Gaston Loan & Trust Company (Gastonia, NC)

Episode Information

Episode UID
66012871572
Episode Type
Run → Suspension → Unsure
Bank Type
trust
Bank ID
6601287 routing
Routing Number
66-0128
Start Date
December 15, 1930
Location
Gastonia, North Carolina (35.262, -81.187)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
871b09872d96df78

Response Measures

None

Description

The bank suspended following heavy withdrawals triggered by the failure of the American National Bank of Asheville and its connection to L.L. Jenkins.

Events (2)
1. December 15, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed the closing of the American National Bank of Asheville on Nov 20, which shared leadership with the local First National Bank.
Newspaper Excerpt
blamed 'heavy withdrawals' in notices saying they would not open.
Source
newspapers
2. December 16, 1930 Suspension
Cause
Local Banks
Cause Details
Suspended as a precautionary measure due to depletion of deposits and hysteria following nearby bank failures.
Newspaper Excerpt
Gaston Loan and Trust Gastonia... failed to open for business today.
Source
newspapers

Newspaper Articles (10)
1. December 16, 1930 The Republican Springfield, MA
Article from The Republican, December 16, 1930

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Article Text

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, 1930 Grand Haven Tribune Grand Haven, MI
Article from Grand Haven Tribune, December 16, 1930

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Article Text

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, 1930 The Jersey Journal Jersey City, NJ
Article from The Jersey Journal, December 16, 1930

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Article Text

Four North Carolina Banks Fail to Open GASTONIA, N. C. Gaston County banks failed to open their doors today, leaving only one financial situation in this textile city of 20,000. The First National Bank and the Gaston Loan and Company Gastonia, Bank of Dallas and the People's Bank West blamed in nowould not open. The First largest of the four, posit 24, date of its last published statement listed Bank officials said has been paid to depositors since when the AmeriNational Bank of Asheville closed its doors L. Jenkins, president of the Asheville bank. was president the First National Bank and its largest single stockholder YORK (AP) The Bank of York County, closed its doors today Robinson, of the First National Gastonia which failed also president of the Clover instituThe bank had resources of about SALT LAKE CITY Utah (AP) The Columbia Trust Company of this placed the hands of the State Banking Frank Cook the stitution, said the board of directors requested closing order to protect all depositors preferbank is not having 20% reserve the close business Monday. and is the opinion of the board depositor will paid in Total deposits are Total assets are

4. December 16, 1930 The Houston Chronicle Houston, TX
Article from The Houston Chronicle, December 16, 1930

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Article Text

EIGHT BANKS IN NORTH CAROLINA BUSINESS Associated Press. Charlotte, Dec. North Carolina banks, four part the state four Gaston County, closed their today. of the institutions in case taken ure for protection deposit"Heavy generas the reason. First Bank Gastonia, the eight, deposits given other three Gaston banks, the Gaston Loan Trust pany, of Bank and People's Bank West Gastonia small The Closing the Bank of Franklin, in Macon left that town without financial institution. The deposits were listed which Franklin month, had deposits of The Bank of with deposits the Bank Clyde, with deposits failed after withstanding Bank Fletcher, Henderson County, closed the after remaining open hour and half. posits were listed

5. December 16, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 16, 1930

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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, 1930 Warren Times Mirror Warren, PA
Article from Warren Times Mirror, December 16, 1930

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Article Text

EIGHT CAROLINA BANKS SUSPEND Charlotte, N. C., 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 of 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. Resources were given at $4,656,067. The other three Gaston banks, the Gaston Loan and Trust Company, of Gastonia, the Bank of Dallas and the People's Bank of West Gastonia, were comparatively small institutions. The combined deposits totaled $270,052.84. Closing of the Bank of Franklin left that town without a financial institution. The bank's deposits were listed at $416,800. The Citizens Bank, which merged with the Franklin last month, had deposits of $125,000. The Bank of Swannanoa, with deposits of $182,000, and the Bank of Clyde, with deposits of $105,000, failed to open after withstanding runs yesterday. The Bank of Fletcher closed in the face of heavy withdrawals. Its deposits were listed at $103,500.

7. December 16, 1930 Montpelier Evening Argus Montpelier, VT
Article from Montpelier Evening Argus, December 16, 1930

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Article Text

SIX BANKS CLOSE DOORS In One Instance Action Is Taken Conserve Assets Gastonia, Dec. 16, Gaston county banks failed to open their doors today, leaving only financial institution in this textile of 20,000. The First National bank and the Gaston Loan and Trust company Gastonia, the Bank of Dallas and the Peoples Bank of West Gastonia blam"heavy withdrawals" in notices ing they would not open. The First National bank the gest of the four, had $3,660,072.11 deposit September 24. Bank officials said $800,000 had been paid to deposisince November 20, when the American National bank of Asheville closed its doors. Jenkins, president of the Asheville bank, was vice president the First National bank and its largest single stockholder. York, Dec. Clover, York county closed its doors today. Lee Robinson, president of the First National Bank of Gastonia which failed open this morning, president of the Clover institution. The bank had resources of about $650,000. Charleston, W. Va., Dec. 16, The state department of banking day that the Bank of Hillsboro, in Pocahontas county, was closon Friday The bank on September capital stock of $25,000. Its resources and its deposits taled $127,746.

8. December 16, 1930 The Chickasha Daily Express Chickasha, OK
Article from The Chickasha Daily Express, December 16, 1930

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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, 1930 The Herald Rock Hill, SC
Article from The Herald, December 16, 1930

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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

10. December 16, 1930 The Sentinel Winston-Salem, NC
Article from The Sentinel, December 16, 1930

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Article Text

CLOSE DOORS Four in Gaston County Among Number; One Left in Gastonia. one in Bertie County shut their The First National Bank of Gas tonia, was the largest the deposits of $3,066,072.11 on Sep tember 24. The Peoples Bank of Waco, in Cleveland County, capital $5 and resources of $111,338.28 shut The Clayton Banking Company Clayton capitalized at $75,000 and with resources of 36, did not open. Bank of Aulander in Bertie capital and resources of $385,896.95 also did not Raleigh (P) Eleven banks North Carolina closed their doors September 24 Report today. The First National Bank of Four banks in Gaston County. four tonia had deposits of $3,066,072.11 the Asheville area of Western listed in its September 24 report ReNorth Carolina. one in Cleveland given at 68. County. one in Johnston County and The other three banks the Gaston Loan and Trust Company, of Gastonia: the Bank of Dallas, and the People Bank, of West Gas "We Know How" tonia, were comparatively small Half Soles The combined deposits totaled $1.00 and Heels Closing of the Bank of Franklin in Free Shine Tickets with each every day Macon County left that town with