21003. Soddy Banking Company (Soddy, TN)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 1, 1925*
Location
Soddy, Tennessee (35.289, -85.167)

Metadata

Model
gpt-5-mini
Short Digest
36fd402d

Response Measures

None

Description

Articles (Aug 9, 1934) refer to the Soddy bank as 'defunct', 'closed', 'crashed' and having a receiver; no mention of a depositor run. Legal suit refers to funds missing after the bank 'crashed' around Sept 1925. Therefore this appears to be a suspension/closure with receiver (no reported run). Exact failure date not stated beyond 'after' Sept 1925; receiver referenced in 1934 articles.

Events (3)

1. September 1, 1925* Receivership
Newspaper Excerpt
Robertson, receiver of the defunct Soddy bank, pending in chancery court.
Source
newspapers
2. September 1, 1925* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank 'crashed' and funds were missing from deposits (alleged missing insurance proceeds); insolvency or loss of assets led to suspension/closure.
Newspaper Excerpt
After the bank crashed. the money was missing. ... Robertson, receiver of the defunct Soddy bank
Source
newspapers
3. August 9, 1934 Other
Newspaper Excerpt
KILLOUGH, BONDING FIRM, BANK AND RECEIVER SUED ... bill claims to be entitled to $7,389 ... deposited the bank, which was letters of administration in the Harvey estate on Sept. 1925.
Source
newspapers

Newspaper Articles (2)

Article from The Chattanooga News, August 9, 1934

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Article Text

T. W Killough Sued County W Killough is one of the In $7,389 suit that has been filed in Chancery Court by John Harvey Harvey claims to be entitled to that amount from war TISK insur ance policy deposited in Soddy bank which closed Killough charged with require the bank to post bond as administrator of the Mark Harvey The defendants are Killough his bonding the Maryland Cas ualty ceiver of the Soddy


Article from Chattanooga Daily Times, August 9, 1934

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Article Text

KILLOUGH, BONDING FIRM, BANK AND RECEIVER SUED From Page Five. Robertson, receiver of the defunct Soddy bank, pending in chancery court. suit filed months ago, the papers from the court and the bill suppressed. was disclosed yesterday when it became known that the will called hearing shortly before Pat H. Thach, who acting as chancellor. ChancelLon Foust himself because Hamilton National bank before his elevation to the Harvey, represented by Attorney John A. Chambliss, who bill, claims to be entitled to $7,389. which paid by the on war policy issued to Mark The money was deposited the bank, which was letters of administration in the Harvey estate on Sept. 1925. After the bank crashed. the money was missing. charged. He seeks the on the allegation that the Soddy bank kept deposit with Clerk Killough is charged with failing to require the bank post bond administrator. In an answer filed by Killough's attorney. Alvin Killough, and Casualty company's Milligan, insisted that Killough only his duties in issuing the administration, and that Harvey is guilty negligence not protesting earlier. The Hamilton bank denies any liability. and demurs to Harvey's suit the ground that the statute limitations It represented by the law firm Cantrell Meacham Moon. Whitaker & Whitaker are attorneys for Receiver