Memphis Bank - Memphis, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 25, 1854
Location: Memphis, Tennessee (35.150, -90.049)

Metadata

Model: gpt-5-mini
Short Digest: d811d619

Response Measures

None

Description

The article (Kenosha Telegraph, 1854-08-25) explicitly states that the Memphis Bank has failed. There is no mention of a depositor run prior to failure; the piece discusses the bank's notes being worthless and losses to note-holders. I classify this as a suspension/closure (failure) with bank-specific adverse information (insolvency/worthless currency).

Events (3)

1. August 25, 1854 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank described as failed/exploded concern with worthless notes in circulation; insolvency of the institution implied by failure and dead loss to note-holders.
Newspaper Excerpt: The Memphis Bank, of Tennessee, as our readers are by this time aware, has failed.
Source: newspapers

2. * Other

Newspaper Excerpt: Some $200,000 of the issues of the Bank referred to have been put in circulation... every dollar of which, as things now look, must be a dead loss to the holders.
Source: newspapers

3. * Receivership

Source: newspapers

Newspaper Articles (1)

1. August 25, 1854 Kenosha Telegraph Kenosha, WI

Article from Kenosha Telegraph, August 25, 1854

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Article Text

NUMBER 10. Memphis Bank Bank of Kenosha. The Memphis Bank, of Tennessee, as our readers are by this time aware, has failed. To the very fortunate circumstance that the Bank of this City has thrown out and discredited the paper of that institution for the past three weeks, are we indebted for the very slight loss sustained here from this failure. Perhaps not over $20 in the aggregate of the issues of this exploded concern can now be found in this immediate locality. From this may be seen how far a business community in the protection of its interests against a worthless currency from abroad, is dependent upon the foresight, prudence, and integrity of the managers of home institutions: and it shows furthermore that the confidence, in these respects, reposed by this community in the officers of the City Bank of Kenosha, is wellgrounded, and not likely to be abused. Other portions of the State, we regret to learn, are not so fortunate. Some $200,000 of the issues of the Bank referred to have been put in circulation in Farious localities, every dollar of which, as things now look, must be a dead loss to the holders. The Banks, rail-road companies, or other parties, instrumental in introducing this paper into Wisconsin, and in giving it currency and credit, should be held to a strict accountability. -By the way, we notice that the Milwaukee Sentinel, of Saturday, in an editorial allusion to this subject, speaks of the City Bank of Kenosha as responsible in this regard, in connection with other Banks named. That this statement is entirely gratuitous and unfounded, will be understood from what we have before remarked; and we must confess to no little surprise that SO serious a charge hsould have been made, without any investigation as to the facts of the case. Our Bank has not at any time had a dollar of the Memphis issue except as received from depositors, and since the 1st of the present month it has not been received at its counter or paid out in any shape. The Sentinel will doubtless seek an early opportunity to correct a statement SO entirely at variance with truth, and so injurious and unjust.