The banks fail and the town struggles
100 years of history — How Wake Forest grew since 1909 By 1929 and 1930, it is a wonder the Town of Wake Forest was still afloat financially, given its indebtedness for past bond issues, the lagging tax returns and the amounts the town attorney was paying to purchase tax-delinquent property in town. Of course, in February of 1929, the town had to take out the first of what would be a series of short-term loans to cover the bond payments. Meanwhile, town officials were keeping a wary, watchful eye on the town’s two banks. In 1929, the town’s sinking funds (debt payments) were in Citizens Bank owned by the Brewer family on the west side of South White Street, but by March of the following year the funds had been transferred across the street to T.E. Holding’s Bank of Wake. The officials had cause to be worried. Banks across