First National Bank - Coffee Springs, AL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 11259
Charter Number: 11259
Start Date: January 27, 1930
Location: Coffee Springs, Alabama (31.165, -85.909)

Metadata

Model: gpt-5-mini
Short Digest: e0447d1e

Response Measures

Full suspension

Receivership Details

Depositor recovery rate: 85.2%
Date receivership started: 1930-03-13
Date receivership terminated: 1936-01-14
OCC cause of failure: Economic conditions
Share of assets assessed as good: 40.3%
Share of assets assessed as doubtful: 47.8%
Share of assets assessed as worthless: 11.9%

Description

Article (Geneva County Reaper, 1930-01-31) reports the First National Bank of Coffee Springs opened Monday then closed Wednesday after heavy withdrawals following the failure of the Dothan National Bank, which the Coffee Springs bank cleared through. That failure of its correspondent/clearing bank caused pressure that forced the Coffee Springs bank to close; the article describes the Coffee Springs bank as defunct, implying permanent closure.

Events (4)

1. November 2, 1918 Chartered

Source: historical_nic

2. January 27, 1930 Run

Cause: Correspondent
Cause Details: Heavy withdrawals followed the failure of the Dothan National Bank, through which Coffee Springs cleared, producing undue pressure and a run.
Newspaper Excerpt: Following closely the failure of the Dothan National Bank on day morning heavy run depositors, the First National Bank of Coffee Springs closed its doors morning shortly after opening for business.
Source: newspapers

3. January 29, 1930 Suspension

Cause: Correspondent
Cause Details: Bank closed its doors after suffering heavy withdrawals caused by the failure of its correspondent/clearing bank (Dothan National), forcing the bank to cease operations.
Newspaper Excerpt: the First National Bank of Coffee Springs closed its doors morning shortly after opening for business.
Source: newspapers

4. March 13, 1930 Receivership

Source: historical_nic

Newspaper Articles (1)

1. January 31, 1930 Geneva County Reaper Geneva, AL

Article from Geneva County Reaper, January 31, 1930

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Article Text

First New Bank for Samson Bank, Closed Its Doors Wed. Opened Monday at Noon Following closely the failure of the Dothan National Bank on day morning heavy run depositors, the First National Bank of Coffee Springs closed its doors morning shortly after opening for business. It said that the Coffee Springs bank cleared through the Dothan institution and that the latter's failure brought undue pressure on the Coffee Springs bank, thereby forcing them to close. B. Kelly was cashier of the defunct Coffee Springs bank and Crawford president. This makes the fourth bank failure Geneva county in little over months. The Bank of Slocomb closed on November 19, The Farmers Merchants Bank of Samson on December and The First National Bank of Samson on January The Samson Banking Company, State bank, opened its doors at SamMonday at noon, with capital of $25,000 and surplus of $10,000, all paid in. The new bank occupies the building formerly occupied by the defunct Farmers & Merchants Bank, of that city, which closed its doors two months ago. D. Watson, of Hartford, is the president of the new concern, while P. Watson, of Geneva, is vice president, and Henry Crenshaw, of Geneva, is to serve as cashier. Samson has been without bank for the past several weeks, following the failure of the First National Bank on January The Farmers & Merchants Bank was also closed on December first of 1929.