20760. American Savings Bank (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 7, 1926
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
26863f27

Response Measures

None

Description

Articles (Dec 9–10, 1926) report large shortages discovered, assistant cashier's suicide, the bank's closing and that the institution is now in the hands of a receiver. No mention of a depositor run; collapse appears due to internal embezzlement/shortages leading to receivership.

Events (2)

1. December 7, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large shortages in cashier/accounts (approx. $100,000 and reported $300,000 shortage by assistant cashier) and related embezzlement allegations leading to immediate closing.
Newspaper Excerpt
the suicide of the assistant cashier of the bank, Clarence Henochsberg, who shot himself at his home Tuesday and the closing of the American Savings Bank came the same day.
Source
newspapers
2. December 9, 1926 Receivership
Newspaper Excerpt
The institution is now in the hands of a receiver.
Source
newspapers

Newspaper Articles (4)

Article from Evening Star, December 9, 1926

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Article Text

BANK CLERK GIVES UP IN $100,000 SHORTAGE Memphis Man Returns on Hearing Assistant Cashier Had Committed Suicide. By the Associated Press. MEMPHIS, Tenn., December 9.Rush H. Parke, American Savings Bank clerk, who disappeared a week ago just before a shortage of approximately $100,000 was found in his accounts, surrendered to police today. He phoned J. F. Hunt and I. H. Wilson, bank examiners, and told them he wanted to surrender. The examiners had policement sent to him. Parke's disappearance was followed by the suicide of the assistant cashier of the bank. Clarence Henochsberg, who shot himself at his home Tuesday and the closing of the American Savings Bank came the same day. The institution is now in the hands of a receiver. Before he killed himself Henochsberg said he was short $300,000. and begged Abe Plough, Memphis capitalist, to replace the amount before it was discovered. Mr. Plough told Henochsberg that he would try to help him, but the banker shot himself before Plough could reach him. Whether there was any connection between the shortages is not known. Parke. acting on the advice of his attorney. refused to talk to newspaper men after his arrest. Parke is said to have told the officers who arrested him that he fled to New Orleans, returning to Memphis when he heard of the suicide of the assistant cashier.


Article from Brownsville Herald, December 9, 1926

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Article Text

BANKER GIVES UP TO POLICE Memphis Institution Closed Because Of Shortage MEMPHIS, Tenn., Dec. 9.-(A)) Rush H. Parke, American Savings Bank clerk, who disappeared a week ago just before a shortage of approximately $100,000 was found in his accounts, surrendered to police today. He phoned J. F. Hunt and H. Wilson, bank examiners and told them he wanted to surrender. Parke's disappearance was followed by the suicide of the assistant cashier of the bank, Clarence Henochsberg, who shot himself at his home Tuesday, and the closing of the American Savings Bank came the same day. The institution is now in the hands of a receiver. Before he killed himself Henochsberg said he was short $300,000 and begged Abe Plough. Memphis capitalist, to replace the amount before it was discoyered. Mr. Plough told Henochsberg that he would try to help him but the banker shot himself before Plough could reach him. Whether there was any connection between the shortages is not known. Parke, acting on the advice of his attorney. refused to talk to newspapermen after his arrest. Parke is said to have told the officers who arrested him that he fled to New Orleans, returning to Memphis when he heard of the suicide of the assistant cashier.


Article from The Havre Daily News, December 10, 1926

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Article Text

Bank Embezzler Gives Self To Memphis Cops Memphis, Dec. 10 (AP)-Rush H. Parke. American Savings Bank clerk, who disappeared a week ago just before shortage of approximately $100,000 was found in his accounts, surrender- ed to police Thursday. He phoned J. F. Hunt and I. H. Wilson, bank examiners and told them he wanted to surrender. Parke's disappearance was fol. lowed by the suicide of the assistant cashier of the bank. Clarence Henichsberg, who shot himself at his home Tuesday, and the losing of the American Savings Bank came the same day. The institution is now in the hands of a re- celver. Before he killed himself Henochsberg said he was short $300.000 and begged Abe Plough. Memphis capitalist to replace the amount before it was discovered. Mr. Plough told Henochsberg that be would try to help him but the banker shot himself before Plough could reach him. A good Investment Is a subscription to the News-Promoter


Article from The Commercial Appeal, January 18, 1927

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Article Text

BUSINESS GOOD, DECLARES RECEIVER Dietler That Markets Be Continued. Foitz Suburban Markets. the busiJesse two ago charge of grand the American Bank has satisfactory and should be continued, said the business chancery court yesterday by Dietler. receiver. appointed for the During Mr. Dietler opcrated he report to the court. the showed and according his statement filed with the court. the net all of The and arrest Foltz grew out shortage more than the of the Foltz Suburban now American Savings Bank closed following his arrest Mr. Foltz filed bill in chancery court asking that the court for his business. He thus wanted protect his enterprise against any move the bank. his creditors ward him into involuntary The receiver. E. N. Dietler, was appointed for one week operate and to report to the Mr. Poltz was employed by the during of the