100. First National Bank (Decatur, AL)

View Charter #10336 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
10336
Charter Number
10336
Start Date
January 15, 1932
Location
Decatur, Alabama (34.606, -86.983)

Metadata

Model
gpt-5-mini
Short Digest
66fdbe240976f28f

Response Measures

None

Receivership Details

Depositor recovery rate
92.5%
Date receivership started
1932-01-18
Date receivership terminated
1940-04-13
Share of assets assessed as good
24.6%
Share of assets assessed as doubtful
65.4%
Share of assets assessed as worthless
10.0%

Description

Directors suspended the First National Bank on 1932-01-15 citing illiquid assets and low cash reserves; a receiver was appointed 1932-01-19. No article describes a depositor run prior to suspension, so this is a suspension followed by permanent closure/receivership.

Events (4)
1. February 25, 1913 Chartered
Source
historical_nic
2. January 15, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors found assets on which funds could not be immediately realized had reduced cash reserves to a point where depositors' interests might be endangered; board voted to suspend business 'at least temporarily'.
Newspaper Excerpt
As precautionary move to protect its depositors, the First National bank suspended business this morning on vote of the board of directors taken at meeting last night.
Source
newspapers
3. January 18, 1932 Receivership
Source
historical_nic
4. January 19, 1932 Receivership
Newspaper Excerpt
B. Soper ... has been appointed receiver for the First National Bank in Decatur. ... the receiver was expected to arrive ... to take up various matters in connection with the affairs of the bank being turned over to him and he will take active charge within few days.
Source
newspapers

Newspaper Articles (2)
1. January 15, 1932 The Decatur Daily Decatur, AL
Article from The Decatur Daily, January 15, 1932

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Article Text

DEPOSITORS RECEIVE MONEY Precautionary Move Taken Today By 1st National As precautionary move to protect its depositors, the First National bank suspended business this morning. on vote of the board of directors taken at meeting last night. All depositors were expected to receive their funds in full as soon the affairs of the bank can be liquidated Assets on which funds could not be immediately realized were understood to have brought the cash reserves of the bank to point where officers and directors felt interests of depositors might be endangered, with the result that the directors voted last night to suspend business. at least temporarily, today. There was some talk of reopening the bank at little later date, but nothing definite had been done this morning toward that goal. The capital of the bank is $200,000 and deposits in excess of $700,000. all of which are believed to be amply secured by assets and was felt that all depositors would recelve the full amount due in comparatively short time.

2. January 19, 1932 The Decatur Daily Decatur, AL
Article from The Decatur Daily, January 19, 1932

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Article Text

APPOINTED BANK'S RECEIVER Takes Charge Soon Of Affairs Of the Closed Bank B. Soper, already well known in this section. has been appointed receiver for the First National Bank in Decatur. Mr. Soper handled the liquidation of the First National Bank Hartselle and is well acquainted in Morgan county and thus is sent to Decatur to liquidate the affairs of the First National here. The receiver was expected to arrive during this afternoon to take up various matters in connection with the affairs of the bank being turned over to him and he will take active charge within few days. At present the national bank examiners are busy in checking the condition of the bank, but their duties here will be completed very shortly.