129. First National Bank (Fort Payne, AL)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Closure
Bank Type
national
Bank ID
4064
Charter Number
4064
Start Date
April 1, 1892*
Location
Fort Payne, Alabama (34.444, -85.720)

Metadata

Model
gpt-5-mini
Short Digest
f9a0598faea8eb7f

Response Measures

None

Other: Receiver was appointed (bank placed in receivership); no remedial measures to accommodate withdrawals, borrow, or publicly reassure depositors are described.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1894-01-26
Date receivership terminated
1897-12-14
OCC cause of failure
Losses
Share of assets assessed as good
24.7%
Share of assets assessed as doubtful
46.0%
Share of assets assessed as worthless
29.3%

Description

Contemporary reports (Apr 28โ€“29, 1892) state a receiver was appointed for the Fort Payne National Bank after heavy withdrawals. The articles say the failure was caused by withdrawal of heavy deposits and a receiver (Col. M. V. B. Chase) was appointed. No evidence the bank reopened; thus classified as run leading to suspension/closure with receiver.

Events (4)

1. July 2, 1889 Chartered
Source
historical_nic
2. April 1, 1892* Run
Cause Details
Heavy withdrawals of deposits led to the bank's failure; article gives no specific trigger such as rumor or correspondent failure.
Newspaper Excerpt
The failure of the bank is said to have been caused by the withdrawal of heavy deposits
Source
newspapers
3. April 28, 1892 Receivership
Newspaper Excerpt
Col. M. V. B. Chase of Augusta has been appointed a receiver of the National Bank of Fort Payne, of Fort Payne, Ala.
Source
newspapers
4. January 26, 1894 Receivership
Source
historical_nic

Newspaper Articles (2)

Article from Daily Kennebec Journal, April 29, 1892

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Article Text

RECEIVER APPOINTED For the National Bank of Fort Payne. Which is in Financial Trouble. BOSTON. April 28.-It - is reported on State street that Col. M. V. B. Chase of Augusta has been appointed a receiver of the National Bank of Fort Payne, of Fort Payne, Ala. The failure of the bank is said to have been caused by the withdrawal of heavy deposits and it is believed that the bank is really solvent.


Article from The Portland Daily Press, May 27, 1892

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Article Text

Commencement at Orono. BANGOR, May 26.-The 21st commencement of the Maine State College will be from June 25th to July 1st, with this programme: SATURDAY. 7.30 p. m.-Sophomore prize declamation. SUNDAY. 7.30 p. m.-Baccalaureate address by the President. MONDAY. 7.30 p. m.-Junior exhibition. TUESDAY. 9.00 a. m.-Meeting of the trustees. 1.00 to 4.00 p. m.-College halls open to visitors. 1.30 p. m.-Military exercises. 3.00 to 6.00 p. m.-President's reception. 8.00 p. m.-Alumni reunion. WEDNESDAY. 9.30 a. m.-Commencement exercises. 3.00 p. m.-Meeting of the alumni. 8.00 p. m.-Concert. THURSDAY. 2.00 p. m.-Class day exercises. FRIDAY. 8.30 a. m.-Examination of candidates for admission to the college. Receiver for Fort Payne Concerns. AUGUSTA, May 26.-The financial affairs of Fort Payne, Ala., continue to be of interest to Maine people. Colonel Martin V. B. Chase of this city has been appointed receiver of the Fort Payne National Bank, and also of the furnace company which had such a boom among investors not long ago. Two New Steamers. BATH, May 26. - Steamer Juliette, owned by George H. Storer of Jersey City, was launched this noon at the New England yard. She will run from Rockland to Ellsworth. BANGOR, May 26.-The new steamer Sedgwick, built by the Bangor and Bar Harbor Steamship Company, was launched today. Monhegan's Visitor. BOOTHBAY HARBOR, May 26.-A carrier pigeon landed on Monhegan Island Wednesday afternoon, at 2 o'clock, and was captured by the islanders. On one wing were painted the figures 7460. Each leg was encircled by a silver band, one bearing the figure 7 and the letters C.B. C., and the other the same figures as on the wing. Suicide by Hanging. ROCKLAND, May 26.-Nathan Stinson, a mail carrier between North Haven and Pulpit Harbor, committed suicide by hanging Wednesday night. No motive is known, and he is supposed to have been insane. Marcus Morton's Death. BETHEL, May 26. - Marcus Morton, aged 49, unmarried, was killed by a horse running away and dragging him under a land roller today. Burglary at Biddeford. BIDDEFORD, May 26. - Rosenbaum Brothers' store on Main street was burglarized last night. Furnishing goods and jewelry were taken. The thieves entered through a rear window. Hiram Smith's Injuries. ROCKLAND, May 26.-Hiram Smith, injured at Charles T. Spear's grist mill yesterday afternoon, died today.