Chattanooga Savings Bank - Chattanooga, TN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: June 20, 1893
Location: Chattanooga, Tennessee (35.046, -85.310)

Metadata

Model: gpt-5-mini
Short Digest: 492234b4

Response Measures

None

Description

Article (dated June 20, 1893) reports Chattanooga Savings Bank 'enforced a rule of sixty days' notice to withdraw long time deposits' to protect itself after the City Savings Bank assigned. This is a precautionary partial suspension (30/60/90 rule) tied to distress of other local banks; no permanent closure or receivership mentioned and the bank expected to resume business.

Events (1)

1. June 20, 1893 Suspension

Cause: Local Banks
Cause Details: Precautionary invocation of the 60-day withdrawal rule after the City Savings Bank assigned and slight runs on other local banks; measure taken to protect liquidity.
Newspaper Excerpt: The Chattanooga Savings Bank enforced a rule of sixty days' notice to withdraw long time deposits, in order to protect itself.
Source: newspapers

Newspaper Articles (1)

1. June 27, 1893 The Progressive Farmer Raleigh, Winston-Salem, Winston, NC

Article from The Progressive Farmer, June 27, 1893

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Article Text

THE CHATTANOOGA BANK. It is Thought it May Resume Business. CHATTANOOGA, Tenn., June 20.-The City Savings Bank, which assigned last night, may resume business within sixty days. Twenty-five hundred depositors were caught in the fall, and many of them have been standing around the bank this morning all anxious as to the money they had in the bank. The outlook is that they will be paid in full. Some slight runs were made on the other banks, but nothing of a serious nature was noticed. The Chattanooga Savings Bank enforced a rule of sixty days' notice to withdraw long time deposits, in order to protect itself. A feeling of nervous excitement is apparent, but the other banks are solid enough. Among the small depositors who had their savings in the bank there is a general feeling of distrust which will wear off in time. At all of the banks the officers prepared to meet a run if one was mauu, but the people are remarkably cool and no great rush is noticeable.