Bank of Cookeville - Cookeville, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 2, 1914
Location: Cookeville, Tennessee (36.163, -85.502)

Metadata

Model: gpt-5-mini
Short Digest: 557be9578cdf2e54

Response Measures

None

Description

Article describes the Bank of Cookeville being placed in receivership and its assets taken over by The Cookeville Bank under court instruction; depositors were paid over time and the failed bank did not resume independent operations. No mention of a depositor run.

Events (2)

1. April 2, 1914 Receivership

Newspaper Excerpt: the outcome of the receivership of the Bank of Cookeville ... The Cookeville Bank gave a personal bond of $100,000 and took over the assets of the Bank of Cookeville under obligations to return all depositors of the Bank of Cookeville their money. These obligations were made payable in six, twelve and eighteen months time, with four per cent. interest. The management of The Cookeville Bank promptly met all payments as they periodically became due ... all the depositors of the Bank of Cookeville have been paid in full.
Source: newspapers

2. April 2, 1914 Suspension

Cause: Government Action
Cause Details: Placed in receivership by court (Chancellor A. H. Roberts); assets taken over by The Cookeville Bank which issued bond to return depositors' funds
Newspaper Excerpt: the outcome of the receivership of the Bank of Cookeville was that, under official instruction from Chancellor A. H. Roberts, The Cookeville Bank gave a personal bond of $100,000 and took over the assets of the Bank of Cookeville
Source: newspapers

Newspaper Articles (1)

1. April 2, 1914 Putnam County Herald Cookeville, TN

Article from Putnam County Herald, April 2, 1914

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Article Text

up of an entirely new and separate organization. However, the outcome of the receivership of the Bank of Cookeville was that, under official instruction from Chancellor A. H. Roberts, The Cookeville Bank gave a personal bond of $100,000 and took over the assets of the Bank of Cookeville under obligations to return all depositors of the Bank of Cookeville their money. These obligations were made payable in six, twelve and eighteen months time, with four per cent. interest. The management of The Cookeville Bank promptly met all payments as they periodically became due-including interest. Therefore, this $100,000 bond is not now in effect, as all the depositors of the Bank of Cookeville have been paid in full. This was not only a difficult and wonderful undertaking, but an extraordinar'ly patriotic one on the part of the officers and stockholders of The Cookeville Bank, and not only proved highly beneficial to the depositors of the Bank of Cookeville, but to the community at large. It furthermore proves that the men in charge of The Cookeville Bank are business men and financiers of the highest order, and their unselfish duties well performed in time of need sets a high example of commercial integrity for the present and future generations. The home of The Cookeville Bank is located on the east side of court square in a substantial two story brick structure, where it has ample quarters for all conveniences-the appointments, fixtures and equipments being first class. The vault is fire and burglar proof, with air space in wall construction. In the vault is one of the latest make of Victor screw-door safes, time lock and made of manganese steel-which brand took the premium at Chicago World's Fair as being the nearest burglar proof in the world. The following gentlemen form the Board of Directors: W B. Smith, T. L. Johnson, A. A. Staley, T. J. Gregory, C. H. Rickman, Judge D. L. Lansden, W. Bryant, E. E. Dorman and Thos. Finley. These gentlemen are all well known for their financial responsibilities and high moral standing, but in addition to their individual responsibilities and the stockholder of The Cookeville Bank , the management have in full force and effect outstanding a personal bo of $150,000 as a guarantee of safety ) all its deposit-