204. Northport Bank (Northport, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 1, 1930
Location
Northport, Alabama (34.788, -87.672)

Metadata

Model
gpt-5-mini
Short Digest
88578bf101372700

Response Measures

None

Description

Articles (Feb 1930) report Northport Bank failed to open on Feb 1, 1930; directors closed the bank and placed its affairs with the State Banking Department. A later article (Feb 20, 1930) reports the cashier was arrested for alleged embezzlement. These indicate a suspension leading to closure and state takeover rather than a temporary run/reopening.

Events (3)
1. February 1, 1930 Receivership
Newspaper Excerpt
The directors decided close the bank and place its affairs in the State Banking department. Dent Green, superintendent of banks, said representative of department had gone Northport where he plans reorganize the Northport which failed open its doors for business today.
Source
newspapers
2. February 1, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors closed the bank and placed affairs with State Banking Department after problems; subsequent reporting links collapse to internal malfeasance (see cashier arrest for alleged embezzlement).
Newspaper Excerpt
Northport Bank, state stitution, failed to open for business today following meeting of the board directors ... The directors decided close the bank and place its affairs in the State Banking department.
Source
newspapers
3. February 20, 1930 Other
Newspaper Excerpt
Northport Bank Has Suspended Business ... Freeman, cashier of the Bank Northport ... was arrested under bond of $10,000 ... charges the former cashier with embezzlement of almost the entire stock of $15,000. The arrest made following of the audit by the state bank examiner . . . . The hearing for Freeman has not been set.
Source
newspapers

Newspaper Articles (2)
1. February 1, 1930 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, February 1, 1930

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Article Text

BANKS CLOSED GET Alabama Texas And Tennessee Have Failures ALA. Northport Bank, state stitution, falled open for busitoday following meeting of the hoard directors night. The directors decided close the bank and place its affairs in the State Banking partment. The bank was capitalized at $16000 and the last statement showed deposits of $50.K. Cooper president Barnes, vice president of the bank. The Northport third bank close Its doors in the state within week. The others the Dothan National Bank subsidiary. the Coffee National MONTGOMERY ALA., Feb. (P)-Dent Green, superintendent of banks, today said resentative of department had gone Northport where he plans reorganize the Northport which failed open its doors for business today. Fort deposits the last bank call totaled $6,282,257 were closed" the Forth Worth Clearing House working out plan "through which may receive their deposits in The institutions closed by order of the Clearing House and the hoard of directors, were the Bank its clate, the Bank of Crowds which gathered in front the Institutions the report spread. were assured by that their deposits safe. TENN., to the excitement and by the of the Bank the Bank Daisy, 15 from closed doors about Friday failed open Saturday morning bank has capital of the bank declare closing and to the bank against The state bank examiner the books the closed Soddy bank inspect the books Daisy bank. According to mation received here the found the accounts in good

2. February 20, 1930 Sumter County Journal York, AL
Article from Sumter County Journal, February 20, 1930

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Article Text

Northport Bank Has Suspended Business Feb. Freeman, cashier of the Bank Northport, state which failed to open its doors was night released yesterday under bond of $10,000. was arrested warrant sworn by Adams, state bank examiner, which charges the former cashier with ment of almost the entire stock of $15,000. The arrest made following of the audit by the state bank hearing for Freeman has not been set.