10455. First National Bank (Maryville, MO)

View Charter #3268 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3268
Charter Number
3268
Start Date
July 3, 1931
Location
Maryville, Missouri (40.346, -94.872)

Metadata

Model
gpt-5-mini
Short Digest
a66ae1d3

Response Measures

Capital injected, Full suspension

Other: Community subscribers organized a new bank (Citizens' State Bank) to take over assets/deposits; receiver later sued stockholders.

Receivership Details

Depositor recovery rate
87.1%
Date receivership started
1931-08-10
Date receivership terminated
1938-01-31
Share of assets assessed as good
41.5%
Share of assets assessed as doubtful
56.5%
Share of assets assessed as worthless
2.0%

Description

A run began on the First National Bank after the Gillam-Jackson Loan and Trust Co. (housed in same building) failed to open. The run led the First National to close (failed to open July 1931) and later a receiver was appointed; attempts at reorganization were made but the bank remained defunct with suits by the receiver in 1934. Dates derived from articles: bank closed July 3, 1931; run began the preceding Friday/over the holiday weekend. 'Local loan and trust company' failure triggered the run.

Events (6)
1. November 22, 1884 Chartered
Source
historical_nic
2. July 3, 1931 Run
Cause
Local Banks
Cause Details
Run was triggered by the failure/closure of the Gillam-Jackson Loan and Trust Co., which occupied the same building and had overlapping officers/shareholders.
Measures
Local businessmen organized capital subscription; Maryville Daily Forum issued an extra announcing $120,000 of $150,000 capital had been raised; organizers planned new bank (Citizens' State Bank) to take over assets/deposits.
Newspaper Excerpt
The Loan and Trust Co. ... failed to open Friday, which was followed by run on the First National Bank ... thousands of dollars were withdrawn.
Source
newspapers
3. July 3, 1931 Suspension
Cause
Local Banks
Cause Details
Direct consequence of the run prompted by the Trust Co.'s failure; directors closed doors to conserve assets though the bank was reported solvent.
Newspaper Excerpt
The First National Bank closed because the heavy run ... The bank failed to open Monday morning.
Source
newspapers
4. August 10, 1931 Receivership
Source
historical_nic
5. August 19, 1931 Other
Newspaper Excerpt
CITIZENS' STATE BANK ... The Citizens' State Bank ... will take over part the assets deposits the First National ... opened for business Aug. 1931.
Source
newspapers
6. August 22, 1934 Receivership
Newspaper Excerpt
Suits to assess 100 per cent on each share of capital stock in the defunct First National Bank of Maryville were filed in federal court here today by B. E. Costello, receiver. ... When the bank closed on July 3, 1931, it had deposits of approximately $400,000. Since then it has repaid 60 per cent to depositors.
Source
newspapers

Newspaper Articles (10)
1. July 7, 1931 St. Joseph Gazette St. Joseph, MO
Article from St. Joseph Gazette, July 7, 1931

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Article Text

LOCAL CAPITAL MAY HELP St. Joseph Men Reported Interested in Reorganizing Maryville Depository. Mo. July two St. Joseph capitalists reported reorganization the First National Bank. which closed after sixty years bank officials tonight. and farmers had raised $120,000 the necessary $150,000 noon day, and reported with capitalists expected to supply the The First National Bank closed because the heavy run, which would iled the The run loomed the son Loan and Trust Company closed two banks are located the same large crowd city today and believed that the run would the bank been open. The bank reported and in good condibank examiner. charge of the affairs the bank. St. Joseph bankers Monday night that they did the refinancthe Maryville but believe that was perwith the fraternity here.

2. July 9, 1931 The Barnard Bulletin Barnard, MO
Article from The Barnard Bulletin, July 9, 1931

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FIRST NATIONAL AT MARYVILLE CLOSED MONDAY Gillam-Jackson Loan and Trust Co. Failed to Open Friday, Which Was Followed by Run On the Bank PLAN REORGANIZATION SOON Sufficient Capital has Been Subscribed to Start Lew Institution The Loan and Trust Co., of its doors Thurs day and failed them again. The result was that run was started the First National Bank which caused them to fail to open Monday morning. The Gillam-Jackson Loan and Trust Co. was company separated from the bank in every way, but the directorates overlapped. It is understood that the Loan Company had all of the savings accounts in its institution. When failed to open, run started on the First National Bank Friday, when thousands of dollars were withdrawn. The bank failed to open Monday morn ing. During the holiday on July 4th and on Sunday, July 5th, business men in connection with the two institutions busy arranging for new eapital to open up new bank out of the ashes of the one. The First National had served Maryville for many years and its passing will be regretted from the standpoint of sentiment as well from the standpoint of possible financial loss. However, Wednesday it was announ eed that sufficient capital had been subscribed to insure the opening of institution, probably without loss to the depoistors of the defunet bank. Representative men of Maryville, in Feluding number of farmers about the county seat, comprise the stockholders of the institution, we are informed. The capital stock is be $100,000, surplus of half that amount, cording to reports. The new institution to be national bank under the supervision of the National Comptrol of the treasury. Whether the reorganization will effected will not be known for several days Many business firms in Maryare honoring checks on the First National Bank on merchandise pur which indicates that the busi men of that city have confidence the reorganization being completed loss to depositors. It is under stood that the proper authorities stand ready issue charter to the institution after the details of organihave been perfected. At the present time, Maryville has one bank, the Nodaway Valley Bank. The Real Estate Bank was the to fail. being followed by the Trust Co which failed about months ago. The entire county anxious that the new organization made effective at an early date failures have tendency to cause to lose confidence in banking generally. The southeastern part of the county indeed fortunate in having had failures. Barnard, Guilford and Bolekow, which is just over the line in Andrew County, have only bank the result of consolidations. Banks, like susceptible to depression that is over the country. bank is community asset like other business in the town, people should give it that natural confidence necessary to mutual prosperity. BAND CONCERT PROGRAM The band concert program for Sat night is as follows: "Glory of Royal When Your Lover Has Number Spanish from Don Quisote Suite and Num "Kiefer's The concerts are very populra with people of this community, large coming to hear the band. At the chearsals on Tuesday nights large also hear the boys practice. and Mrs. Paul Hagan came down Creston, Saturday, and spent the with Mrs. Hagan's parents, Mr. Mrs. Austin Haselwood. SECOND SACRED CONCERT SUNDAY NIGHT The second Shered Concert by the young people of Barnard will be given Sunday night at the Methodist Church Pelock in the evening. This is the second of series of sacred concerts and is under the auspices of the Young People's organization in the Southeast District. The programs are all arranged and given by local talent. 1. Orchestra 2. Reading, Ernest Stalling Solo, Delman Roelofson Piano Solo, Eva Marie Swann 5. Piano Duet, DeEtta Skidmore and Pauline Stalling 6. Vocal Solo, Marjorie Campbell Duet. William and Willard Hart Piano Solo, Louise Hunt 9. Reading, Margaret Stotts 10. Duet. Ruth Cook and Delman Roelofson 11. Musical Reading. DeEtta Skidmore 12. Piano Solo, Lubina Stoner 13. Vocal Duet, Jaunita Carmichael and Mary Margaret Turner 14. Musical Reading, Billy Lee Burns 15. Piano Solo, Nydra Jorgenson 16. Violin Solo, Maxine Dane 17. Piano Solo, Elaine Gorsuch 18. Chorus, Young People 19. Orchestra Orchestra and chorus rebearsal will be held Friday evening at the Metho dist church at Everyone is in to attend. M. E. CHURCH Bible School, 10 There be meeting of the Of ficial Board held at the bank Monday evening, July 13th at o'clock Let every member plan to be present as business of importance is to transacted. This will probably be the last meeting of the Official Board this year. Pastor. H. E. Marshall, SON OF FORMER RESIDENT KILLED Donald Keller, year old son of Mr. and Mrs. John Keller of LaGrange, Illinois, was killed July by lightning. Mrs. Keller was formerly Miss Ber tha Benson and lived just east of Bar nard. Donald was eaddy on the golf links. He was in pond searching for lost golf balls when bolt of lightning struck the shallow pond, killing him, according to a letter from the Kellers to Mrs. Clyde Turner.

3. July 9, 1931 Burlington Junction Post Burlington Junction, MO
Article from Burlington Junction Post, July 9, 1931

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Article Text

FOLLOWING LEAD OF TRUST FIRST SUSPENDS. ON REFRESHING TO CROPS. Nodaway county has again experienced the loss of some of its financial institutions, the latest closures being those of the Loan and Trust Co. on Friday, followed by similar action by the First National Bank of Maryville on Monday. The institutions housed were the same building and officers stockholders in the other, and it is reported that the failure the Trust caused company run the bank Friday which caused the cision to close the latter. According to the state finance partment the Trust Co. showed sources of $436,473 in its last financial statement. Loans amounted $246,613; capital $75,000; surplus, $15,000; undivided profits, $12,deposits, $229,077; trust $51,196. Gillam was president of the company, Fred R. Wolfers. vice president: and Forrest Gillham, treasurJoseph Jackson was president the First National Bank and Gillam was its treasurer. According to reports published Maryville Daily Forum is under way organize which will the closed First National. said that almost all of the proposed $150,000 capital has been subscribed and that ter for new national bank will applied for. It is to be hoped, for the good the entire county, that the proposed plan will be successful. Many of the county, former other banks of the county closed. were conducting business through the First National and second experience of their funds tied up indefinitely serious handicap. Rain which visited Nodaway county Wednerday afternoon not only refreshing to growing but crops, broke the two-weeks period of torrid weather well. The ground getting pretty dry and crops beginning to show the need of moistalthough not suffering to great extent. Saturday afternoon and evening additional rainfall, while not heavy, in such manner that all absorbed by the soil as fell. Prior Wednesday's rain the temperature had ranged from 89 degrees for fifteen days, consecutively. The average temperature for the month was 76.6 degrees, and the month one of the hottest for June.

4. July 13, 1931 The Brookfield Argus and the Linn County Farmer Brookfield, MO
Article from The Brookfield Argus and the Linn County Farmer, July 13, 1931

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WHEAT KANSAS CITY RECEIVES MORE CARS THAN SINCE 1928. Exceeds Previous Total by 443 Cars. Today's Receipts Amount Almost Five Million Bushels on the City Board of Trade. (By United Press.) Kansas Mo., July receipts of 2,947 cars in Kansas City today high record for the previous total July by 443 Today's receipts amounted 4,715,200 bushels the Board Trade, estimation of 1600 bushels The Santa Railroad brought slightly less than the total arrivals. NEW BANK Maryville, Mo., Application for state charter and incorporation prepartoday for the Citizens State succeeding the First National Bank, and guaranteeing The First National Bank closed Citizens State Bank capitolized for $25,000 and $25,000 undivided AVIATOR SERIOUSLY BURNED. Kansas Captain Charles chief pilot the Goodyear dirigible, The today given chance recovery from the burns suffered when the blimp broke from morning and blew into tension and burned. Captain Brannigan, who resides Ohio, caught in the gondola when the wreckage the piled up the Municipal Airport. General Hospital this afternoon. The Mayflower broke from the mast the ground preparing for the

5. July 31, 1931 Batesville Guard Batesville, AR
Article from Batesville Guard, July 31, 1931

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Quick Action of Missouri Daily Saves Run on Bank Maryville, Mo. A quick job of printing and distributing an extra was executed by the Maryville Daily Forum recently in order to forestall a run on the First National bank after a local loan and trust company had been M W. the daily's manager, had been appealed to for the quick action The loan company had been closed on Friday and a run on the First National bank which was located in is the same building was begun, and stopped only when closing time came. It was practically certain that the run would be continued on the following Monday. At 4 p. m., Sunday, Mr. Stauffer capitalized at $150.000 more than half of which had been raised at the was being made Mr. Staufier went to work on the telephone to get enough men in the plant to get out the extra and or ganived the distribution By the time the paper went to press It was able to announce that $120,000 of the $150,000 capital had been raised The paper appeared at 6:30 a. m Monday and within an hour and a half was distributed to 14 towns. Pay up your subscription now.

6. August 7, 1931 The Ripon Record Ripon, CA
Article from The Ripon Record, August 7, 1931

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Issues Extra to Stop Run on Bank MARYVILLE, Mo.,-A quick job of printing and distributing an extra was executed by the Maryville Daily Forum recently in order to forestall run on the First National bank after a local loan and trust company had been closed, M. W. Stauffer, the daily's manager, had been appealed to for the quick action. The loan company had been closed on Friday and a run on the First National bank which was located in the same building was begun, and stopped only when closing time came. It was practically certain that the run would be continued on the following Monday. But the intervening Fourth of July holiday and Sunday gave the bankers time to organize. It was feared that a continued run on the bank, although it was solvent, would result disastrously. At 4 P. M. Sunday, Mr. Stauffer was called to the home of the bank president who was meeting with other business men. He was informed that he had been advised to not open his bank on Monday, and that an organization of a new bank, capitalized at $150,000. more than-half of which had been raised at the meeting. was being made. Mr. Stauffer went to work on the telephone to get enough men in the plant to get out the extra and organized the distribution. By the time the paper went to press it was able to announce that $120,000 of the $150,000 capital had been raised The paper appeared at 6:30 a. m. Monday, and within an hour and a half was distributed to 14 towns.

7. August 19, 1931 The Kansas City Times Kansas City, MO
Article from The Kansas City Times, August 19, 1931

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COURAGE BUILDS A BANK NODAWAY COUNTY TRIUMPH OVER ADVERSITY. Eighty Men and Women Subscribe Capital Stock and the New Institution Opens for Business. (By Own MARYVILLE, Mo., Aug. bank opened its doors here but to the residents of County it much more than -it is monument to the figh spirit of community The Citizens' State Bank wear its name well. More than eighty men and women subscribed the 000 capital and surplus which possible. They feel it represents triumph adversity-that existence symbolizes a definite turn in the fortunes of county by deflation and sagging prices farm products. When the First National failed to its doors more than month ago, the people here were the verge despair. In two other big banks here had and day SO before loan pany affiliated with the First tional Bank had been forced to pend business. run on the National appeared inevitable and directors closed the doors in order conserve the assets although it solvent. The announcement that new was being formed to take over assets and deposits of the First tional served to soften the blow the closing. but skepticism grew the days passed with no definite nouncement Many banks few new ones are started, pointed and doubts were Back of the scenes, however men were working night and day organize the Citizens' State Bank chief among these was Joseph son, president of the new institution Mr. Jackson had been president of First National as had his father fore him. The First National served this community for more fifty years, and he could not bear see swept away. The Citizens' State Bank grew of courage and endless work, out the spirit community wouldn't stay "licked." It will the place the First National it will take over part the assets deposits the First National at and the remainder as rapidly as pos sible.

8. August 22, 1934 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, August 22, 1934

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STOCKHOLDERS SUED Action Brought Here in Regard to Maryville Bank. Receiver Asks Assessment of 100 Per Cent Against Capital Stock. Suits to assess per cent on each share of capital stock in the defunct First National Bank of Maryville were filed in federal court here today by B. E. Costello, receiver. The three suits, filed to day, were against 394 of the bank's 1,000 shares of stock and amounted to $42,407.03. Above the full assessment of $100 per share, the receiver seeks to collect the /interest that has accrued on each When the bank closed on July 3 1931. it had deposits of approximately $400,000. Since then It has repaid 60 per cent to depositors. May Pay Depositors in Full If able to collect the $100,000 on the capital stock plus interest, the bank may be able to pay out in full, it was said at Maryville today since the receiver still possesses many good assets At the time the bank was closed depositors made many moves to effect reorganization but failed. Joseph Jackson president, is now president of the Citizens State Bank there. Jackson is one of the three de- fendants today. He owns 154 shares of the stock, according to the allegation The suit against him is for $16,644.83 Mary J. Ream is being sued for $13,510.41 against her 125 shares, while Lola J. Colby is sued for $12,251.79 against her 115 shares. More suits have been prepared by the receiver but Robert M. Farrar. deputy United States marshal, has been unable to obtain service on the defendants it was stated at the federal building. Suits also have been filed in circuit court at Maryville by depósitors against the stockholders It was stated today.

9. August 23, 1934 The Chillicothe Constitution-Tribune Chillicothe, MO
Article from The Chillicothe Constitution-Tribune, August 23, 1934

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of the Defunct Bank of fendants Suit. ALSO DEMANDED Bank Closed July Deposits of Approximately $400,000, Is Said. 100 the Suits to assess per cent has each share of capital stock in the defunct First National Bank of were filed Hall Maryville in federal court here today by ceiver, says the St. Joseph NewsThe three suits, filed today, against 394 of the bank's shares of stock and amounted Above the full the assessment of $100 per share, the receiver seeks to collect the interest that has accrued each. When the bank closed on July the 1931, had deposits of approximately $400,000. Since then has repaid 60 per cent to depositors. If able to collect the $100,000 the capital stock plus interest, the bank be able to out in may pay class full, was said at today, since the receiver still possesses many good assets. the time the bank was closed At depositors made many moves but failed. effect reorganization Jackson, president, now Joseph Bank ment of the Citizens State president there. of the three deJackson is one He owns 154 shares fendants today. to the allethe stock, according him for gation. The suit against Ream being Mary her 125 for $13,510.41 against sued Colby sued while Lola shares, shares. for her 115 for against visit have been prepared More suits Robert Farrar, receiver but the marshal, has United States deputy obtain service been unable stated the the federal building. been filed in also have Suits by deposicuit court the stockholders, tors against today.

10. August 23, 1934 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, August 23, 1934

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BANK RECEIVER SUES TO COLLECT $42,407 By Associated Press. ST. JOSEPH, MO., August Suits to collect $42 407 from three holders of capital stock in the defunct First National Bank Maryville, Mo., were filed here today in Federal Court by B. E. Costello, receiver. The bank closed July 3, 1931. It had deposits of more than $400,000 at that time and has paid 60 per cent to depositors. The suits filed today ask for 100 per cent assessment against each share of capital stock plus accrued interest.