Raleigh, Jan. 14—The State Bank Examiner today took charge of the Central Bank and Trust company, formerly the City Bank of Raleigh, and bank examiners are in charge. The bank has been recently reorganized and J.H. Hightower was elected president to succeed R.G. Allen.
The bank examiner did not believe the depositors would lose any of their money. He could not be positive about this today, however, for he had not had time to make a complete examination of the assets which were turned over to the State banking department. The deposits in the bank, according to the last statement, ran around a quarter million dollars. The announcement that the institution was in the hands of the bank examiner today came as a complete surprise to the public.
It is understood that the bank has about $60,000 in slow notes, on which the bank can neither collect the interest nor the face value of the notes. This was the main trouble with the bank, and after making every effort to clear the institution of these bad debts, it was decided to turn it over to the State Banking Department. The majority of these notes, it is understood, were made before Mr. Hightower took charge of the institution in an effort to put it on a paying basis.
From the front page of The Charlotte News, Sunday, January 15, 1922
No comments:
Post a Comment