20777. Chickasaw Bank & Trust Company (Memphis, TN)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
January 7, 1913
Location
Memphis, Tennessee (35.150, -90.049)

Metadata

Model
gpt-5-mini
Short Digest
4bf84c27

Response Measures

Full suspension

Other: Receiver appointed by chancery court; affairs later taken over by North Memphis Savings Bank and receivers paid dividends to depositors.

Description

Depositors began withdrawing funds and clearing balances (~$6,000) were not paid on Jan 7, 1913; a receiver was appointed Jan 8, 1913 and the bank remained in receivership and was later taken over by North Memphis Savings Bank. Causes cited are bank-specific (long loans, overdrafts, inability to realize assets).

Events (3)
1. January 7, 1913 Run
Cause
Bank Specific Adverse Info
Cause Details
Shortage of immediate funds attributed to comparatively large amount of outstanding/long-time loans and overdrafts; clearing balances not paid prompted withdrawals.
Measures
Directors announced petition to chancery court to have another banking institution take charge of affairs; president issued statement reassuring depositors they would be paid in full.
Newspaper Excerpt
an embarrassment which reached a climax today when clearing balances of about $6000 were not paid and a number of depositors appeared to withdraw their funds.
Source
newspapers
2. January 8, 1913 Receivership
Newspaper Excerpt
Lamar Heiskell... was today appointed receiver for the Chickasaw Bank and Trust Company, whose officers last night declared their inability to meet their clearing house obligations. The receiver stated... embarrassment was caused by long loans and overdrafts and inability to realize upon them as soon as expected. He says the depositors will be paid in full. The institution was a small one.
Source
newspapers
3. June 12, 1919 Other
Newspaper Excerpt
Since the closing of the Chickasaw bank, Jan. 7, 1913, total dividends realized and paid to the depositors have amounted to 23 per cent of the deposits. Final payment of 3 per cent was made in April by the receivers. The affairs of the institution were taken over by the North Memphis Savings bank.
Source
newspapers

Newspaper Articles (8)
1. January 8, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, January 8, 1913

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Article Text

MEMPHIS BANKER IS IN DIFFICULTY Memphis, January 7.-Announcement was made late tonight by the directors of the Chickasaw Bank and Trust company that a petition will be filed / in chancery court tomorrow morning asking that some other of the banking institutions of this city be appointed to take charge of affairs of the Chickasaw bank as a solution of an embarrassment which reached a climax today when clearing balances of about $6000 were not paid and a number of depositors appeared to withdraw their funds. This petition will be presented in advance of the hearing of a petition filed tonight by H. C. Maynard, a depositor, asking that the bank be declared insolvent and that a receiver be named. Maynard alleged that payment of his check for $200 was refused. George E. Nuehardt, president of the bank, issued a statement tonight declaring that while the bank is short of immediate funds the difficulties are not serious and that the depositors will be paid in full. The shortage of ready cash is attributed to the comparatively large amount of outstanding loans. The Chickasaw bank is one of the smaller of the financial institutions of Memphis. Its last statement published January 1 showed loans and discounts of $245,459; stocks and bonds of $21,101.56; cash on hand and due from other banks, $45,216; deposits of $209,134.49; bills payable. $68,031.40, and surplus, $13,413.38. The bank is capitalized at $25,000 and was established in 1902. George E. Neuhardt is president, T. J. Turley and William A. Hein, vice presidents, and Samuel G. Sparks, treasurer.

2. January 8, 1913 The Sentinel=record Hot Springs, AR
Article from The Sentinel=record, January 8, 1913

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Article Text

MEMPAIS BANK CLOSES ITS DOORS WAS ONE OF THE NUMEROUS SMALL FINANCIAL INSTITUTIOS OF THAT CITY. Memphis, Tenn., Jan. 7.-Announcement was made late tonight by the directors of Chickasaw Bank and Trust Company that a petition will be filed in chancery court tomorrow morning asking that some other banking instiution of this city be appointed to take charge of the affairs of the Chickasaw Bank as a solution of an embarrassment which reached a climax today when clearing balances o! $6,000 were not paid, and a number of depositors appeared to withdraw their funds. This petition will be presented in advance of the hearing of a petition filed tonight by H. C. Maynard, a depositor, asking that the bank be declared insolvent and that a receiver be named. Maynard alleged that payment of his check for $200 was refused. Geo. E, Nouhardt, president of the bank, issued a statement tonight declaring that while the bank is short of immediate funds, the depositors will be paid in full. The shortage ot ready cash is attributed to the comparatively large amount of outstanding loans. The Chickasaw Bank is one of the smaller financial institutions of Memphis. Its last statement, published January 1, showed loans and discounts of $245,459; stocks and bonds of $21.101,56; cash on hand and due from other banks $45,216; deposits of $209,134.49; bills paybale $68,031.40 and surplus $13,413.38. The bank is capitalized at $25 / and was established in 1902. Geo. E. Neuhardt is president, T. J. Turley and Wm. A. Hein, vice presidents and Samuel G. Sparks ,treasurer.

3. January 9, 1913 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, January 9, 1913

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Article Text

NAMED RECEIVER OF A MEMPHIS TRUST COMPANY Memphis, Tenn., Jan. 8.-Lamar Heiskel, clerk and master of the Shelby county chancery court, was today appointed receiver for the Chickasha Bank and Trust Company, whose officers last night declared their inability to meet their clearing house obligations. The receiver stated today that the embarrassment was caused by long Icans and overdrafts and inability to realize upon them as soon as expected. He says the depositors will be paid in full. The institution was a small one.

4. January 10, 1913 The Columbia Herald Columbia, TN
Article from The Columbia Herald, January 10, 1913

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Article Text

RECEIVER FOR CHICKASAW BANK I MEMPHIS, Tenn., Jan. 9.-Lamar Heiskell, clerk and master of the Shelby county chancery court, was today appointed receiver for the Chickasaw Bank & Trust Co., whose officers last night declared their inability to meet their clearing house obligations. The received stated today that the embarrassment was caused by ìong time loans and overdrafts and inability to realize upon them as soon as expected. He says the depositors will be paid in full. The institution was a small one.

5. February 20, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, February 20, 1913

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Article Text

BANK IN HANDS OF THE RECEIVER Memphis, February 19.-George E. Neuhardt, president; S. L. Sparks, cashier, and P. J. Nelson, teller of the Chickasaw Bank and Trust company, which went into the hands of a receiver last month, and for whom warrants charging Irregular banking methods, were issued this morning, surrendered late today. They were released on bond.

6. February 1, 1915 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, February 1, 1915

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Article Text

MINIATURE ALMANAC. February 1, 1915. HIGH TIDE: Sun rises 5:29 7:16 Morning Sun sets 6:14 5:32 Evening BANK OFFICIALS WILL BE TRIED IN FEDERAL COURT Charged With Using Mails to Defraud. Special Department of Justice Attorney to Assist in Prosecution. MEMPHIS, TENN., January 31.-C. P. Raine, former president of the Mercantile Bank of this city, which closed its doors on February 8, 1914, and G. El. Neuhardt, president. and five other officials of the suspended Chickasaw Bank and Trust Company, will he called for trial in the Federal Court here tomorrow on charges of using the mails to defraud. S. L. Sparks, cashier; P. J. Nelson, teller: Jacob Goldbaum, and J. D. Brown, directors, and W. S. Biles, a Neuhardt. stockholders, are co-defendants with Silvester R. Rush. special attorney for the Department of Justice, will assist in the prosecution of the Chickasaw bank officials, who probably will be tried first. The Chickasaw Bank and Trust Company was placed in the hands of a receiver on January 8, 1913. The bank was capitalized at $25,000, and held deposits of $209,000. Indictments returned against Neuhardt, Sparks and Nelson by the county grand jury recently were dismissed. Eighteen indictments also are pending in the State courts against Raine, charging him with the misappropriations of $1,109,000 of funds of the Mercantile Bank. Raine's personal estate, valued at approximately $300,000. was turned over to the receiver, which, with the assets found, and $300,000 subscribed by the stockholders, provided a fund sufficient to pay the depositors almost in full. The affairs of the Chickasaw Bank and tion. Trust Company still are in liquida-

7. February 1, 1915 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, February 1, 1915

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Article Text

OFFICIALS OF DEFUNCT BANK TO ANSWER CHARGES Memphis, January 31.-C. H. Raine, The Chickasaw Bank and Trust comformer president of the Mercantile pany was placed in the hands of a re ceiver January 8, 1913. The bank was bank of this city, which closed its capitalized at $23,000 and held deposits doors February 8, 1914, and G. R. Neuof $209,000. Indictments returned hardt, president and five other officials against Neuhardt, Sparks and Nelson of the suspended Chickasaw Bank and by the county grand jury recently were dismissed. Trust company will be called for trial Eighteen indietments also are pendin federal court here tomorrow on ing in the state courts against Rains charges of using the mails to defraud. charging him with the misappropiraS. L. Sparks, cashier, P. J. Nelson, teltion of $1,091,000 of funds of the Metcantile bank Raine's personal estate, 1er, Jacob Goldbaum and J. D. Brown, valued at approximately $300,000, was directors and W. S. Biles, a stockholder, turned over to the receiver, which, with are codefendants with Neuhardt. the assets found, and $300,000 subSylvester R. Rush, special attorney scribed by the stockholders, provided for the department of justice will as. a fund sufficient to pay the depositors almost in full. sist in the prosecution of the ChickaThe affairs of the Chicasaki Bank saw bank officials, who probably will and Trust company still are in liquidabe tried first. tion.

8. June 12, 1919 The News Scimitar Memphis, TN
Article from The News Scimitar, June 12, 1919

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Article Text

Out of our tre S tiful gifts : as silver. Silver is Fifty years pride to th days. Reed & B the finest 1 it above al HINA JULIU 3 not say whether the cases will be proseLIMI cuted until I have made this investigation: if there is any evidence to warrant trial I most certainly will have the cases against the men set." Acc Since the closing of the Chickasaw bank, Jan. 7. 1913, total dividends realvice 1 ized and paid to the depositors have list in amounted to 23 per cent of the deposits. Final payment of 3 per cent was made in April by the receivers. The affairs of the institution were taken over by the North Memphis Savings bank.