150. Gadsden National Bank (Gadsden, AL)

View Charter #8560 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
8560
Charter Number
8560
Start Date
February 22, 1907
Location
Gadsden, Alabama (34.014, -86.007)

Metadata

Model
gpt-5-mini
Short Digest
bc5e3746

Response Measures

None

Receivership Details

Depositor recovery rate
53.8%
Date receivership started
1932-12-01
Date receivership terminated
1940-09-21
Share of assets assessed as good
23.9%
Share of assets assessed as doubtful
64.2%
Share of assets assessed as worthless
11.9%

Description

No newspaper article describes a depositor run. By June 1933 the Gadsden National Bank is explicitly listed as '(receiver)' and received an RFC loan, indicating it had been placed in receivership/was closed during the Depression. Earlier article (1907-02-22) notes the bank's original opening. Classified as suspension_closure (suspension leading to permanent closure/receiver).

Events (5)
1. February 22, 1907 Other
Newspaper Excerpt
The Gadsden National Bank has reserved its charter and will open its doors for business next Monday. The new institution was chartered some weeks ago, and has an authorized capital of $125,000. E. T. Hollingsworth is the president, and W. G. Brockway cashier. The new bank will occupy the building of the Merchants' and Farmers' Bank, which It absorbed.
Source
newspapers
2. February 23, 1907 Chartered
Source
historical_nic
3. December 1, 1932 Receivership
Source
historical_nic
4. June 28, 1933 Receivership
Newspaper Excerpt
Gadsden. Gadsden National Bank (receiver). $43,000.
Source
newspapers
5. June 28, 1933 Suspension
Cause
Macro News
Cause Details
Bank placed in receivership during the 1933 Depression era; listed as 'receiver' in RFC loan approvals.
Newspaper Excerpt
Gadsden National Bank (receiver)
Source
newspapers

Newspaper Articles (5)
1. February 23, 1907 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, February 23, 1907

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Article Text

POSTMASTER RESIGNS. C. O. Duncan Will Move From Alabama City to Gadsden. Gadsden, Feb. 22.-(Special.)-Charles o Duncan, postmaster at Alabama City, has tendered his resignation to the postmaster general to take effect as soon as his successor is named. Mr. Duncan will remove to this city and will be associated with the railroad contracting firm of Brown & Moragne, with which he is interested. He 'has been postmaster at Alabama City for several years. The Gadsden National Bank has reselved its charter and will open its doors for business next Monday. The new institution was chartered some weeks ago, and has an authorized capital of $125,000. E. T. Hollingsworth is the president, and W. G. Brockway cashier. The new bank will occupy the building of the Merchants' and Farmers' Bank, which It absorbed. The fifty-ton furnace of the Eagle Iron Company has been blown in and is now making regular runs. The furnace is one of the oldest in the district and turns out a high grade of charcoal iron which is in great demand.

2. June 28, 1933 The Huntsville Times Huntsville, AL
Article from The Huntsville Times, June 28, 1933

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Article Text

ALABAMA GETS 18 LOANS Most Of Them Made To Banks And Trust Companies WASHINGTON. June 28 Eighteen loans to banks and trust companies. mortgage comand municipalities of Alapanies baha were authorized during May, the Reconstruction Finance Corannounced today. The loans follow: Banks and trust companies: ColHnsville, the Peoples Bark $15.000. Crossville. First Bank of Crossville, $535 Demopolis. Robertson Banking Co., Eclectic. Bank of Eclectic, $10,000. Frisco City, the Peoples Bank, $10,000. Gadsden. Gadsden National Bank (receiver). $43,000. Guntersville. the Citizens Bank of Guntersville. $12.500. Monroeville, the Monroe County Bank, $21,000. Peterman, Bank of Peterman, $8.000. Phil Campbell, the First State Bank. $20,000. Repton, the Union Bank. $10,000. Tallassee, the Bank of Tallassee, $10,000. Mortgage companies: BirBond & Mortgage Co., $90,000. Securities & InCo., of Birmingham, $50,000. on preferred stock: The First Co. of Birmingham. $2,485,000.00. Subscriptions for stock: The First National Bank of Birmingham. Water loans: Town of Guin, $61.000. Town of Sulligent (water and sewer). $57,000. In March, 1933. contract with the town of Sulligent, Alabama, was in the amount of $38,000. On May 12, 1933, this contract was rescinded, and contract in the amount of $57,000 was authorized, as shown above. LIVESTOCK CHICAGO, cents higher Spots lbs. weight, and Betfed and yearlings fully market such Some held market being Yearling cents light down. Stocker trade very and and good and SHEEP: fully weak cents higher. Fat 2.00-75. lbs. down, good and choice, COTTONSEED FUTURES MEMPHIS, June 28 (AP)-Prime cottonseed futures closed quiet. Closing bids Memphis: September 25 October 25 25; November 25 50; December 25 75; January February 26.25. No Cottonseed meal (41 per cent) futures closed steady Closing bids, Memphis: June 22 50; July August 24 35: September October November 60; December 26.00; January Sales, 4,100.

3. June 28, 1933 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, June 28, 1933

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Article Text

BENEFITS LOANS Eighteen Advances Approved During May WASHINGTON, June 28. (AP) Eighteen loans to banks and trust mortgage loan companies and municipalities of Alabama were authorized during May, the Reconstruction Finance corporation announced today The loans follow: Banks And Trust Companies. Collinsville, the Peoples bank, Crossville, First Bank of Crossville, Demopolis, Robertson company, Eclectic, Bank of Eclectic, $10,Frisco City, the Peoples bank, $10,000.00 Gadsden, the Gadsden National bank (receiver), $43,000.00. Guntersville, the Citizens Bank of Guntersville, $12,500.00. Monroeville, the Monroe County bank, $21,000.00. Peterman, Bank of Peterman, $8,Phil Campbell, the First State bank, $20,000.00. Repton, the Union bank, $10,Tallassee, the Bank of Tallassee, Mortgage Loan Companies. Birmingham, Birmingham Bond and Mortgage company, $90,000.00. Birmingham, Jackson Securities and Investment company $50,000.00. Loans On Preferred Stock. Birmingham, the First National company, of Birmingham, $2,485,Subscriptions For Preferred Stock. Birmingham, the First National bank, of Birmingham, $5,000,000.00 Water Loans. Town of Guin, $61,000.00 Town of Sulligent (water and sewer) $57,000.00 In March, 1933, contract with the town of Sulligent, Ala., was authorized in the amount of $38,000.00. On May 12, 1933. this contract was rescinded, and contract In the amount of was authorized, as shown above.

4. June 28, 1933 The Birmingham News Birmingham, AL
Article from The Birmingham News, June 28, 1933

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Article Text

LOANS IN STATE REPORTED Four Institutions Here Are Among Number Aided During Month WASHINGTON (AP) Eighteen loans to banks and trust companies mortgage loan companies and nicipalities of Alabama author. Finance Corporation Wed. The loans follow: Banks, Trust Companies Collinsville the People's Bank, $15,First Bank of Crossville, Dempolis, Robertson Banking ComFrisco City, the People's Gadsden, the Gadaden National (receiver) the Citizens Bank of the Monroe County $21,000 Bank of Phil the First State Union Tallassee, the Bank of Tallassee, $10,000 Mortgage Loan Companies Bond & Mortgage Securities & Loans On Preferred Stock the First National Company of Subscriptions For Stock Birmingham, the First Bank of Birmingham, Water Loans Sulligent (water and sewIn contract with the of thorized in the amount May 1933, this contract rescinded. and the amount of $57,000 was authorized. as AUTOMOBILE DISPLAY TRUCK SPECIALS GMC 1929 Chassis tires. 1931 $325 Chevrolet 1930 Long Wheel $295 Panel throughout. Chevrolet Sedan Thoroughly new new finish, only

5. June 30, 1933 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, June 30, 1933

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Article Text

LOANS IN ALABAMA ANNOUNCED BY ARE OFFICIALS June (AP) banks and -Eighteen loans to mortgage loan trust companies, companies and municipalities of authorized during Alabama were Reconstruction Finance May, the Corporation announced Wednesday. The loans follow: Banks and trust companies: ColThe Peoples Bank, $15,First Bank Crossville, Demopolis, RobertCompany, $19,000; son Banking Bank Electic, $10,000; Electic, The Peoples Bank, Frisco City, the Gadsden $10,000; (receiver), $43,000: tional Bank Guntersville, the Citizens Bank Guntersville, $12,500; Monroeville, Bank. $21,000; the Monroe County Bank Peterman, $8,Peterman, the First State 000; Phil Campbell, Bank, $20,000; Repton, the Union Tallassee, the Bank Bank, $10,000; Tallassee, $10,000. loan companies: BirMortgage Birmingham Bond mingham, BirMortgage Company, Jackson Securities mingham, vestment Company, $50,000.