National Bank - Adrian, MO

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 12413
Charter Number: 12413
Start Date: January 20, 1932
Location: Adrian, Missouri (38.398, -94.352)

Metadata

Model: gpt-5-mini
Short Digest: 3956fe1a

Response Measures

Full suspension, Books examined

Other: Board of directors voted to close after examiner's findings; receiver appointed.

Description

Articles (Jan 21 and Jan 28, 1932) describe gradual withdrawals and a run that caused the bank to fail to open; the state national bank examiner took charge and a receiver was later appointed. Closure appears permanent (receiver assigned). Cause of run: adverse bank-specific information (cashier resignation, failed outside capital, perceived poor condition). Suspension was effected under examiner/board action and followed by receivership.

Events (3)

1. January 20, 1932 Run

Cause: Bank Specific Adverse Info
Cause Details: Depositors perceived unfavorable condition after cashier resigned and expected outside capital failed to materialize; steady withdrawals over a week (~$16,000) led to a run.
Measures: Local businessmen held meeting pledging support; board met and, after examiner's visit, decided to close; examiner took charge.
Newspaper Excerpt: Gradual Withdrawal of Deposits and Run on Bank Causes Suspension; ... depositors ... began a quiet system of steady withdrawals and within one week's time sixteen thousand dollars of deposits were withdrawn.
Source: newspapers

2. January 20, 1932 Suspension

Cause: Government Action
Cause Details: Board of directors, after advice from the National Bank Examiner Miller who inspected the books, resolved to close and the examiner took charge until a receiver was appointed.
Newspaper Excerpt: The National Bank of Adrian failed to open its doors for business Wednesday morning. ... Closed by resolution of the Board of Directors. ... Miller, National Bank Examiner, took charge of the bank.
Source: newspapers

3. January 26, 1932 Receivership

Newspaper Excerpt: Hanna, of Tarkio, Mo., arrived in Adrian Tuesday and took charge of the affairs of the National Bank of Adrian, as the receiver for the failed institution.
Source: newspapers

Newspaper Articles (3)

1. January 21, 1932 Rich Hill Mining Review Rich Hill, MO

Article from Rich Hill Mining Review, January 21, 1932

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Article Text

NATIONAL BANK OF ADRIAN CLOSED WEDNESDAY Gradual Withdrawal of Deposits and Run on Bank Causes Suspension; In Hands of State Examiner. The National Bank of Adrisn, this county, failed to open its doors for business this Wednesday morning and is now in the hands of Examiner Miller of the state finance department. From an authentio source it is learned that depositors, being of the opinion the bank's condition was not favorable, began a quiet system of steady withdrawals and within one week's time sixteen thousand doljars of deposits were withdrawn. L. R Waterman was the cashier who several weeks ago resigned and T. J. Poague was named as cashier. When Poague made an investigation he was not satisfied with the bank's condition and refused to qualify. Citizens of that enterprising town held a public meeting and the consensus of opinion was that if the bank officers would meet certain requirements justifying the continuance of business, the business men would give it financial backing. However, this was not done. Lately a steady run was made on the bank and resulted in its closing Wednesday. The last financial statement published Jan 7 showed capital stock, $25,0000; loans, $75,640.58, depos its, $62,228; total resoures, $113,357

2. January 21, 1932 Adrian Journal Adrian, MO

Article from Adrian Journal, January 21, 1932

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Article Text

Failed to Open Morning and Adrian Now Without Bank EXAMINER IN CHARGE Miller, National Bank ExaminTook Charge of Bank Until Receiver Appointed The National Bank of Adrian failed to open its doors for business Wednesday morning. The decision to close the bank was reached day night at meeting of the board of directors after advice from Miller, National Bank Examiner, who had been to sent Adrian Tuesday evening to examine the books of the bank. The following notice appeared on the door of the bank Wednesday morning few minutes before time: Closed by resolution of the Board of Directors. This bank under the direction of the comptroller of the charge of Miller, National Bank Examiner. Signed, V. Miller. And this brings second bank aster to Adrian in sixteen months and leaves Adrian without banking institution. The Adrian Banking Company closed September 11, 1930. In call for the condition of the bank of December 31, the National Bank showed deposits loans and total resources of the At time this statement was made things were parently going well at the bank and the confidence of the community in the institution. cashier of the bank at that time, was makinig friends in Adrian and to the outsider the success of the bank seemed assured. Mr. Waterman came to the bank October 1st, representative of Messrs. Harrellson, Todd and Muiller, Kansas City men, who supposedly had interested themselves in the bank. January came and the agreement between the directors of the bank and the Kansas City men failed to develop. With the failure of this contract Mr. Waterman's conection with the bank was severed. With this development mor filled the air causing on the institution which threatened to wreck the bank 10 days ago. Upon call of the directors to the business of Adrian mass meeting was held Monday night, January This meeting developed to the business men pledging their support into an effort to save the bank with the understanding that outside capital had been interested in the bank which could be arranged within a few days. This support seeming checked the run for several days. Eventually the uneasiness vived when the outside capital forthcoming. This capital necessary to meet obligations of the bank that were pressing. At the time Mr. Waterman left the bank Poague, of Westmoreland. Kansas, came to Adrian to ter the bank as cashier. Mr. Poague came to Adrian with years of banking experience his recommendation and was looking for an investment in bank. He did not assume charge of the bank but spent some time working with the officials in their plan for reorganization. George B. Wyatt president of the bank, R. H. Gepford is vice and R. Mitchem sistant cashier. The board of direcBlair, Crow, Chris Kornhaus and Argenbright. Miller, the examiner in charge of the bank, will remain here in charge of affairs until receiver appointed. When asked for statement regarding the bank last night, Mr. Miller declined to express himself. And this brings the fourth bank failure at the corner of Lexington and Main street in thirty years. In 1903 the Adrian State Bank was organized. This bank was short lived and the assets were taken by the Adrian Banking Company in 1911. The same the Bank of year Adrian was formed which ran but few years and was re-organized into the First National Bank of Adrian. The First National Bank of Adrian closed doors in the spring of 1923. Several months later the National Bank of Adrian organized and operated until its closing yesterday morning.

3. January 28, 1932 Adrian Journal Adrian, MO

Article from Adrian Journal, January 28, 1932

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Article Text

BANK RECEIVER HERE Hanna, of Tarkio, Mo., rived in Adrian Tuesday and took charge of the affairs of the National Bank of Adrian, as the receiver for the failed institution. The bank failed to open its doors last Wednesday morning, when Miller, National Bank examiner took charge of bank. the Mr. Miller concluded his work on Tuesday and turned the bank over to the receiver. And this is the extent of the formation available to the depositors and others interested in the failure of Adrian's bank. only Mr. Hanna and his assistants continue to work behind closed doors and he has asked to announce that by the first of next week he will be in position to issue the depositors statements, and they in turn may file their claims. Secrecy and silence seem to reign over the affairs and condition of the bank and we convinced that are what is the government's business in failed national bank is the government's business alone. If you are depositor you are not supposed to know whether to expect to realize 100% on your deposit or nothing. In the meanwhile Adrian business men are staying hitched and are pushing in the collar just little harder. The determination of Adrian merchants will keep Adrian alive and the people of this community will continue to come to Adrian and find it good place to do business. Many merchants, and in fact many depositors of the failed institution are every day awakening to the fact that the National Bank of Adrian several days behind with their correspondence when the bank failed. (Possibly due to the lack of clerical Hundreds of dollars in checks have been returned to positors that were mailed and reached the clearing house, some of them much as two weeks before the bank closed. Business who men themselves that their wholesale bills were paid from their account at the bank are suffering from this awakening. This is, in manner reward for their staying hitched week previous to the bank's failure. Talk of another bank is afloat. Nothing definite has been offered but men considering the proposition have confidence in Adrian as an ideal cation for bank to prosper and without doubt Rdrian will in time have banking house.