American Bank & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust company
Start Date: January 8, 1927
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: e92eec1b

Response Measures

None

Description

Article (Paragould Soliphone, 1927-01-10) reports the American Bank & Trust Company of Memphis as now closed after discovery of large shortages and alleged embezzlement; mentions arrests and suicide of a cashier. OCR errors in the text were corrected (e.g., Band -> Bank, names and amounts). No explicit mention of a depositor run; closure appears driven by bank-specific malfeasance/insolvency.

Events (1)

1. January 8, 1927 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovered shortages (reported about $463,000) and alleged embezzlement by officers/employees; arrests and suicide of a cashier followed the closing.
Newspaper Excerpt: the now closed American Band and Trust Company
Source: newspapers

Newspaper Articles (1)

1. January 10, 1927 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, January 10, 1927

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Article Text

ANOTHER MAN MEMPHIS BANK UNDER ARREST Jessie M. Foltz is Accused by Irreof Profiting gularities Suicide Banker (By The Associated Press) Memphis, Jan. 8-Charged with grand larceny of $107,000 which alleged to have received from of the now closed American Band and Trust Company, Jessice Foltz, operator of chain market tem here. was arrested last bight Foltz's arrest was the fourth has followed the closing of the Insti tution. which was the cide of Clarence ant cashier, and followed sud den death. believed grief. of Harry Cohn. aged president Foltz who has been Poostantly ub: der survellance of officers since the arrest of Rush H: Parke on charges of embezzling 000 of the bank's funds, has that his business ited by Parke's speculations Parke kept hooks for the Foltz suburban market. in addition to his job at the bank. and is now out under $25,000 Not Responsible, Says Feitz. Total shortages in the bank's funds were said by bank examiners have $463,000. Foltz's connection with the peculiations, officers said tonight, was that be "piled up the $105,000 overdraft while Parke was keeping the bank's "If those crooks down there have mishandled my account and have made the records show that owe the bank large sum of money, don't see how can be held responsible, Foltz told reporters tonight Parke, who to Memphis after Henochsberg's suicide, teld an the personal direction of Vice Presk dent W. Green, in preserving improving the appearance of Jumpitioand passenger Inequer of which the principal is is This material is sold to the public under the trade names of and being for the and other Hundreds of thousands