First National Bank (Lapine, AL)

View Charter #10799 on SPMC View balance sheet

Episode Information

Episode UID
1079901575
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
107990 national
Charter Number
10799
Start Date
March 1, 1931*
Location
Lapine, Alabama (31.966, -86.284)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ceecc4d88fc8be7a

Response Measures

Full suspension

Other: Bank was closed after a heavy run and placed in receivership; receiver later sold the building and paid a partial dividend to depositors.

Receivership Details

Depositor recovery rate
49.4%
Date receivership started
1931-03-03
Date receivership terminated
1938-01-12
OCC cause of failure
Economic conditions
Share of assets assessed as good
10.4%
Share of assets assessed as doubtful
56.9%
Share of assets assessed as worthless
32.7%

Description

Dates are approximate — articles state the bank closed in early Spring 1931 and the receiver was in charge thereafter.

Events (6)
1. November 5, 1915 Chartered
Source
historical_nic
2. March 1, 1931* Receivership
Newspaper Excerpt
Thomas Dixon, national bank receiver, who has been in charge of the bank's affairs since its doors were closed in the early Spring, following heavy run by depositors.
Source
newspapers
3. March 1, 1931* Run
Cause Details
Heavy withdrawals by depositors; article does not specify triggering rumor or bank-specific scandal.
Measures
Bank doors closed; receiver placed in charge.
Newspaper Excerpt
doors were closed in the early Spring, following heavy run by depositors.
Source
newspapers
4. March 1, 1931* Suspension
Cause Details
Bank suspended operations following the heavy run; suspension appears involuntary and due to liquidity distress.
Newspaper Excerpt
has been in charge of the bank's affairs since its doors were closed in the early Spring
Source
newspapers
5. March 3, 1931 Receivership
Source
historical_nic
6. September 3, 1931 Other
Newspaper Excerpt
The building formerly owned and occupied by the First National Bank of Lapine has been sold to A. J. Bedsole ... states Thomas Dixon, national bank receiver.
Source
newspapers

Newspaper Articles (3)
1. September 3, 1931 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 3, 1931

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Article Text

THE MONTGOMERY ADVERTISER * Constructive Fearless Independent THURSDAY, SEPTEMBER 3, 1931 Read Advertiser Want Ads For Profit--Use Them For Results BUILDING SOLD LAPINE, ALA., Sept. (Special)The building formerly owned and occupied by the First National Bank of Lapine has been sold to A. J. Bedsole, of Mt. Carmel, for $1,500, states Thomas Dixon, national bank receiver, who has been in charge of the bank's affairs since its doors were closed in the early Spring, following heavy run by depositors. percentage on deposits will be hald this Fall, Mr. Dixon said.

2. October 6, 1932 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 6, 1932

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Article Text

Receiver Appointed For Andalusia National Bank ANDALUSIA, ALA., Oct. received today the Federal Washington that Thomas Dixon, the sia National Bank, which closed yesDixon was receiver for the First National Bank, Lapine, which dividend of 35 per cent deposand First National Bank which has dividends He National dividend probably will paid about Jan.

3. September 30, 1933 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 30, 1933

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Article Text

Bank Receiver Wins Suits On 2 Notes Verdicts for the plaintiff were awardyesterday suits by Thomas A. Dix. on, receiver for the First National Bank Lapine against Harrod and L. H. Hudson. in the District Court, the claims being upon given the verdict for $904.81 awarded against Harrod and for $623.56 against Hudson. Mrs Mamie Eichelberger awardverdict $2,250 plus interest in her suit against the Phoenix Insurance Company