18404. Commercial National Bank (Jefferson, TX)

View Charter #8770 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
8770
Charter Number
8770
Start Date
February 10, 1930
Location
Jefferson, Texas (32.757, -94.345)

Metadata

Model
gpt-5-mini
Short Digest
b30e627f5fee5a43

Response Measures

Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1930-02-12
Date receivership terminated
1930-09-10
Share of assets assessed as good
48.1%
Share of assets assessed as doubtful
41.6%
Share of assets assessed as worthless
10.3%

Description

Newspapers report a run on Commercial National Bank (Jefferson, TX) on Feb 10, 1930 that caused the bank to fail to open (temporary suspension). By April 1930 articles describe a completed cleanup/reorganization and celebration, indicating the bank reopened. Cause attributed to false rumors. A bank examiner was called in.

Events (5)
1. June 28, 1907 Chartered
Source
historical_nic
2. February 10, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
False rumors caused a run on deposits, leading to heavy withdrawals and the bank failing to open.
Measures
Bank examiner summoned to investigate; bank did not open and was placed under examination.
Newspaper Excerpt
After a run on the institution Saturday, the Commercial National Bank of Jefferson failed to open its doors.
Source
newspapers
3. February 10, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure/suspension followed the run caused by false rumors; reports described the closing as temporary and under bank examiner supervision.
Newspaper Excerpt
The Commercial National Bank here failed to open its doors for business today. A bank examiner was investigating the books.
Source
newspapers
4. February 12, 1930 Receivership
Source
historical_nic
5. April 24, 1930 Other
Newspaper Excerpt
The reorganization of the Commercial National bank which closed on February 10 after false rumors had caused run on the bank. ... the celebration will mark the completion of a successful cleanup campaign here, and the reorganization of the Commercial National bank ... April 24 (special).
Source
newspapers

Newspaper Articles (4)
1. February 11, 1930 Corsicana Daily Sun Corsicana, TX
Article from Corsicana Daily Sun, February 11, 1930

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Article Text

THREE TEXAS BANKS FAIL TO OPEN FOR BUSINESS MONDAY INSTITUTIONS ALL BELIEVED TO BE IN TEMPORARY TROUBLE ONLY Texas banks, closed yesterday, were in the hands of bank examincrs today. Failure of a Fort Worth bank recently was given as the cause of the closing of the Farmers Bank of Merkel. The Merkel bank had large deposits in the Fort Worth institu according to statement by the active vice-president. The institution. in its last statement. listed individual deposits of $393,384. Affairs of the First National Bank at Ennis were placed in the hands of a national bank examincr. F. P. McElwrath. president. said the bank was not insolvent and that there was no possibility of any depositors losing money. He said rumors of a consolidation had caused a small run, and the bank examiner was called in. The bank had deposits of ap$550,000. @ After a run on the institution Saturday, the Commercial National Bank of Jefferson failed to open its doors. Although few details could be learned, it was reported the closing was temporary and the bank would be open for business within R few days. Last report of the Jefferson bank showed deposits of $140,733.

2. February 11, 1930 Fort Worth Record-Telegram Fort Worth, TX
Article from Fort Worth Record-Telegram, February 11, 1930

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Article Text

BANK AT JEFFERSON CLOSES AFTER RUN JEFFERSON, Texas, Feb. 10. The Commercial National Bank here failed to open its doors for business today. A bank examiner was investiits books. was made on gating the bank Saturday reported that the closing was temporary and that the bank would be open for busiagain within few days. The report the bank listed deposits of assets $171,493.07.

3. February 11, 1930 Wichita Falls Times Wichita Falls, TX
Article from Wichita Falls Times, February 11, 1930

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Article Text

THREE BANKS IN TEXAS IN HANDS OF RECEIVER DALLAS, Feb. 11. Texas banks, yesterday, in the hands of bank examiners toFailure of Fort Worth bank recently was given as the cause the closing of the Farmers State Merkel. The Merkel bank had deposits in the Fort Worth statement by the active vice presiThe institution, in its last state$393,384. ment, listed individual deposits of Affairs of the First National bank Ennis in the hands national bank McElwrath, president, said the bank was not insolvent and that there was no possibility depositors losing money. He said of had caused small run, and the bank examiner called The bank had deposits of approximately After run the institution Saturday, the Commercial National of Jefferson failed to open its doors. Although few could be the closing was and the bank would be open for business within days. Last report of the Jefferson bank showed deposits of $140,733.

4. April 22, 1930 The Times Shreveport, LA
Article from The Times, April 22, 1930

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Article Text

Marion Commerce Chamber to Hold Banquet Thursday Jefferson, Texas, April 21 (Special). Hubert M. Harrison, general manager of the East Texas Chamber of Commerce, Bryan Blalock, secretary of the Marshall Chamber of Commerce, and D. R. Carpenter. of Longview, will appear on the program as speakers here Thursday evening, April 24. when the Marion County Chamber of Commerce will hold celebration and general membership meeting for Marion county citizens The celebration will mark the completion of a successful cleanup campaign here, and the reorganization of the Commercial National bank which closed on February 10 after false rumors had caused run on the bank. Miss Virginia Kelly, head of the Women's Chamber of Commerce of Longview, will be present and discuse with Jefferson ladies the advantages of such an organization for this city. A musical program will be delivered and refreshments served, according to present plans.