Farmers Bank & Trust Company (Monroe, NC)

Episode Information

Episode UID
66048271564
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
6604827 routing
Routing Number
66-0482
Start Date
April 23, 1930
Location
Monroe, North Carolina (34.985, -80.550)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
2cdcf6748c913531

Response Measures

None

Description

Articles report failure of Bank of Union triggered runs and the banks closed, leaving the town without banking facilities.

Events (2)
1. April 23, 1930 Run
Cause
Local Banks
Cause Details
Run triggered by failure of the Bank of Union to open, causing loss of confidence and heavy withdrawals
Newspaper Excerpt
blamed loss of public confidence for a run on bank
Source
newspapers
2. April 23, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension followed failure of Bank of Union to open and subsequent runs and loss of public confidence
Newspaper Excerpt
The Farmers Bank and Trust company did not open its door today
Source
newspapers

Newspaper Articles (2)
1. April 24, 1930 Times Record News Wichita Falls, TX
Article from Times Record News, April 24, 1930

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Article Text

Three Banks Close in North Carolina Town MONROE, N. C., April 23. (AP)—Two additional banks closed here today following failure of the Bank of Union to open Tuesday and left this community without banking facilities. The Farmers Bank and Trust company did not open its door today, and later in the morning the First National bank suspended. J. C. Sikes, president of the First National bank, blamed loss of public confidence following failure of the Farmers Bank and Trust company for its closing.

2. April 25, 1930 The Berkshire Eagle Pittsfield, MA
Article from The Berkshire Eagle, April 25, 1930

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Article Text

Co. has not purchased any interest in the mining rights of Beryllium Corp. at Keoflach in Steyr, Austria, as reported in Vienna dispatches. It has never had an interest in this company. Due to Runs NEW YORK—Following failure of Bank of Union, Monroe, North Carolina, to open Tuesday, Farmers' Bank & Trust Co. and First National bank of Monroe suspended Wednesday. President Sikes of First National bank, said his institution was in good shape, and blamed loss of public confidence for a run on bank. First National bank capitalized at $100,000 and had deposits of $1,200,000 and surplus of $55,000 at last financial statement. Farmers' Bank & Trust capitalized at $100,000 and had deposits of $300,000 and surplus of $25,000.