154. First National Bank (Lapine, AL)

View Charter #10799 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
10799
Charter Number
10799
Start Date
March 1, 1931*
Location
Lapine, Alabama (31.966, -86.284)

Metadata

Model
gpt-5-mini
Short Digest
09c47b934c04c132

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
49.4%
Date receivership started
1931-03-03
Date receivership terminated
1938-01-12
OCC cause of failure
Economic conditions
Share of assets assessed as good
10.4%
Share of assets assessed as doubtful
56.9%
Share of assets assessed as worthless
32.7%

Description

Articles report a heavy run in early spring 1931 that led to the bank's doors being closed and a national bank receiver (Thomas Dixon) placed in charge. The bank did not resume operations; receiver sold the bank building (reported 1931-09-03) and continued to administer claims (1932–1933 reports). OCR in Article 2 is garbled; used context to infer that dividends were being handled by the Lapine receiver.

Events (7)
1. November 5, 1915 Chartered
Source
historical_nic
2. March 1, 1931* Run
Cause Details
Newspaper only reports a 'heavy run by depositors' in early spring 1931; no specific misinformation, correspondent failure, or local economic shock identified.
Newspaper Excerpt
doors were closed in the early Spring, following heavy run by depositors.
Source
newspapers
3. March 1, 1931* Suspension
Cause Details
Bank closed its doors in early spring 1931 after the heavy run; subsequently placed under a national bank receiver (Thomas Dixon).
Newspaper Excerpt
has been in charge of the bank's affairs since its doors were closed in the early Spring, following heavy run by depositors.
Source
newspapers
4. March 3, 1931 Receivership
Source
historical_nic
5. September 3, 1931 Receivership
Newspaper Excerpt
The building formerly owned and occupied by the First National Bank of Lapine has been sold ... states Thomas Dixon, national bank receiver, who has been in charge of the bank's affairs since its doors were closed in the early Spring, following heavy run by depositors. percentage on deposits will be hald this Fall, Mr. Dixon said.
Source
newspapers
6. October 6, 1932 Other
Newspaper Excerpt
Dixon was receiver for the First National Bank, Lapine, which dividend of 35 per cent ... dividend probably will paid about Jan.
Source
newspapers
7. September 30, 1933 Other
Newspaper Excerpt
Verdicts for the plaintiff were awarded ... Thomas A. Dixon, receiver for the First National Bank Lapine ... suits ... claims being upon ... verdicts awarded against Harrod and ... awarded against Hudson.
Source
newspapers

Newspaper Articles (3)
1. September 3, 1931 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 3, 1931

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Article Text

THE MONTGOMERY ADVERTISER * Constructive Fearless Independent THURSDAY, SEPTEMBER 3, 1931 Read Advertiser Want Ads For Profit--Use Them For Results BUILDING SOLD LAPINE, ALA., Sept. (Special)The building formerly owned and occupied by the First National Bank of Lapine has been sold to A. J. Bedsole, of Mt. Carmel, for $1,500, states Thomas Dixon, national bank receiver, who has been in charge of the bank's affairs since its doors were closed in the early Spring, following heavy run by depositors. percentage on deposits will be hald this Fall, Mr. Dixon said.

2. October 6, 1932 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, October 6, 1932

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Article Text

Receiver Appointed For Andalusia National Bank ANDALUSIA, ALA., Oct. received today the Federal Washington that Thomas Dixon, the sia National Bank, which closed yesDixon was receiver for the First National Bank, Lapine, which dividend of 35 per cent deposand First National Bank which has dividends He National dividend probably will paid about Jan.

3. September 30, 1933 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, September 30, 1933

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Article Text

Bank Receiver Wins Suits On 2 Notes Verdicts for the plaintiff were awardyesterday suits by Thomas A. Dix. on, receiver for the First National Bank Lapine against Harrod and L. H. Hudson. in the District Court, the claims being upon given the verdict for $904.81 awarded against Harrod and for $623.56 against Hudson. Mrs Mamie Eichelberger awardverdict $2,250 plus interest in her suit against the Phoenix Insurance Company