Downtown Asheville as it looks today
On Nov. 20, 1930 the Central Bank and Trust Company closed its doors. Financial ruin fell upon the city. Asheville retained the highest per capita debt of any city in the country. While many cities chose to default on their loan Asheville city swore to pay back every cent which it finally did in 1977.
Asheville’s recovery from the Depression was slow and arduous. Because of the financial stagnation there were no new buildings and the downtown district remained unaltered. This however has allowed Asheville to be a great collection of Art Deco and truly a style all its own. Read & Discuss ยป
