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Short Digest
f75a0977a939e8ac
Response Measures
None
Description
The bank failed to open on Nov 20, 1930, and was placed in liquidation; subsequent articles reveal embezzlement by the president and teller.
Events (3)
1.November 20, 1930Receivership
Newspaper Excerpt
notice on the door which said the institution had been placed in the hands of the State banking department for liquidation.
Source
newspapers
2.November 20, 1930Suspension
Cause
Bank Specific Adverse Info
Cause Details
The bank failed to open and was placed in liquidation; later reports confirmed embezzlement by the president and teller.
Newspaper Excerpt
The First Bank & Trust Co., failing to open at the regular hour this morning, had a notice on the door which said the institution had been placed in the hands of the State banking department for liquidation.
Source
newspapers
3.January 13, 1931Other
Newspaper Excerpt
Henderson county grand Tuesday noon returned true bill charging W. Gaither Rhodes, former teller in the suspended First Bank and Trust company, with the embezzlement of approximately $40,000
Source
newspapers
Newspaper Articles (20)
1.November 20, 1930The TimesTrenton, NJ
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SOUTHERN BANKS FORCED TO CLOSE
North Carolina, Missouri and Kentucky Institutions Are Involved
Press) Nov. Central Bank and Trust Company, largest financial in this immediate section failed to open for business today and by five other Western closed their North Carolina banks had doors Capitalized at the Central Bank and Trust September 24 the date the last bank roll call, had of approximately 000 Its resources given at that time as $21 Other closing were the BiltBank here, including its branch at Oteen Veterans Hospital: the First Bank and Trust Company, Hendersonville; the American Bank and Trust Company. the Citizens National Bank Hendersonville Lowell N and the Bank of Lowell, statement given out by the Board of Directors said the bank was closed in anticipation of heavy run.
2.November 20, 1930The Advocate-MessengerDanville, KY
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BANK FAILURES
(United Press) LOUISVILLE, KY., Nov. Union Central Bank failed The today, making the sixth Louisbank to close this week and the twelfth in Kentucky. The Bank correspondent bank of the National Bank of Kentucky, also failed to open. Geo. Ewald, of the Union Central president Bank, said the closing is temporand that the bank is solvent.
Asheville Banks Close.
ASHEVILLE, Nov. Central Bank and Trust of Asneville, largest bank Company western North Carolina, and Bank, stitution, failed to open for They are state banks today. and partially owned by the interests. The American National Bank weathering heavy run noon.
Failure at Hendersonville.
HENDERSONVILLE, N. C., Nov. 20. First Bank and Trust Company of Hendersonville, institution, failed to open business today and the Citizens National Bank and the Bank and Trust Company immedclosed their doors to prevent runs, lines of depositors formThe latter two were declared solvent by officials.
Cold Wave On. Order that load REGAL. Farmers Supply Co. 169-tf
3.November 20, 1930Evening StarWashington, DC
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FOUR NORTH CAROLINA BANKS CLOSE DOORS Asheville Institution With $18,000,000 Deposits Among Those Involved. By the Associated Press. RALEIGH, N. C., November 20.-Four banks in Western North Carolina, including the Central Bank & Trust Co. at Asheville, with deposits of $18,000,000, closed today, John Mitchell, State bank examiner, announced here. Mitchell said his office had been advised that the Central Bank & Trust Co. of Asheville closed this morning and the Biltmore-Oteen Bank of Asheville, the First Bank & Trust Co. of Hendersonville and the American Bank & Trust Co. of Hendersonville had also closed their doors. HENDERSONVILLE, N. C., November 20 (AP)-Three Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank & Trust Co., failing to open at the regular hour this morning, had a notice on the door which said the institution had been placed in the hands of the State banking department for liquidation. Runs immediately developed on the American Bank & Trust Co. and the Citizens' National. Depositors stood in long lines in an effort to draw out their savings. The American remained open only a few minutes. Its officials in closing it issued a statement saying the action had been taken for the protection of depositors and because of the run. The Citizens' closed after an hour. Its officials declared the institution "perfectly solvent."
4.November 20, 1930The Evening SunBaltimore, MD
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CAROLINA BANKS FAIL
Three More Close In Kentucky. President Of One Institution Hangs Self
[By the Associated Press] Asheville, N. Nov. CenBank and Trust Company, largest financial institution in this immediate section, failed to open for business today and by noon five other western North Carolina banks had closed their doors. Capitalized at CenBank Trust Company on September 24, the date of the last bank call, had deposits of approximately $18,000,000. Its resources were given at that time as $21,753,000. Other Banks Close Other banks closing were the BiltBank here, including its branch at Oteen Veterans' Hospital the First Bank and Trust Company, Hendersonville: the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, John Mitchell. State Bank Examiner, notified of the Central Bank and Trust Company's failure to open and expected to send an examiner here immediately to take charge of Heavy Run Anticipated A statement given out by the board directors said the bank was closed anticipation of heavy run. [By the "This action." the statement said, taken solely to conserve the in- New Nov. 20-Dr. Abraham terests of the depositors and only after Flexner, director of the Institute became apparent that such step Advanced Study in Newark, wise. During past few days the book criticizes American univerbank has been forced withstand sities for teaching "rubbish." heavy withdrawals of funds.' notice posted on the door of the In American, First Bank and Trust Company, Hen- lish and German." published the said the Oxford University Press, he declares been placed in the bands of the State sort of easy rubbish which may Banking Department for liquidation. counted toward an degree capitalized $150,000, had passes the limits of credibility." [Continued On Page Institutions, he adds, "have
5.November 20, 1930Fitchburg SentinelFitchburg, MA
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More Carolina Banks Closed
RALEIGH N C. Nov 20 or Four banks in western North Carolura, including the Central Bank & Trust Co. at Asheville, with deposits of $18,000,000, closed today, John Mitchell. state bank examiner announced here. Mitchell said his office had been advised that the Central Bank & Trust Co of Asheville closed this morning and the bank, the Firht Bank & Trust Co of Hendersonville, and the American Bank & Trust Co of Hendersonville had also closed
JEFFERSON CITY. Mo Nov 20 (AP) The Hannibal Trust Co. of Hannial. with total of closed today by its board of directors, the state finance department announced
6 North Carolina Banks Close Doors
ASHEVILLE, N. C., Nov. The Central Bank and Trust Company, largest financial institution in this immediate section, failed to open for business Thursday and by noon five other Western North Carolina banks had closed Capitalized at $1,000,000, the Central Bank and Trust Company on Sept. 24. the date of the last bank call. had of Other banks were the Biltmore Bank here including its branch at Oteen Veterans Hospital: the First Bank and Trust Company, Hendersonville the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, N. John Mitchell, state bank examiner, was notified of the Bank and Trust Company failure to open and was expected to send an examiner here immediately to take charge of it. statement given out by the board of directors said the bank was closed in anticipation of heavy run. The closing of the three banks at Hendersonville left that city of approximately 8,000 residents without banking facilities. Other banks in Asheville said Thursday that they had experienced some withdrawals, but were in condition to meet any demands their depositors might make of them.
7.November 20, 1930Sun HeraldBiloxi, MS
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Six Banks Close In North Carolina
Asheville, N. C., Nov. 20.-(P)The Central Bank and Trust Company, largest financial institution in this immediate section, failed to open for business today and by noon five other western North Carolina banks had closed their doors. Capitalized at $1,000,000, the Central Bank and Trust Company on Sept. 24, the date of the last bank call, had deposits of approximately $18,000,000. Its resources were given at that time as $21.753,000. Other banks closing were the Bilt. more-Oteen bank here, including its branch at the Oteen Veterans Hospital; the First Bank and Trust Company of Hendersonville; the American Bank and Trust Company, Hendersonville the Citizens National Bank, Hendersonville, and the Bank of Lowell, Lowell, N. C. A statement given out by the board of directors said the Central Bank & Trust Company was closed in anticipation of heavy run. "This action," the statement said, "was taken solely to conserve the interests of the depositors and only after it became apparent that such step was wise. During the past few days the bank had been forced to withstand heavy withdrawals of funds."
8.November 20, 1930Biddeford-Saco JournalBiddeford, ME
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CAROLINA
Asheville, Nov. Central Bank Trust company, largest financial institution in this immediate section, to open for business today and noon five other western North Carolina banks had closed their Capitalized at $1,000,000, the Central Bank Trust company September the date last bank deposits approximately $18,000,000. resources given at that time Other banks closing were the bank here, includits branch Oteen Hospital; First Bank Trust Hendersonville; company, the Bank Trust comthe Citizens pany, National bank, and the Bank of Lowell, Lowell,
MRS. ELIZABETH The Mrs. Elizabeth and Kirkwood, of Albert Kirkwood of Saco, who died Wednes- Sho day Augusta, brought funeral Ellis: held o'clock Friday afternoon the Dennett Craig funeral Main street, Saco. Mass Kirkwood born Funeral daughter o'clock the and Alfred Laing. She survived by her husband, Malcolm both of Saco; brothJoseph H. Laing of Bangor, two sisters, Mrs. Catherine of Patten and Mrs. Anna Weymouth Clinton. Mrs. Mrs. Kirkwood attendan Elizabeth ant Parish Saco.
9.November 20, 1930The Buffalo TimesBuffalo, NY
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Three Hendersonville, N. C., Banks Closed by Runs
HENDERSONVILLE Press N. C., Nov. 20. -Three Hendersonville banks with aggregate deposits of more than $2,000,000 closed during runs today. They were: The First Bank and Trust company, deposits $813,338; the Citizens National Bank, deposits, $1,077,397; the American Bank and Trust compan deposits $55,012. Officials of the Citizens National. and American Bank and Trust announced the institutions were solvent and would re-open.
10.November 20, 1930The World-NewsRoanoke, VA
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BANKS IN SIX NORTH CAROLINA CLOSE DOORS terests the depositors and only after that the past days During forced withstand the bank been withdrawals of funds heavy door of notice posted First Trust the institution the of the had for liquidaIt capitalized and deposits to its last statedeveloped in the Heavy runs American and on the Citizens Trust and tional Bank they and Trust ComThe smallest the banks, $160.had deposits The National capitalized 000 had surplus of $150,000 deposits Lowell Gaston the Whether failure today was with the other not be learned. The closing of the three banks at Hendersonville left city apresidents without proximately Asheville said this Other had experienced withdrawals. but were in condition meet demands might make them.
11.November 20, 1930The Taylorville Daily Breeze CourierTaylorville, IL
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NO. CAROLINA BANKS CLOSED
Raleigh, N. C., Nov. 20. (A.P.) Four banks in western North Carolina, including the Central Bank & Trust Company at Asheville, with deposits of $18,000,000, closed today, John Mitchel, state bank examiner, announced here. Mitchell said his office had been advised that the Central Bank and Trust Company of Asheville, closed this morning and the Biltmoreoteen bank, the First Bank and Trust /Co. of Hendersonville, and the American Bank and Trust Company of Hendersonville, had also closed their doors.
12.November 21, 1930The OregonianPortland, OR
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SIX MORE BANKS CLOSE
FIVE NORTH CAROLINA INSTITUTIONS FAIL.
Several Suspend Because of Runs; Hannibal, Mo., House Also in Hands of State Officials.
ASHEVILLE N. C., Nov. 20.-(AP) -The Central Bank and Trust company, Asheville's largest financial institution, failed to open for business today. A notice posted on the door advised the public that the bank was closed on order of the board of directors for the of assets The bank's last statement of condition showed more than $18,000,000 on as deposit. The Biltmore-Oteen bank also closed. The Central bank was capitalized at $1,000,000 and its last statement of condition issued September 24, gave its surplus as $1,000,000.
HENDERSONVILLE. N. C., Nov. 20.-(AP)-Three Hendersonville banks closed their doors today, leaving this city without banking facilities. The First Bank and Trust company failed to open at the regular hour It had notice on the door which said the institution had been placed in the hands of the state banking department for liquidation. Runs developed on the American Bank and Trust company and the Citizens National and they soon closed.
JEFFERSON CITY, Mo., Nov. 20.Hannibal Trust company, Hannibal Mo. with total resources of $1,523,720. was closed today by its board of directors, the state finance department announced. Heavy withdrawals as result of the recent bank closings in Quincy, III., across the river from Hannibal, was given the cause. The bank according to the last statement filed here, had deposits of $1,124,814 loans of $1,002,537 and capital stock of $200,000
Hendersonville Bank Teller Is
(Special The Times) Henderson county grand Tuesjury day noon returned true bill ing W. Galther Rhodes, former teller in the suspended First Bank and Trust company. with the embezzleapproximately $40,000 and securities. The bank teller is the son of the president the The younger Mr. Rhodes had not been arrested early Tuesday afternoon. Auditors who have been examining the suspended Hendersonville banks filed report on the First Bank and Trust company with the clerk of the county In this shortage of bond was flected. cash shortage 831 809 charged to not bonded. also was reported in the
The First Bank and Trust company closed its younger Rhodes Tuesday afternoon declined make any statement regarding his indictment have nothing all to say this haven't been arrested yet but understand that care discuss the matter."
14.June 2, 1933The Times-NewsHendersonville, NC
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NOTICE OF SALE On account of default in payment of debt secured by deed of trust from C. L. Jones and wife, Ruth Jones, to First Bank & Trust Company, trustee, recorded in book 127, page 288, Henderson county mortgage records, said First Bank & Trust Company be ing defunct and in the hands of the state commissioner of banks for liquidation, who has been called on to exercise the powers of sale in said deed of trust; The undersigned comissioner of banks will on Friday, June 30, 1933, at 12 o'clock noon at the courthouse door in Hendersonville, North Carolina, sell at public auction to the highest cash bidder, subject to outstanding taxes and assessments, the land described in said deed of trust, to-wit: All that certain piece, parcel and lot of land lying in Hendersonville township, Henderson county, North Carolina, to-wit: BEGINNING at stake in middle of Haywood road 2 rods north of Cedar tree; runs west 10 degrees south 9 rods to a stake; then north 6 rods to a stake; thence west to branch: thence north with branch to G.P. Liverett's line; with his line to Haywood road; thence south with Haywood road to beginning. Containing 7 acres, more or less. May 31, 1933. Gurney P. Hood, Commssioner of Banks as Successor Trustee. 6-2-Fri-4t
15.June 9, 1933The Times-NewsHendersonville, NC
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NOTICE OF SALE On account of default in payment of debt secured by deed of trust from C. L. Jones and wife, Ruth Jones, to First Bank & Trust Company, trustee, recorded in book 127, page 288, Henderson county mortgage records, said First Bank & Trust Company be ing defunct and in the hands of the state commissioner of banks for liquidation, who has been called on to exercise the powers of sale in said deed of trust; The undersigned comissioner of banks will on Friday, June 30, 1933, at 12 o'clock noon at the courthouse door in Hendersonville, North Carolina, sell at public auction to the highest cash bîdder, subject to outstanding taxes and assessments, the land described in said deed of trust, to-wit: All that certain piece, parcel and lot of land lying in Hendersonville township, Henderson county, North Carolina, to-wit: BEGINNING at stake in middle of Haywood road 2 rods north of Cedar tree; runs west 10 degrees south 9 rods to a stake; then north 6 rods to a stake; thence west to branch; thence north with branch to G.P. Liverett's line; with his line to Haywood road; thence south with Haywood road to beginning. Containing 7 acres, more or less. May 31, 1933. Gurney P. Hood, Commssioner of Banks as Successor Trustee. 6-2-Fri-4t
16.June 16, 1933The Times-NewsHendersonville, NC
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NOTICE OF SALE On account of default in payment of debt secured by deed of trust from C. L. Jones and wife, Ruth Jones, to First Bank & Trust Company, trustee, recorded in book 127, page 288, Henderson county mortgage records, said First Bank & Trust Company be.. ing defunct and in the hands of the state commissioner of banks for liquidation, who has been called on to exercise the powers of sale in said deed of trust; The undersigned comissioner of banks will on Friday, June 30, 1933, at 12 o'clock noon at the courthouse door in Hendersonville, North Carolina, sell at public auction to the highest cash bidder, subject to outstanding taxes and assessments, the land described in said deed of trust, to-wit: All that certain piece, parcel and lot of land lying in Hendersonville township, Henderson county. North Carolina, to-wit: BEGINNING at stake in middle of Haywood road 2 rods north of Cedar tree; runs west 10 degrees south 9 rods to a stake; then north 6 rods to a stake; thence west to branch: thence north with branch to G.P. Liverett's line; with his line to Haywood road; thènce south with Haywood road to beginning. Containing 7 acres, more or less. May 31, 1933. Gurney P. Hood, Commssioner of Banks as Successor Trustee. 6-2-Fri-4t
17.June 23, 1933The Times-NewsHendersonville, NC
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NOTICE OF SALE On account of default in payment of debt secured by deed of trust from C. L. Jones and wife, Ruth Jones, to First Bank & Trust Company, trustee, recorded in book 127, page 288, Henderson county mortgage records, said First Bank & Trust Company be ing defunct and in the hands of the state commissioner of banks for liquidation, who has been called on to exercise the powers of sale in said deed of trust; The undersigned comissioner of banks will on Friday, June 30, 1933, at 12 o'clock noon at the courthouse door in Hendersonville, North Carolina, sell at public auction to the highest cash bidder, subject to outstanding taxes and assessments, the land described in said deed of trust, to-wit: All that certain piece, parcel and lot of land lying in Hendersonville township, Henderson county, North Carolina, to-wit: BEGINNING at stake in middle of Haywood road 2 rods north of Cedar tree; runs west 10 degrees south 9 rods to a stake; then north 6 rods to a stake; thence west to branch; thence north with branch to G.P. Liverett's line; with his line to Haywood road; thence south with Haywood road to beginning. Containing 7 acres, more or less. May 31, 1933. Gurney P. Hood, Commssioner of Banks as Successor Trustee, 6-2-Fri-4t
18.July 21, 1933The Times-NewsHendersonville, NC
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NOTICE OF SALE On account of default in payment of debt secured by deed of trust from W. W. Peek, widower, to First Bank & Trust Company, trustee, recorded in book 127, page 103, Henderson county mortgage records, said First Bank & Trust Company being defunct and in the hands of the state commissioner of banks for liquidation, who has been called on to exercise the powers of sale in said deed of trust; The undersigned commissiner of banks will on Friday, August 18, 1933, at 12 o'clock noon at the courthouse door in Hendersonville, N. C., sell at public auction to the highest cash bidder, subject to outstanding taxes, the land described in said deed of trust, to-wit: All that certain piece, parcel and lot of land lying in Hendersonville township, Henderson county, North Carolina, to-wit: A tract of land containing siy acres, lying on the east side of Stepp street, adjoining lands (now or formerly) of D. E. Stepp, Z. B. Arledge, and beginning at the southwest corner of D. E. Stepp's 12-214| acre tract, in center of Stepp street, said corner also being the northeast corner of Z. B. Arledge's 10-acre tract, and the southeast corner of A. C. Henderson's tract; and running thence along the southern boundary of said Stepp tract, south 72 degrees 45 minutes east 1077-3|10 feet to the southeast corner of his tract; thence south 22 degrees 18 minutes east 145 feet to a stake; thence south 17 degrees 15 minutes west 120-6|10 feet to a stake; thence north 72 degrees 45 minutes west 1171 feet to the center line of Stepp street; thence along the center line of Stepp street, north 17 degrees 15 minutes east 240-1 I 10 feet to the beginning. Excepting a strip 15 feet wide along and just east of the center line of Stepp street for use of said street. July 19, 1933. Gurney P. Hood, Commissioner, Successor to First Bank & Trust Company, Trustee. 7-21-Fri-4tp
NOTICE OF SALE On account of default in payment of debt secured by deed of trust from W. W. Peek, widower, to First Bank & Trust Company, trustee, recorded in book 127, page 103, Henderson county mortgage records, said First Bank & Trust Company being defunct and in the hands of the state commissioner of banks for liquidation, who has been called on to exercise the powers of sale in said deed of trust: The undersigned commissiner of banks will on Friday, August 18, 1933, at 12 o'clock noon at the courthouse door in Hendersonville, N. C., sell at public auction to the highest cash bidder, subject to outstanding taxes, the land described in said deed of trust, to-wit: All that certain piece, parcel and lot of land lying in Hendersonville township, Henderson county, North Carolina, to-wit: A tract of land containing six acres, lying on the east side of Stepp street, adjoining lands (now or formerly) of D. E. Stepp, Z. B. Arledge, and beginning at the southwest corner of D. E. Stepp's 12-214/1000 acre tract, in center of Stepp street, said corner also being the northeast corner of Z. B. Arledge's 10-acre tract, and the southeast corner of A. C. Henderson's tract; and running thence along the southern boundary of said Stepp tract, south 72 degrees 45 minutes east 1077-3 10 feet to the southeast corner of his tract; thence south 22 degrees 18 minutes east 145 feet to a stake; thence south 17 degrees 15 minutes west 120-6|10 feet to a stake; thence north 72 degrees 45 minutes west 1171 feet to the center line of Stepp street; thence along the center line of Stepp street, north 17 degrees 15 minutes east 240-110 feet to the beginning. Excepting a strip 15 feet wide along and just east of the center line of Stepp street for use of said street. July 19, 1933. Gurney P. Hood, Commissioner, Successor to First Bank & Trust Company, Trustee. 7-21-Fri-4tp
TION UPON ROLE TAKEN EHRINGHAUS Served Over Minimum me; Record Said Exceptionally Fine T ENOUGH TIME' SERVED, IS OPINION BY J. C. BASKERVILL The Times-News Bureau Sir Walter Hotel LEIGH. Dec. 4.-Application a parole for Mack Rhodes, er president of the First and Trust company of Hennville. and who has been in prison here since October 1932, serving two sentences ed following his conviction embezzlement and making entry. was denied today by J.C. B. Ehringhaus, it was funced this afternoon by ComOner of Paroles Edwin M. odes was convicted. followhe closing of his bank in Noer. 1929. of both embezzleand of making false entry. the embezzlement count he sentenced to from two to ten andon the false entry count om four to six years, and nces to run concurrently. the minimum sentence unhich he could get out, should erve all his time, would be years. To date he has served one month more than two of the minimum four years
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.
