First National Bank - Ludlow, MO

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 7900
Charter Number: 7900
Start Date: July 20, 1934
Location: Ludlow, Missouri (39.655, -93.702)

Metadata

Model: gpt-5-mini
Short Digest: 918db736

Response Measures

None

Receivership Details

Depositor recovery rate: 98.1%
Date receivership started: 1931-01-09
Date receivership terminated: 1936-05-29
OCC cause of failure: Economic conditions
Share of assets assessed as good: 64.0%
Share of assets assessed as doubtful: 20.8%
Share of assets assessed as worthless: 15.2%

Description

Articles (July 20–27, 1934) state S. A. Browning was appointed receiver for six national banks including the First National Bank of Brookfield and refer to them as closed; no run is described. This indicates the bank suspended and a receiver was appointed (government action) and did not reopen in the reported items.

Events (4)

1. September 2, 1905 Chartered

Source: historical_nic

2. January 9, 1931 Receivership

Source: historical_nic

3. July 20, 1934 Receivership

Newspaper Excerpt: S. A. Browning of Chillicothe Friday assumed his new duties as receiver for six national banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency ... including the First National bank of Brookfield.He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe ... and the First National bank of Brookfield, ... the six banks have total sources of about million dollars and between 5,000 and 6,000 depositors. (Kansas City Journal & Marceline News, July 1934).
Source: newspapers

4. July 20, 1934 Suspension

Cause: Government Action
Cause Details: Appointed receiver by the acting Comptroller of the Currency (F. G. Awalt); banks described as closed and placed under receiver control
Newspaper Excerpt: He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe, First National bank of Ludlow. First National bank of Brookfield ... Browning immediately assumed his new duties as receiver for six national banks
Source: newspapers

Newspaper Articles (3)

1. July 20, 1934 Kansas City Journal Kansas City, MO

Article from Kansas City Journal, July 20, 1934

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Article Text

NAMED BANK RECEIVER Chillicothe Man in Charge of Six. (UP) S. A. Browning of Chillicothe Friday assumed his new duties as receiver for six national banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe, First National bank of Ludlow. First National bank of Brookfield, First National bank of Marceline. First National bank of Brunswick and the First National bank of Sweet Springs Browning mailed his resignation as Livingston county representative in the state legislature to Governor Park. He said his resignation as receiver for four'state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling. Breckinridge and Sampsel. His successor as receiver of the state banks will be named by Q. H. Moberly, state finance commissioner.

2. July 21, 1934 Columbia Missourian Columbia, MO

Article from Columbia Missourian, July 21, 1934

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Article Text

NEW BANK RECEIVER NAMED S A. Browning, of Chillicothe, to Take Over Federal Institutions CHILLICOTHE July 21 A. Browning, of Chillicothe, yesterday assumed his new duties as receiver for six National Banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency. He succeeds E. B. Todd of Nevada, in supervision of the First National Bank of Chillicothe, First National Bank of Ludlow, First National Bank of Brookfield; First National Bank of Marceline, First National Bank of Brunswick, and the First National Bank of Sweet Springs. Browning immediately mailed his resignation as Livingston County representatve in the State Legislature to Gov. Guy B. Park, He said his resignation as receiver for four state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling, Breckenridge and Sampsel. His successor as receiver of the state bank will be named by O. H. Moberly, state finance commissioner. the Potashnick truck service operating from southwest Missouri, finding the concern guilty of "deliberately and intentionally. defrauding the state out of fees that should have been paid for the purpose of maintaining the highways of the state." The commission said the truck line's scheme "consisted simply of giving to the truck drivers travel orders which would show authority to operate that particular truck for number of days, while the duplicate travel order which was to be sent to the commission (and was the only means the commission had to determine the amount of fees owned) showed much less amount than was actually due." J. Caskie Collet, commission chairman, said investigation showed that the Potashnick company had failed to pay "between $800 and $900 due the state" in extra carrier fees.

3. July 27, 1934 The Marceline News and the Bucklin Herald Marceline, MO

Article from The Marceline News and the Bucklin Herald, July 27, 1934

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Article Text

NEW RECEIVER AT NATIONAL BANK HERE S. A. Browning, Chillicothe, Succeeds E. B. State Representative. Browning of Chillicothe has been appointed receiver for the First National Bank here and five other national banks in this territory. Mr. Browning succeeds Todd of Nevada, who was appointed several months ago. Besides the bank here, Mr. Browning will have charge of the closed First National Banks at Chillicothe, Brookfield, Ludlow, Brunswick and Sweet Springs. The six banks have total souces of about million dollars and between 5,000 and 6,000 depositors. Mr. Browning has been resentative in the state legislature from Livingston County. Before his as a national appointment bank receiver, he was the receiver for four state banks.