20995. National Bank (Shelbyville, TN)

View Charter #2198 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
2198
Charter Number
2198
Start Date
November 2, 1889
Location
Shelbyville, Tennessee (35.483, -86.460)

Metadata

Model
gpt-5-mini
Short Digest
a8b1fde9

Response Measures

None

Receivership Details

Depositor recovery rate
30.2%
Date receivership started
1889-12-13
Date receivership terminated
1892-04-26
OCC cause of failure
Fraud
Share of assets assessed as good
1.3%
Share of assets assessed as doubtful
67.8%
Share of assets assessed as worthless
30.8%

Description

The bank suspended in late 1889 and later was placed in receivership (bills filed Mar 22, 1890). Articles describe officers paying out deposits and giving personal notes; suspension is attributed to failures (Frankel at Shelbyville and Buchanan at Huntsville) and protested paper. No explicit depositor run is described. OCR minor typos corrected (e.g., 'Nashvile' -> Nashville; 'Comptroler' retained as historical spelling).

Events (6)
1. October 29, 1874 Chartered
Source
historical_nic
2. November 2, 1889 Suspension
Cause
Local Shock
Cause Details
Suspension attributed to the failure of Frankel in Shelbyville and the Buchanan failure at Huntsville; also bank's paper had gone to protest and officers saw failure inevitable.
Newspaper Excerpt
The National bank of Shelbyville, Tenn., has suspended on account of the Frankel failure at Shelbyville and Buchanan failure at Huntsville, Ala.
Source
newspapers
3. November 7, 1889 Other
Newspaper Excerpt
They paid out all deposits to depositors and refused to take more. They also began to take up the paper of the bank, substituting personal notes secured by mortgage. Mr. Whitthorn has mortgaged his entire personal estate to save the creditors and stockholders of the bank. No creditor will lose a dollar.
Source
newspapers
4. December 13, 1889 Receivership
Source
historical_nic
5. March 22, 1890 Receivership
Newspaper Excerpt
Under instructions from the Comptroler of the Currency bills have been filed in the United States Circuit Court at Nashville, Tenn., to wind up the affairs of the National Bank of Shelbyville, which suspended some months ago. The bills, three in number, are filed in the name of J. M. Melton, receiver of the bank, ...
Source
newspapers
6. May 10, 1890 Other
Newspaper Excerpt
B. R. Whitthorne, late cashier of the National Bank of Shelbyville, Tenn., was indicted in two cases ... One charges Whitthorne with perjury ... The other charges him with attempting to defraud the bank.
Source
newspapers

Newspaper Articles (6)
1. November 7, 1889 The Russellville Democrat Russellville, AR
Article from The Russellville Democrat, November 7, 1889

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Article Text

Bank Suspension. One of the surprises in financial circles in Nashvile, Tenn., and that vicinity recently was the suspension of the National Bank of Shelbyville, of which Hon. Edward Cooper is president and Brom. B. Whitthorne cashier. This bank had been considered a solvent institution, but for several weeks its paper had been allowed to go to protest. A few days ago the officers of the bank saw that failure was inevitable. They paid out all deposits to depositors and refused to take more. They also began to take up the paper of the bank, substituting personal notes secured by mortgage. Mr. Whitthorn has mortgaged his entire personal estate to save the creditors and stockholders of the bank. No creditor will lose a dollar.

2. November 7, 1889 The Brookhaven Leader Brookhaven, MS
Article from The Brookhaven Leader, November 7, 1889

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Article Text

Bank Suspension. One of the surprises in financial circles in Nashvile, Tenn., and that vicinity recently was the suspension of the National Bank of Shelbyville, of which Hon. Edward Cooper is president and Brom. B. Whitthorne cashier. This bank had been considered a solvent institution, but for several weeks its paper had been allowed to go to protest. A few days ago the officers of the bank saw that failure was inevitable. They paid out all deposits to depositors and refused to take more. They also began to take up the paper of the bank, substituting personal notes secured by mortgage. Mr. Whitthorn has mortgaged his entire personal estate to save the creditors and stockholders of the bank. No creditor will lose a dollar.

3. November 9, 1889 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, November 9, 1889

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Article Text

Bank Suspension. One of the surprises in financial circles in Nashvile, Tenn., and that vicinity recently was the suspension of the National Bank of Shelbyville, of which Hon. Edward Cooper is president and Brom. B. Whitthorne cashier. This bank had been considered a solvent institution, but for several weeks its paper had been allowed to go to protest. A few days ago the officers of the bank saw that failure was inevitable. They paid out all deposits to depositors and refused to take more. They also began to take up the paper of the bank, substituting personal notes secured by mortgage. Me. Whitthorn has mortgaged his entire personal estate to save the creditors and stockholders of the bank. No creditor will lose a dollar.

4. November 9, 1889 The Ohio Democrat Logan, OH
Article from The Ohio Democrat, November 9, 1889

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Article Text

On Account of the Frankel Failure. NASHVILLE, Tenn., Nov. 2.-The Na. tional bank of Shelbyville, Tenn., has suspended on account of the Frankel failure at Shelbyville and Buchanan fail. ure at Huntsville, Ala. All liabilities have been paid and the only losers are the officers of the bank, who have given personal notes to secure depositors and other creditors.

5. March 22, 1890 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, March 22, 1890

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Article Text

A Tennessee Bank Failure. Under instructions from the Comptroler of the Currency bills have been filed in the United States Circuit Court at Nashville, Tenn., to wind up the affairs of the National Bank of Shelbyville, which suspended some months ago. The bills, three in number, are filed in the name of J. M. Melton, receiver of the bank, and the defendants are banks in Nashville, Cookeville, Sparta, Newbern, Petersburg, Tullahoma, McMinnville and Bellbuckle, Tenn., Louisville, Ky., Leadville, Col., Athens, Ala., and Exchange Bank of Springfield, Mo., and individuals in several States.

6. May 10, 1890 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, May 10, 1890

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Article Text

Ex-Cashier Whitthorne Indicted. B. R. Whitthorne, late cashier of the National Bank of Shelbyville, Tenn., was indicted in two cases by the grand jury of the United States Court, in session in Nashville. One of the indictments charges Whitthorne with perjury in swearing to false reports to the Comptroler of the Currency. The other charges him with attempting to defraud the bank. The National Bank of Shelbyville suspended several months ago, and bills were recently filed by the receiver looking to a settlement of its af. fairs. The liabilities of the bank are in the neighborhood of $70,000.