Clio Banking Company

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: February 4, 1930
Location: Clio, Alabama (31.709, -85.610)

Metadata

Model: gpt-5-mini
Short Digest: d1678ef5

Response Measures

Full suspension, Books examined

Other: Directors turned the bank over to the State Banking Department (surrendered affairs). Superintendent expressed hope for reorganization.

Description

Newspaper (The Montgomery Advertiser, 1930-02-04) reports directors turned the Clio Banking Company over to the State Banking Department after steady and accelerating withdrawal of deposits, a run. The bank was surrendered to the department (implying suspension/receivership) and no reopening is mentioned. The run appears linked to distress/closure of nearby Dothan National Bank, so cause is classified as local_banks. OCR errors in article corrected (spacing and some words).

Events (3)

1. February 4, 1930 Run

Cause: Local Banks
Cause Details: Steady and accelerating withdrawals (a run) triggered after suspension/distress of the Dothan National Bank.
Measures: Directors turned the institution over to the State Banking Department.
Newspaper Excerpt: Making public the action of the directors of the Clio Banking Company turning over the institution to the department, Mr. Green said that the trouble was occasioned by steady and accelerating withdrawal of deposits, a run, the Dothan National Bank suspended last week.
Source: newspapers

2. February 4, 1930 Suspension

Cause: Government Action
Cause Details: Directors surrendered the bank's affairs to the State Banking Department following the run; bank placed under state control/received by department.
Newspaper Excerpt: Making public the action of the directors of the Clio Banking Company turning over the institution to the department...
Source: newspapers

3. * Receivership

Newspaper Excerpt: directors ... turned over the institution to the department; Mr. Green has hopes that the former bank may be reorganized.
Source: newspapers

Newspaper Articles (1)

1. February 4, 1930 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, February 4, 1930

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Article Text

Mrs. George Garrettson Dies At Cleveland Mrs George Garrettson, formerly of died at her home in Cleveland, Ohio, Sunday following brief illness, relatives here were advised the same day Before her marriage 10 years ago while her husband, then an officer with the Ohio troops who were in training at Camp was with his here, Mrs. Garrettson was Miss Alice Griggs. Her husband, one son. George GarrettJr., and daughter, survive, also her mother, Mrs. Charles G. AberMontgomery; one brother, Wilmer Griggs, of Atlanta, and stepbrother, Charles G. Abercrombie, Montgomery. Her mother had been in Cleveland for several months and was at her daughter's bedside. The funeral and burial place at Cleveland yesterday. Pinckard, suspended yesterday and surrendered their affairs to the State Banking Department, it was announced State Superintendent Banks D. Green. Mr. Green has hopes that the former bank may be reorganized. Making public the action of the directors of the Clio Banking Company turning over the institution to the department, Mr. Green said that the trouble was occasioned by steady and accelerating withdrawal of deposits, aprun, the Dothan Naproaching tional Bank suspended last week. The bank entirely solvent, he stated, have that we will be able to we hopes effect A. Arnold is president, and B. Jackson is cashier of the bank, which is capitalized at $50,000, with undivided profits. As to the Peoples Bank of Pinckard, the head of the Banking Department said the Dothan National Bank, now closed, its bank, and that after the bank at Dothan the Peoples at Pinckard could not con. tinue do The of this bank is M. M. Pippin. C. Pippin is cashier. It has capital of $40,000 with $4,000 surplus. HUGE HOTEL SOLD FORT LAUDERDALE, Feb. Hollywood Beach Hotel property was sold today to the Mercantile Investment and Holding Company for $536,000 at special master's sale here. The sale was ordered to satisfy mortgage held against the property by the Investment Company. The hotel, with 750 rooms, was constructed in 1925 and 1926 by Joseph W. Young, and developer of Hollywood at cost of $2,500,000.