Peoples Bank - Cookeville, TN

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 10, 1910
Location: Cookeville, Tennessee (36.163, -85.502)

Metadata

Model: gpt-5-mini
Short Digest: 28bcf72a

Response Measures

None

Description

Both banks are described as 'State institutions.' People's Bank closed because, on learning Bank of Cookeville failed to open, it also remained closed fearing a run. The article reports efforts to reopen both banks, so classify as suspension with planned reopening. People's Bank is said to be owned by the Bank of Cookeville.

Events (1)

1. January 10, 1910 Suspension

Cause: Local Banks
Cause Details: People's Bank closed after learning the Bank of Cookeville failed to open and feared depositors' run; closure triggered by distress/failure of the local Bank of Cookeville.
Newspaper Excerpt: The Bank of Cookeville and the People's Bank, both State institutions, failed to open their doors for business this morning.
Source: newspapers

Newspaper Articles (1)

1. January 14, 1910 The Columbia Herald Columbia, TN

Article from The Columbia Herald, January 14, 1910

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Article Text

TWO COOKEVILLE BANKS CLOSED UP OVER LOANS SAID TO HAVE CAUSED TROUBLE-HOPE TO RESUME. COOKEVILLE, Tenn., Jan. 10.-The Bank of Cookeville and the People's Bank, both State institutions, failed to open their doors for business this morning. The former, it is stated, was embarrassed by over-loans and the latter, on learning that the Bank of Cookeville failed to open, also remained closed, fearing a run by the depositors. Representatives from two Nashville banks were in conference with the directors of the Bank of Cookeville today with the hope of reaching some agreement by which the bank can be re-opened within the next few days. The conference was in session at midnight without any definite plans formulated. It is hardly probable that the People's Bank will open its doors this morning. The People's Bank, it Is said, is owned by the Bank of Cookeville. The capital stock of the latter is $30,000, while that of the People's Bank is only $10,000. When the doors of the Bank of Cookeville were closed today it is said that the cash on hand was approximately $11,000 and the deposits amounted to between $300,000 and $400,000. The loans amount to $328,032. It is thought, however, that if all of the notes can be collected the assets will exceed the liabilities by at least $50,000. That was a statement given out by a member present at the conference last night. It was stated last night by a member of the conference at Cookeville that a movement was on foot by which it is thought the banks will be reopened on a sound basis within a short time, in face within the next day or so.