10210. First National Bank (Fulton, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8358
Charter Number
8358
Start Date
April 14, 1926
Location
Fulton, Missouri (38.847, -91.948)

Metadata

Model
gpt-5-mini
Short Digest
638c471d

Response Measures

None

Receivership Details

Depositor recovery rate
89.2%
Date receivership started
1926-04-24
Date receivership terminated
1930-03-31
OCC cause of failure
Economic conditions
Share of assets assessed as good
46.3%
Share of assets assessed as doubtful
30.0%
Share of assets assessed as worthless
23.8%

Description

Bank was suspended by its board on April 14, 1926 (citing general business depression and scarcity of money). Examiners took charge and a temporary receiver was appointed later in April; the bank did not reopen and was wound up by a receiver with dividends paid to creditors/depositors. No bank run is described in the articles.

Events (7)

1. September 10, 1906 Chartered
Source
historical_nic
2. April 14, 1926 Suspension
Cause
Macro News
Cause Details
Board cited general business depression and scarcity of money in the country as reason for suspending business.
Newspaper Excerpt
The First National Bank of Fulton suspended business Wednesday morning, April 14th.
Source
newspapers
3. April 24, 1926 Receivership
Source
historical_nic
4. April 27, 1926 Receivership
Newspaper Excerpt
R. R. Carraker, St. Louis, was today pointed temporary receiver for the defunct First National Bank here, according to an announcement by Vance L. Sailor, national bank examiner who has been in charge of the institution since April 14, the date of the closing.
Source
newspapers
5. July 15, 1926 Other
Newspaper Excerpt
In the three months since the First National Bank of Fulton suspended business on April 14, the bills payable of the institution, amounting to $40,000, and more than $70,000 of its discounts have been liquidated.
Source
newspapers
6. March 29, 1927 Other
Newspaper Excerpt
Checks from the Comptroller of Currency at Washington were received here yesterday by D. Cutts, receiver for the First National Bank ... Payments being made to depositors on the basis of 60 per cent.
Source
newspapers
7. July 28, 1927 Other
Newspaper Excerpt
Payment of a second dividend of 10 per cent ... makes a total of 70 per cent ... the bank having suspended business April 13, 1926.
Source
newspapers

Newspaper Articles (14)

Article from Fulton Daily Sun-Gazette, April 14, 1926

Click image to open full size in new tab

Article Text

FIRST NATIONAL BANK SUSPENDED BUSINESS BOARD OF DIRECTORS OF FULTON INSTITUTION CLOSED DOORS WEDNESDAY A. M. DEPOSITORS WILL NOT LOSE No Irregularities But General Business Depression and Lack of Money Given as Cause. The First National Bank of Fulton suspended business Wednesday morning, April 14th. This action was taken at the direction of the Board of Directors of the bank at the conclusion of a conference held at the bank, Tuesday night. Vance L. Sailor, of Kirkwood, bank examiner of the Eighth Federal District, is in charge of the bank. He came to Fulton Saturday morning at the request of the officers of the bank and began an examination of the books of the institution. John S. Wood, his chief, spent Sunday and Sunday night in this city going over the affairs of the bank. "On account of general business depression and scarcity of money in the country it has not been possible in recent months to keep deposits up to a point where the bank could make money," was the reason for suspending business at this time as given the Fulton newspaper men in a conference with the bank officials Wednesday morning. "It was deemed the best way to protect the interests of the depositors and of the stockholders," they continued. The last financial statement published was of December 31, 1925. At that time the bank had individual deposits of $179,965.96. time deposits of $78,536.37. Mr. Terry said that the individual deposits were about $170,000 at this time and that the deposits were approximately $91,500. The bill payable, including notes and bills rediscounted, were $144,000 on December last and Mr. Terry said these figures were substantially the same now. The bank has a capital stock of $100,000, surplus $40,000 and undivided profits of about $6,000, making a total of approximately $146.000. Efforts are being made for the reorganization of the bank and until every effort has been exhausted to perfect this reorganization no receivership will be requested. The bank was suspended by the Directors and will be held in this condition pending the reorganization. The directors of the bank are: T. P. Harrison, president: Baker Terry, vice-president; Crockett Harrison, vice-president: John W. Suggett, cashier: W. S. Vivion William H. Yates and Dr. C. H. Christian Mrs. Pearl Gooldy Ward and Miss Emma Adcock are assistant cashiers Mr. Vance, the representative of the federal bank commissioner charge of the bank now, was not permitted to make a statement to the press because of regulations of his department. The statement was made to the newspaper representatives Wednesday morning by bank officials that there were no irregularities in the accounts or affairs of the bank and that no one employed in the bank was indebted to it. Officers of the bank also say they are sure there will be no loss to any depositor of the bank. The appearance of the notice on the door of the First National Bank at opening hour attracted the attention of those passing and of those wishing to do business there. However, there was no semblance of excitement on the streets and the busi ness of the city was continued as usual. The willingness of the bank officers to make an explanation of the closing of the bank and the fact that it was done by Board of Directors, coupled with the assurances that the depositors would lose none of their money, allayed all excitement. If you substitute lard or drippings for butter in a cake recipe add a little lemon juice. You will not notice the change in flavor nearly as much.


Article from Fulton Daily Sun-Gazette, April 15, 1926

Click image to open full size in new tab

Article Text

BANK CLOSING DIDN'T CAUSE EXCITEMENT DEPOSITORS OF FIRST NATIONAL BANK ACCEPTED SUSPENSION PHILOSOPHICALLY ACCEPT OFFICERS STATEMENT Other Fulton Banks Caring for Business Men Who Were Depositors and Business is as Usual. Though the depositors of the First National Bank of this city were discommoded by its failure to open for business Wednesday morning there was no evidence of panic or excitement to be found anywhere in Fulton over the matter. The depositors accepted the situation in a logical manner, accepted the statements of the bank officials as given to them personally and through the newspapers and went about their business as usual. The same was true of the depositors of the other banks of the town. They realized that the financial difficulties of one bank did not involve the others and that there was no occasion to become excited. E. W. Frank, of St. Louis, arrived Thursday morning and is assisting Vance Sailor in checking over the books of the First National Bank and preparing for a statement to the federal banking authorities of the 8th Federal District of which this is a part. No statement or expression will be given by these examiners to anyone other than headquarters and they are going about their task without interruption by questioners or others. The front door of the bank was open Thursday and several customers of the bank approached the tellers window with checks to deposit or cash, not having heard of the suspen. sion of business by the bank. The situation was explained to them by a representative of the bank at the time. This, perhaps, more than anything else shows the lack of excitement which the closing of the bank occasioned. The Fulton business men carrying accounts with the First National found the other banks of the city willing and ready to accommodate them and banking connections were quickly established.


Article from The Missouri Telegraph, April 15, 1926

Click image to open full size in new tab

Article Text

FIRST NATIONAL SUSPENDED BUSINESS BOARD OF DIRECTORS OF FULTON INSTITUTION CLOSED DOGRS WEDNESDAY NOT General The First National Bank of Fulton suspended business Wednesday morning, April 14th. This action was taken at the direction of the Board of Directors of the bank at the conclusion of conference held at the bank, Tuesday night Vance L. of bank examiner of the Eighth Federal District, is in charge of the bank. He came to Fulton Saturday morning at the request of the officers of the bank and began an examination of the books of the institution. John Wood. his chief, spent Sunday and Sunday night in this city going over the affairs of the bank. "On account of general business depression and scarcity of money in the country it has not been possible in recent months to keep deposits up to point where the bank could make money," was the reason for suspending business at this given the Fulton newspaper men in conference with the bank officials Wednesday morning. was deemed the best way to protect the interests of the depositors and of the stockholders," they continued. The last financial statement published was of December 31, At that time the bank had individual posits of $179,965.96 time deposits of Mr. Terry said that the individual deposits were about at this time and that the deposits were approximately 500. The bill payable, including notes and bills rediscounted, were on December last and Terry said these figures were stantially the same now. The bank has capital stock of plus $40,000 and undivided profits of about $6,000. making total of approximately Efforts are being made for the reorganization of the bank and until every effort has been exhausted to perfect this reorganization no receivership will be requested. The bank was suspended by the Directors and will be held in this condition pending the reorganization The directors of the bank are: Harrison, president Baker Terson, vice-president: John W Suggett, eashier: W. Vivion William H. Yates and Dr H. Christian Mrs. Pearl Gooldy Ward and Miss Emma Adcock are assistant cashiers. Mr. Vance. the representative of the federal bank commissioner in charge of the bank now. was not permitted to make statement to the press because of regulations of his department. The statement was made to the newspaper representatives Wednesday morning by bank officials that there were no irregularitles in the accounts or affairs of the bank and that no one employed in the bank indebted to Officers of the bank also say they are sure there will be no loss to any depositor of the bank. The appearance of the notice on the door of the First National Bank at opening hour attracted the attention of those passing and of those wishing to do business there. However. there was no semblance of citement on the streets and the business of the city was continued usual. The willingness of the bank officers to make an explanation of the closing of the bank and the fact that it was done by Board of Directors, coupled with the assurances that the depositors would lose none of their money. allayed all excitement.


Article from The Missouri Telegraph, April 22, 1926

Click image to open full size in new tab

Article Text

CLOSING EXCITEMENT DEPOSITORS OF FIRST NATIONAL BANK ACCEPTED SUSPENSION ACCEPT OFFICERS STATEMENT Other Fulton Banks Caring for Busless Men Who Were Depositors and Business is as Usual. Though the depositors of the First National Bank of this city were discommoded by its failure to open for business Wednesday morning there was no evidence of panic or excitement to be found anywhere in Fulton over the matter. The depositors cepted the situation in logical ner, accepted the statements the bank officials as given to them sonally and through the newspapers and went about their business usual. same was true of the positors of the other banks of the town. They realized that the finandifficulties of one bank did not involve the others and that there was occasion to become excited. Frank, of St. Louis, arrived Thursday morning and assisting Vance Sailor in checking over the books of the First National Bank and preparing for statement to the eral banking authorities of the 8th Federal District of which this No statement or expression will given by these examiners to other than headquarters and they are going about their task without interruption by questioners others. The front door of the bank Thursday and several the bank approached the checks deposit having heard of the business by the bank. The explained to them of the bank the perhaps, more than shows the lack of which the closing of the bank occasioned. The Fulton business men accounts with the First National found the other banks the city and ready accommodate them and banking connections


Article from Columbia Daily Tribune, April 27, 1926

Click image to open full size in new tab

Article Text

St. Louisian Named Fulton Bank Receiver By The Associated Press. FULTON, Mo., April 27.-R. R. Carraker, St. Louis, was today pointed temporary receiver for the defunct First National Bank here, according to an announcement by Vance L. Salior, national bank examiner who has been in charge of the institution since April 14, the date of the closing. Mr. Carraker will arrive this week to take over his duties at the bank. T. Harrison, prominent Callaway county land owner, was president of the bank and John W. Sug. gett was cashier. Total assets at the time of closing was approximately


Article from Auxvasse Review, April 28, 1926

Click image to open full size in new tab

Article Text

Bank Receiver Appointed R. R. Karraker, of St. Louis, has been appointed temporary receiver of the First National Bank, of Fulton which was closed April 14, and took charge of the institution Tuesday. "Appointment of a temporary receiver will in no wise affect the bank's plans for reorganization," an official of the bank stated today. "We are going ahead with our plans for reorganization and hope to be able to reopen in the near future." Mr. Karraker is said to be an experienced banker and has recently finished the work of liquidating the affairs of the Drovers National Bank in East St. Louis. Entertained Tuesday Club Mrs. John Swon entertained the Tuesday Club last Wednesday afternoon, this being the first meeting for some months. The Club was recently reorganized and several new members taken in. Those present last Wednesday were Mrs. W. R. Buckner, Mrs. Dick Biggs, Mrs. J. A. Harrison, Mrs. E. C. Wood, Mrs. C. H. Hook, Mrs. S. G. Wood, Mrs. Anna V. Meyer, Mrs. W. H. Yates, Mrs. S. W. Tompkins, Mrs. John Miller and Mrs. George Hunt. The/afternoon was spent playing Rook, after which delicious refreshments were served.


Article from The Daily News and Intelligencer, July 15, 1926

Click image to open full size in new tab

Article Text

PAY OFF CREDITORS In the three months since the First National Bank of Fulton. suspended business on April 14. the bills payable of the institution, amounting to $40,000, and more than $70,000 of its discounts have been liquidated. considerable sum of money, estimated $35,000, is also in the hands of the ceiver and eventually will be used off the depositors. By the term bills payable is meant money borrowed from other banks than the Federal Reserve. By the term rediscounts is meant money bor rowed from the Federal Reserve Bank on hypothecated notes. Rediscounts the day the bank suspended totaled $105,000. They now are under $35. Mrs. Tom Lee Missoula Mont., will arrive Saturday to be the of her aunt, Miller. The Intelligencer Want


Article from The Missouri Telegraph, March 24, 1927

Click image to open full size in new tab

Article Text

FIRST DIVIDEND CHECKS ARE RELEASED RECEIVER TUESDAY MORNING BANK CLOSED NEARLY Dividends Will Be Paid Money Collected," Said Cutts, Receiver in Charge Cutts, receiver of the First National Bank of Fulton, announced Tuesday morning that dend checks representing payment of 60 per cent have been received from the Comptroller of Currency, Washington, D. and are now available for distribution. Mr. Cutts stated in this connection, that will be necessary for all persons holding receiver's certificates of proof claim to present same at the bank before delivery of the checks can be made. This announcement the most pleasant of has been ceived by the people of this community in many seasons and the number of persons calling at the First National Bank Tuesday morning indicated the willingness with which they will call and present their proof of claim. had been announced some weeks ago R. Karraker, then receiver of this bank, that the checks had been sent to Washington for approval the Comptroller and later when Mr. Cutts came to Fulton to take charge of this bank the same announcement made. distribution at this time amounts to well over one hundred and fifty thousand," Mr. Cutts said Tuesday morning. In this payment of per cent are included the individual and time deposits and the money borrowed by the bank, also the payment of the cashier checks and drafts which had been issued before the bank suspended business and which had not been paid off. What cent the hundred and per fifty thousand will be turned into the hands known but practically all of the money on deposit was by local ple. The First National Bank closed its doors on 1926, nearly 12 months ago. Some the delay making this first payment is due the fact that negotiations were ing for several months for the taking over of the accounts by other banking institutions of this city. While these negotiations were in progress but little was done towards settling the business of the bank. Just when further dividends will be issued by the Comptroller of rency as uncertain as was the date of the first checks to come from that source. dividends less than ten are ever authorized per the Comptroller,' said Mr. Cutts response to the question of when other remittances would be made. Mr. Cutts said that as soon more was collected by the bank money further dividends would be declared but he would not venture guess as when this would occur. The First National Bank had not made public statement of its condition for three and half months fore closed its doors, hence not known publicly just how much money on deposit. The last statement published was the at the close of business At that time the bank assets loans and discounts other resources As liabilities the bank listed: capital stock surplus undivided individual deposits time deposits bills payable (money borrowed) rediscounts (money tained on notes owned by bank) $113,934.63. The deposits at that time totaled Unofficial figures place the amount the deposits, including individual and time certificates, at Basing the calculation on the latter amount the money to be released in this community this time


Article from Fulton Daily Sun-Gazette, March 29, 1927

Click image to open full size in new tab

Article Text

FIRST NATIONAL BANK PAYS OFF 60 PER CENT FIRST DIVIDEND CHECKS ARE RELEASED B RECEIVER TUESDAY MORNING BANK CLOSED NEARLY A YEAR "Other Dividends Will Be Paid as Money is Collected," Said A. D. Cutts, Receiver in Charge Mr. A. D. Cutts, receiver of the First National Bank of Fulton, announced Tuesday morning that dividend checks representing a payment of 60 per cent have been received from the Comptroller of Currency, Washington, D. C., and are now available for distribution. Mr. Cutts stated in this connection, that it will be necessary for all persons holding receiver's certificates of proof of claim to present same at the bank before delivery of the checks can be made. This announcement is the most pleasant of any which has been received by the people of this community in many seasons and the number of persons calling at the First National Bank Tuesday morning indicated the willingness with which they will call and present their proof of claim. It had been announced some weeks ago by R. R. Karraker. then receiver of this bank, that the checks had been sent to Washington for approval of the Comptroller and later when Mr. Cutts came to Fulton to take charge of this bank the same announcement was made. "The distribution at this time amounts to well over one hundred and fifty thousand." Mr. Cutts said Tuesday morning. In this payment of 60 per cent are included the individual and time deposits and the money borrowed by the bank, also the payment of the cashier checks and drafts which had been issued before the bank suspended business and which had not been paid off. What per cent of the hundred and fifty thousand will be turned into the hands of Callawegians is not known but practically all of the money on deposit was by local people The First National Bank closed its doors on April 14, 1926, nearly 12 months ago. Some of the delay in making this first payment is due to the fact that negotiations were pending for several months for the taking over of the accounts by other banking institutions of this city. While these negotiations were in progress but little was done towards settling the business of the bank. Just when further dividends will be issued by the Comptroller of Currency is as uncertain as was the date of the first checks to come from that source. "No dividends of less than ten per cent are ever authorized by the Comptroller,' said Mr. Cutts in response to the question of when other remittances would be made. Mr. Cutts said that as soon as more money was collected by the bank further dividends would be declared but he would not venture a guess as to when this would occur. The First National Bank had not made a public statement of its condition for three and a half months fore it closed its doors, hence it is not known publicly just how much money was on deposit. The last statement published was of the condition at the close of business December 31, 1925. At that time the bank had as assets loans and discounts $465,482.55, other resources $202,678.19. As liabilities the bank listed: capital stock $100,000.0 surplus $40,000.00. undivided profits $5,709.81, individual deposits $179,965.96 time deposits $78,536.37 bills payable (money borrowed) $30,310.05, rediscounts (money obtained on notes owned by bank) $113,934.63. The deposits at that time totaled $258,502.33. Unofficial figures place the amount of the deposits, including individual and time certificates, at $268,000.00 to $276,000.00. Basing the calculation on the latter amount the money to be released in this community at this time is $165600.00.


Article from St. Louis Globe-Democrat, March 30, 1927

Click image to open full size in new tab

Article Text

MINE UNION OFFICIAL DYING AFTER SHOOTING TAYLORVILLE. ILL., March 29 DEFUNCT FULTON BANK Pat 32, Democrat committeeman and mine union official, was PAYS 60 PER CENT thought to be dying today as offiFULTON, MO., March 29 -Checks cers searched for the 55-year-old mine examiner, Charles Ellison, who from the Comptroller of Currency at Washington were received here yesterday shot Lawless after fist today by D. Cutts, receiver for fight on the main Street of Kinthe First National Bank, which cald, mining community west of here. closed its doors almost a year ago. Lawless was reported better Payments being made to deposearlier in the day at St. Vincent's itors on the basis of 60 per cent, Hopsital, but this evening his con- Cutts reported. All day there was a dition took sudden change for the steady stream of former patrons of worse and It was doubted that he the bank making affidavit to their would live through tomorrow The claims and drawing accounts from bullet entered his abdomen, passed the checking and saving departthrough his body and broke plate glass window in Kincaid grocery. Cutts said that additional diviRoy Ellison, 35, son of the fugi- dends payments will be made in the tive, today was assisting county of- future. Just how much these will ficials in their quest for his fa- amount to, he unable to say. ther. The elder Ellison, after noti- He estimate that he would pay out fying officers that he would await in excess of $165,000 at this time arrest at his Kincaid home and then and the comes as boon to telling his wife he was coming to the business interests of the city. Taylorville to surrender, apparently has escaped. CALLAWAY CO. COUPLE


Article from The Daily News and Intelligencer, March 30, 1927

Click image to open full size in new tab

Article Text

First National Bank of Fulton Pays 60 Per Cent Other Dividends Will Be Paid as Money Is Collected Receiver Said. A. D. Cutts, receiver of the First National Bank of Fulton, announced Tuesday that dividend representing a payment of 60 per cent have been received from the Comptroller of Currency, Washington, D. C., and are now available for distributio]. Mr. Cutts stated in this connection, that it will be necessary for all persons holding receiver's certificates of proof of claim to present same at the bank before delivery of the checks can be made. "The distribution at this time amounts to well over one hundred and fifty thousand," Mr. Cutts said Tuesday morning. In this payment of 60 per cent are included the individual and time deposits and the money borrowed by the bank, also the payment of the cashier checks and drafts which had been issued before the bank suspended business and which had not been paid off. What per cent of the hundred and fifty thousand will be turned into the hands of Callawggians not known but practically all of the money on deposit was by local people. The First National Bank closed its doors on April 14, 1926, nearly 12 months ago. Some of the delay in making this first payment is due to fact that negotiations were pendfor several months for the taking over of the accounts by other banking institutions of this city. While these negotiations were in progress but little was done towards settling the business of the bank. Unofficial figures place the amount of the deposits, including individual and time certificates, at $268,000.00 to $276,000.00. Basing the calculation on the latter amount the money to be released in this community at this time is $165,600.00. Fulton Snn-Gazette.


Article from The Weekly Intelligencer, March 31, 1927

Click image to open full size in new tab

Article Text

First National Bank of Fulton Pays 60 Per Cent Other Dividends Will Be Paid as Money Is Collected Receiver Said. A. D. Cutts, receiver of the First National Bank of Fulton, announced "Tuesday that dividend checks representing a payment 60 have been received from the Comptroller of Currency, Washington, D. C., and are now available for distributio]. Mr. Cutts stated in this connection, that it will be necessary for all persons holding receiver's certificates of proof of claim to present same at the bank before delivery of the checks can be made. "The distribution at this time amounts to well over one hundred and fifty thousand." Mr. Cutts said Tuesday morning. In this payment of 60 per cent are included the individual and time deposits and the money borrowed by the bank, also the payment of the cashier checks and drafts which had been issued before the bank suspended business and which had not been paid off. What per cent of the hundred and fifty thousand will be turned into the hands of Callawggians is not known but practically all of the money on deposit was by local people. The First National Bank closed its doors on April 14, 1926, nearly 12 months ago. Some of the delay in making this first payment is due to the fact that negotiations were pending for several months for the taking over of the accounts by other banking institutions of this city. While these negotiations were in progress but little was done towards settling the business of the bank. Unofficial figures place the amount of the deposits, including individual and time certificates, at $268,000.00 to $276,000.00. Basing the calculation on the latter amount the money to be released in this community at this time is $165,600.00. Fulton Sun-Gazette.


Article from The Webb City Sentinel, July 28, 1927

Click image to open full size in new tab

Article Text

FAILED BANK PAYS AGAIN Fulton, Mo., July D. Cutts, receiver of the First National Bank of Fulton, ,announced today the payment of a second dividend of 10 per cent. The amount involved in this distribution is $25,326 and makes a total of 70 per cent or $177,303. paid by him as receiver since March, this year, the bank having suspended business April 13, 1926.


Article from The Missouri Telegraph, July 28, 1927

Click image to open full size in new tab

Article Text

CHILD BADLY Fingers Hand Amputated And Right Arm Crushed and May Lose the Arm. CUTTS. NOUNCES CHECKS ARE READY FOR DISTRIBUTION TO BE PAID OUT First Dividend Was Paid in March, This Year, Amounting to 60 Per Cent Mr. Cutts, Receiver of First National Bank of this city, issued statement Tuesday to the effect that dividend checks in payment dividend of 10 per cent are in his possession and available for distribution the bank to all holding Receiver's certificates. Receiver's certificates must be presented for proper endorsement before the checks can be delivered to the payees. The dividends to be paid at this time aggregate $25,326.25 and makesa total of 70 per cent paid since the bank suspendbusiness April 13, 1926. The first dividend of 60 cent having been per paid in March of this year. Simultaneously with the issuance the above statement Mr. Cutts leased compartive statement showing the condition of the bank at date suspension and the close quarterly periods ended March and June 1927. This statement shows that the April 1926, when the bank suspended totaled receivable on hand $7,505.31 other assets The that time totaled The statement of June shows stock assessment of $100,000 and additional assets of added to the statement of April totaling The maining assets on follows: Bills receivable other than stock assessment total Liabilities on June total claims proven 794.95, unproven claims Dividends June 30th amounted to cash on hand After the payment of the second dividend there wll remain claims paid of To meet these claims will be cash on hand and collected assets of Gingrich of the Bachelor Fulton Thursday. very sad and serious dent that will make the year-old son Berry of Bachelor cripple does not cost the life. The ing near gasoline engine that was pumping water, when in way caught in the belt and the ond and third fingers of its left hand torn off and the right crushed the elbow and the ligaments torn. The child rushed the drain hospital Mexico, where the fingers were amputated and feared that the right will have be taken off near the shoulder.