Central Bank and Trust Company, Raleigh, Formerly City Bank, In Hands of State Bank Examiner, Jan. 14, 1922

Central Bank of Raleigh Closed Its Doors Today. . . Bad Collections Cause. . . The Bank Is in the Hands of the Bank Examiner, Who Says He Is Not Prepared to Make a Statement But Hopes the Bank Will be Able to Reorganize

Raleigh, Jan. 14—The Central Bank and Trust Company, formerly the City Bank, capitalized at $25,000 with deposits of $200,000, was closed today with notice on its doors announcing the bank was in the hands of the State bank examiner.

J.H. Hightower is president and H.S. Massey cashier. Chief bank examiner Latham who is in charge of the bank said he was not prepared to make a statement until he had completed his investigation of the bank’s book but added it was hoped the ban would be able to reorganize. It was learned in banking circles the bank’s difficulty was due to bad collections.

From the front page of The Daily Times, Wilson, N.C., January 14, 1922