First National Bank - Florala, AL

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 8910
Charter Number: 8910
Start Date: January 9, 1930
Location: Florala, Alabama (31.005, -86.328)

Metadata

Model: gpt-5-mini
Short Digest: 6f36529c

Response Measures

Full suspension, Books examined

Other: Receiver in 1934 indicates eventual permanent closure; assistant cashier self-inflicted wound attributed to worry over closing.

Receivership Details

Depositor recovery rate: 67.0%
Date receivership started: 1930-01-13
Date receivership terminated: 1936-10-31
OCC cause of failure: Governance
Share of assets assessed as good: 22.8%
Share of assets assessed as doubtful: 55.5%
Share of assets assessed as worthless: 21.7%

Description

In January 1930 depositors withdrew ~$75,000 in runs (linked to failure of First National Bank of Samson), the bank failed to open (suspended) and examiners audited with plans to reopen. By October 1934 the bank was in receivership, indicating permanent closure. Dates derived from newspaper publication dates (Jan 1930 and Oct 1934).

Events (5)

1. October 10, 1907 Chartered

Source: historical_nic

2. January 9, 1930 Run

Cause: Local Banks
Cause Details: Run believed triggered by failure of the First National Bank of Samson a few days earlier (reports of Samson failure/robbery prompted withdrawals).
Measures: National bank examiners began an audit; bank officials announced plans to re-open when possible.
Newspaper Excerpt: Closed Today Following Run Yesterday...The doors of the First National Bank of Florala were not opened today following runs on the institution yesterday and Thursday
Source: newspapers

3. January 11, 1930 Suspension

Cause: Local Banks
Cause Details: Bank failed to open after heavy withdrawals (~$75,000) earlier in the week; run allegedly related to failure/robbery at Samson bank nearby.
Newspaper Excerpt: The doors of the First National Bank of Florala were not opened today following runs on the institution yesterday and Thursday...The Eagle's informant stated that it was his opinion that the bank would be closed only temporarily, as its condition is solvent.
Source: newspapers

4. January 13, 1930 Receivership

Source: historical_nic

5. October 25, 1934 Receivership

Newspaper Excerpt: The receiver of the First National Bank of this city states...all transactions of the closed bank which is being handled through the receiver, being carried on in their office in the old bank building annex.
Source: newspapers

Newspaper Articles (4)

1. January 11, 1930 The Dothan Eagle Dothan, AL

Article from The Dothan Eagle, January 11, 1930

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Article Text

FLORALA BANK PRIZE FOR BEST FAILS TO OPEN WEEKLY GOES TO FLORENCE PAPER Doors of First National Bank Closed Today Following Run Yesterday FLORALA BANK The doors of the First National Bank of Florala were not opened to. day following runs on the institution yesterday and Thursday, according to information obtained today over long distance telephone from Florala. C. E. Segrest of Slocomb is president of the bank, Charles Garrett cashier and Tullie Weeks, assistant cashier. The Eagle's informant stated that it was his opinion that the bank would be closed only temporarily, as its con. dition is solvent. COFFEE NEW YORK, Jan. 11 (P)-Coffee: spot firmer; demand fair; Rio No. 7 10 7-16; Santos No. 4. 15. Rio futures closed steady; Approximated sales 17,000 bags: Jan. 8.50; Mar. 8.45; May 8.02; July 7.96; Sept. 7.91. FOREIGN EXCHANGES NEW YORK. Jan. 11.-(P)-Foreign exchanges steady. Great Britain in dollars, others in cents. Great Britain demand 4.86% cables 4.87; 60 day bills on banks 4.82 11-16; France demand 3.92% cables 3.93 1-16; Italy demand 5.22% cables 5.23% Marcy B. Darnall, Publisher Florence Herald, Wins Hanson Cup for Second Time Marcy B. Darnall, publisher of the Florence Herald, was declared win ner of the Victor Hanson cup awarded annually to the editor publishing the weekly newspaper adjudged the best all-round weekly publication in the state, today at the mid winter meeting of the southern section of Alabama Press Association. The cup will be awarded at the meeting of the northern section of the association in Birmingham Satur day, Jan. 25 The awards committee is composed of Grover C. Hall, editor Montgomery Advertiser: P. 0. Davis Agricultural editor, Alabama exten sion service: and Howard C. Smith, chief clerk of the Alabama Commission of Agriculture. W. Emmett Brooks, editor of the Brewton Standard and president of the state association, presided at to day's meeting M B Darnall, vice presidont, H. H. Golson, pulflisher of the Abbeville H rald, Secretary Treasurer, and Horace Hall, of Dothan, convention secretary, also were present. Webb Stanley, of the Greenville Advocate, led discussion on local advertising, and Jesse B Adams, of the Ozark Star, led a discussion on foreign advertising at the morning Following a noon day lunch round table discussions on circulation, sub. scriptions, job shops and business of fice administration were h Id. Attending today's meeting were Horace Hall, Dothan Eagle; H. L. Upshaw, Eufaula Tribune; Grover Hall, Montgomery Advertiser; H. H Golson, Abbeville Herald; E. C. Hall Alexander City Outlook: R. B. Va.., Bay Minetto Times; W F.. Brooks Brewton Standard: Mrs. J W. Oak ley, Centerville Press; J. B. Atkinson, Clanton News: N. R. Thomps Electic Enterprise; J. H. Singleton, Enterprise Ledger; Heath Brothers, Florala News; M B Darnall, Florence Herald; H. G. Winkinson, GeneVa Reaper; F. W. Staney, Greenville Advocate: J P. Mitchell, Headland Wiregrass Farmer: R. E Sutton, Linden Democrat-Reporter; J. C. Mc Lendon, Luverne Journal; J. L. Kimbro, Opp News; Jesse B. Adams, Ozark Southern Star; H. S. Doster, Prattville Progress; Earl Tucker. Thomasville Times: Miss Frane Gol. son, Wetumbka H. raid

2. January 14, 1930 The Dothan Eagle Dothan, AL

Article from The Dothan Eagle, January 14, 1930

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Article Text

19 T. M. WEEKS RECOVERING FRQM SELF-INFLICTED BULLET WOUND IN NECK FLORALA, Ala., Jan. 14 -(.P) -T M. Weeks, assistant cashier of the First National Bank of Fiorala which failed to open Saturday, Was recovering today from a bullet wound in the neck, said to have been self-inflicted yesterday. The bullet entered Weeks' neck and ranged downward inflicting a flesh wound from which he is expected to recover Worry over the closing of the bank was said to have been responsible for the act. The bank failed to of n Sat. after a run developed eariler in the week when $75,000 was said to have been withdrawn by de. positors. Failure of the First National Bank of Samson, 100 miles from here, several days ago following a robbery was believed to have been responsible for the run on the Florala Bank. National bank examiners began an audit of the books of the institution yesterday. Bank officials said the institution was soivent and plans were under way to re-open its doors as soon as possible. The bank was organized in 1907 and had a capital of $100, 000 and surplus of $20,000 Katherine Wallace Respondent. In this cause it being made to appear to the Register by affidavit of complainant that the defendant is non-resident of Alabama. and that her postoffice address is unknown, and further that in the belief of said affiant. the Defendant is of the age of twenty-one years; it is therefore ordered by the Register that publication be made in the Dothan Eagle, a newspaper published in Houston County, once a week for three consecutive weeks. requiring her, the said Katherine Wallace. to plead, answer or demur to the Bill of Complaint in this cause within forty days from this date or thereafter a decree Pro C nfesso may be taken against her. Done at office in Dothan. Alabama, this the 30th day of December, 1929. Mrs. A. L. Bowdon, Register

3. January 15, 1930 The Montgomery Advertiser Montgomery, AL

Article from The Montgomery Advertiser, January 15, 1930

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Article Text

WEEKS RALLYING FROM HIS WOUND Bank Of Florala Said By Officials To Be Solvent Weeks, assistant cashier of the First National Bank of Florala, which failed to open Saturday, was recovering today from bullet wound in the neck, said to have been yesterday. The bullet entered Weeks's neck and ranged downward inflicting flesh wound from which he is expected to recover Worry over the closing of the bank was said to have been responsible for the act. The bank failed to open Saturday after run developed earlier in the week when $75,000 was said to have been withdrawn by depositors. Failure of the First Natoinal Bank of Samson, 20 miles from here, several days ago following a robbery, was believed to have been responsible for the run on the Florala bank. National bank examiners began an audit of the books of the institution yesterday. Bank officials said the institution was solvent and plans were underway to reopen its doors as soon as possible.

4. October 25, 1934 The Florala News Florala, AL

Article from The Florala News, October 25, 1934

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Article Text

Bank Receiver Seeks Deposit Box The receiver of the First National Bank of this city states that number of the safety deposit boxes are minus keys and requests that all mer box holders please either bring to his office in the old banking house or send in your keys at the earliest possible Friday, as the receiver is in Florala on that day of each week. Since the sale of the magnificent National bank building to the Methodists of Florala recently, all transactions of the closed bank which is being handled through the receiver, being carried on in their fice in the old bank building annex.