140. Bank of Falco (Falco, AL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 8, 1913
Location
Falco, Alabama (31.049, -86.618)

Metadata

Model
gpt-5-mini
Short Digest
7628472c

Response Measures

Full suspension, Books examined

Other: Superintendent of Banks took charge; special agent assigned to settle affairs.

Description

A short, swift run (article dated Dec 10 reports a run of a few hours) precipitated suspension. Superintendent took charge and affairs placed with a special agent; final settlement planned and depositors to be paid — indicates permanent closure/receivership rather than reopening. Failure was attributed indirectly to the recent failure of the Pensacola State Bank (distress in local/nearby banks).

Events (3)
1. December 8, 1913 Run
Cause
Local Banks
Cause Details
Depositors became uneasy; failure believed linked indirectly to the recent failure of the Pensacola State Bank.
Newspaper Excerpt
BANK OF FALCO CLOSES DOORS DEPOSITORS STARTED RUN MONDAY AND DID NOT END UNTIL THE BANK CLOSED.
Source
newspapers
2. December 10, 1913 Suspension
Cause
Local Banks
Cause Details
Reported suspension believed to have resulted indirectly from the failure of the Pensacola State Bank the prior week; superintendent went to Falco to take charge of the bank.
Newspaper Excerpt
Superintendent of Banks Alex E. Walker has received notice that the Bank of Falco of Falco, Covington county, has suspended business.
Source
newspapers
3. December 12, 1913 Receivership
Newspaper Excerpt
The bank's affairs will be placed in the hands of Edward Hammond, special agent for the state banking department. Final settlement of the affairs ... and every depositor will be paid every penny he had in the bank, according to an announcement made Friday by Superintendent of Banks Alex E. Walker.
Source
newspapers

Newspaper Articles (3)
1. December 10, 1913 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, December 10, 1913

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Article Text

BANK OF FALCO CLOSES DOORS DEPOSITORS STARTED RUN MONDAY AND DID NOT END UNTIL THE BANK CLOSED. The Bank of Falco, operating under the laws of Alabama, closed its doors after failing to withstand a run of a few hours. Depostiors became uneasy for some unexplained reason and a few hours. Depositors became until the bank dors had been closed. J. H. Givens, one of the prominent men of Falco, is president of the institution, which is capitalized at $15,000. He believes the devositors will be paid in full.

2. December 11, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 11, 1913

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Article Text

COVINGTON BANK CLOSES ITS DOORS Montgomery, December 10.-(Special.) Superintendent of Banks Alex E. Walker has received notice that the Bank of Falco of Falco, Covington county, has suspended business. It is believed that the bank's failure resulted indirectly from the failure of the Pensacola State bank last week. Superintendent Walker has gone to Falco to take charge of the bank. The Bank of Falco had a paid in cap. ital of $15,000, and a recent report filed with the superIntendent of banks in response to his call of October 4 showed that the bank's deposits were $14,000,000, with loans and discounts amounting to $22,309.30, demand loans of $800 and total resources of $29,616.55: The bank had been operating only about one year, having been organized by persons residing in the northern part of Florida. John H. Givens has been president. A. J. Peaden, vice president, and Oscar Steele, cashier. Notice of the bank's failure was sent to Mr. Walker in a talegram from A. J. Peaden, acting as chairman of the board of directors.

3. December 13, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, December 13, 1913

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Article Text

DEPOSITORS WILL 1 BE PAID IN FULL Statement of Affairs of the Bank of Falco to Be Made Next Week 11.4 Montgomery, December 12.-(Special.) Final settlement of the affairs of the Bank of Falco, Covington county, which recently suspended business, will be made next week, and every depositor will be paid every penny he had in the bank, according to an announcement made Friday by Superintendent of Banks Alex E. Walker. The bank's affairs will be placed in the hands of Edward Hammond, special agent for the state banking department. Superintendent Walker has just returned from Falco, where he conferred with officials and directors of the bank. Another meeting will be held next Tuesday, and a decision will be reached as to whether or not the bank will resume business. It is declared that local conditions were responsible for the bank's failure.