First National Bank (Monroe, NC)

View Charter #8712 on SPMC View balance sheet

Episode Information

Episode UID
871201564
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
87120 national
Charter Number
8712
Start Date
April 1, 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
d664d84d65209187

Response Measures

Full suspension

Description

April 1930 suspension followed local bank failure; 1933 article indicates the bank closed permanently in April 1930.

Events (5)
1. May 28, 1907 Chartered
Source
historical_nic
2. April 1, 1930* Receivership
Newspaper Excerpt
First National bank, which closed in April, 1930, met here today ... to resist payment of a 100 per cent assessment called by the North Carolina Bank and Trust
Source
newspapers
3. April 23, 1930 Run
Cause
Local Banks
Cause Details
Run triggered by failure/closure/failure-to-open of Bank of Union and Farmers' Bank & Trust in Monroe, causing loss of public confidence.
Newspaper Excerpt
President Sikes ... blamed loss of public confidence following failure of the Farmers Bank and Trust company for its closing.
Source
newspapers
4. April 23, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension followed failure of Bank of Union to open and resulting runs on local banks and loss of confidence.
Newspaper Excerpt
the First National bank suspended.
Source
newspapers
5. June 9, 1930 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (3)
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.

3. February 5, 1933 The Charlotte Observer Charlotte, NC

Article Text

BANK STOCKHOLDERS TO RESIST PAYMENT Special The Charlotte Observer MONROE, Feb. 4-Forty stockholders of the First National bank. which closed in April, 1930, met here today at the courthouse to discuss plans of resisting payment of a 100 per cent assessment called by the North Carolina Bank and Trust Major W. C. Heath addressed the gathering, explaining, in his opinton, that the North Carolina Bank and Trust company had broken the contract which bound the stockholders of the First National bank to pay the assessment. By majority vote, the stockholders voted resist payment collectively.