First National Bank - Midland City, AL

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 8458
Charter Number: 8458
Start Date: September 19, 1931
Location: Midland City, Alabama (31.319, -85.494)

Metadata

Model: gpt-5-mini
Short Digest: 710a09e5

Response Measures

Full suspension, Books examined

Other: Bank closed to protect the depositors; president refused to disclose cause of run.

Receivership Details

Depositor recovery rate: 34.5%
Date receivership started: 1931-09-28
Date receivership terminated: 1936-08-14
Share of assets assessed as good: 21.3%
Share of assets assessed as doubtful: 50.0%
Share of assets assessed as worthless: 28.6%

Description

Articles (dated Sept 19, 1931) report a run that started shortly after opening and the bank was closed the same morning to protect the depositors. Examiner pronounced the bank solvent. The president said he had an opinion what started the run but refused to disclose it; no explicit cause is given and no reopening or receivership is reported, so outcome is unsure.

Events (4)

1. December 6, 1906 Chartered

Source: historical_nic

2. September 19, 1931 Run

Cause Details: Newspaper notes an opinion existed about what started the run but the president refused to disclose it; no explicit cause given.
Measures: Bank closed before 10 a.m. to protect depositors as withdrawals continued.
Newspaper Excerpt: the First National Bank was closed this morning following run, which started shortly after the bank opened for business early today.
Source: newspapers

3. September 19, 1931 Suspension

Cause Details: Bank suspended operations (closed) in response to the run; examiner had previously pronounced the institution solvent.
Newspaper Excerpt: The bank was closed before 10 today to protect the depositors, as the run showed no signs of diminishing.
Source: newspapers

4. September 28, 1931 Receivership

Source: historical_nic

Newspaper Articles (3)

1. September 19, 1931 The Dothan Eagle Dothan, AL

Article from The Dothan Eagle, September 19, 1931

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Article Text

Midland City Bank Closes After Run; Only Bank In Town MIDLAND The First National Bank was closed morning following which started shortly after the bank opened for business early Closing the financial institution leaves Midland City without bank. The bank closed before 10 today protect the positors, the run showed no signs diminishing. E. president of the bank. said today he did not believe the depositors would monByrnes, bank examiner, had been at the bank Thursday and pronounced the Institution ent. Mr. Stuckey said the bank had frozen but didn't attribute the closing of the bank to He said he had opinion what started the run on the but refused to disclose what his opinion the matter. The president of the bank said he went Echo early this and that when returned the bank had been closed and that he did how much money had been withdrawn during the run Asked the bank would be Stuckey also said did not know The bank the second Dale county to close within the last few weeks, bank having closed Ozark recently.

2. September 23, 1931 Southern Star Newton, AL

Article from Southern Star, September 23, 1931

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Article Text

City Bank Closes After Run Saturday Morning MIDLAND CITY, First National Bank here, capitaliz$35,000, was closed this mornfollowing run, which started shortly after the bank opened for business early today. Closing the financial institution leaves City without bank. The bank closed before m. today to protect the depositors, the showed signs of diminishing. Stuckey, president the bank, said today did not believe the would lose any money Byrnes, bank examiner, had the bank Thursday and pronounced the institution solvent. Mr. Stuckey said the bank had frozen assets, but didn't attribute the closing the bank to that. He said he had an opinion what started the run on the bank, but fused to disclose what his opinion matter. The president of the bank said he went to Echo early this mornand that when he returned m. the bank had been closed and that he did not know how much money had been withdrawn during the Asked if the bank would be opened, Mr. Stuckey also said he know.

3. September 24, 1931 Abbeville Herald Abbeville, AL

Article from Abbeville Herald, September 24, 1931

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Article Text

BANK IS CLOSED MIDLAND CITY; IS DECLARED SOLVENT Midland City, Ala., Sept. 19. The First National Bank here, capitalized at $35,000, was closed this morning following run, which started shortly after the bank opened for business early today. Closing of the financial institution leaves Midland City without bank. The bank was closed before 10 today to protect the depositors, as the run showed no signs of diminishing. J. E. Stuckey, president of the bank, said today he did not believe the depositors would lose any money, as J. J. Byrnes, bank examiner, had been at the bank Thursday and pronounced the institution solvent. Mr. Stuckey said the bank had some frozen assets, but didn't attribute the elosing of the bank to that. He said he had an opinion what started the run on the bank, but refused to disclose what his opinion was in the matter. The president of the bank said he went to Echo early this morning and that when he returned at 10 a.m. the bank had been closed and that he did not know how much money had been withdrawn during the run. Asked if the bank would be reopened, Mr. Stuckey also said he did not know. The bank is the second in Dale county to close within the last few weeks, bank having closed at Ozark recently.