gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c554bf9346858ba7
Response Measures
None
Description
Liquidation references in 1933 indicate the Forest City bank remained closed and in liquidation after the 1930 suspension.
Events (3)
1.February 4, 1930Run
Cause
Local Banks
Cause Details
Withdrawals triggered by the closing of Rutherfordton County banks and their branches, which precipitated a run on the Forest City bank.
Measures
Called meeting of directors; bank closed and placed in hands of the State Banking Department.
Newspaper Excerpt
A run on the Farmers' Bank and Trust company Forest City, believed by bankers to have been outgrowth the closing of the Rutherfordton Bank and branches, followed by called meeting directors of the Forest City institution 10 o'clock
Source
newspapers
2.February 4, 1930Suspension
Cause
Government Action
Cause Details
Directors placed the bank in the hands of state bank examiners for the protection of depositors after heavy runs.
Newspaper Excerpt
The bank was placed in the hands the State Banking Department, notice said.
Source
newspapers
3.December 6, 1933Receivership
Newspaper Excerpt
the time for closing out the Rutherford County Bank and the Farmers Bank and Trust company at Forest City, has been extended for one year
Source
newspapers
Newspaper Articles (17)
1.February 4, 1930Hickory Daily RecordHickory, NC
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Article Text
CLOSED
RUTHERFORDTON, Feb. Rutherford county banks closed their doors this morn-
The Rutherford County Bank and Trust company, at Rutherfordton, with resources over million dollars, and its two branches, at Spindle and Union mills, were closed. The convention notice, signed the board of directors, was affixed to the doors. declared th the banks had been put the hands of the state banking department for the protection of deposi*ors. run on the Farmers' bank and Trust company Forest City, believed by bankers to have been outgrowth the closing of the Rutherfordton Bank and branches, followed by called meeting directors of the Forest City institution 10 o'clock, and the closing of the bank, branch at Paroleen. The bank placed in the hands the state banking department, notice said. Examiners Sent Feb. men from the State Banking department were sent to this morning when John Mitchell, State bank examiner, notified that five banks in Rutherford county had closed.
Five Banks Close In Rutherford Co,
Rutherford county banks closed their doors this morning. The Rutherford County Bank and Trust Company, at Rutherfordton with resources of over million dollars. and its two branches at Spindale and Union Mills, were closed. run on the Farmers' Bank and Trust Company at Forest City, believed by bankers to have been an outgrowth of the closing of the Rutherfordton bank and its branches, was followed by called meeting of directors of the Forest City institution 10 o'clock, and the closing of the bank, as well as its branch at Spindale.
3.February 4, 1930The Charlotte NewsCharlotte, NC
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Article Text
Five Banks Go To Wall Today In Rutherford
Rutherfordton and Forest City Banks, With Branches, Close Doors— Resources Over Two Million.
Rutherfordton, Feb. Ruth. erford County banks closed their doors this morning The Rutherford County Bank and Trust Company, at Rutherfordton, with resources of over million dollars. and its two branches, at Spindale and Union Mills. failed- to open their doors at the usual hour The conventional notice, signed by the board of directors. was affixed to the doors. It declared the affairs of the banks had been put in the hands of the State Banking De. partment for the protection deon the Farmers' Bank and Trust at Forest City, believed by bankers to have been outgrowth the closing of the Rutherfordton bank and its branches, was followed by called meeting directors the Forest City institution at 10 o'clock. and the closing of the bank well as branch at Caroleen, about 10:15 this The bank was placed the hands of the State Banking Department, notice
Resources of Million A financial statement of January 1930. gave the Rutherfordton bank capitalized $200,000. total of Surplus was of $970.407 Taylor president, while D. Walker cashier. Arial 18 cashier of the Spindale branch. while Mr. Seoggins is cashier of the Union Mills branch Resources of the branches were not immediately available Surplus and capital of the Forest City institution $250,000. well million dollars. Dr. B. Lovelace president. and Bennett. cashier W. Hicks is cashier of the Caroleen branch. which has resources of about No reason fas assigned this morning for the closing the banks directors' statement was promised for tomorrow morning. The closing of the large banks and their branches only three banks in Rutherford County They are at Cliffside, Bostic and Caroleen.
Banking Department Sends Two Men to Rutherfordton from the State Banking Department were sent Rutherfordton this morning when John Mitchell. State bank examiner, notified that five banks in Rutherford County had telegram to Mr. Mitchell said that the Rutherford County Bank and Trust Company, with home office at Rutherfordton and branches at Union Mills and Spindale. and the Farmers Bank and Trust at Forest City with branch at Caroleen had been closed by the boards of directors. No further details were given.
4.February 4, 1930The HeraldRock Hill, SC
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Banks Close In N. Car. Cities
Rutherfordton, N. C., Feb. 4.(AP) banks of this county closed their doors this morning. The Rutherfordton County Bank & Trust company here with resources of over a million dollars and its two branches at Spindale and Union mills failed to open their doors this morning. The conventional notice signed by the board of directors was affixed to the doors. It declared the affairs of the banks had been put in the hands of the state banking department for the protection of depositors. A run on the Farmers Bank & Trust company at Forest City, believed by bankers to have been an outgrowth of the closing of the Rutherfordton bank and its branches, was followed by a called meeting of the directors of the Forest City institution at 10 0'clock, and the closing of the bank as well as its branch at Spindale
5.February 5, 1930The Anniston StarAnniston, AL
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Article Text
DOORS OF FIVE BANKS CLOSED ONE COUNTY
State Examiners Take Charge of North Carolina Institutions
RUTHERFORDTON, N. C., Feb. 5. (U.P)-State bank examiners were in charge of five banks in Rutherford County today, three of which failed to open their doors for business yesterday and two which closed after heavy run. Total assets of all institutions involved are approximately $2,500,000. The Rutherford County Bank and Trust Company here, and its branches at Spindale and Union Mills, failed to open under orders of the Board of Directors, after all three had stood a heavy run Monday. The Farmers Bank and Trust Company of Forest City and its branch at Caroleen opened as usual yesterday morning, but large runs by depositors resulted in their closing shortly before noon. John Mitchell, Chief State Bank Examiner, sent two employees here from Raleigh after he had been notified of the banks closing. The Rutherford County Bank and Trust Company is capitalized at $200,000, with a surplus of $20,000, deposits of $970,407, and total resources of $1,340,606.75, acording to its statement of January 1. The Forest City Bank has capitalization of $250,000, with approximately $1,000,000 in resources. Its Caroleen branch has resources of $50,000. Notices were posted on all of the banks, signifying they were in hands of state examiners for protection of their depositors. When the Lake Lure boom collapsed two years ago, it was believed to have affected the bank here. Two banks combined here at that time the Commercial and the Citizens Bank and Trust Companies, changing the name to the Rutherford County Bank and Trust Company, of which J. L. Taylor is President Dr. T. B. Lovelace is President of the Forest City Bank.
6.February 5, 1930Jackson Citizen PatriotJackson, MI
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5 NORTH CAROLINA BANKS ARE CLOSED
Bun Started On Farmers' Bank Is Disastrous When Others, Fail.
Rutherfordton, N. C., Feb. Five Rutherford assets more than $2,500,000 closed Tuesday. The Rutherford County Bank and Trust Company here and its branches at Spindale and Union Mills failed to open mornLater run Farmers' and Trust Company at Forest City and shortly before noon this bank and its branches Caroleen also Two employes of the state banking department Raleigh were after John Mitchell, state bank was notified. Notices posted the doors the banks, signed the boards of stated the affairs of the banks had been in the hands of the state department for protection of depositors. The Rutherfordton bank, in financial statement as of Jan. 1930, gave as its resources 000, had of and deposits announced in the L. Taylor is president of this and Capital of the Forest City with ever million dollars. Dr. B. president. The Caroleen branch had resources of approximately $50,000.
7.February 5, 1930The St. Louis Star and TimesSt. Louis, MO
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NORTH CAROLINA BANKS CLOSE AFTER HEAVY RUNS
RUTHERFORDTON. N. C., Feb U. P.)-State bank examinITS were in charge of five banks Rutherford County today Total stets involved are approximately $2,500,000. The Rutherford County Bank and Trust Company here. and its branches at Spindale and Union Mills. failed to open after heavy run Monday The Farmers' Bank and Trust Company of Forest City and its branch at Caroleen opened is usual yesterday morning, but closed shortly before noon.
8.February 5, 1930St. Louis Globe-DemocratSt. Louis, MO
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Five North Carolina Banks with Assets of $2,500,000 Close
State Examiners to Investigate Runs in Rutherford County.
By Associated Press. C., February 6.-Five Rutherford County banks, with assets of than $2,500,000, today. Rutherford County Bank and Trust Company here and and Union to this Later started the Farmers' Trust Forest City before noon this its branch also closed. Two of the State BankRaleigh to investigate after John Mitchell, state bank examiner, was posted on the doors of the signed by the boards of banks, merely stated the affairs of banks had been in the hands the of the State Banking Department for of depositors. Total The Rutherfordton Bank, financial statement of January 1. gave as its total resources It was had surplus of 000 and were in the deposits statement as $970,407. Taylor is president of this bank. and capital of the Forest Surplus City institution is $250,000, with of over $1,000,000. Dr. sources T. B. Lovelace is president. The Caroleen branch had resources of approximately $50,000.
By Associated Press. February State Bank at Aubrey, miles of here, closed its doors today. statement issued by E. Boner, cashier, said the action was taken because of the closing of the Texas National Bank at Fort Worth said the bank carried in the Fort Worth bank total deposits more than the bank's capital stocks which was $25,000. He said affairs of the bank had been in excellent condition before closing of the Fort Worth institution and that representatives of the State Banking Department held the Aubrey bank officials The bank had deposits totalling $85,000. subsidiary bank of the Texas National Bank, located in Polytechnic, Fort Worth suburb, closed its
FIVE BANKS IN NORTH CAROLINA FAIL TO OPEN
Institutions Involving Assets of Two and One-Half Million Dollars in Examiner's Hands.
State bank examiners in charge of five banks in Rutherford county today. three of which failed to open their doofs for business Tuesday and two which closed after heavy run. Total assets of all institutions inThe Rutherford County Bank and Trust company here. and its branches at Spindale and Union mills, failed to open under orders of the board of directors. after all three had stood heavy run Monday. The Farmers Bank and Trust company of Forest City and its at Caroleen opened as Tuesday morning. but large by resulted in closing shortly before John Mitchell, chief state bank extwo from Raleigh after had been notified of the closing The Rutherford County Bank Trust $200.8970.407 and total of according to its of January The Forest City bank has zation of with approximately 81 in resources. Its Caroleen branch has resources $50,000 posted all of the banks, they were in the hands for protecof their When the Lake Lure boom collapsed two have affected the banks Two banks combined here at the Commercial the Citizens Bank and Trust changing the name to the Rutherford County Bank and Trust of which L. Taylor is president. Dr Lovelace is president of the Forest City bank.
10.February 5, 1930The ItemSumter, SC
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North Carolina Banks Closed
N. Feb. Rutherford county banks closed their doors this morning. The Rutherford County Bank and Trust Company at Rutherfordton. with resources of over lion dollars, and its two branches, at Spindale and Union Mills, did not open for business. The notice, signed by the board of fixed to the doors. the affairs or the banks had been put in the hands of the state banking for the protection of depositors. run the Farmers' Bank and Trust Company at Forest City believed by been an outgrowth of the closing of the Rutherfordton bank and its branches. followed by called meeting directors of the Forest City institution at o'clock and the closing of bank. well its branch Caroleen. The bank placed the hands the banking a notice said.
FIVE BANKS CLOSE
North Carolina State Bank Examiners In Charge.
By United Press RUTHERFORDTON, N. C.State bank examiners were in charge of five banks in Rutherford county today, three of which failed to open their doors for business yesterday and two of which closed after a heavy run. Total assets of all institutions involved are approximately $2.The Rutherford County Bank and Trust Company here, and its branches at Spindale and Union Mills, failed to open under orders of the board of directors after all three had stood a heavy run Monday.
The Farmers Bank and Trust company of Forest City and its
12.February 6, 1930Statesville Record and LandmarkStatesville, NC
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BANKS TUESDAY DOORS
Banks Forest Union Mills Three of Them Branch Banks.
Rutherfordton. Feb. Ruth. erford banks closed their doors county this The Rutherfordton County Bank end Trust Company at Rutherfordton with resources over million dollars and branches at Spindale Union Mills failed to open their this morning. The conventional notice signe. by the board of directors was affixed to doors. declared the affairs of the bank had been put in the hands state banking for the tion the depositors. the Farmers Bank and on Company Forest City believby bankers have been outgrowth of the closing of the Rutherfordton bank and its call meeting of the the Porest City institution at and the closing of bank well branch at Spindale about this was The bank was placed in the hands state banking department the tice said.
John Yacht Strikes Rock And Sinks. passengers and of landed safety when the Palatial yuent Zalophus, owned John Ringling. circus magstruck rock and sank in feet two miles south here
13.February 6, 1930Statesville Record and LandmarkStatesville, NC
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OFFICIALS OF FIVE BANKS ARE SILENT
Have Nothing to Concerning the Say Condition Closed ford County Funds Covered With Surety Bonds. Feb. the banks which closed in Rutherford county today had ment make. They awaiting the arrival of state bank The banks which closed are Rutherford Bank and Trust and its branches Spindale and Union and Farmers Bank and Trust Company Forest City and its branch Caroleen. Funds of county and the board deposited in the effected banks were with heavy surety bonds.
Five Rutherford Banks Closed Up
Five banks county assets totalling than closed Tuesday The Ruth erford County Bank Trust Com pany with branchSpindale and Union open Tuesday That run the Farmers Bank Trust Company Forest City closed that and its branch Caroleen. This leaves banks mill communof the county Dispatches from Forest City that not expect much, but have busted banks that feeling The encourage the banks there date back time Lake project
15.February 6, 1930Statesville Record and LandmarkStatesville, NC
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OFFICIALS FIVE BANKS ARE SILENT
Have Nothing to Say Concerning the Closed ford County Funds Covered With Surety Bonds. Feb. 5.-Officials the five banks which closed in Ruthcounty today had no ment make. They awaiting the of state bank examiners, The banks closed are Rutherford Bank Trust Co. here and its branches Spindale Union Mills, and the Farmers and Trust Company of Forest City and its branch Caroleen. Funds of county and the board education deposited the banks were with heavy bonds.
16.March 8, 1930News and RecordGreensboro, NC
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PRELIMINARY REPORT MADE MONDAY TO
Rutherford County Condition Banks Pencil. Typed.
Forest City, the condition recentwill made the closed, court next March according The head auditors have completed work been typed work Charlotte and require copy be court the Union banking will be was not public. the depositors of Farmers and this resulted committee perfect for protect interests the depositors the this organization employed to represent the deposi-
Liquidation Of Rutherford Bank About Complete
FOREST CITY, Dec. 6-(Special)Liquidation Trust the Chimney Rock company of Chimney the be completed soon. perhaps within next 30 Kimsey. liquidating according agent. All to assets Pat of sale. the bank are now being offered for Under an act passed by the general assembly. all defunct banks are required to complete their liquidating process within four years from date is judge made for to the resident superior court an extension of the time of and good reason is shown the time may be extended for one year. Under this clause. the time for closing out the Rutherford CounBank and Trust company at Rutherfordton. and the Farmers Bank and Trust company at Forest City, has been extended for one year
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
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