18214. Soddy Banking Company (Soddy, TN)

Bank Information

Episode Type
Run β†’ Suspension β†’ Closure
Bank Type
state
Start Date
January 28, 1930
Location
Soddy, Tennessee (35.289, -85.167)

Metadata

Model
gpt-5-mini
Short Digest
4761c06b52cbb827

Response Measures

None

Description

Articles (Jan–Feb 1930) report the Soddy Banking Co. failed to open and closed its doors amid heavy withdrawals after discovery of its insolvency; nearby Daisy Bank temporarily closed due to contagion. Later (1934) court cases refer to a receiver for the defunct Soddy bank, indicating permanent closure. OCR in articles contained typos (e.g., 'NOOGA' = 'CHATTANOOGA', 'Peison' = 'poison'); dates inferred from publication dates and article text.

Events (3)

1. January 28, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals and discovery of insolvent condition; bank failed to open its doors after accounts/problems became known.
Measures
Bank closed its doors (suspended payments) and state examiner called to inspect books.
Newspaper Excerpt
Dies of Poison as Bank at Soddy Closes Its Doors. ... Almost with the failure of Soddy Banking Co. to open its doors yesterday ...
Source
newspapers
2. January 29, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open and state examiner was inspecting its books; closure done to protect against runs and because of insolvent condition reported in articles.
Newspaper Excerpt
Owing to the excitement and heavy withdrawals occasioned by the failure of the Soddy Bank nearby, the Citizens Bank of Daisy ... closed its doors about noon Friday and failed to open today. The state bank examiner at work on the books of the closed Soddy bank was called to inspect the books...
Source
newspapers
3. August 9, 1934 Receivership
Newspaper Excerpt
Robertson, receiver of the defunct Soddy bank... suit filed months ago... the Soddy bank, which was ... After the bank crashed, the money was missing ... Receiver referenced in chancery proceedings in 1934 article reporting suits over missing deposits and administration bonds.
Source
newspapers

Newspaper Articles (8)

Article from The Knoxville News-Sentinel, January 29, 1930

Click image to open full size in new tab

Article Text

FIND CASHIER DEAD Dies of Peison as Bank at Soddy Closes Its Doors. NOOGA. Almost with the failure of Soddy Banking Co. to open its doors yesterday, W. Crow, who had been cashier for 15 years, died In Kissimmee, Fla., of poison- Members of the cashier's family said that he took poison by mistake. son found him dying. One reason given for closing bank was "frozen


Article from Elizabethton Star, February 1, 1930

Click image to open full size in new tab

Article Text

Hoover And Fort Differ in Views On Prohibition Laws Late News Bulletins EXPOSURE FATAL RICHMOND, Richmond real tor, was in hospital suffering from while his hunting guide, negro, dead as the result of the two forced to remain for hours last night in the of swamp ten miles below Hepewell. For nearly three hours the men stood waist deep in the water their boat had sunk. large part of this time Fulton supported his companion, Cornelius Atkins, soon collapsed from the exposure: The negro still alive when another hunting rescued the two, died soon afterwards. AFFRIMED CONVICTION state supcourt today affirmed the conviction of Charles Taylor, Memphis "trunk murderer," confessed to killing his wife because she "nagged" him, but recommended Gov. Henry H. Horton that the death sentence be commuted to life imprisonment. BANK CLOSES DOORS the excitement and heavy withdrawls occasioned by the failure the Soddy the Citizen's bank of Daisy, 15 miles from Chattanooga, closed its doors about noon failed to bank Officials declare the closing only and was done to protect the bank against run. The State bank examiner at work on the books of the elosed Soddy bank called to inspect the books of the Daisy bank. BANDITS GET $2,400 Three bandits today entered car barn of the Schenectady railway company, tied up cashier and another employe, cut the telephone wires, and escaped with approximately $2,400. short time later two patrolman found $800 canvas bag in alley off State street. believed to be part of the loot. CRUISER LAUNCHED NEWPORT NEWS, light Cruiser Augusta was launched here today at colorful ceremonies attended by delegations from Georgia and Washington, including high ranking officials of the United States Navy. ARREST SUSPECTS police and bullet proof vests and armed with sawoff shotguns made spectacular raid on two apartments here today and arrested two men and woman suspected being implicated in series Daring bank robberies at Kanas City and several other cities in the middlewest, Those arrested gave their names as Lowell Foster, Garrett Petro, 22, and Mrs. Mrs. Louise Petro. ASK SUPPORT Associated Press The daughters of the American revolution were asked to lend their support to movement to have the 1846 District of Columbia lines reestablished in an open letter made public here today


Article from The Huntsville Times, February 2, 1930

Click image to open full size in new tab

Article Text

CITIZENS' BANK OF DAISY FAILS TO OPEN CHATTANOOGA, Tenn., Feb. 1(A to the excitement and heavy by the failure of the Soddy Bank nearby, the Bank of Daisy, 15 miles from Chattanooga, closed doors about noon Friday and failed to en Saturday morning. The bank has capital Officials of the bank declare the closing was to protect the bank against The state bank examiner at work the books of the closed Soddy called to inspect the books of Daisy bank According inforreceived the examiner found the accounts in good shape. Coach of Team Shot Feb. Byrd, 26, Coach of the Stanton High teams, shot, probably fatally, youth to whom refused high school basket ball game here night. The shooting occurred shortbefore the game was scheduled to begin.


Article from Bristol Herald Courier, February 2, 1930

Click image to open full size in new tab

Article Text

WILL PLEAD ARABS' LAND RIGHTS Delegates Being Sent to DAISY, TENN., BANK IS England and United TEMPORARILY CLOSED States JERUSA are sending delegations to England and the United States to present their side of the recent disturbances in the Holy Land. The Grand Mufti of Jerusalem. Haj Ameen el Husseini, is heading the first delegation bound for Londan. He is the political and spiritual leader of all the Arabs in Transjordania and Palestine and was central figure in the agita; tion that accompanied the bloody Arab-Jewish conflicts of last summer. The Emir Adel Arsian is leading the second delegation which will shortly be in the United States He will try to persuade Arabs wh have achieved success in Americ to return to Palestine and give their money and western trainin toward the 3 up of the Ara nation. The Grand Mufti will try to impress the British public with the justice of complaints by Arabs against what they describe as the Zionist domination in Palestine. CHATTANOOGA. Tenn., Feb. 1. (AP)-Owing to the excitement and heavy withdrawals occasioned by the failure of the Soddy Bank nearby, the Citizens Bank of Daisy. 15 miles from Chattanogoa, closed its doors about noon Friday and falled to open today. The bank has a capital of $15,000. Officials declare the closing is only temporary, and was done to protect the bank against run. The state bank examiner at work on the books of the closed Soddy Bank was called to inspect the books of the Daisy bank. According to information received here the examiner found the accounts of the Daisy Bank in good share


Article from Chattanooga Daily Times, February 6, 1930

Click image to open full size in new tab

Article Text

DAISY BANK DOORS WILL REOPEN SOON Directors to Ask Authority of State Examiner Today to Resume Business. The Citizens' bank, Daisy, will open its doors within the next few days, probably today, Dr. N. S. Ritchie, director of the bank. said last night. Dr. Ritchie said that the directors must first obtain permission of H. Calahan, state bank examiner, in whose hands bank was placed it failed to open its doors last Saturday morning The bank did not close because it was Ritchie but cause the depositors were making We don't owe anyone penny and the bank solvent, Dr. Ritchie asMr Callahan could not be reached for last night Ritchie said that the board of directors would call on the state bank officials this and ask for open the bank will be reached until after the conference with the bank official The Daisy bank closed its doors few days the Soddy bank over and insolvent condition When the Daisy depositors learned of the conditions at Soddy they immediately made the Daisy bank and withdrew their The cashier said that the heavy that he the demands the Soddy bank have not announced and the last report from was the effect that the auditors had not completed the inThe crash the Soddy has left several families in dire need.


Article from Chattanooga Daily Times, February 6, 1930

Click image to open full size in new tab

Article Text

COUNTY PROTECTED IN SODDY DEPOSIT Shipp Says Bondsmen Signed for $30,000 Good for Entire Loss. Denial that Hamilton county would be unlikely collect its money on deposit in the Soddy bank the time its failure last week was made by Alvan Shipp, county trustee, yesterday. "Reports current that the county is likely to lose funds had deposited Soddy institution are without foundation. Mr Shipp "The protected by a bond of and the bondsmen appeared in good when served notice them. Whether not will be necessary to call on the bondsmen depends, on how much of its obligations the bank be able The county had more than deposit the Soddy bank it closed its doors. This taxes collected by the bank in the capacity of deputy trustee bank was authorized county depository by the county court.


Article from The Chattanooga News, August 9, 1934

Click image to open full size in new tab

Article Text

T. W Killough Sued County W Killough is one of the In $7,389 suit that has been filed in Chancery Court by John Harvey Harvey claims to be entitled to that amount from war TISK insur ance policy deposited in Soddy bank which closed Killough charged with require the bank to post bond as administrator of the Mark Harvey The defendants are Killough his bonding the Maryland Cas ualty ceiver of the Soddy


Article from Chattanooga Daily Times, August 9, 1934

Click image to open full size in new tab

Article Text

KILLOUGH, BONDING FIRM, BANK AND RECEIVER SUED From Page Five. Robertson, receiver of the defunct Soddy bank, pending in chancery court. suit filed months ago, the papers from the court and the bill suppressed. was disclosed yesterday when it became known that the will called hearing shortly before Pat H. Thach, who acting as chancellor. ChancelLon Foust himself because Hamilton National bank before his elevation to the Harvey, represented by Attorney John A. Chambliss, who bill, claims to be entitled to $7,389. which paid by the on war policy issued to Mark The money was deposited the bank, which was letters of administration in the Harvey estate on Sept. 1925. After the bank crashed. the money was missing. charged. He seeks the on the allegation that the Soddy bank kept deposit with Clerk Killough is charged with failing to require the bank post bond administrator. In an answer filed by Killough's attorney. Alvin Killough, and Casualty company's Milligan, insisted that Killough only his duties in issuing the administration, and that Harvey is guilty negligence not protesting earlier. The Hamilton bank denies any liability. and demurs to Harvey's suit the ground that the statute limitations It represented by the law firm Cantrell Meacham Moon. Whitaker & Whitaker are attorneys for Receiver