Article Text
DRESDEN BANK CLOSES DOORS Rumor Blamed for Secret Run on Institution- H. Moran President. the of arrival of alleged started caused defor the bank the distrust bank the by
20632. Dresden Bank (Dresden, TN)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Start Date
- July 19, 1927
- Location
- Dresden, Tennessee (36.291, -88.708)
Metadata
- Model
- gpt-5-mini
- Short Digest
1d21ce92
Response Measures
Full suspension, Books examined
Other: State examiners requested to take charge; bank closed and taken into custody.
Description
A secret run (started by a heavy stockholder) led to large withdrawals (~$30,000) and state banking examiners were requested to take charge; reports cite frozen assets/loans on Weakley County land. The bank closed and examiners took charge, indicating permanent closure/receivership context.
Events (2)
1.
July 19, 1927
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Secret run began (reported started by a heavy stockholder) amid reports of weakening due to frozen loans on Weakley County land; over $30,000 withdrawn.
- Measures
- State banking examiners were requested to take charge of affairs; notice posted that assets exceeded liabilities by $35,000.
- Newspaper Excerpt
- A secret run started on the bank last Saturday by heavy stockholder precipitated its closing ... It is estimated that over $30,000 was withdrawn since the run started.
- Source
- newspapers
2.
July 19, 1927
Suspension
- Cause
- Government Action
- Cause Details
- State banking examiners were requested to take charge after heavy withdrawals and the bank closed its doors.
- Newspaper Excerpt
- State banking examiners today were requested to take charge of affairs of the Dresden Bank, following its close this morning.
- Source
- newspapers
Newspaper Articles (3)
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Article Text
DRESDEN BANK CLOSES WHEN RUN IS STARTED State Examiner in Charge After $30,000 Withdrawn. DRESDEN. Tenn.. July 19.-State banking examiners today were requested to take charge of affairs of the Dresden Bank, following its close this morning. secret run started on the bank last Saturday by heavy stockholder precipitated its closing. it was said. the institution to Inform the public that the assets exceeded the liabilities $35,000. Reports were made that the bank was weakening through frozen assets in the form of loans on Weak. ley County land. It is estimated that over $30,000 was withdrawn since the run started. The bank had loans and discounts aggregating $227,000 with $157.000 in deposits and a paid in capital of $35,000. James H. Moran. president of the institution. said that an accurate statement of the bank's condition could not be given until the books were audited but that he thought that the bank was still in good standing. George S. Boyd is cashier of the institution. The Dresden Bank was organized 45 years ago and has always given the best of service and reputed to be
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Article Text
Bank At Dresden, Tenn. Closes Its Doors Failure Caused By Excessive Loans on Weakley County Lands. State banking examiners last week were requested to take charge of affairs of the Dresden Bank, following its close last week. A secret run started on the bank last week by a heavy stockholder precipitated its closing, it was said. A notice was posted on the doors of the institution to inform the public that the assets exceeded the liabilities $35,000. Reports were made that the bank was weakening through frozen assets in the form of loans on Weakley county land. It is that over $30,000 was since the run started. The bank had loans and discounts aggregating with $157 in deposits and a paid in capital of $35,000. James H. Moran, president of the institution, said that an accurate statement of the bank's condition could not be given until the books were audited but that he thought that the bank was still in good standing. George S. Boyd is cashier of the institution. The Dresden Bank was organized 45 years ago and has always given the best of services and reputed to be in the best of condition. The two other banks here are in good condition.