20600. Bank of Collierville (Collierville, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 28, 1912
Location
Collierville, Tennessee (35.042, -89.665)

Metadata

Model
gpt-5-mini
Short Digest
84115422

Response Measures

None

Description

The bank closed (suspended) on September 28, 1912 and was later placed in the hands of a receiver; multiple articles describe large cashier defalcations ($38,000) and indictments/arrest of the cashier L. T. Ward. No run is reported in the articles. Suspension led to receivership/defunct status (permanent closure).

Events (4)

1. September 28, 1912 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after discovery of insolvency and large cashier defalcations; auditors later reported shortages (~$38,000) and false entries; checks had been turned down prior to closure.
Newspaper Excerpt
L. T. Ward, cashier of the Bank of Collierville, Collierville, Tenn., at the time of its suspension September 28, was arrested...
Source
newspapers
2. October 1, 1912* Receivership
Newspaper Excerpt
James F. Hunter, receiver of the defunct bank of Collierville, Tenn., testified today at the trial of L. T. Ward... an audit of the bank's books showed a shortage of $38,000.
Source
newspapers
3. November 1, 1912 Other
Newspaper Excerpt
L. T. Ward, cashier of the Bank of Collierville... at the time of its suspension September 28, was arrested yesterday on a warrant charging that he received deposits when he knew the institution was insolvent.
Source
newspapers
4. December 23, 1912 Other
Newspaper Excerpt
L. T. Ward... was taken from a local hospital... to the county jail late today, charged with larceny and the embezzlement of $38,000 of the bank's funds.
Source
newspapers

Newspaper Articles (11)

Article from Evening Star, November 1, 1912

Click image to open full size in new tab

Article Text

ARREST BANK OFFICIAL. Accused of Taking Deposits When Institution Was Insolvent. MEMPHIS, Tenn., November 1.-L. T. Ward, cashier of the Bank of Collierville, Collierville, Tenn., at the time of its suspension September 28, was arrested yesterday on a warrant charging that he rereceived deposits when he knew the institution was insolvent. Following the closing of the bank a general creditors' bill was filed, alleging that the bank was without cash resources, as the result of defalcations. The bill stated that the assets were $135,000 and the liabilities $136,000, about $60,000 of which was due depositors.


Article from Newark Evening Star and Newark Advertiser, November 1, 1912

Click image to open full size in new tab

Article Text

ARREST OF BANK CASHIER MEMPHIS, Tenn., Nov. 1.-L. T. Ward, cashier of the Bank of Collierville, Collierville, Tenn., at the time of its suspension September 28, was arrested yesterday on a warrant charging that he received deposits when he knew the institution was insolvent.


Article from The Birmingham Age-Herald, November 23, 1912

Click image to open full size in new tab

Article Text

CONNECT MINISTER WITH SHORTAGE Memphis, November 22.-L T. Ward, ordained a Methodist minister, former cashier of the Bank of Colliersville, Tenn., now 111 at his home in that town and under investigation by the Methodist conference of the Memphis district, is named in a review made to the receiver of the bank today by auditors of the books in connection with a shortage of $38,001.04, false entries, the auditors' reports says, from September 27, 1909, to December 31, 1911, covered discrepancies ranging from $1500 to $18,991.04 and embraced non-existent credits to banks in Memphis, Nashville and New York. Mr. Ward has declined to say how the money was spent, except that he invested $15,000 in a lime and cement plant at Chattanooga. The bank was closed last September. Its assets, excluding Rev. Ward's bond and the amount due from him, are placed at $145,614.11 and its liabilities but $3,315.05 more. It 1s, generally believed the bank will pay its depositors dollar for dollar. Ward was recently arrested on a warrant charging irregular banking methods and released under bond.


Article from Norwich Bulletin, December 24, 1912

Click image to open full size in new tab

Article Text

Former Preacher Arrested. Memphis, Tenn., Dec. 23.-L. T. Ward, a former preacher and cashier of the suspended Bank of Collierville, Tenn., was taken from a local hospital where he wa sa patient to the county jail late today, charged with larceny and the embezzlement of $28,000 of the bank's funds


Article from Tulsa Daily World, December 24, 1912

Click image to open full size in new tab

Article Text

FORMER MINISTER ARRESTED Taken From Hospital to Jail Charged with $38,000 Embezzlement 01 Bank's Funds. Memphis, Tenn., Dec. 23.-L. T Ward, a former minister and cashier of the suspended Bank of Collierville, Tenn., was taken from a local hospital, where he was a patient, to the county jail today and imprisoned, charged with laceny and the embezzlement of $38,000 of the bank's fur


Article from The Sentinel=record, December 24, 1912

Click image to open full size in new tab

Article Text

BANKER REMOVED I FROM HOSPITAL TO IAII num HE IS CHARGED WITH LARCENY AND EMBEZZLEMENT OF FUNDS OF BANK. Memphis, Tenn., Dec. 23.-L. T. Ward, a former minister and cashier of the suspended bank of Collierville, Tenn., was taken from a local hospital, where he was a patient, to the county jail, late today and imprison+ ed charged with larceny and the embezzlement of $38,000 of the bank's fund. An indictment against Ward was returned several days ago but because of his illness he was not arrested until today when county physician T. C. Graves examined the accused banker, and reported that he was not suffering from a serious ailment. Ward's condition was attributed to a nervous collapse. Bond was fixed at $20,000 but up to a late hour tonight it has not been furnished. The bank of Collierville closd its doors several months ago. It is charged that Ward used funds of the institution to promote private enterprises among them a cement company located at Chattanooga, Tenn.


Article from Daily Kennebec Journal, December 24, 1912

Click image to open full size in new tab

Article Text

# CONDENSED DESPATCHES. An elderly woman, Mrs. Mary C. Tinson of Boston, fell between an in-coming train and the platform at Asnieres, near Paris, France, Monday, and was crushed to death. Mrs. Tinson had resided near Paris for 13 years. Her son is in business there. Frank Osborn, a prominent merchant of Jackson, Ky., was shot and killed there, Monday night, while ir. his store. Dexter and John Howard, brothers, were arrested in connection with the crime. No cause for the shooting is known by the police. A writ of habeas corpus asked by attorneys for Carl Riedelbach, the "human bomb," who threatened several weeks ago to blow up the police station at Los Angeles, was denied, Monday, by Judge Willis. The dynamiter was remanded to jail until his trial, Dec. 30. The Union Pacific Railway, Monday, at Omaha, Neb., made application to the department of commerce and labor at Washington for a license to operate and maintain a wireless telegraph system along its lines. The company wishes to install a technical experiment station and the government is requested to give permission for such a station. Two thousand members of the Massachusetts militia are expected to participate in the inaugural parade at Washington, March 4. Two regiments of infantry-the 5th and 8th-a regiment of Coast Artillery reserves, the 2nd Corps of Cadets and Troop D of the 1st Squadron of Cavalry, have made preparations for the trip. The expense will be borne by the officers and men. Capt. Sprague and the crew of the American schooner Henry R. Tilton are safe in port at Lunenburg, N. S. They arrived. Monday night, on the schooner W. M. Zwicker, which picked them up, lest Friday night, after their vessel had become waterlogged in a heavy blow. The crew of the Tilton had been lashed to the masts for many hours when the Zwicker bound, from City Island, N. Y., for Lunenburg came to the rescue. Several troops of Boy Scouts were requisitioned, Monday, by friends of 15-year-old George Young, missing three days, to begin a search for him among woods and cliffs near Yonkers, N. Y. The boy, a scout and a student of Riverview Academy, Poughkeepsie, went there, last week, to be a guest of a relative over the Christmas holidays. Saturday, he went for a walk and did not return, Young is the adopted son of an aunt, Mrs. Mary Young of South Hadley, Mass. His mother lives in Minneapolis. A coroner's jury at Chicago, Monday, returned a verdict declaring that Frank Raude, a wealthy contractor, who died at his home, last Friday, several days after making a will leaving all his property to his wife, was the victim of a murder plot. Physicians who analyzed Raude's viscera testified that they found a large quantity of poison in the organs. The jury did not name anyone as being responsible for Raude's death. What action will be taken in the case, if any, has not been decided by Coroner Hoffman. L. T. Ward, a former preacher and cashier of the suspended bank of Collierville, Tenn., was taken from a hospital, at Memphis, where he was a patient, to the county jail, late Monday, charged with larceny and embezzlement of $38,000 of the bank's funds. An indictment against him was returned, several days ago, but because of his illness he was not arrested until Monday. Ward's condition was attributed to nervous collapse. Bond was fixed at $20,000, but has not been obtained. The bank of Collierville closed its doors, several months ago. An indictment charging that he accepted deposits at a time he knew the bank to be insolvent is also pending against Ward. Edouard F. Miliis, the Englishman convicted in London of libelling King George V and sentenced to serve a year in prison, was ordered deported from New York, Monday, by the commissioner of immigration at Ellis Island. Milius was held to be an undesirable alien and will be returned on the vessel which brought him. Milius published a sensational story to the effect that the English sovereign had contracted a morganatic marriage in Malta in 1880. The story was disproved in an action for libel brought against him by the solicitor-general of England. He was sentenced to a year's imprisonment, his term expiring Dec. 7, 1911. Two schooners which were bound for Halifax, N, S., from St. Johns, N. F., were sunk during last week's storms. In neither case, however, was there any loss of life. The schooner Minnie Pearl foundered in the Gulf of St. Lawrence after her crew had been taken off by a steamer. They were landed safely at Tolemway, N. F. The Minnie Pearl was a schooner of 97 tons and carried a cargo of fish valued at $10,000. The schooner Tasmania, also with a cargo of fish, was wrecked on the New Foundland coast. Her crew made their way to safety by boats. The Tasmania, which registered 100 tons, is a total loss. MADISON


Article from The Green Forest Tribune, December 27, 1912

Click image to open full size in new tab

Article Text

Minister-Banker Jailed. Memphis.-L. T. Ward, a former minister and cashier of the suspended Bank of Collierville, Tenn., was taken from a local hospital where he was a patient, to the county jail and imprisoned, charged with larceny and the ambezzlement of $38,000 from the bank's funds. An indictment against Wind was returned several days ago, by because of his illness, he was not arrested until later, when County Physidan T. C. Graves examined the accused banker and reported that he was not suffering from a serious ailment.


Article from The Madison Journal, December 28, 1912

Click image to open full size in new tab

Article Text

Minister-Banker Jailed. (emphis.-L. T. Ward, a former ister and cashier of the suspended of Collierville, Tenn., was taken a local hospital where he was a Ment, to the county jail and imprischarged with larceny and the ezzlement of $38,000 from the k's funds. An indictment against rd was returned several days ago, because of his illness, he was not ted until later, when County PhyT. C. Graves examined the acbanker and reported that he not*suffering from a serious ail.


Article from The Birmingham Age-Herald, February 1, 1913

Click image to open full size in new tab

Article Text

CASHIER ADMITTED A SHORT ACCOUNT President Ward on Stand in Defunct Bank Case Memphis January 31.-J. M. Ward, president, and James F. Hunter, receiver of the defunct bank of Collierville, Tenn., testified today at the trial of L. T. Ward, minister, and former cashier of the bank at the time its doors were closed last October, that the cashier had admitted to them that he was short in his accounts. Ward is charged with having misappropriated funds to the amount of $38,000. President Ward declared that, although he was the nominal head of the institution, the cashier had "really been the bank." The two men are not related. "Last September the bank's checks were turned down," said the witness, "and when I called on the cashier, Ward, he told me that the bank was 'busted' and that he had taken the money; that he had been 'in hell' for a year." The cashier admitted, he said, that he held $20,000 of stock in a lime and cement company located in Chattanooga, Tenn., and that he had loaned $1500 to a friend. Hunte testified that Ward also made a confession to him. An audit of the bank's books, Hunter said, showed a shortage of $38,000.


Article from McNairy County Independent, November 21, 1913

Click image to open full size in new tab

Article Text

ARE SUING ON L. T. WARD'S BOND. Cashier's Defalcations Wrecked Bank of Collierville. Memphis.-Judge J. P. Young of the circuit court, sitting as a court of chancery by interchange with Chancellor F. H. Heiskell, took up the suit of J. F. Hunter and Lamar Heiskell, receivers of the Bank of Colliervill, against the United States Fidelity & Guaranty Co. of Baltimore, surety on the bond of L T. Ward, defaulting cashier.