199. Montgomery Bank & Trust Company (Montgomery, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
March 30, 1917
Location
Montgomery, Alabama (32.367, -86.300)

Metadata

Model
gpt-5-mini
Short Digest
692d34b53d36e45a

Response Measures

None

Description

Articles (Mar–May 1917) report the bank had ceased active banking for ~3 years, was operating at a loss and below required capital; superintendent petitioned for a receiver (Mar 30) and receivers T. J. Reynolds and J. R. Sayre were appointed May 15, 1917. No run is mentioned. Classification: suspension/closure with receivership due to bank-specific adverse financial condition.

Events (2)
1. March 30, 1917 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had ceased active banking for ~3 years, was losing money and had reduced capital below legal requirements.
Newspaper Excerpt
Judge Gaston Gunter has set Monday as the date for the consideration of a petition of Alex E. Walker, state superintendent of banks, for the appointment of a receiver of the Montgomery Bank and Trust company. The bank has not been engaged in the banking business for three years, but the organization has remained intact while officers carried on a trust business. Superintendent Walker's petition represents that the bank is losing money and that the overhead expense of operating under present plans is too great.
Source
newspapers
2. May 15, 1917 Receivership
Newspaper Excerpt
T. J. Reynolds and J. R. Sayre were appointed receivers of the Montgomery Bank and Trust company by Judge Gaston Gunter Tuesday afternoon. They will take control of the assets of an institution, which has ceased to exist during the past two years. The appointment of receivers was requested by Alex E. Walker, state superintendent of banks, who said it had reduced its capital below the amount required by law and was being operated at a loss to stockholders.
Source
newspapers

Newspaper Articles (2)
1. March 30, 1917 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, March 30, 1917

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Article Text

sion that the sheriff was responsible for the liquor. LYNCHING WAS FEARED Sak Hollis, negro of Geneva county. was placed in the Montgomery county jail for safekeeping Thursday; having been brought to this city by the sheriff of Geneva, who feared a mob would attempt to lynch him. Hollis is charged with the murder of G. F. Cropps, a farmer, Saturday night. The deputy sheriff carried Hollis from Geneva to Dothan in an automobile and caught a train for Montgomery Wednesday night. TO HEAR BANK CASE Judge Gaston Gunter has set Monday as the date for the consideration of a petition of Alex E. Walker, state superintendent of banks, for the appointment of a receiver of the Montgomery Bank and Trust company. The petition was filed at the request of minority stockholders, who seek to obtain a portion of their investment. The bank has not been engaged in the banking business for three years, but the organization has remained intact while officers carried on a trust business. Superintendent Walker's petition represents that the bank is losing money and that the overhead expense of operating under present plans is too great.

2. May 16, 1917 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, May 16, 1917

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Article Text

Receivers Named Montgomery, May 15.-(Special)-T. J. Reynolds and J. R. Sayre were appointed receivers of the Montgomery Bank and Trust company by Judge Gaston Gunter Tuesday afternoon. They will take control of the assets of an institution, which has ceased to exist during the past two years. The appointment of receivers was requested by Alex E. Walker, state superintendent of banks, who said it had reduced its capital below the amount required by law and was being operated at a loss to stockholders.