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Alabama Bank In Receiver's Hands President of Eufala Institution Short in His Accounts July East one the financial for doors customers that board of deem the of depositors and this bank closed. Its affairs hands of the of the has been president the bank more years. Officials the bank had admitted huge short. age accounts Federal thorities bank examiners clined to results their of the books The East Alabama National Bank was and deposits of approximately
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Eufaula Bank Officials Forestall Run Started By Wild Rumor attempted run on the Eufaula Bank & Trust Company here today was short lived. Wild rumors set afloat Monday resulted in many depositors being to withdraw their funds doors bank opened this morning. When the "run" had dwindled practically nothing it found that the bank more available was on hand when the day's business The rumblings, which started Monday afternoon, for the bank and they quietly prepare for When the for business was an aburidance cash in and funds were unhesitatingly paid out fast checks were presented. the bank began to inquire into the cause the withdrawals and soon traced the down. Late the afternoon many of those who had earlier withdrawn ready Wheeler cashier of the bank stated early evening that the stronger the close the day Tuesday confidence was restored and busiwill be running as usual tomorrow it is predicted. According to the best information obtainable, of few shaken when Mrs. H. Boyof the bank began to call friends over the and offer to sell due to the fact that she and her another city. This effort to sell furniture seems, started the that Judge Boykin, who was the had "skipped the bank's funds." Judge Boykin negotiating with an institution Cleveland. Ohio, that city when the started. what any, has by Judge Boykin relative the has not yet made of recent developments in Alabama circles, both state and national, can readily see how rumor could easily shake the confidence depositors, stated Cashier Williams, "but we were too well fortified for the attempted to have any effect. As matter of fact looks like the run has been turned into concluded. good New Elected At meeting of the board of directors Monday the resignation of Judge L. H. Boykin as president was accepted and the officials were named: President, H. King Midway: ident, Judge Chauncey Sparks; cashier, Wheeler Williams. It is announced that Judge Boykin. who had served as the organization of the bank years ago, has with the department the Nickle Plate Railway headquarters in Cleveland. The president, H. L. King, of Midway, reputed be one the wealthiest Southeast Alabama and was raised from the office of vice president that of the institution. Judge Sparks, vice president, is of this section. Mr. Williams is man of continues as cashier Since the East Alabama National Bank closed its doors here July some of the citizens have become panicky
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AT EUFAULA BANK CLOSED TODAY Withdrawals for of Commercial Closing National Bank the last 30 withdrawals closing of the about the brought National bank, offiCommercial financial institution of the failure to open the said here after business today. doors for meeting of the directors was It was decided night and last to open for business today. national bank examReed Dolan, the affairs of who took over the Houstono National bank at DoOctober than after its closing the Commercial in charge of National bank here today after the did not this morning. bank open Efforts will be made to reorganCommercial bank, it was the had deposits of said. The bank $124,000 on hand at the close of busofficials said. Deyesterday, the bank totalled $227,000, posits in to the July statement. according The bank is capitalized at $105,000, with $50,000 surplus. Humphrey Foy was president of the bank. Closing of the bank leaves Eubank, the Eufaula with only one Trust Co. The East faula Bank & Alabama National bank was closed here in 1929, John Vann, who liquidating the Houston National bank, being receiver.
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Receiver Assumes Duties At Closed Houston National John Vann, who was appointas receiver of the closed Houston National bank last week, has assumed his duties here, but said today he could not give any Information yet as to the condition of the Mr. Vann also is receiver for the Henry National bank at Abbeville and the East Alabama National bank at Eufaula, but will devote most of his time to liquidating the Houston National This will be the fourteenth bank to be liquidated by Mr. Vann during his 17 years with the banking department