20709. Knoxville Bank (Knoxville, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 14, 1930
Location
Knoxville, Tennessee (35.961, -83.921)

Metadata

Model
gpt-5-mini
Short Digest
a6dd5086

Response Measures

None

Description

Articles (OCR-imperfect) indicate the Knoxville Bank was in receivership with the Treasury Department acting as receiver (Herbert Pearson). There is no clear description of a depositor run preceding the suspension; the bank is already in receivership and depositors were unable to access safe-deposit boxes. Therefore classified as a suspension leading to closure/receivership (suspension_closure). Article dates used: 1930-11-14. Minor OCR errors corrected (e.g., 'receiver receiver' and garbled sentences).

Events (2)

1. November 14, 1930 Receivership
Newspaper Excerpt
one of the directors of the Knoxville bank in receivership ... Herbert Pearson, the Treasury Department man who acting receiver, ... said the assets and liabilities had begun.
Source
newspapers
2. November 14, 1930 Suspension
Cause
Government Action
Cause Details
Bank placed in receivership; Treasury Department personnel on site and Herbert Pearson acting as receiver.
Newspaper Excerpt
McMillan, when asked if Preston came see about reorganizing the bank, said it was too early anything until the Treasury say Department men now here prepared statement showing its condition. Herbert Pearson, the Treasury Department man who acting receiver, declined to newspamorning, but sent permen assistant outside the doors of the bank that work checksay the assets and liabilities had begun.
Source
newspapers

Newspaper Articles (2)

Article from The Knoxville News-Sentinel, November 14, 1930

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Article Text

PRESTON VISITS KNOX BANKERS Chattanooga Financier Talks With Directors. Preston, president of the Hamilton National Bank Chattanooga, came to Knoxville yesafternoon and left this terday forenoon. While here he talked number of the Holstonwith Union directors, it was learned from E. McMillan, one of the directors of the Knoxville bank in receivership. McMillan, when asked if Preston came see about recorganizing the bank, said it was too early anything until the Treasury say Department men now here prepared statement showing its condition. Herbert Pearson, the Treasury Department man who acting receiver, declined to newspamorning, but sent permen assistant outside the doors of the bank that work checksay the assets and liabilities had begun. Other than that no formation was forthcoming. number holders of safe deposit boxes sought vainly to morning enter their deposit boxes. They told announcement would made the newspapers would be permitted.


Article from The Jackson Sun, June 1, 1931

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Article Text

Knoxville Bank Receiver receiver The petition said the note is unand of value of the Cadet Pearson albonds; Company Caldwell demand asserts, paid Caldwell $300, vised the was used as which and might borrow from the bank more than legal the bank could to one whether the bonds by Co. under the He said the are not their full face Sale the securities asked.