Monday, April 3, 2017

Bank of North Wilkesboro Reopens After Audit, 1933

The Journal-Patriot, North Wilkesboro, N.C., April 3, 1933. Without regulations and federal insurance of depositors' money, your money was lost if your bank failed. During the 1920s, an average of 70 banks failed each year. Just after the crash, in the first 10 months of 1930, 744 banks failed. In 1933, another 4,000 banks failed, and by the end of 1933, depositors, mostly just regular folks like you and me, had seen $140 billion disappear. 

Normal Banking Operations Resumed

Bank of North Wilkesboro Open for Business; Flood of Deposits Greeted Opening Day Saturday

Deposit & Savings Bank Opened Ten Days Ago With Large Deposits…Confidence Is Noted…Both Banks Are Operating Without Restrictions; New Directors Named

Normal banking service was restored here Saturday when the Bank of North Wilkesboro opened, the Deposit and Savings Bank, the only other banking institution in the county, having opened 10 days previous.

A flood of deposits greeted the opening of the Bank of North Wilkesboro. All day Saturday, customers of the bank kept the bank force busy receiving deposits.

Bank officials stated Saturday evening that the deposits were much larger than was anticipated.
With normal banking facilities restored, a new spirit of confidence was in evidence and the people freely expressed their faith in the local banks.

The Deposit and Savings Bank which opened March 22 has continued to receive heavy deposits. There have been no withdrawals except for legitimate business purposes.

While both the Deposit and Savings Bank and the Bank of North Wilkesboro were solvent and in excellent condition when the banking holiday was declared, the complete audits made by the state banking department and resultant steps assure the public that both are stronger and safer than ever before.
At a meeting of the stockholders Friday afternoon the following officers were re-elected: J.R. Hix, president; S.V. Tomlinson and A.A. Finley, vice presidents; R.W. Gwyn, cashier; A.W. Horton, Miss Essie Erwin and W.W. Starr, assistant cashiers. Directors are E.M. Blackburn, R.W. Gwyn, S.V. Tomlinson, Ralph Duncan, John E. Justice, R.G. Finley, A.B. Johnston, J.R. Hix and A.A. Finley.

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