Monroe County Bank - Monroeville, AL

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 12, 1932
Location: Monroeville, Alabama (31.528, -87.325)

Metadata

Model: gpt-5-mini
Short Digest: d8f8bcf0

Response Measures

None

Description

Bank suspended operations and the directors surrendered the bank to the Alabama Superintendent of Banks for liquidation on November 12, 1932; after examination it was found solvent and reopened January 28, 1933. No run is described in the articles; suspension appears to have been voluntary/surrendered and later approved for reopening.

Events (3)

1. November 12, 1932 Suspension

Cause: Voluntary Liquidation
Cause Details: Directors suspended operations and surrendered the bank to the Superintendent of Banks for liquidation on Nov. 12, 1932.
Newspaper Excerpt: When The Monroe County Bank suspended operations on the 12th of November ... surrendered the bank to the Superintendent of Banks for liquidation
Source: newspapers

2. January 28, 1933 Reopening

Newspaper Excerpt: Reopened January 28 ... Through the cooperation of the bank's creditors and depositors and with the consent of the Superintendent of Banks we have been able to resume operations as a bank.
Source: newspapers

3. February 2, 1933 Other

Newspaper Excerpt: after checking up the assets of the bank, it appeared to the Superintendent of Banks that it is solvent and that no banking law had been violated
Source: newspapers

Newspaper Articles (1)

1. February 2, 1933 The Monroe Journal Claiborne, AL

Article from The Monroe Journal, February 2, 1933

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Article Text

THE MONROE COUNTY BANK Reopened January 28 When The Monroe County Bank suspended operations on the 12th of November, this action was taken by the officers and directors of the bank in the interest of the depositors and creditors of the institution. Through the cooperation of the bank's creditors and depositors and with the consent of the Superintendent of Banks we have been able to resume operations as a bank. To all those who have contributed to this result we feel deep and lasting gratitude. We expect to be able to repay our creditors and depositors in full and thus meet that part of our obligation to them, and while we do not expect to be able to discharge fully our debt of gratitude for the fine cooperation which has been manifested by our creditors and depositors, we hope and believe that the success which we expect to attain will in some measure compensate them for the indulgence which has been granted to us. We wish to assure our friends who have stood by us so loyally that we shall try to our utmost to merit the confidence which has been shown us. On account of the conditions now prevailing it will be necessary for the number of the employees in the bank to be reduced and in addition to this economy the officers and employees who remain in the bank will serve with reduced compensation and thus we will be able to operate the bank at a minimum cost. A Word To Our Debtors: The bank holds mortgages on farms, homes and other property and these mortgages cannot be collected at the present time without disastrous results to the makers of these mortgages. In securing the indulgence of the depositors and other creditors of the bank, it has been our desire to give the bank's debtors another opportunity to liquidate their indebtedness over a period of time and thus prevent the disasters of foreclosure and these foreclosures have been deferred, and we hope obviated by the generosity and forbearance of the bank's depositors and creditors. We have contended that these debts can be paid if sufficient time was given, and we have confidence that this result can be obtained without the ruthless foreclosure of mortgages under present conditions. Our debtors can give no higher evidence of their appreciation of this indulgence on the part of our depositors and creditors than the dedication of their greatest efforts to pay their debts. This depression is in its fourth year, but it is believed by many that a turning point has been reached and that a brighter day is dawning for the people of our country. We face the difficulties of the present with confidence in the courage, fidelity and resourcefulness of the people of this country. To the solution of our problems we dedicate all that we have and we covet from our friends and customers their whole-hearted support. STATE OF ALABAMA Montgomery County WHEREAS, on November 12, 1932 the Directors of The Monroe County Bank, Monroeville, Alabama. surrendered the bank to the Superintendent of Banks for liquidation, and WHEREAS, after checking up the assets of the bank, it appeared to the Superintendent of Banks that it is solvent and that no banking law had been violat-ed, and All Deposits made in the Bank after reopening will be subject to withdrawal at any time. The Monroe County Bank MONROEVILLE, ALABAMA