158. Bank of Louisville (Louisville, AL)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 20, 1930
Location
Louisville, Alabama (31.783, -85.556)

Metadata

Model
gpt-5-mini
Short Digest
9caf8bfb9ec7d29b

Response Measures

None

Description

Newspaper accounts from Dec 17–18, 1930 report heavy withdrawals and the directors temporarily closed the Bank of Louisville while seeking aid from the state banking department, with optimistic statements that it would reopen after a few days. No receivership or permanent closure is mentioned.

Events (3)
1. November 20, 1930 Other
Newspaper Excerpt
The bank had $40,000 capital stock and $12,000 surplus with deposits of $82,245 on Nov. 20 (reported). The bank was closed on account of heavy withdrawals (reported Dec. 18).
Source
newspapers
2. December 17, 1930 Run
Cause Details
Heavy withdrawals from depositors; article does not specify a triggering rumor or specific adverse scandal.
Measures
Directors decided to close the institution for a few days and asked the state banking department to aid officers and directors.
Newspaper Excerpt
The Bank of Louisville was closed on account of heavy withdrawals.
Source
newspapers
3. December 17, 1930 Suspension
Cause Details
Temporary closure ordered by directors in response to heavy withdrawals; state banking department asked to assist.
Newspaper Excerpt
Board of directors of the bank of Louisville yesterday decided to close the institution for few days, probably re-opening for business Saturday.
Source
newspapers

Newspaper Articles (2)
1. December 17, 1930 Southern Star Newton, AL
Article from Southern Star, December 17, 1930

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Article Text

Action Today to Protect Its Depositors Eufaula, Dec. order to protect the interest of its depositors the board of directors of the bank of Louisville yesterday decided to close the institution for few days, probably re-opening for business Saturday. notice to this effect posted on the door this morning. The action was due to on the bank during the past few days, President Pierce told The Tribune over the phone this morning. Mr. Pierce said the state banking department had been askto aid the officers and directors the affairs of the The directors were session this mornand after going over affairs of the bank were very optimistic and stated that unquestionably would reopen for business and there would no loss to its patrons. The Bank of Louisville was consolidated with the Barbour County Bank few months ago and since that time has been the only finaninstitution in Louisville. It has capital of and deposits according to President Pierce. Pierce president of the bank and Flournoy, cashier.

2. December 18, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, December 18, 1930

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Article Text

SCHOOL LEVIES Two Close in Alabama. MONTGOMERY ALA. Dent F. Green. superintendent of state banks. Wednesday announced the closing of the Bank State Surveys Made Public By of Louisville at Louisville Ala Agnes Samuelson. state charter institution and the Sturdivant bank at Leedsville, Striking inequalities in the private bank operation and financial support Mr. Green said the Bank of of school districts in Iowa have Louisville was closed on account been brought out in a series of of heavy withdrawals. The bank school surveys under the direchad $40,000 capital stock and tion of Agnes Samuelson, state $12.000 surplus with deposits of superintendent of public instrue$82,245 on Nov. 20. tion, it was made known Wednes- Suspension in Illinois. SPRINGFIELD. ILL. (AP) Closing of the Union State bank of Brownfield. in Pope county was announced by the state auditor Wednesday The bank was capitalized at $15,000 and on the first of this year reported $49,589 out on loans and $43.151 on deposit