207. First National Bank (Ozark, AL)

View Charter #7629 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7629
Charter Number
7629
Start Date
December 22, 1924
Location
Ozark, Alabama (31.459, -85.640)

Metadata

Model
gpt-5-mini
Short Digest
d5b2d28caeae65a4

Response Measures

None

Receivership Details

Depositor recovery rate
7.3%
Date receivership started
1924-10-23
Date receivership terminated
1934-05-09
OCC cause of failure
Governance
Share of assets assessed as good
56.3%
Share of assets assessed as doubtful
25.2%
Share of assets assessed as worthless
18.6%

Description

Articles (Southern Star, 1926) state First National Bank of Ozark suspended on December 22, 1924 and later had a receiver (W. S. Hiatt). No article describes a depositor run prior to suspension. Article 1 (1918) discusses Ozark City National Bank and increased deposits after a hog sale — unrelated to the First National Bank suspension. Cause of suspension not specified in the statements; because a receiver was later appointed I classify the cause as government_action (closure by authorities/receiver).

Events (4)
1. March 3, 1905 Chartered
Source
historical_nic
2. October 23, 1924 Receivership
Source
historical_nic
3. December 22, 1924 Suspension
Cause
Government Action
Cause Details
Statement of condition lists the date of suspension (Dec 22, 1924); no explicit moral/technical cause given in article. Bank later placed in receivership.
Newspaper Excerpt
Statement of The First National Bank as of Date of Suspension ... when the bank suspended on December 22nd, 1924
Source
newspapers
4. March 2, 1926 Receivership
Newspaper Excerpt
W. S. HIATT, Receiver, First National Bank of Ozark. March 2nd, 1926. NOTICE-Persons having lock boxes and safekeeping items at the First National Bank are requested to call and claim their property. W. S. Hiatt, Receiver.
Source
newspapers

Newspaper Articles (3)
1. February 19, 1918 The Dawson News Dawson, GA
Article from The Dawson News, February 19, 1918

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Article Text

WILLIAM J. HARRIS. Undoubtedly this means that Mr. Harris is in the senatorial race to stay. He denies most emphatically that he had ever considered retiring from the political contest. By resigning his office he makes a large financial sacrifice. As a member of the federal trade commission he receives a salary of $10,000 a year. Senator Hardwick's campaign is fast getting underway. His office in the capitol and senate office building are very busy places these days and a large clerical force is engaged. FARMERS AROUND OZARK HAVE SOLD $146,000 WORTH OF HOGS Peanut Crop Has Worked a Wonderful Revolution in Farming in That Section. OZARK, Ala.-Farmers of this section sold eighteen thousand dollars worth of hogs here today at the greatest "Hog Days" sale ever held in this territory. Seven hundred hogs were sold and the buyer was P. M. Metcalf, of Hartford, Alabama, who made the highest bids for this great lot of porkers. The farmers came to Ozark from all directions for this event, and the crowd was immense despite the fact that it rained all day. Shortly after noon the jam to the banks was like a run on the banks-only the jam was caused by the farmers rushing in to deposit their money, not to draw it. The Ozark City National Bank had to handle money in bales to kep up with th deposits from this great sale. Hogs Are Finished. The hogs of this sale were the best ever offered in such a large lot in this section of the state. The fact that good, well finished hogs bring SO much more at these sales than runts or poorly fed animals has put the farmers to feeding and finishing hogs as never before. From September 1 to the present date the livestock association here has sold hogs to the enormous total of $146,498.44. Bank deposits have increased more than 150 per cent. within the last six months. Even in the best cotton years nothing like this has ever been experienced in this territory. L. F. Sessions and other prominent stockmen said today that there was virtually no limit to what the farmers of this territory could make out of hogs and peanuts.

2. March 3, 1926 Southern Star Newton, AL
Article from Southern Star, March 3, 1926

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Article Text

Statement of The First National Bank as of Date of Suspension and as of Date Dec., 31st 1926 Below we publish below two statements of condition of the First National Bank of Ozark. The first state ment shows the condition when the bank suspended on December 22nd, 1924, and the second shows the condition at the close of business December 31st, 1925. We understand that it will be the policy of the office of the Comptroller of the Currency to issue a statement at the end of each quarter. State of Condition of The First National Bank of Oxark, Alabama, as of the date of suspension, October 22nd, 1924 ASSETS Bills receivable $312,843.43 Cash on hand 617.80 Assets other than Bills receivable and cash on hand $58,467.58 TOTAL $371,928.81 LIABILITIES Liabilities unsecured $173,281.83 Deposits secured by pledge of assets of the bank aggregating $ none as collateral NO N E Rediscounts secured by pledge of assets of the bank aggregating $none as collateral NONE Bills payable secured by pledge of assets of the bank aggregating $241,353.10 as collateral $159,591.83 TOTAL $332,873.66 W. S. HIATT, Receiver, First National Bank of Ozark. March 2nd, 1926. Statement of Condition of the First National Bank of Ozark, Alabama as of December, 31st, 1925 ASSETS Bills receivable Cash on hand Assets other than Bills receivable and cash on $312,843.43 617.80 hand $58,467.58 Additional assets acquired 41,650.43 Stock assessment 35,00.00 Total of all Assets coming into the hands of the Receiver $448,579.24 REMAINING ASSETS UNCOLLECTED Bills receivable $264,028.13 Assets other than Bills receivable $41,616.30 Additional Assets acquired 34,379.82 Stock Assessment 34,697.50 Total Assets Uncollected $374,721.75

3. March 3, 1926 Southern Star Newton, AL
Article from Southern Star, March 3, 1926

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Article Text

REMAINING LIABILITIES Total claims proven on unsecured liabilities $102,934.80 Total unproven unsecured claims 60,361.19 Total secured liabilities outstanding unpaid Total bills payable un- 1,858.49 paid 118,569.86 Total rediscounts unpaid NONE Total Additional liabilities proven 434.02 Total of all liabilities $284,158.36 W. S. HIATT, Receiver, First National Bank of Ozark March 2nd, 1926. NOTICE-Persons having lock boxes and safekeeping items at the First National Bank are requested to call and claim their property. W. S. Hiatt, Receiver.