Citizens Bank - Pulaski, TN

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 1, 1931*
Location: Pulaski, Tennessee (35.200, -87.031)

Metadata

Model: gpt-5-mini
Short Digest: 097d0634

Response Measures

None

Description

Article states the bank was closed following an investigation after the president William L. Abernathy, Jr. committed suicide in the bank vault in June 1931; a receiver was appointed and suit by the receiver seeks surety bond funds. This indicates a suspension that resulted in permanent closure and receivership driven by bank-specific dishonesty/embezzlement.

Events (2)

1. June 1, 1931* Receivership

Newspaper Excerpt: Suit for collection of a bond ... by D. D. Robertson, receiver of the Citizens Bank of Pulaski. ... Following Abennathy's suicide an investigation resulted in the closing of the bank and appointment of receiver.
Source: newspapers

2. June 1, 1931* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank president William L. Abernathy Jr.'s suicide in the vault and discovery of alleged dishonest and fraudulent conduct/embezzlement causing great losses beyond $25,000 led to bank closing and appointment of a receiver.
Newspaper Excerpt: Following Abennathy's suicide an investigation resulted in the closing of the bank and appointment of receiver.
Source: newspapers

Newspaper Articles (1)

1. August 31, 1932 The Tennessean Nashville, TN

Article from The Tennessean, August 31, 1932

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Article Text

BANK RECEIVER SEEKS TO SECURE SURETY BOND Suit for collection of a bond of $25,000 with interest was filed Tuesday afternoon with the federal district clerk against the American Surety company of New York by D. D. Robertson, receiver of the Citizens Bank of Pulaski. The Surety company had bonded the late William L. Abernathy, Jr., bank president who committed sulcide in the bank vault in June, 1931, against dishonesty, embezzlement, or fraud, according to the bill. Following Abennathy's suicide an investigation resulted in the closing of the bank and appointment of receiver. It was also learned, according to the suit, that the bank had sustained great losses in excess of $25,000 through "dishonest and fraudulent conduct" of Abernathy. The Surety company has refused to pay the amount of the bond, states Robertson in his bill. There were about pages devoted to an enumeration of the various transactions of Abernathy to prove his alleged dishonesty