Gayoso Savings Institution

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 1, 1869*
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: 2d2ab922

Response Measures

None

Description

Article (Dec 21, 1869) reports the Gayoso Savings Institution suspended shortly before that date and that Tennessee State bonds on deposit are now involved in litigation; indicates insolvency/claims and no mention of reopening. Classified as suspension leading to closure/receivership.

Events (1)

1. December 1, 1869* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Suspension followed entanglement with Tennessee State bonds and the institution's indebtedness and litigation; suggests insolvency/financial trouble.
Newspaper Excerpt: Of the Tennessee State bonds reported as on hand, $80,000 were deposited in the Gayoso Savings Institution of Memphis just before it suspended, and are now involved in litigation.
Source: newspapers

Newspaper Articles (1)

1. December 21, 1869 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN

Article from Memphis Daily Appeal, December 21, 1869

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Article Text

Of the Tennessee State bonds reported as on hand, $80,000 were deposited in the Gayoso Savings Institution of Memphis just before it suspended, and are now involved in litigation. The indebtedness of the Company to that bank amounts to $41,328 75, which is certain to be saved out of the bonds, and the balance is a claim against the institution and their correspondents in New York, Duncan, Sherman & Co., which the Company is litigating. The floating debt of the Company consists of the following items: