Shift in Positions at Carolina Banking & Trust Company, Oct. 5, 1923

Gurney P. Hood Quits Carolina Banking Co. . . . His Sudden Resignation Unannounced by the Bank, But Believed to be to Cut Expenses

Gurney P. Hood, vice president and cashier of the Carolina Banking & Trust Co. since the founding of that institution two years ago, has resigned. His resignation became effective Monday, Oct. 1, but no public announcement or explanation of the sudden severance of his connection with the bank was made, either by the bank or by Mr. Hood.

While Mr. Hood’s resignation came as no surprise in local banking circles, it was a surprise to the public and gave rise to a lot of rumors. Persistent rumor has it that Mr. Hood did not get along with certain officers of the bank, his ideas of banking being of the most progressive kind in contrast with the conservative nature of some of his directors.

But Dr. A.L. Pendleton, president and presiding genius of the Carolina Banking and Trust Co., says that rumor is wrong, all wrong. Dr. Pendleton says that there was nothing unusual in Mr. Hood’s resignation and that Mr. Hood, while resigning as cashier of the bank, will retain the title of vice president and his membership on the Board of Directors. In fact, it is said that Mr. Hood will continue as a friend and adviser of the bank and will retain an office for his personal use in the bank building.

Mr. Hood did not tarry in the city on the first of October but went immediately on the road in the interest of his own personal business, The Hood Weekly Loan Plan. Mr. Hood developed a unique system by which banks make small loans on a weekly payment plan. The Hood Plan, as it is known, is thoroughly protected by patents and copyrights and Mr. Hood sells it to banks throughout the country. It is his idea, it is said, to give all of his time to the sale of his plan to banks in all parts of the country.

George Little, assistant cashier of the Carolina Banking & Trust Co. is slated to succeed Mr. Hood as cashier, as soon as the Board of Directors meet to act on the matter.

It is pointed out that the resignation of Mr. Hood cuts down the salary expense at the Carolina Banking & Trust Co. $1,000 a year, which is a saving some of the directors are said to very much desire since the bank has been in operation two years now and hasn’t paid a dividend yet. It is hinted that even other economies are contemplated, the tendency of the directors being toward anything but a liberal policy. From the front page of The Independent, Elizabeth City, N.C., Oct. 5, 1923