Citizens' Bank - Memphis, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 1, 1860*
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 051a942d

Response Measures

None

Description

Article (Mar 27, 1860) reports that Citizens' Bank of Memphis had suspended (notes selling at heavy discount). No report of depositor run; article mentions redemption of notes by an individual (Sam. P. Walker). The ultimate reopening status is not stated; I classify as suspension_closure because the piece reports suspension and severe discounting without evidence of continued operations. Cause of suspension is not specified in the article.

Events (1)

1. February 1, 1860* Suspension

Cause Details: Article does not state the reason for the suspension; only notes severe discounting and that notes since its suspension cannot be sold at any price in markets referenced; redemption by Sam. P. Walker mentioned but no cause given.
Newspaper Excerpt: The notes of the Citizens' Bank, which is located at Memphis, have been selling at a discount of about sixty cents on the dollar since its suspension
Source: newspapers

Newspaper Articles (1)

1. March 27, 1860 Nashville Union and American Nashville, TN

Article from Nashville Union and American, March 27, 1860

Click image to open full size in new tab

Article Text

Monetary. The Memphis Enquirer of the 25th says: By reference to our bank note reports it will be seen that the notes of the Bank of Jefferson and the Citizens' Bank are stricken out. We are informed that the issues of these banks cannot be sold at any price. The Bank of Jefferson was a Free Bank, and the time for the redemption of its notes by the Comptroller, as provided by law, expired on the 9th of February. Mr. W. P. Inman, of Ringgold, Ga., who owned the Bank of Jefferson, informed the Comptroller that he would cheerfully redeem whatever of the issues of the Bank may be outstanding, if sent to him. The notes of the Citizens' Bank, which is located at Memphis, have been selling at a discount of about sixty cents on the dollar since its suspension, but it was understood that Mr. Sam. P. Walker was redeeming its notes dollar for dollar as presented. Why this sudden change in its affairs the Enquirer ought to have been able to explain.