Farmers & Merchants Bank (Mount Olive, NC)

Episode Information

Episode UID
66068671525
Episode Type
Suspension โ†’ Closure
Bank Type
state
Bank ID
6606867 routing
Routing Number
66-0686
Start Date
January 5, 1927
Location
Mount Olive, North Carolina (35.198, -78.068)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a1e042deca92c18a

Response Measures

None

Description

Articles identify the bank as defunct with a receiver and civil suits; no run or reopening mentioned.

Events (2)

1. January 5, 1927 Receivership
Newspaper Excerpt
defunct Farmers and Merchants Bank of Mt. Olive... Grady, receiver
Source
newspapers
2. November 21, 1929 Other
Newspaper Excerpt
Sues Directors Closed Bank ... Grady, receiver for the failed bank; civil action alleges negligence and seeks judgment
Source
newspapers

Newspaper Articles (2)

Article from The Goldsboro News, January 5, 1927

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Article Text

RECEIVER BEGINS SUITS Four Actions Growing Out Failure Farmers Bank Started Four suits to collect same due on notes to the defunct Farmers and Merchants Bank of Mt. Olive were begun yesterday with the filing of complains by Grady, receiver, with Clerk of Court B. Hoows It had been understood that the at. fairs of the defunct Institution were to have been ended on November 10 last, but of the suit Indicates that there In some business One of the suits filed yenterday against Mrs. Della Anderson, for note of $275. dated October Judgment for this amount is asked from the court. Permission sell land pleased colinteral In loan of L. Matcher and others is asked in another suit begun One of the suits is aga'nst H. D. Andrews and concerns note for $1750 given on December 1925 Twenty-four shares' of the Andrews and Knowell's company were listed as collateral In this loan, and per mission to sell this stock was asked from the court The fourth suit is against Kornegay for $1500 on a note said have been given October 30, 1924 $450 made on Payment of The this complaint for court is prayed the remaining


Article from The Charlotte News, November 21, 1929

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Article Text

Sues Directors Closed Bank Receiver Charges That Mount Olive Bankers Made Loans to Insolvents. for asked against directors defunct Farmers and Merchants Bank Mt. Olive and Citizens Bank Mt. Olive in civil action instituted today in Wayne County Superior Court Grady, receiver for the failed bank The action alleges negligence in the management the bank's and seeks judgment for $50,000. the the the State and $40,000 alleged to be the amount of loss over and above the capitalization figure which suffered by stockholders and depositors alleged in the complaint that the directors loans knowing that the whom the loans were An alleged list of 100 such loans, ranging from to $7,500 is included in the complaint