gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
090f54c047f18d23
Response Measures
Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
17.9%
Date receivership started
1931-05-01
Date receivership terminated
1937-10-28
Share of assets assessed as good
9.9%
Share of assets assessed as doubtful
72.7%
Share of assets assessed as worthless
17.4%
Description
Known government receivership date (1931-05-01) used as authoritative.
Events (5)
1.March 31, 1908Chartered
Source
historical_nic
2.April 21, 1931Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed suspension/closure of the National Bank of Kinston; panic spread to First National.
Measures
Posted notice closing 'for the protection of depositors'; directors later considered reorganization.
Newspaper Excerpt
forty-eight minutes after the opening hour, the First National Bank closed against a heavy run.
Source
newspapers
3.April 21, 1931Suspension
Cause
Local Banks
Cause Details
Bank suspended operations amid a heavy run triggered by the earlier suspension of another local bank (National Bank of Kinston).
Newspaper Excerpt
posted a notice it was closing 'for the protection of depositors.'
Source
newspapers
4.May 1, 1931Receivership
Source
historical_nic
5.May 1, 1931Receivership
Newspaper Excerpt
Known receivership date (government records).
Source
newspapers
Newspaper Articles (21)
1.April 21, 1931St. Louis Post-DispatchSt. Louis, MO
Article Text
ORATORS AND FIRE ALARMS FAIL TO STOP RUN ON BANK
Kinston (N. C.) People Withdraw Money When Two of Three Depositories Close Doors. the Associated Press.
KINSTON N. C., April False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed The false fire alarms, rung in hope they distract crowd depositors gathered at the Farmers Merchants Bank. failed to draw the crowd's interest. Neither did the distant playing of brass band which was brought into action. Chamber of Commerce pleaded from soap boxes for depositors to leave their money with the bank. The bank was meeting all demands this afternoon. The began when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed. The banks listed condition March as follows: First National Bank. capital and prof. its, deposits, H. H. McCoy, president: W. B. Harvey. vice and cashier National Bank of Kinston. capital, $120,000: surplus and profits, $54.000: deposits. $1,105,000. W. P. Tingle, cashier.
Banks Closed At Kinston This Morning
O'ficers of Only maining Bank sort to Drastic Steps to Save it From Failure
BANK EXAMINER CLOSED ONE
First National Faced by Heavy Run Closed for Protection of It's Depositors-The Third Bank Stands Run
Kinston. April banks closed here today and officers of the only remaining one turned drastic steps save the face of brass band. box orators and false fire alarms failed to halt. The National of faced with collections. not open today by the bank eight minutes it opened the First facing heavy posted notice closing the protection A similar was progress Farmers Merchants bank. was still withstanding the inroads of withnoon. A large crowd gathered at Kinston's principal corner during the morning Speakers. representing chamber commerce and business interests mounted vantage points and sought to allay fears depositors. but apparently without effect. Officials of the First National bank it's affairs excellent condition and blamed the closing on the hysteria of depositors. Thomas W. president the National Bank Kinston. said depositors his bank would lose little cashier of the McCoy Harvey vice president and cashier National bank. banks condition March First deposNational Bank of and profits and funds bank totalled about
3.April 21, 1931The Huntsville TimesHuntsville, AL
Article Text
KINGSTON HAD EXCITING DAY
Bank Fails to Open Because of Frozen Assets; Other Dodges Run
KINSTON. N. C., April 21 (UP)The National Bank of Kinston failto open for business today and minutes after opening hour the First National was closed against heavy Frozen loans were announced for closing the first The First National, officers was closed for the protection of the depositors only. The leading citizens on soap band and false fire alarm turned used in effort to divert the frenzied
CAROLINA BANKS CLOSED
Kinston, N. C., April 21.—(UP)-The National Bank of Kinston failed open for business today. after the opening hour the First bank against heavy run of depositors, The third local bank, the Farmers and Merchants, remained open despite the run. Its officials excellent financial condition. notice posted on the door of the National of Kinston said its rectors had closed the institution to frozen inability to collect. Officials of the First National bank ordered it closed destating it was in safe and sound condition.
5.April 21, 1931The JournalMeriden, CT
Article Text
False Fire Alarms, Soap Box Oratory Fail To Halt Run On North Carolina Bank
Kingston, April (AP) fire alarms oratory to today in one had closed. The false in hopes would distract gathered Farmers Merchants bank, failed the crowd's interest. Neither did the distant playing brass which was brought into action. Chamber Commerce representatives pleaded from for the depositors to leave money with the bank. The bank meeting all dethis afternoon. The the National Bank Kinston failed open this and an hour the First National Bank closed.
6.April 21, 1931Okmulgee Daily DemocratOkmulgee, OK
Article Text
FIRE ALARMS, BANDS USED TO HALT RUN ON CAROLINA BANK
KINGSTON, N. C., April 21. (/P) False fire alarms soap box tory were resorted to today in an effort to halt run on Kingston's one remaining bank after two others had closed. The false fire alarms, run in hopes they would distract crowd of depositors gathered at the Farmers and Merchants bank, failed to draw the crowd's interest. Neither did the distant playing of brass band which brought into acChamber of commerce representatives pleaded soap boxes for the depositors leave their with the bank. The bank meeting dethis afternoon. The run began the National Bank Kingston failed to open this morning and an hour later the First National bank closed.
7.April 21, 1931The Columbia RecordColumbia, SC
Article Text
TWO KINSTON BANKS CLOSED
KINSTON, N. C., April Two banks closed here today and officers of the only remaining one turned to drastic steps to save it in the face of run which a brass band. soap box orators and false fire alarms failed to halt. The National Bank of Kinston. faced with poor collections, was ordered not to open today by the national bank examiner. Forty-eight minutes after it opened the First National, facing a heavy run, posted a notice it was closing "for the protection of depositors."
8.April 21, 1931The HeraldRock Hill, SC
Article Text
BANKS CLOSED Kinston, N. C., April 21. (AP) banks closed here today. The National bank of Kinston ordered not to open today the national bank examiner. Later, the First National, facing heavy run, posted notice closing. Deposits in the two closed banks totaled more than $2,000,000.
9.April 21, 1931The Daily ReviewClifton Forge, VA
Article Text
TWO BANKS IN ONE NORTH CAROLINA CITY CLOSE DOORS
Kinston, N. C., April 21.-The National Bank of Kinston failed to open for business today and fortyeight minutes after the opening hour, the First National Bank closed against a heavy run. Frozen loans were given as the reason for closing the latter bank. The officers said they closed for the protection of the depositors only. Leading citizens on soap boxes, a brass band and a false fire alarm were resorted to in an effort to divert the frenzied depositors.
10.April 21, 1931Evening ExpressPortland, ME
Article Text
False Fire Alarms And Box Oratory Fails To Stop Run
Kinston, N. C., Bank Meets All Demands After Two Others Close
KINSTON, N. C., April 21 (A. False fire alarms and soap box oratory were resorted to today in an effort to halt run on Kinstons' one remaining bank after two others had closed. The false fire alarms. rung in hopes they would distract crowd of depositors thered at the Farmers and Merchants Bank. failed to draw the crowd's Neither did the distant playing brass band which was brought into Chamber of Commerce representatives pleaded from soap boxes for the is depositors to leave their money with the bank The bank was meeting all demands this afternoon. The when the National Bank of Kinston failed to open this morning and an hour later the First National Bank closed.
11.April 22, 1931The Salisbury PostSalisbury, NC
Article Text
Kinston Bank Holds Out Against
Kinston, April Directors the First National bank here. which closed yesterday when fired faced run after the National flee Bank Kinston suspended, who considering mobile and no escaped. nouncement was expected for day so least. The Farmers and Merchants bank. remaining financial beaten. stitution. appeared definitely weathered storm which about it following yesterclosings. remained open throughout augmented cash reserve night peared be doing normal busitoday. The National Bank of Kinston ordered closed by the national bank examiner because of "frozen count
Directors Of Closed Bank Consider Plans Re-organizing
KINSTON Apr. Directors the First National Bank here. which closed yesterday when faced run after the tional Bank of Kinston suspended. today were possible organization and re-opening but no was expedted for day least. The Farmers Merchants Bank, only remaining financial institution, appeared have weatherthe storm which broke about following yesterday's closings. remained throughout yesterday, augmented its cash reserve last night and doing today. The National Bank of was ordered closed by the National Bank examiner because of "frozen Heath president of the National Bank of Kinston and Tingle cashier. H. McCoy president of the First National and W. B. Harvey executive and cash-
Figures published by the banks in condition March 31, follows: First surplus and deposits, McCoy, president, Harvey, and cashier National Bank of $120,000; surplus and prifits, $54.000; deposits, Heath, president, Tingle cashier.
Trv To Reorganize One Kinston Bank
April 22. of the First National Bank here. which closed yesterday when faced by run after the National Bank Kinston suspended. today were considering possible reorganization and reopening. but no nouncement expected for at least.
The Farmers and Merchants Bank. only remaining financial inappeared definitely have weathered the storm which about following yesterday's closings remained-open through yesterday. augmented its cash last night and appeared be doing normal business today
The National Bank of Kinston ordered closed by the national bank examiner because of "frozen
14.April 22, 1931The Los Angeles TimesLos Angeles, CA
Article Text
FIRE GONGS FAIL TO END RUN ON BANK
Soap Box Oratory Proves Futile Also After Two of Town's Institutions Close
KINGSTON (N. C.) April 21. (AP) False fire alarms and soap-box oratory were resorted to today in an effort to halt run on Kingston's one remaining bank after two others closed. The false fire alarms, rung hopes they would distract crowd depositors gathered the Farmers' and Merchants' Bank failed draw the crowd's interest. Neither did the distant playing of brass band. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money the bank. The bank met all demands The run began when the National Bank of Kingston failed today and an hour later the First National Bank closed.
FRANTIC EFFORTS FAIL TO CHECK RUN ON BANK
KINSTON, N. C., April 21 fire and today effort to halt run Kinston's remaining bank after others had closed. false fire alarms, rung in hopes they would distract crowd depositors gathered the Farmers and Merchants failed draw interest. did playing brass band, which was brought action. of commerce representatives pleaded from for the depositors to leave their money with the bank meeting all demands this run began when the National Bank Kinston failed morning later the First National bank closed.
16.April 22, 1931The Charlotte NewsCharlotte, NC
Article Text
Kinston Bank May Be Reopened Soon
Kinston April Directors of the First National Bank here. which closed when faced the National Bank of Kinston today considering possible and announcewas expected for day at The Farmers and only remaining financial appeared definitely to have storm broke about remained throughout augmented its cash reserve last night be doing normal business
FALSE ALARMS FAIL TO HALT RUN ON BANK
KINSTON, N. C., April 21 fire alarms and soap box oratory resorted to today in an effort to halt run on Kinston's one remaining bank after two others had closed. The false fire alarms, rung in hopes they would distract crowd of depositors gathered the Farmers and Merchants Bank, failed to draw the crowd's interest. Neither did the distant playing of a brass band which was brought into action. Chamber of Commerce representatives pleaded from soap boxes for the depositors to leave their money with the bank. The run began when the National Bank of Kinston failed to open morning and an hour later the First National Bank closed.
18.April 22, 1931The Durham SunDurham, NC
Article Text
KINSTON BANK IS HOPING TO REOPEN
KINSTON April Directors the First National bank here which closed yesterday when faced by run after the National Bank of Kinston suspended. today were considering possible re-organinaand but no ment was expected for day or at The Parmers and Merchants bank only remaining financial institution appeared definitely to have weathered the storm which broke about following yesterday's closing. It remained open throughout yesterday augmented its cash reserve last night and appeared to be doing normal business today. The National bank of Kinston was ordered closed by the national bank examiner because of "frozen assets.
19.April 23, 1931The Charlotte ObserverCharlotte, NC
Article Text
KINSTON BANK DIRECTORS CONSIDER REORGANIZATION tors of the First National bank here, which closed yesterday when faced by run after the National bank of Kinston suspended, today were considering possible reorganization and but no announcement was expected for a day or so at least. The Farmers and Merchants bank, only remaining institution, appeared definitely to have weathered the storm which broke about it following yesterday's closings. It remained open throughout yesterday, augmented its cash reserve last night and appeared to be doing a normal business today. The National bank of Kinston was ordered closed by the national examiner because of "frozen" assets.
20.April 23, 1931Statesville Record and LandmarkStatesville, NC
Article Text
Kinston Has Its Bank Troubles
One Bank Ordered Closed. Another Wrecked By Third to Remain Open by Use of Brass Band, Soap Orators and False Fire Alarms.
Kinston, April banks closed here today and officers of the only one turned to drastic to save in the face which brass band, soap orators and false fire alarms failed The National Bank, of Kinston, was ordered today by the open minutes after the First National Bank. facing heavy runs, posted note was closing similar run was in progress the Farmers and Merchants Bank, which, however, was still withstanding the inroads of withdrawals at Deposits in the closed banks totaled more than $2,000,000.
FRANK FAGAN MADE RECEIVER OF BANKS Goldsboro Man Given Two More To Make Five Banks He Is Now Administering Goldsboro, Nov. 30 (AP)-Frank F. Fagan, of Goldsboro, has been appointed receiver of the First National Bank of New Bern and the National Bank of Washington, N. C., and will assume his duties December 5, it was announced today. Fagan will continue as receiver of the Wayne National Bank of Goldsboro the First National of Kinston, and the National Bank of Kinston.
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.
