17872. Columbia Bank & Trust Company (Columbia, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
July 24, 1929
Location
Columbia, Tennessee (35.615, -87.035)

Metadata

Model
gpt-5-mini
Short Digest
14559fd2e3c73aa4

Response Measures

None

Description

Bank closed its doors July 24, 1929; state banking department took charge and examiner H. Grigsby arrived to liquidate or reorganize. Articles explicitly state there was no run (only orderly withdrawals). Closure appears permanent with state takeover for liquidation ('turned its affairs over the state department of banking for liquidation' / 'placed in the hands of the state banking [department]').

Events (2)
1. July 24, 1929 Receivership
Newspaper Excerpt
H. Grigsby, state bank examiner, arrived here this afternoon to take over bank. ... voted to turn its affairs over the state department of banking for liquidation.
Source
newspapers
2. July 24, 1929 Suspension
Cause
Government Action
Cause Details
State banking department took over affairs and the directors voted to turn affairs over for liquidation; 'frozen assets' cited as the reason for closing.
Newspaper Excerpt
The Columbia Bank and Trust company ... closed its doors this morning. ... bank has been placed in the hands of the state banking department pending its organization.
Source
newspapers

Newspaper Articles (3)
1. July 24, 1929 The Daily News-Journal Murfreesboro, TN
Article from The Daily News-Journal, July 24, 1929

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Article Text

OF PLANS Columbia Bank And Trust Company President Gives Out Statement $600,000 IN DEPOSITS State Banking Department Take Over Affairs Of Old Institution Columbia, Tenn., July The Columbia Bank and Trust company, which was organized in 1909 and for years was one of the strongest nancial institutions in Maury county, closed its doors morning. The following notice was posted on the door of the bank: bank has been placed in the hands of the state banking pending its organization." was signed by Greenlaw, president. Although there has been no run on the bank, orderly have been under way for several days, learned. $600,000 in Deposits. The bank was capitalized at $50,000 and had deposits of approximately $600,000 divided among about positors. The bank is believed to have been in weakened condition for some time and several weeks ago nounced that merger of the Phoenix National bank and the Columbia Bank was proposed. learned Tuesday that the comptroller did not approve the merger. According to Greenlaw, son the president, who cashier of the institution, the bank has guaranty bond but not known to what this will cover the depositors. H. Grigsby, state banking examinof Nashville, and an assistant are due here today either liquidate the bank or to effect its reorganization. "Frozen assets" was given as the reason the institution closed its doors.

2. July 24, 1929 The Daily News-Journal Murfreesboro, TN
Article from The Daily News-Journal, July 24, 1929

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Article Text

Columbia Bank And Trust Company President Gives Out Statement IN DEPOSITS State Banking Department Take Affairs Old Institution Columbia, Tenn., The Columbia Bank and Trust company, which was organized in and years was one of the strongest nancial institutions in Maury county, closed its doors this morning. The following notice was posted on the door of the bank: bank has been placed in the hands of the state banking department pending its organization.' was signed by Greenlaw, president. Although there has been no run the bank, orderly withdrawals have been under way for several days, was learned. $600,000 in Deposits. The bank was capitalized at $50,000 and had deposits of approximately $600,000 divided among about 3,000 positors. The bank believed to have been in weakened condition for some time and several weeks ago was announced that merger of the Phoenix National bank and the Columbia Bank was proposed. However, was learned Tuesday that the comptroller did not approve the merger. According to Greenlaw, son the president, who cashier of the institution, the bank has guaranty bond but not known to what tent this will cover the depositors. Grigsby, state banking examinof Nashville, and an assistant are due here today to either liquidate the bank or to effect its reorganization. "Frozen assets" was given as the reason the institution closed its doors.

3. July 25, 1929 The Tennessean Nashville, TN
Article from The Tennessean, July 25, 1929

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Article Text

COLUMBIA BANK'S DOORS CLOSED Frozen Assets Given as the Cause; Grigsby Takes Charge. Columbia, Tenn., July 24.-(SpHThe Columbia Bank and Trust Co., youngest bank in Columbia, closed its doors shortly after 10 o'clock this morning, and at called meeting of the directors shortly afterward, voted to turn its affairs over the state department of banking for liquidation. There was no excitement here due to the closing of the institution, there run on the although had Ithdrawal of deposits for some time past, news gradually spread that the bank was burdengoodly number of slow with other banks here today. For the past three months comlocal and officials and directors the older banks Phoenix National and the Maury National, had been working out plan prevent the closing Columbia bank. Growing from these negotiations was the announcement that the Bank would with the Phoenix subject the the Comptroller. was learned yesterday mornIng that this approval not which caused the plans of local citizens for the taking over of the Columbia bank to through, and upon was decided this that the doors would be There have been four examinations Columbia Bank and Trust Company books made withthe past months, during this time of negotiations for sales or mergers, and in no case has any irregularities been found. it was stated Frozen assets and the of notes of was as the cause for the closing H. Grigsby, state bank examiner. arrived here this afternoon to take over bank. and will announce definite plans later, it is expected. The Columbia Savings Bank and Trust 1909. with capital stock of and with the late Jonas Amis as president and George E. McKennon as cashier. In the name was changed to the Columbia Bank and Trust Company. At that deposits were less than $100,000, but bank experienced steady growth from year to year since and now has deposits of more than half million. The capital stock has been increased to $50.000. with $15.000 surplus and undivided profits and dividends about $1,500. W. Greenlaw succeeded Mr. Amis president in 1915, and in 1924 Greenlaw, who had been with the bank since 1911 and been assistant cashier since 1920, succeeded George E. McKennon as cashier. while A. Ross assistant cashier. W. Wilson, of the bank since its mains that The direcof the bank H. Ritter. Park. Porter. George E. Wilkes. Lee Trimble, H. B. Adams. Smiser, B. Greenlaw, Shapifro, Horace Rainey, Sr., Wilson, Ross. Cunning ham, Greenlaw, Hopkins, Adkisson, T. B. Forgey and W. D. Hastings.