People's National Bank, Merchants Bank, Salisbury Close Doors After Mecklenburg Mills Fails, June 11, 1923

Two Banks Close Their Doors After Failure of Mill

Salisbury, June 11—the People’s National Bank closed its doors Friday and was placed in charge of a national bank examiner. Closing of the bank was caused by the withdrawal of funds by large depositors because of appointment of receivership for the Mecklenburg Mills, which were financed largely by the institution, J.K. Doughton, president, and A.L. Smooth, cashier, said.

J.D. Norwood, head of the Mecklenburg Mills, formerly president of the bank, is chairman of its board.

The Merchants Bank at Granite Quarry, near Salisbury, was also closed for the same reason.

From page 7 of The Reidsville Review, Monday, June 11, 1923