Bank of Rockwell, Farmers and Merchants Bank Have Recovered, Aug. 28, 1923

Occasionally state banks, like former prize-fighting champions, come back. It ought to make a news story then, thinks Corporation Commissioner Maxwell. Well, here’s a tale of two which have made the grade.

The Bank of Rockwell, Rowan county, and the Farmers and Merchants bank of Granite Quarry, caught in the smash-up of the People’s Bank of Salisbury, have reopened for business. Their doors were closed by order of State Bank Examiner Latham June 9. The Rockwell bank resumed business July 2, and the bank at Granite Quarry August 14.

But both banks have made good all the deposits which were lost in the People’s bank failure and the questionable paper held by them has been turned over to a trustee, cash taking its place in the bank. If the paper is realized on the proceeds will go to giving the stockholders, depositors or whoever stood the loss a refund.

From the front page of the Durham Morning Herald, Tuesday, Aug. 28, 1923