGTON, N. C., Nov. 11.—At the morning session of the Superior Court today with Judge Henry A. Grady presiding, the jury was selected which will hear the charges in the case against Thomas E. Cooper, president, and Joseph C. Rourke, cashier, of the former Liberty Savings Bank which suspended when the Commercial National Bank crashed. Examination of witnesses will start Wednesday morning. Two of the cases, one charging paying in reserves and the other making loans in excessive amounts, were consolidated. It is expected that a mass of technical evidence will be presented.

9. November 12, 1924 Winston-Salem Journal Winston-Salem, NC
Article from Winston-Salem Journal, November 12, 1924

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COOPER GOES TO JURY WITH PLEA OF 'NOT GUILTY' Former President and Cashier of Wilmington Bank Is Arraigned. JURY IS SELECTED BY CALLING 50 TALISMEN State Bank Examiners to Aid State in the Prosecution. (By The Associated Press) Wilmington, Nov. 11—Arraigned in superior court here today on charges of violating the state banking laws in connection with the failure of the Liberty Savings Bank, of which they were president and cashier, respectively, Thomas E. Cooper and Joseph C. Rourk entered pleas of not guilty. Armistice Day festivities halted the trial at 1:10 this afternoon, after the entire morning session of the court had been consumed in the selection of a jury. The panel was not completed until 50 talismen had been examined and each side had exhausted its allotted challenges. As sworn in just before the noon recess, the jury was composed as follows: The Jury L. A. Bilbro, harness maker; W. M. Riggs, farmer; J. O. Grimes, farmer; W. M. Collins, Sr., farmer; J. B. Jones, collector; D. C. Gore, bookkeeper; E. C. Moore, salesman; J. W. Mintz, naval stores employe; Jack G. Carroll, grocer; J. M. Crute, railroad clerk; R. C. Dew, chauffeur; R. O. Topel, gardener. Court adjourned immediately after the swearing in of the jury, to convene again tomorrow morning at 9:30 o'clock. The specific charge on which the two men are being tried and which were consolidated by Judge Henry A. Grady on motion of Solicitor Kellum allege the procuring or making of loans in excess of 25 per cent of the capital stock and permanent surplus of the bank and of making loans when the reserve of the bank was below that required by law. The Lawyers Solicitor Woodus Kellum is being assisted in the prosecution by L. C. Grant, while the defendants are represented by Herbert McClammy, C. D. Weeks and W. F. Jones. State bank examiner Latham and Joseph W. Little appeared at the table with the prosecution attorneys today. The Liberty Savings Bank, which was organized during the ship yard days, failed early in 1923, following the closing of the Commercial National Bank, of which Mr. Cooper was also president. (Special to The Journal) Wilmington, Nov. 11.—At the morning session of superior court today Judge Henry A. Grady, presiding, a jury was selected which will hear the charges in the case against Thomas E. Cooper, president, and Joseph C. Rourk, cashier, of the former Liberty Savings bank, which suspended when the Commercial National bank crashed. Examination of witnesses will start Wednesday morning. Two of the cases, one charging paying in reserves, and the other making loans in excessive amounts, were consolidated. It is expected that a map of technical evidence will be presented. Armistice Day was appropriately celebrated here today with a general suspension of business and with a parade and exercises in the afternoon under the auspices of the American legion. The formal exercises were held in the county high school with an address by Commandant S. H. Wolfe, of the United States coast guard cutter Modoc. The Waverly Pickle company has started operations in east Wilmington. Local capital is behind the new corporation which will produce various forms of pickles and relishes. The new plant will handle a large percentage of the cucumber crop of New Hanover county.

10. November 15, 1924 Atlanta Tri-Weekly Journal Atlanta, GA
Article from Atlanta Tri-Weekly Journal, November 15, 1924

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NORTH CAROLINA AHOSKIE. Dr. C. G. Powell, of Ahoskie, is named moderator of West Chowan Baptist association at 42nd annual meeting. AHOSKIE. Issue of $65,000 in bonds for street improvements is authorized. Contracts will be awarded December 4. Work is expected to be started February 1. CHARLOTTE.-Mecklenburg county superior court jury awards $6,000 damages to Mrs. Nannie Sherill Holton, who sued stepsons, William and Gilmer Holton, for $50,000 damages for injuries sustained in family fight in courtroom 18 months ago over settlement of husband's estate. PITTSBORO. Elizabeth Hornaday, 16. and Charlotte Wright, 12, are injured when Pittsboro school truck is wrecked after driver loses control. WRIGHTSVILLE BEACH. George E. Kidder, prominent business man, is named mayor, filling vacancy created by recent resigna tion of Thomas E. Wright, mayor for 14 years. WILMINGTON Thomas Jeffer son Capps, 85. one of Confederate soldiers who helped carry wounded Stonewall Jacksonville from field at Chancellorsville, dies after several years of declining health. Capps was prominent Onslow county farmer and operated mercantile establish ment at Sneed's Ferry. LUMBERTON. Mrs. Gilbert McKinnon, of Maxton, is elected presi dent of Twelfth district, state federation of woman's clubs at annual meeting. She succeeds Mrs. E. H. Williamson, of Fayetteville. Meet ing is advised that federation will ask enactment by January session of legislature of law requiring publication of marriage intentions two weeks before ceremony, with view of curbing divorce evil. MAXTON. Captain J. C. Everett, prominent citizen, dies at Wilmington, where he had gone for med ical treatment, death occurring at home of daughter. Mrs. Huggins. WILMINGTON. Civil actions against Thomas E. Cooper, former president and other former officers of defunct Liberty Savings Bank of Wilmington, "on grounds of fraud and mismanagement," to be brought by J. W. Little, receiver, are directed by Judge Grady in order recorded at superior court. KANNAPOLIS. Several store rooms are damaged by fire, starting in pressing club, loss being about $10,000. One fireman is painfully injured. KINGS MOUNTAIN. Captain Freno Dilling, 85, pioneer cotton mill man, Confederate veteran, former state legislator, dies after short illness. NASHVILLE.-Cheatham Evans negro, is sentenced to be electrocuted at Raleigh state prison, December 23, after conviction in superior court of murdering Arthur Joyner, white taxi-driver, July 26. WAYNESVILLE.-Robert D. Gilmer, 65, prominent lawyer, former state attorney general, dies of pneumonia after short illness. CHARLOTTE.-Frances McLean, 10, daughter of Mr. and Mrs. O. P. McLean, is shot in head by unidentified young man and is gravely wounded during revelry on street Father offers reward for arrest of assailant. RALEIGH.-Gilbert T. Stephenson, vice president, announces plans of Wachovia Bank & Trust Co., trustee, to build $400,000 eight-story professional men's office building on site of home of late Governor Holden. WINSTON-SALEM.-Mrs. Surah Louise Motsinger, 68, widow of Ja. cob Motsinger, died at Morganton where she had been under medical treatment. ROCKY MOUNT.-Mistrial is ordered by Judge Lyon in case of D. A. Rideout, charged with fatal shooting of neighbor, Alex Hedgepeth, Nash county farmer. REIDSVILLE.-J. Samuel Pirtle, 60, died after short illness following stroke of paralysis. RALEIGH.-Escae from obliga tions of contract with Co-operative Tobacco Growers' association is not legally possible by means of mortgage or claim and delivery papers, Judge Long holds in special Person county court at Roxboro, which is last of 17 cases started by tobacco association heard at that term, all of which were won by plaintiff association, says headquarters announcement. SALISBURY.-J. Rufus Fisher, 88, dies at home of daughter, Mrs. Robert E. Patterson. of Crescent. WILSON.-Total sales of tobacco on Wilson market to October 30 amounted to 32,194,666 pounds, for which $7,967,316 was paid, according to official figures. Average price for 2,909,544 pounds sold in weke ending October 30 is given as $33,41 per hundredweight. CHARLOTTE Dr. J. B. Craven, presiding elder of the Charlotte disrict, Western North Carolina Meth odist Episcopal church conference, in address, expresses opposition to proposed unification of northern and southern branches of church, rea sons given including race problem in volved. Conuino

11. November 23, 1924 The News and Observer Raleigh, NC
Article from The News and Observer, November 23, 1924

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Cooper Is Found Guilty Of Violating State Bank Laws Sentenced To Eight Years With Alternative of Making Restitution CASHIER J. C. ROURK GAINS AN ACQUITTAL Cooper Agrees To Part of Provisions Attached To Sentence Wilmington, N. C., Nov. 22.—Convicted here today of violating the state banking laws in connection with the failure of the Liberty Savings Bank, Thomas E. Cooper, former president of the institution, tonight faces the alternative of spending eight years on the county roads, or pleading guilty to the remaining charges against him and making restitution for the losses of the bank in the sum of $175,000 before December 31. In addition he must resign as a member of the New Hanover Board of Education and agree never to operate or manage a bank in North Carolina in order to escape the chain gang sentence imposed. Mr. Cooper was found guilty on four counts by a jury in superior court this morning, and was given the maximum penalty of two on each count. Joseph C. Rourk, former cashier of the Liberty Bank, acquitted. Gives Bond and Is Released Appeal to the supreme court filed by the defense and Judge ( (Continued on Page Two)

12. November 23, 1924 News and Record Greensboro, NC
Article from News and Record, November 23, 1924

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COOPER IS CONVICTED IN BANKING CASE AND GIVEN LONG SENTENCE Is Found Guilty On Four Misdemeanor Charges. EIGHT YEARS ON ROADS Judge Agrees Capias Not to Issue Until December 30 If Restitution Made. FIND ROURK NOT GUILTY New Hanover Superior Court Jury Deliberates Over Six Hours On Case Growing Out of Failure of Liberty Savings Bank. (By Associated Press.) Wilmington, Nov. 22.—Thomas E. Cooper, president of the defunct Liberty Savings bank of Wilmington, today was sentenced by Judge Henry A. Grady, in New Hanover Superior court here, to serve eight years on the roads of New Hanover county. He was found guilty this morning by a jury on four misdemeanor charges growing out of alleged violation of the state banking laws. Judge Grady, in sentencing Cooper, agreed that the capias in the case should not issue against Cooper until December 30, 1924, if Cooper complies with the following conditions: That Cooper shall by December 30 make full restitution to creditors and depositors of the Liberty Savings bank of an amount involving approximately $165,000 and provided that he resign at once from the board of education of New Hanover county. Bond At $25,000. Judge Grady overruled a motion of defense attorneys that the verdict be set aside. He then fixed Cooper's bond at $25,000. Cooper filed notice of an appeal to the Supreme court and Judge Grady fixed his bond at $25,000 pending the appeal. Immediately after Cooper was sentenced a discussion was started in court as to whether or not Cooper should be permitted to submit to five other cases growing out of the banking situation in Wilmington, as misdemeanor. Two felony cases and several misdemeanor cases still are pending against him. Cooper was jointly tried with J. C. Rourk, cashier of the Liberty Savings bank. Rourk was acquitted by the same jury that convicted Cooper. The jury's verdict held Cooper guilty on four misdemeanor counts in connection with transactions in handling the affairs of the defunct Liberty Savings bank. Indicted On Same Counts. Rourk was indicted on the same counts and the cases were tried together, the jury finding the former cashier to be not guilty. The case went to the jury at 5:30 o'clock yesterday afternoon after a trial that had lasted for nearly two weeks. It deliberated until 11:30 o'clock last night when Judge Grady ordered it locked up for the night. This morning after only a short period of deliberation an agreement was reached and the verdict announced in open court. Cooper, a brother of Lieutenant-Governor W. B. Cooper, was president of the Liberty Savings bank, which closed about two years ago. He also had been connected with a bank at Raleigh. The state, in the long drawn out trial, through Solicitor Woodus Kellum, subjected Cooper to a grueling cross-examination for more than three days. The prosecution contended that Cooper, as president of the bank, violated the state banking law, by making loans when the reserves of the institution were below the amount required by law. Rourk a "Tool of Cooper." Court was called to order at 2:30 o'clock, with an unusually large au- (Continued on Page Nine.)

13. November 25, 1924 Messenger-Inquirer Owensboro, KY
Article from Messenger-Inquirer, November 25, 1924

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Former Bank Head Assigned to Road Work As Penalty WILMINGTON, N. C. Nov. 25. Convicted on four counts of an indictment charging misdemeanors for alleged violation of the state banking laws, Thomas E. Cooper, president of the defunct Liberty Savings bank, of this city, late today was sentenced to 8 years on the county roads. Stay of execution was obtained. Cooper is a brother of Lieut. Gov. W. B. Cooper, of North Carolina, and for many years prominent in the social and business life of this section.

14. November 25, 1924 The Sentinel Winston-Salem, NC
Article from The Sentinel, November 25, 1924

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COOPER MUST PAY CASH FOR LOSSES Debts of Guilty Banker May Be Over $175,000, the Examiner Says MAY ATTEMPT TO RAISE IT Raleigh, Nov. 25.—Thomas E. Cooper, former president of the defunct Liberty Savings Bank of Wilmington, must pay dollar for dollar the losses sustained by the creditors of that institution in order to escape an eight years' sentence on the New Hanover county roads imposed with the alternative of restitution by Judge Henry A. Grady Saturday, according to the interpretation of Clarence Latham, chief State bank examiner. Judge Grady in offering the alternative of restitution fixed the amount approximately at $175,000 but Mr. Latham stated that his was a smaller amount than the figure of the losses fixed by the bank examiner. He stated that $175,000 plus the amount already collected by the receivers would probably equal the losses. Mr. Latham has been in attendance at the trial of the former banker but left immediately after the sentence was imposed. Cooper was engaged in making his bond in the sum of $25,000 for his appeal to the Supreme court when Latham left. He could not state whether Cooper would make an attempt to raise an amount sufficient to cover the losses of the bank. "I imagine he will make an attempt to raise the amount," Mr. Latham said, "but it is a mighty large sum." Mr. Latham stated that if Cooper raised the amount necessary to pay the creditors of the bank, the receivers would turn over to him the paper upon which the losses are based. He will be given the rights in the paper and may collect them. "Judge Grady gave Cooper the opportunity to make full restitution and if he does sentence will be suspended. At the time he imposed the sentence Judge Grady stated that he was under the impression that it would take $175,000 in cash," said Mr. Latham. "Cooper will have to pay all liabilities of the bank at the time it closed its doors which were, as I remember just now, something over $200,000. The receiver has collected some money but not a great amount."

15. November 27, 1924 The Nashville Graphic Nashville, NC
Article from The Nashville Graphic, November 27, 1924

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COOPER MUST PAY FOR CASH LOSSES Debts Guilty Banker Must Pay May Be Over $175,000 Examiner Says. Thomas E. Cooper, former president of the defunct Liberty Savings Bank of Wilmington, must pay dollar for dollar the losses sustained by creditors of that institution in order to escape an eight years' sentence on the New Hanover county roads imposed with the alternative of restitution by Judge Henry A. Grady, Saturday, according to the interpretation of Clarence Latham, chief State bank examiner. Judge Grady in offering the alternative of restitution fixed the amount approximately at $175,000 but Mr. Latham stated that this was a smaller amount than the figure of the losses fixed by the bank examiner. He stated that $175,000 plus the amount already collected by the receivers would make an attempt to raise an Mr. Latham has been in attendance at the trial of the former banker but left immediately after the sentence was imposed. Cooper was engaged in making his bond in the sum of $25,000 for his appeal to the Supreme Court when Latham left. He could not state whether Cooper would make an attempt to raise an amount sufficient to cover the losses of the bank. "I imagine he will make an attempt to raise the amount," Mr. Latham said, "but it is a mighty large sum." Mr. Latham stated that if Cooper raised the amount necessary to pay the creditors of the bank, the receivers would turn over to him the paper upon which the losses are based. He will be given the rights in the paper and may collect them. "Judge Grady gave Cooper the opportunity to make full restitution and if he goes sentence will be suspended. At the time he imposed sentence Judge Grady stated that he was under the impression that it would take $175,000 in cash," said Mr. Latham. "Cooper will have to pay all liabilities of the bank at the time it closed its doors which were, as I remember just now, something over $200,000. The receiver has collected some money but not a great amount and has not as yet collected enough to declare a dividend. What he has collected, however, will be deducted from the amount of the liabilities which Cooper must pay."

16. December 2, 1925 News and Record Greensboro, NC
Article from News and Record, December 2, 1925

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TEN PER CENT PAID BANK'S DEPOSITORS Receiver for Defunct Cooper In. stitution at Wilmington Makes First Payment. Daily News) receiver for the Liberty Savings bank, Cooper institution that crashed fol. lowing the the Commercial National today authorized its first of dividends to depositors. This comes less than week after the state Supreme court had denied the appeal Thomas E. Cooper, president of the bank, which must serve eight years on the roads New The first to depositors is per of their deposits, and checks will go into the mails tonight to all persons whose claims have been by the W. attorney for the receiver, said there would be other payments but was unwilling to say when these would be made or how much might be expected.