20763. American Savings Bank & Trust Company (Memphis, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
January 10, 1930
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
dde93f95

Response Measures

None

Description

Articles (Jan–Mar 1930) indicate the American Savings Bank & Trust Co. is defunct and in receivership (H. Grigsby, receiver) with sale of bank-owned property; no contemporary bank run is reported. Suspension/closure appears to have been followed by receivership and liquidation. Article 2 references the bank's failure and investigations into loans to local officials.

Events (3)

1. January 10, 1930 Receivership
Newspaper Excerpt
H. Grigsby, receiver for both institutions. Mr. Grigsby seeks permission to sell property ... This is property of the Fraternal bank.
Source
newspapers
2. January 10, 1930 Suspension
Cause
Government Action
Cause Details
Bank was defunct and placed under a receiver; affairs taken into chancery court and receiver seeking permission to sell bank-owned property.
Newspaper Excerpt
Affairs of both the defunct American Savings Bank & Trust Company ... taken into chancery court again yesterday by H. Grigsby, receiver for both institutions.
Source
newspapers
3. March 13, 1930 Other
Newspaper Excerpt
La Guardia ... would seek reports in the possession of the department concerning the failure of the American Savings Bank & Trust Co. along with 'any record of loans made by the bank to Judge Anderson or members of his family.'
Source
newspapers

Newspaper Articles (2)

Article from The Commercial Appeal, January 10, 1930

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Article Text

SEEKS COURT APPROVAL. Grigsby, Bank Receiver, Wants to Sell Property. Affairs of both the defunct American Savings Bank & Trust Company and the Fraternal & Solvent Savings Bank were taken into chancery court again yesterday by H. Grigsby, receiver for both institutions. Mr. Grigsby seeks permission to sell property 503 Linden Avenue to W. W. Crigger for $6,500 cash. He says is the advantageous offer yet received. Mr. Crigger is the present tenant. The house and is owned by the American bank. In the other case, Mr. Grigsby seeks to clear up the title to 1294 Woodlawn so that may be sold. This is property of the Fraternal bank.


Article from Evening Star, March 13, 1930

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Article Text

# MISCONDUCT LAID TO FEDERAL JUDGE La Guardia Wants Justice Department Records Produced. Charging misconduct, Representative La Guardia, Republican, of New York yesterday introduced a resolution in the House calling upon Attorney General Mitchell for information he may have as to the manner in which Federal Judge Harry B. Anderson of the Western Tennessee district has handled bankruptcy and other cases. Informed in Memphis of the New Yorker's action, Judge Anderson said the resolution "comes as a shock and a great surprise to me," but that he was "confident of the ultimate outcome and assured of vindication." Citizens Complained. La Guardia said he had waited "patiently" for action by the Department of Justice on complaints against the judge by citizens of Memphis, but that "none had been forthcoming." The resolution would call specifically for information on persons charged with narcotic law violations who defaulted and failed to appear for trial and whose bonds were later reduced. It also would seek reports in the possession of the department concerning the failure of the American Savings Bank & Trust Co. along with "any record of loans made by the bank to Judge Anderson or members of his family." Some Information Anonymous. Representative Taylor, Republican, Tennessee, inquired if the information against the judge was "anonymous." La Guardia replied: "Some of it and some is easily identified. "There is nothing anonymous in the fact that this judge requires receivers in bankrupt estates to deposit in the American Savings Bank & Trust Co. the funds of the bankrupt. "There is nothing anonymous in the fact that a certain man was repeatedly named receiver and that he did not account in many bankrupt estates, and to this date there has been no proper accounting in many cases which resulted in losses to citizens, many in my own city."