Depositors Will Get Money From Peoples Bank of Union Mills, Nov. 15, 1920

Raleigh, Nov. 15--the Peoples Bank of Union Mills, Rutherford county, which the state corporation commission closed October 11 after the cashier had disappeared, is barely solvent, according to information received here today. This means that it is not likely the bank's depositors will suffer financially. There is, however, a probability that the stockholders will not get the institution back on its feet without losing something. The exact amount each holder will lose is not known at this time since the report of the bank examiner who was sent there to take charge has not been made public. It is understood that the defaulting cashier has been apprehended and brought back to the county. He is now out on bond awaiting trial. (From the front page of the Hickory Daily Record, Nov. 15, 1920)