First National Bank - Etowah, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9162
Charter Number: 9162
Start Date: July 1, 1932*
Location: Etowah, Tennessee (35.323, -84.525)

Metadata

Model: gpt-5-mini
Short Digest: 247d5df2

Response Measures

None

Receivership Details

Depositor recovery rate: 35.0%
Date receivership started: 1932-06-21
Date receivership terminated: 1938-10-20
Share of assets assessed as good: 45.2%
Share of assets assessed as doubtful: 45.7%
Share of assets assessed as worthless: 9.1%

Description

The First National Bank of Etowah closed (suspended) in July 1932 and a receiver (Frank E. Powell) was appointed by the U.S. Treasury in early August 1932. No article describes a depositor run; the bank was closed and placed in receivership (government action).

Events (4)

1. June 5, 1908 Chartered

Source: historical_nic

2. June 21, 1932 Receivership

Source: historical_nic

3. July 1, 1932* Suspension

Cause: Government Action
Cause Details: Bank closed in July 1932 and subsequently placed in receivership by federal authorities.
Newspaper Excerpt: First National Bank, Etowah, Tenn., which closed last month.
Source: newspapers

4. August 3, 1932 Receivership

Newspaper Excerpt: FRANK POWELL APPOINTED ETOWAH BANK RECEIVER ... appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. Frank E. Powell of Chattanooga has been appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. (Note: repeated OCR artifacts retained.)
Source: newspapers

Newspaper Articles (2)

1. August 3, 1932 The Commonwealth Somerset, KY

Article from The Commonwealth, August 3, 1932

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Article Text

FRANK POWELL APPOINTED ETOWAH BANK RECEIVER Mr. Frank E. Powell of Chattanooga has been appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. Mr. Powell, who has visited here on several occasions, was formerly in the service of the government in the attorney general's department. Mrs. Powell will be remembered here as Miss Lena Trimble.

2. March 2, 1933 The Chattanooga News Chattanooga, TN

Article from The Chattanooga News, March 2, 1933

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Article Text

Etowah Bank Has More Cash Than Deposit Liability Cantrell Banking company State bank here, probably the most liquid bank in the United States, according to issued Wednesday by following of State Banking Superintendent Robertson to Gov. McAlister's six-day bank hollday. The statement showed that the actual amount of cash its vault at the close Tuesday's was per cent greater than its total deposit liability This bank was organized by the W. Cantrell estate relieve the financial stress brought on by the closing of the First National last June. Its entire board directors is confined to members of that family.