First Trust Company - Savannah, MO

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: May 13, 1926
Location: Savannah, Missouri (39.942, -94.830)

Metadata

Model: gpt-5-mini
Short Digest: 888c6f00

Response Measures

None

Description

The First Trust Company of Savannah, MO, was closed and placed in the hands of the State Finance Commissioner for liquidation in mid-May 1926. Articles describe frozen assets and connections to other local bank failures; no clear contemporaneous depositor 'run' on this specific institution is described in these clippings, so I classify this as a suspension leading to permanent closure/receivership.

Events (2)

1. May 13, 1926 Receivership

Newspaper Excerpt: the four are now the hands of the State Finance Commissioner ... Finance Department Deputy L. J. Mulligan has been sent to the Trust Company ... placed the bank in the hands of the Finance Department for liquidation.
Source: newspapers

2. May 13, 1926 Suspension

Cause: Local Banks
Cause Details: Closing tied to frozen assets and the effect of other local bank failures (Security Bank and earlier suspensions); interconnections with other local institutions contributed to the suspension.
Newspaper Excerpt: the closing of the First Trust Company, Savannah, Mo., caused the directors to place the bank in the hands of the Finance Department for liquidation.
Source: newspapers

Newspaper Articles (5)

1. May 14, 1926 St. Louis Globe-Democrat St. Louis, MO

Article from St. Louis Globe-Democrat, May 14, 1926

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Article Text

State Banks Closed Since First of Year Total Twenty-Six Failure of Savannah Institution Hastened Action at Nodaway. By Associated Press. JEFFERSON CITY. MO., May 13.Official notice of the action of the Board of Directors of the Farmers' Bank, Nodaway, Mo., yesterday, in closing the doors of the institution, was received at the State Financial Department here today. Finance Department officials said that the Farmers Bank was preparing for voluntary liquidation of assets, but the closing of the First Trust Company, Savannah, Mo., caused the directors to place the bank in the hands of the Finance Department for liquidation. $421,000 Resources. Total resources of the Savannah bank was $421,000. No official notice of the reported closing of the Farmers' State Bank, Rea, has been received at the here, was said. The last official statement of the Farmers' Bank, Nodaway, showed resources at $31,917: loans, $25, 45 deposits, $19,173.89: capital, $10,000; undivided profits, $244. The Security State Bank, St. Jo. seph, with of approximately $323,000. was closed yester day by the Board of Directors, and its failure is thought to have hastened the closing of the Andrew County banks. List Grows. The three failures officially reported to the Finance Department, together with the unofficia report the Farmers' State Bank, Rea, brings the total of state banks to close since the first of the year up to twenty-six. Finance Department Deputy L. J. Mulligan has been sent to the Trust Company. C. L. Stout to the Farmers' Bank at and George W. Freund to the Security Bank at St. Joseph. Depositors Not to Lose. By Associated Press. ST. JOSEPH, MO., May 13.-There were no developments in the suspension yesterday of the Security Bank of St. Joseph and the three Andrew County, Mo., state banks, more or less closely connected with the St. Joseph bank. The Andrew County banks are the First Trust Company Savannah: Farmers' State Bank, Rea, and Farmers' Bank, Nodaway, and the four are now the hands of the State Finance Commissioner No statement has been given out, other than the officers of the St. Joseph bank saying the closing was due to frozen assets. held largely by the Savannah bank by it from the First National Bank which suspended year ago and the business of which was taken over by the First Trust Company, organized soon afterward. The say they do not be. lieve the depositors will suffer any loss, but that the stockholders may.

2. December 28, 1926 St. Joseph News-Press St. Joseph, MO

Article from St. Joseph News-Press, December 28, 1926

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Article Text

Bartlett's Reported Affair the ell Telephone Company. developed today that week telephone told numerous the Bartlett Trust Company deposits. Some asked had money that and they the she warned that the bank was not strong. The matter reported to the Southwestern Telephone Company, officials the company said today that they unable trace the calls. One oseph person, Bartlett depositor. received card last week from Colorado, asking the condition Bartlett's, stating that heard their condition strong. LAST BANK TO CLOSE. Security Bank South Park Shut Doors May Last. The last bank to the Security Bank of Park, The day three other banks First Trust Savannah, the Company and the Bank their The closing the bank. was said, partly fallure the First Trust Company of Savannah, bank. REPORT TO JEFFERSON CITY. Bartlett's Missouri Bank Mo., Closing of Bartlett Trust Company Continued on Second Page.

3. April 1, 1927 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, April 1, 1927

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Article Text

ARRAIGNED BANKERS Indictments Follow Closing of Two Banks With Heavy Loss to Depositors. JOSEPH Mo., April president the which closed Dec. ity Trust Co., Harold Stewart, his 28, and were arraigned cashier, Criminal Court Buchanan County indictments returned on the grand jury yesterday The father faces nine ments and the son five with the failure of the tion ity The elder Stewart charged with lending more than himself, obtaining signatures notes fraudulently, embezzling and accepting deposits he knew the failing The son is charged with accepting posits when he knew the bank Seven Others Arraigned The president, cashier five directors of the Security Bank, which failed .May were arraigned late on indictments yesterday They W. Reed, president: Paul Holme, cashier, and Holme Veach Wilson, Beale, William Whittaker and Beaghler, rectors. There are eight indictments against each charge cepting they knew bank failing and three lending. Dr. Holme is member of the Missouri State Board of Osteopathy and formerly was member of the St. Joseph Library Board. Beaghler secretary and cashier the First Trust at Savannah which failed last year. He is under indictment in County connection that failure The grand jury has been under since was called by Judge Utz. Cantley, State Finance Commiswas of the and Robert Orr, liquidator for dator for the Security also testified books and records and of the bank to the jury The Security Bank capitalized for and When officers stated that depression in the agricultural area was responsible, but belief was expressed that would lose So positors the dollar has only cents been paid depositors, but the liquidator expects to pay another 10 month. Attributed Failure to Fear. The Trust capitalized for and deposits taled About year American Exchange absorbed the Bank of Joseph. The failure of Fidelity was attributed by its officers psychology of fear. The depository few steps from located which closed Bartlett Trust Co., after heavy earlier in the

4. April 1, 1927 The Sedalia Democrat Sedalia, MO

Article from The Sedalia Democrat, April 1, 1927

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BANKERS INDICTED WERE Cashier And Five Directors Accused In Bank Crash Associated ST. Mo., April Stewart, the Fidelity Trust Company which closed cember and Harold cashier of the bank, arraigned in the county criminal court on indictments returned by grand yesterday. The were the first accused appear from list nine indicted. The father faces nine indictments and the son five in connection failure the Fidelity. The elder Stewart charged lending more than $40,000 to him signatures fraudulently, embezzling accepting deposits knew the bank failing. The with accepting posits when he knew the bank failing. The president, cashier and five directors Security State Bank, which failed May 12, arraigned today indictments returned yesterday They W. Reed, president; Paul Holme. cashier, and Dr. Veach Wilson, Beale, William Whittaker and directors. There eight indictments against each man. Five charge cepting money when they know bank failing and three charge them Each gave bond $10,000 for trial in May. Dr. Holme member the Missouri State Board Osteopaand formerly the St. Joseph Library Beaghler of First Trust Company Sayannah, failed He under indictment in Andrew County in connection with that fail The grand jury investigation been under February called by Judge Utz. state finance was one the nesses Robert Orr, liquidator for the and Brennan, liquidator for the security, testified presented books records of the bank the grand jury. The Security Bank capitalizfor $10,000 and deposits When closed May officers stated that depression the agricultural responsible, the belief expressed that depositors would lose little. So far only 10 cents the dollar on have been to depositors, but the expects to pay an other cents next The Fidelity Trust capitalizfor $100,000 and deposits totaled About year ago sorbed the American Exchange Bank St. Joseph. The failure of Fidelity attributed its officers to the psychology fear. The institution located few steps from the Bartlett Trust Company, which closed earlier day, after heavy Fidelity deposithe the Bartlett they began run stitution. The grand jury returned Bart officers blame in nection with that failure. No payments to depositors have made the Fidelity four months for filing claims belief expressed banking circles that finally will between and cents dollar

5. April 1, 1927 The Daily Republican Poplar Bluff, MO

Article from The Daily Republican, April 1, 1927

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Article Text

Bankers Held In Connection With Bank Crash By Associated Press. St. Joseph, April 1.-J. T. Stewart, president of the Fidelity Trust Company, which closed December 28, and J. Harold Stewart, his son, cashier of the bank, were arraigned in the Buchanan county criminal court today, on indictments returned by the grand jury yesterday. The Stewarts were the first two accused to appear from the list of nine bankers indicted. The father faces nine indictments and the son five in connection with the failure of the Fidelity. The elder Stewart is charged with lending more than $40,000 to himself, with obtaining signatures to notes fraudulently, with embezzling, and with accepting deposits when he knew the bank was failing. The son is charged with accepting deposits when he knew the bank was failing. Dr. Holme is a member of the Missouri State Board of Osteopathy, and formerly was a member of the St. Joseph Literary Board. Beaghler was secretary and cashier of the First Trust Company at Savannah, which failed last year. He is under indictment in Andrew county in connection with that failure. Records to Grand Jury. The grand jury investigation has been under way since February 14, when it was called by Judge W. H. Utz. S. L. Cantley, state finance commissioner, was one of the witnesses, and Robert Orr, liquidator for the Fidelity, and E. W. Brennan, liquidator for the Security, also testified and presented books and records of the banks to the grand jury. The Security Bank was capitalized for $10,000 and deposits were $350,000. When it closed last May officers stated that depression in the agricultural area was responsible, but the belief was expressed that depositors would lose little. So far only 10 cents on the dollar have been paid to depositors, but the liquidator expects to pay another 10 cents next The Fidelity Trust was capitalized for $100,000 and deposits totaled $700,000. About a year ago it absorbed the American Exchange Bank of St. Joseph. Attributed to Fear. The failure of the Fidelity was attributed by its officers to the psychology of fear. The institution was located a few steps from the Bartlett Trust Company, which closey earlier in the day, after a heavy run. When Fidelity depositors saw the run on the Bartlett they began a run on their own institution. The grand jury report, returned yesterday, absolves Bartlett officers of any blame