10272. First National Bank (Jefferson City, MO)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
1809
Charter Number
1809
Start Date
February 18, 1932
Location
Jefferson City, Missouri (38.577, -92.174)

Metadata

Model
gpt-5-mini
Short Digest
3bc4c2e7

Response Measures

Capital injected, Full suspension

Other: Bank stock subscription and planned absorption by Exchange National Bank (capital injection/merger).

Receivership Details

Depositor recovery rate
63.2%
Date receivership started
1933-08-10
Share of assets assessed as doubtful
49.7%
Share of assets assessed as worthless
50.3%

Description

Articles (Feb 18–19, 1932) describe jumpy depositors and a temporary closing/holiday of the First National Bank following other local bank failures; a stock subscription/absorption plan with Exchange National Bank was arranged and banks were expected to reopen the next day. OCR errors in Article 1 (garbled sentences) were corrected for comprehension.

Events (6)

1. April 8, 1871 Chartered
Source
historical_nic
2. February 18, 1932 Run
Cause
Local Banks
Cause Details
Depositors became jumpy and withdrew funds following recent closings of other local banks
Measures
Bank declared a temporary holiday/closed for a week to give people time to decide; civic leaders and state finance commissioner called for calm; stock offer organized to cover possible errors and an absorption by Exchange National was arranged.
Newspaper Excerpt
the jumpy and depositors following nerves of the other closing few days ago of bank there
Source
newspapers
3. February 18, 1932 Suspension
Cause
Local Banks
Cause Details
Temporary suspension/holiday was declared in response to depositor nervousness after other local bank closings
Newspaper Excerpt
the bank ... closed for week ... declared holiday
Source
newspapers
4. February 19, 1932 Reopening
Newspaper Excerpt
All the banks were expected open ... Tomorrow ... reports will be made ... The subscribers will have charge ... Details of the absorption were beworked ... The First National proceeded ... banks were expected open those charge of detail work continue make the progress the days they were able today. Tomorrow at morning ... meeting of the stockholders ... reports will be made ... the plan for the obsorption by the Exchange National the First National proceeded through the tangle ... All the banks were expected open those ... Tomorrow ... Mayor ... issued proclamation ... Monday holiday. All the stores and business houses will closed ... Cantley ... advises people to keep cool in such times of stress. (Article indicates banks to resume operations and that a stock subscription/absorption plan was underway.)
Source
newspapers
5. March 28, 1932 Voluntary Liquidation
Source
historical_nic
6. August 10, 1933 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from The Missourian, February 18, 1932

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Article Text

IS WITHOUT CLINTON BANKING HOUSE A Bank for Week Faris Closed Give People Time Decide if They Want Bank. Following on the Brinkerbank Clinton that closed for week institution was The matter of Faris, president the the wealthiest men one section of state, told the people that said to have they didn't bank didn't care, he Clinton he for week closed the for them to "make up order their minds.' has long been figMr. Faris Western Missouri and candidate the prohibition party's for president few years ago. known for The bank has one of the strongest years as institutions the state nancial made on the bank was The been for resulted from the jumpy and depositors following nerves of the other closing few days ago of bank there. holiday was also banking Jefferson few augurated the First National ago when that order to announced would be effected merger National Bank the Exchange week's banking that therefore declared holiday was much of the during which of Jefferson City business through the state being done office. troubles have Similar banking Another banks failed open Monday for have indeed county banks the been bank for not closed Cass stress through which the during the been passing The Strasburg years. closed few months bank which considerable evidence ago bears wrecked from the that side anything about we know banks all Allen Banking The Citizens NatCompany and in splendid condiional Bank weather storm tion and can much worse than the one through passing. For which are now of should be which We of county mighty begin to realize Cass solidity banks what the because we have not mean through bank recently passed failing period some other Over Sedalia are told restrictions have put on check writing of the size of the deposit gardless checked against works but which great Here of self an Cass whatever no have been inaugurated.


Article from Jefferson City Post-Tribune, February 19, 1932

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Article Text

CITY EXPECT TO OPEN UP ON TUESDAY Cantley, State Commissioner of Finance, Advises People of State To Keep Cool In Such Times of Stress. BANKS OPERATE IS TOLD BY OFFICIAL Support of All Financial Institutions of the City Is Asked By Civic Leaders As Normalcy Returns To City. With the bank stock offer sufficoversubscribed to take care of possible errors and leaders the plan for the obsorption by the Exchange National the First National proceeded through the tangle dethat must necessarily accompproposition of such magniAll the banks were expected open those charge of detail work continue make the progress the days they were able today. Tomorrow at morning o'clock meeting of the stockholders held the Junior College audiReports will be made charge the drive. The subscribers will have charge the meeting and will elect chairDetails of the absorption were beworked by the cutive committee working with ofof the two Must Keep Cool Leaders today stressed the imthe Mayor Henry Asel today issued proclamation upon all the business houses of Monday holiday. All the stores and business houses will closed and program for the celebration of Washington's the victory the bank organization being worked out was talk of parade well as public meeting the school auditorium Monday missioner statement issued tosummed up the banking situaand need for confidence. Cantley said: Cantley's Statement "None of know any too much and most know Some folks think that they deposit twenty dollar bank tagged and, when they call for money year identical bill back. paid Others thinks that bank has should have its vaults at times money to pay all deposThese are crude notions about now Banks vehicles through which surplus money finds into the chanof business. State in by law required to keep hand deposit with banks not to exceed deposits and, addition. time deposits. To bank has demand deposamount time detotal deposit account required to have on hand and due from banks and only for penalty insufficient reserve to make loans until the reserve again restored. In the ordinary course of business has been found to sufficient certainly would not care run bank. bank considered insolvent when it meet demands made upon it in the course and by the public generally adjudged insolvent forced close regardless of the cause for closing. This may or not be may true, but forced and dergo forced liquidation, though solvent going concern, most likely liquidate insolvWhen bank closes its doors and its assets converted into cash through liquidation, minute closed for that purpose the value assets shrink from 25% Why? Let illustrate: The has mortgage on farm city property. The property either case worth under ordinThe and considered good. In liquidation these properties may probably will to be sold bidder for cash and times like these would scarcely bring each. The result heavy It nearly alway tragic force banks, individuals or companies into receivership avoided, that exactly what Jefferson City and Jefferson City people are trying to avoid now. Must Be Calm "Much has been made, much, of what said at public Saturday February asked if considered the