First National Bank - Jasper, AL

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 7746
Charter Number: 7746
Start Date: November 4, 1931
Location: Jasper, Alabama (33.831, -87.278)

Metadata

Model: gpt-5-mini
Short Digest: 1a9ec84c

Response Measures

Accommodated withdrawals, Books examined

Other: Related bank (Central Bank & Trust Company) was closed and placed in charge of State Banking Department; this triggered the run on First National Bank.

Description

Article (Daily Mountain Eagle, 1931-11-04) reports an unexpected run on First National Bank of Jasper triggered by the closing/run at the Central Bank & Trust Company. First National remained open, paid checks, and did not suspend. No receivership or reopening event applies.

Events (2)

1. May 17, 1905 Chartered

Source: historical_nic

2. November 4, 1931 Run

Cause: Local Banks
Cause Details: Depositors ran on First National after an unexpected run and closing of the Central Bank & Trust Company in Jasper.
Measures: Kept open and cashed every check presented; did not call on Federal Reserve; time deposits subject to 30-day notice.
Newspaper Excerpt: The run on the Central Bank & Trust Company caused the depositors of the First National Bank here to make run on that institution, and the First National kept open until ... cashing every check presented by depositors. The run continued on Friday until almost noon, but there was as much money deposited Friday as drawn out.
Source: newspapers

Newspaper Articles (1)

1. November 4, 1931 Daily Mountain Eagle Jasper, AL

Article from Daily Mountain Eagle, November 4, 1931

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Article Text

CENTRAL BANK CLOSED DIRECT Unexpected Run on Local Institution Caused it to Close for Protection of Depositors CASHIER BELIEVES ALL DEPOSITORS WILL BE PAID Closing of Bank Will be Great Inconvenience to Many Firms and Individuals As result of an unexpected run on the Central Bank & Trust Company. the directors closed that bank Thursday and it is now in charge of the State Banking Department. It was believed that the Central Bank Trust Company had about weathered the worst depression in the history of the nation, and would soon be in good shape, but many of the depositors became panicky and made unexpected run on it. and the directors decided to close it. Cobb. cashier. expresses the opinion that all depositors will be paid in full, but on account of present conditions collections will be slow. The closing of the Central Bank & Trust Company will be great inconvenience to many firms and individuals in Jasper and vicinity, that have all their surplus funds tied up there, but there is some consolation in the reports that all depositors will eventually be paid, probably 100 cents on the dollar. The run on the Central Bank & Trust Company caused the depositors of the First National Bank here to make run on that institution, and the First National kept open until m. Thursday, cashing every check presented by depositors. The run continued on Friday until almost noon, but there was as much money deposited Friday as drawn out. The First National is member of the Federal Reserve Banking system, but did not have to call on that institution for help. it is said. Time deposits cannot be withdrawn without the required 30 days' notice, however. The First National is said to be in sound condtion. however.