125. First National Bank (Elba, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
6897
Charter Number
6897
Start Date
October 1, 1931*
Location
Elba, Alabama (31.415, -86.068)

Metadata

Model
gpt-5-mini
Short Digest
074490e3

Response Measures

None

Receivership Details

Depositor recovery rate
12.6%
Date receivership started
1931-10-06
Date receivership terminated
1936-09-25
OCC cause of failure
Economic conditions
Share of assets assessed as good
4.3%
Share of assets assessed as doubtful
50.9%
Share of assets assessed as worthless
44.8%

Description

The First National Bank of Elba closed its doors in early October 1931 (article dated 1931-10-07 says it closed its doors last week). There is no mention of a depositor run in the provided articles; subsequent articles (Dec 1932) describe the bank as defunct and indictments of former officers for misapplication/false entries, indicating a permanent closure tied to bank-specific misconduct.

Events (5)

1. July 25, 1903 Chartered
Source
historical_nic
2. October 1, 1931* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed and later described as defunct; federal indictments allege misapplication of funds, false entries and other illegal transactions leading up to the closing.
Newspaper Excerpt
the First National Bank of Elba, which closed its doors last week.
Source
newspapers
3. October 6, 1931 Receivership
Source
historical_nic
4. December 10, 1932 Other
Newspaper Excerpt
SIX ACCUSED IN BANK FAILURE ... Six former officers employes the pended First National Bank of Elba have been ... indictments turned by the federal grand jury ... with failure of the bank. ... posted $2,000 bond each. (report of indictments and charges against former officers).
Source
newspapers
5. December 22, 1932 Other
Newspaper Excerpt
Eight former officials and directors of the defunct First National bank of Elba have been placed under arrest ... indictments returned by the federal grand jury here recently charging violating the national banking act ... the institution, which closed October 1931.
Source
newspapers

Newspaper Articles (3)

Article from The Montgomery Advertiser, October 7, 1931

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Article Text

CUBAN TARIFF PLAN IS CAUSE OF ARGUMENT Pan-American Conference Will Decide Upon Disposition Of Proposal Today FLEXIBLE PROVISION IS DEFENDED BY FLETCHER mistakeable determination to make an issue of high tariffs was expressed today by delegates to the fourth PanAmerican Commercial Conference. A Cuban proposal that import duties remain unchanged for two years, pending study by special committee, was formally introduced. A disagreement on its disposition followed. Finally, the delegates consented to hold an plenary session tomorrow to decide whether the proposition should go first to the committee or be subjected to open debate on Thursday Under the Cuban plan, the conference would formally recommend the tariff truce to the 20 Latin American republics represented and to the United States. The special committee would study methods of tariff readjustment. The tariff storm broke after Chairman Fletcher, of the Tariff Commission, had defended the system of the United States. He explained and to the delegates the flexible provision which, he said, already has permitted studies of several Latin products with view to revision of rates. He pointed out that two-thirds of those products entered the United States duty-free. Prof. Edwin Kemmerer, Princeon, N. J., economist, also had spoken, on currency, another question prominent in the minds of the delegates. He defended the gold standard. ruling by Chairman Varela. minister of Uruguay, that the Cuban plan go to the resolutions committee apparently was interpreted by leaders of the high tariff opposition as holding the possibility of shelving the issue. They immediately entered a heated protest, holding it should be considered in open session. Technical questions of customs uniformity and like topics were forgotten in the argument principally between the Mexican delegation and the chair, as to how the tariff question best could be presented. Gustavo Gutierrez, chairman of the Cuban delegation, took issue with suggestions of previous conference speakers that action on the tariff did not lie within the conference's province. This meeting was called, he said, "precisely to alleviate obstacles to international trade. Why should we not speak of it?" AN OPEN AND SHUT CASE ENTERPRISE, ALA., Oct. 6.-(Speial.)-Circuit Court opened for the Fall term here Monday morning and was adjourned within an hour. The adjournment was caused on account of the county funds for court expenses having been deposited in the First National Bank of Elba, which closed its doors last week. Circuit Judge W. Parks stated that arrangements would be made within few days and that the trying of criminal cases would proceed next week as planned. The civil cases which would have come up for trial this week will be postponed until a later term. The cal-


Article from The Miami Herald, December 11, 1932

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Article Text

SIX ACCUSED IN BANK FAILURE Officers and Employes Charged With Violating Federal Act DOTHAN, Ala., Dec. 10. (/P)-Six former officers employes the pended First National Bank of Elba have been caplases charging the national and bond. The bank 1931. Boyd of Enterprise, president; cashier: Ridgeway Boyd, Dorsey and Harris Murphree, all of Elba, posted $2,000 bond each. Kingsley Ozark, bookposted bond Officers Elba, also implicated, was expected to make later. The indictments turned by the federal grand jury in last week with failure of the bank. and Kingsley were rested in September on warrants charging misapplication were released under


Article from The Evergreen Courant, December 22, 1932

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Article Text

Bankers Are Under Eight former officials and directors of the defunct First National bank of Elba have been placed under arrest the marshal in Dothan indictments returned by the federal grand jury here recently charging violating the national banking act. Those under arrest are Boyd, former president of the bank, and president of the state board of ministration under Governor Brandon; Johnson, cashier; Ridgeway Boyd, Claude Dorsey, Harris Murphree, John M. Garrett, Tolbert Harvey Deal and Phillip Franklin Kingsley, all formerly connected with the institution, which closed October 1931. Six indictments were returned by the grand jury, the principal case charging conspiracy to violate the national banking act against all eight, and the others mentioning members of the individually or severally. group Boyd, Boyd, H. Johnand Dorsey also are charged with using the mails to defraud connection with operations of the bank. False entry is charged against Johnson, Dorsey, Murphree, reports the condition of the bank to the comptroller of currency. Tolbert Harvey Deal and Johnson were indicted on charges of false in the daybook of making entry the bank. Phillip Kingsley charged with forgery and misapplication of funds, and Johnson, Dorsey, Boyd and M. Garrett are named in another charge of making false entries in the report of the comptroller of currency. The indictment sets out number of illegal transactions and charged that the bankers in contemplation the probable and possible closing" of the institution when these alleged transactions were made.