17912. Fountain City Bank (Fountain City, TN)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
January 20, 1933
Location
Fountain City, Tennessee (36.032, -83.937)

Metadata

Model
gpt-5-mini
Short Digest
38c016dc4d605d20

Response Measures

None

Description

The articles state the bank suspended on Jan. 20, 1933 and was reorganized and scheduled to reopen in late February 1933 with withdrawal restrictions (4% per month). The suspension appears linked to the same-day closing of East Tennessee National Bank (local bank distress), but the articles do not describe a depositor run on Fountain City Bank itself. I corrected OCR artifacts (e.g., 'City Bank of Fountain City' / 'Bank of Fountain City' used interchangeably).

Events (3)
1. January 20, 1933 Suspension
Cause
Local Banks
Cause Details
Suspended on Jan. 20, 1933 — same day East Tennessee National Bank closed, suggesting suspension triggered by local bank failure/distress.
Newspaper Excerpt
The bank, which suspended Jan. 20, the same day the East Tennessee National Bank closed
Source
newspapers
2. February 24, 1933 Other
Newspaper Excerpt
Fountain City Bank May Re-open Monday ... Dr. Carl Martin, one the promoters of the new plan, said last night. ... Directors will be elected Saturday night.
Source
newspapers
3. February 27, 1933 Reopening
Newspaper Excerpt
BANK WILL BE REOPENED To Be In Operation Monday or Tuesday; Dr. Martin Is Chosen President. Restrict Deposits Under plans ... withdrawals of old deposits will be limited to four per cent month. New deposits, however, can be withdrawn at any time.
Source
newspapers

Newspaper Articles (2)
1. February 24, 1933 The Knoxville Journal Knoxville, TN
Article from The Knoxville Journal, February 24, 1933

Click image to open full size in new tab

Article Text

Fountain City Bank May Re-open Monday City Bank of Fountain City probably be ready re-open Monday, Dr. Carl Martin, one the promoters of the new plan, said last night. course, won't know definitely until the meeting the night at Central church of Fountain City," he said. The name may be changed Bank of Fountain City block 600 shares has obtained the former and City residents scribed for all Directors will be elected Saturday night.

2. February 26, 1933 The Knoxville News-Sentinel Knoxville, TN
Article from The Knoxville News-Sentinel, February 26, 1933

Click image to open full size in new tab

Article Text

BANK WILL BE REOPENED To Be In Operation Monday or Tuesday; Dr. Martin Is Chosen President. With new name ficers, the Fountain City Bank be reopened Monday or Tuesday the latest, stockholders and directors decided last night they completed reorganization. Dr. Carl Martin was chosen president. The bank, which suspended Jan. 20, the same day the East Tennessee National Bank closed, formerly was called City Bank of Fountain City. Application for change in name is being made. Restrict Deposits Under plans carried forward since suspension, withdrawals of old deposits will be limited to four per cent month. New deposits, however, can be withdrawn at any time. holding 90 per cent the deposits have agreed the withdraway. Martin said, following more than month of intensive work Fountain Citians seeking to revive the bank. "There very confident and hopeful spirit felt over Dr. Martin reported. State examiners approved the plans. Reorganization gives control of the bank stock the Fountain City people. Capital stock is 000. Have Deposits At the time of its suspension the bank had in deposits, on hand and due from banks amounting and and liabilities of more than $124,000. Stockholders met first last night and elected directors. The elected the following ficers in adidtion to the president: Prof. W. R. Woolrich Cashier, Henry. Assistant cashier, Claude Myers