Durham, May 27—Thomas B. Pierce, former cashier of the Home Savings bank in this city, indicted yesterday by the Durham county grand jury on a charge of embezzling more than $36,000 of the bank’s funds, was out last night under $10,000 bail furnished by his friends. Pierce was in custody of Sheriff John F. Harward for several hours before the bond money could be raised. Early in the day he had given himself up to the sheriff having learned of the indictment returned by the grand jury.
The charges of embezzlement given out of an alleged default of almost $36,000. The fact that the former cashier was short in his accounts developed some weeks ago, and at the time John Sprunt Hill, president of the bank, put up $50,000 in Liberty bonds to insure depositors against loss. Mr. Pierce was not immediately held(?) by court action, and has since been at liberty. The indictment by the grand jury came as something of a (word obscured), it being generally believed that the shortage at the bank had been covered up and prosecution waived.
From the front page of The Goldsboro News, Sunday morning, May 28, 1922
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