Tennessee Valley Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: March 1, 1933*
Location: Decatur, Alabama (34.606, -86.983)

Metadata

Model: gpt-5-mini
Short Digest: 5bfb50fe

Response Measures

None

Description

Articles (Jan 24–25, 1934) state the Tennessee Valley Bank suspended during the bank holiday period (1933) and since operated only on a restricted basis; officials predict reopening on a normal operating basis within 30 days after obtaining RFC accommodation. No mention of a depositor run. RFC loan and surrendering of old charter are noted as issues.

Events (3)

1. March 1, 1933* Suspension

Cause: Government Action
Cause Details: Suspended during the 1933 bank holiday (government-ordered closures) and thereafter operated on a restricted basis.
Newspaper Excerpt: the bank, which suspended operation during the bank holiday period last year and has since done business only on a restricted basis
Source: newspapers

2. January 24, 1934 Other

Newspaper Excerpt: Reopening of the Tennessee Valley Bank on a normal operating basis within 30 days was predicted Wednesday by J. E. Orman ... The bank officials seek a loan of $250,000 from the RFC on assets of the bank. Headquarters of the bank is at Decatur, Ala.
Source: newspapers

3. January 25, 1934 Other

Newspaper Excerpt: approval of the plan the Tennessee Valley Bank ... the plan be presented to the federal ... reorganized bank will be open. ... the new plan deposits the Federal Deposit Entrance Federal Reserve System at date also was favored
Source: newspapers

Newspaper Articles (4)

1. January 25, 1934 The Daily Sentinel Scottsboro, AL

Article from The Daily Sentinel, January 25, 1934

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Article Text

Bank Gets Endorement (Sunday's Huntsville Times) approval of the plan the Tennessee Valley Bank its branches on an unrestricted an early date was given by at the meeting in DecaFriday afternoon. per cent of the perwho held stock in the institurequired to ratify the directors can proceed with steps. support of the did not come altogether was reported, as indihad pointed to the majority needed. the setup on the unlimited complte, however, the plan be presented to the federal rnment for approval. Little delay pected from this source, although were unable to predict when reorganized bank will be open. capital stock of $500,000 and of $50,000 will be included new arrangement, if approved authorities. agreed by the stockholders, the issued capital stock will off. and the new capital surplus will be raised by of $300,000 additional stock and the issuance of $250,preferred stock. subscribed Finance Corpora- resources will be in cash or its of five to committee all of the bank, at it closed last March will will apply to the DeLiquidation Board at for distribution to depositors, by the transferred assets. committee, which will reprethe depositors and other credicomposed of Schuyler John M. Dent Green, R. H. Courtland, John Rather, Tuscumbia. the new plandeposits the Federal Deposit Entrance Federal Reserve System at date also was favored

2. January 25, 1934 Franklin County Times Russellville, AL

Article from Franklin County Times, January 25, 1934

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Article Text

THE TENNESSEE VALLEY BANK TO OPEN IN 30 DAYS NORMAL OPERATING BASIS TO BE RESUMED, SAYS RUS. SELLVILLE DIRECTOR. Washington. Jan. 24.-Reopening of the Tennessee Valley Bank on a normal operating basis within 30 days was predicted Wednesday by J. E. Orman. of Russellville. Ala., vice president and director of the bank. Fifteen branches are operated by the bank in the Alabama section of the Tennessee River basin. Orman forecast the early reopening after calling on RFC officials with Clyde Hendrix, president of the bank; S. A. Lynn, chairman of the board, and D. F. Green, head of the reorganization committee. Over $4.000,000 would be made available to depositors, Orman said, through resumption of normal business. The bank officials seek a loan of $250,000 from the RFC on assets of the bank. which suspended operation during the bank holiday period last year and has since done business only on a restricted basis Representative Carmichael. from the Tennessee Valley section of Alabama, said the question of surrendering of the bank's old charter appeared to be the principal obstruction against an RFC loan. The objection to the charter by the RFC. Carmichael said. was based on a clause providing for expansion of the chain banking system. Headquarters of the bank is at Decatur, Ala.

3. January 25, 1934 The Cullman Tribune Cullman, AL

Article from The Cullman Tribune, January 25, 1934

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Article Text

VALLEY BANK TO OPEN IN 30 DAYS Normal Operating Basis To Be Resumed, Says Russellville Man. Washington, Jan. 24.-Reopening of the Tennessee Valley Bank on a normal operating basis within 30 days was predicted Wednesday by J. E. Orman, of Russellville, Ala., vice-president and director of the bank. Fifteen branches are operated by the bank in the Alabama section of the Tennessee river basin. Orman forecast the early reopening after calling on RFC officials with Clyde Hendrix, president of the bank; S. A. Lynn, chairman of the board, and D. F. Green, head of the reorganization committee. Over $4,000,000 would be made available to depositors, Orman said, through resumption of normal operations. The bank officials seek a loan of $250,000 from the RFC on assets of the bank, which suspended operations during the bank holiday period last year and since has done business only on a restricted basis. Representative Carmichael from the Tennessee Valley section of Alabama said the question of surrender of the bank's old charter appeared to be the principal obstruction against an RFC loan. The objection to the charter by RFC, Carmichael said, was based on a clause providing for expansion of the chain banking system. Headquarters of the bank is at Decatur, Ala.

4. January 25, 1934 Chattanooga Daily Times Chattanooga, TN

Article from Chattanooga Daily Times, January 25, 1934

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Article Text

TENNESSEE VALLEY BANK DUE TO OPEN IN MONTH WASHINGTON Jan. 24 opening the Tennessee Valley bank operating basis within thirty days was predicted today vicepresident of the Fifteen operated the bank the Alabama section the Orman forecast the early reopening calling on officials with Clyde Hendrix, president of the bank Lynn, the board, Green, head the would be available Orman of normal operations. The officials loan of from assets the suspended operathe last and has done business Carmichael, from the valley section bank's charter the principal obstruction against an R. Headquarters of the bank is at Decatur, Ala.