First National Bank (Webster Groves, MO)

View Charter #12781 on SPMC View balance sheet

Episode Information

Episode UID
1278101599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
127810 national
Charter Number
12781
Start Date
March 6, 1933
Location
Webster Groves, Missouri (38.593, -90.357)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8107250cd6de022a

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1934-03-01
Date receivership terminated
1936-08-31
Share of assets assessed as good
53.6%
Share of assets assessed as doubtful
41.3%
Share of assets assessed as worthless
5.1%

Description

The bank failed to reopen after the March 1933 moratorium and entered receivership; while reorganization plans were discussed in early 1934, later articles confirm a receiver was distributing dividends.

Events (5)
1. July 1, 1925 Chartered
Source
historical_nic
2. March 6, 1933 Suspension
Cause
Government Action
Cause Details
The bank closed in accordance with the national banking holiday (moratorium) proclaimed by President Roosevelt.
Newspaper Excerpt
national banks in Missouri that failed to open after the banking moratorium last March
Source
newspapers
3. January 22, 1934 Other
Newspaper Excerpt
Three banks with $1,543,000 deposits have approved reorganization plans in various stages consummation. They the are ... the First tional Bank Webster Groves
Source
newspapers
4. March 1, 1934 Receivership
Source
historical_nic
5. August 1, 1934* Receivership
Newspaper Excerpt
The Receiver, Herbert Johnson, of the First National Bank in Groves ... The first checks were received here the middle of August.
Source
newspapers

Newspaper Articles (4)
1. March 9, 1933 Mound City News-Independent Mound City, MO
Article from Mound City News-Independent, March 9, 1933

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Article Text

CITIZENS CALM DURING EMERGENCY Exchange Bank Suspended Operations In Conformity Presidential Proclama- tion. The Banks of Holt County suspended normal morning to conform Saturday with state wide holiday order a issued by Governor Guy Park. for Since that time President of Roosevelt has issued a proclamation all the banks closing the United States for a period ending Friday, March 10. The local banks have followregulations ordering them laid down by the secreclose, of the treasury. Some have tary remained open during regular hours for the purpose banking of making change. There is no cause for any alarm the local regarding tion as all the Holt County banks are believed to be in cellent condition. has been convened Congress special session beginning today (Thursday) and acnoon cording to radio reports have legislation conferring passed extraordinary to Presipowers dent Roosevelt, trol all banks until this emeris safely past. The spirit fortitude and patience with which the people this community and the tire has reacted to the country bank holiday, has emergency been surprising. individuals and busiMany houses found themselves ness with small amount of only hand when the currency on bank went into effect. holiday St. Business has been retarded to extent. Merchants some most cases have accepted checks for the exact amount but have been purchases tant to let loose of any currenor silver in change. Bank here The Exchange to be strong as known is anywhere, and bank there must be attributed its closing solely to the the nation. ditions throughout thing that Now the only to await the order to with patience banks after the the open and regulational adjustments formulated and tions have been issued.

2. January 22, 1934 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, January 22, 1934

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Article Text

DEPOSITORS U. S. Comptroller Gives Status of Missouri Finincial Institutions; Are Being Reorganized. WASHINGTON, Jan. in deposits tied up National Banks in Missouri that failed to open after banking moratorium last March, all but approximately has been freed depositor use, the comptroller the currency announced today. The status the banks that failed to open: Five banks involving deposits of $22,891,000 have been reopened, habilitated, reorganized under new charters, acceptable assets to another bank. Three banks with $1,543,000 deposits have approved reorganization plans in various stages consummation. They the are Grand tional Bank, Louis; the First tional Bank Webster Groves; and the First National Bank, Lamar. Two banks with deposits of $278,do have approved plans reorganization. They are the First National Bank, Mountain Grove, the First National Bank, Windsor. Three banks with deposits of the hands receivfor liquidation. They are the Cherokee National Bank and the Southside Bank, both Louis, and People' National Bank, Seymour However the Southside National Bank receivers have out an approved organization plan which contemplates the release of 100 percent secured and 50 percent of deposits The five banks that have been reorganized First National Bank, Clayton; Third National Bank, Sedalia; Citizens' National Bank, Maplewood American Ex. change National Bank, St. Louis; and the Fidelity National Bank and Trust Company, Kansas City. Some 300 persons are living on Robinson Crusoe's

3. January 22, 1934 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, January 22, 1934

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Article Text

DEPOSITS IN CLOSED BANKS BEING RELEASED By The Associated Press. Washington, Jan. 000 in deposits tied up in national banks in Missouri that failed to open after the banking moratorium last March, all but approximately $9,000,000 has been freed for depositor use, the comptroller of the currency announced today. The status of the 13 banks that failto open: Five banks involving deposits of $22,891 have been reopened, rehabilitated, reorganized under new charters ,or the acceptable assets sold to another bank. Three banks with deposits have approved reorganization plans in various stages of consummation. They are the Grand National Bank, St. Louis; the First National Bank, Webster Groves, and the First National Bank, Lamar. Two banks with deposits of $278,000 do not have approved plans of reorganization. They are the First National Bank, Mountain Grove, and the First National Bank, Windsor. Three banks with deposits of $6,are in the hands of receivers for liquidation. They are the Cherokee National Bank and the Southside National Bank, both of St. Louis, and the Peoples' National Bank, Seymour. However, the Southside National Bank receivers have worked out an approved reorganization plan which contemplates the release of 100 per cent of secured deposits and 50 per cent of unsecured deposits.

4. December 28, 1934 The News-Times Webster Groves, MO
Article from The News-Times, December 28, 1934

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Article Text

MORE CHECKS AT 1ST NATL BANK The Receiver, Herbert Johnson, of the First National Bank in Groves has most welcome New Years greeting. The fourth schedule of checks of the cent first idend have been received and ready for distribution. Claiments are asked call for them immediately. They will find the receivers office now located on the mezzanine of the old quarters of the First National Bank The first dividend was approved June by the Comtroller the Currency and the checks for the tion of payment were made out and about July The first checks were received here the middle of August. There are several hundred depositors who have not filed claims and the receiver urges these people to come and once parents the pupils Miss Patty enjoyed dance program given the Monday, December