Article Text
MONTGOMERY, Ala., Dec. 23.-The Merchants' Bank here suspended bus. lines today. directors saying that action was decided upon "to protect the interests of depositors." The bank is capitalized at $100,000.
218. Merchants Bank (Montgomery, AL)
Bank Information
- Episode Type
- Suspension → Reopening
- Bank Type
- state
- Start Date
- December 23, 1921
- Location
- Montgomery, Alabama (32.367, -86.300)
Metadata
- Model
- gpt-5-mini
- Short Digest
c93269b9
Response Measures
None
Description
The Merchants Bank of Montgomery suspended business Dec 23, 1921 and its affairs were placed in the hands of the Alabama State Banking Department (government action). Newspapers later (Dec 31/Jan 1) report that the bank is expected to reopen in the next few weeks after satisfactory adjustments. Articles mention some recent withdrawals but do not describe a depositor run prior to suspension; thus classified as a suspension (by state banking authorities) with subsequent reopening reported.
Events (3)
1.
December 23, 1921
Suspension
- Cause
- Government Action
- Cause Details
- Directors placed the bank in the hands of the Alabama State Banking Department to have its affairs overhauled and to protect the interests of depositors.
- Newspaper Excerpt
- The Merchants' Bank here suspended business today ... the affairs of the institution were placed in the hands of H. H. Montgomery superintendent of the State Banking Department.
- Source
- newspapers
2.
January 1, 1922
Other
- Newspaper Excerpt
- Reports have been general during the past week that the Merchants bank will open for business again during the next few weeks and that a satisfactory adjustment is being made of the financial obligations of the institution which required the temporary suspension.
- Source
- newspapers
3.
*
Other
- Newspaper Excerpt
- Withdrawals during the past few days had caused some reduction in this total, according to the reports during the day. ... the Federal Reserve bank placed sufficient currency in the city to care for any call, but no calls were made.
- Source
- newspapers
Newspaper Articles (10)
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Article Text
Alabama Bank Suspends (By The Associated Press. ) MONTGOMERY ALA., Dec. 23.--The Merchants Bank here suspended business today in order to have its affairs overhauled by the State Banking Commission. Directors of the bank issued a statement in which they said the action was taken "in order to protect depositors." The lank is capitalized at $100,000
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Article Text
MERCHANTS' BANK OF MONTGOMERY SUSPENDS MONTGOMERY, Dec. 23,-The Merchants Bank here suspended business today. when its affairs were placed in the hands of H. H. Montgom ery superintendent of the Alabama state banking department. The directors of the suspended institution issued a statement. declaring their action in closing the bank was decided upon "in order to protect the interests of its depositors." The bank was capitalized at $300,000.
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MERCHANTS' BANK OF MONTGOMERY SUSPENDS MONTGOMERY, Dec. 23.-The Merchants Bank here suspended business today when its affairs were. placed in the hands of H. H. Montgom+ ery superintendent of the Alabama state banking department. The directors of the suspended institution issued a statement declaring their action in closing the bank was decided upon "in order to protect the interests of its depositors." The bank was capitalized at $300,000.
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Article Text
Montgomery, Ala., Bank Suspends Montgemery, Ala. Dec. 28 - - The Merchants' Bank here suspended business today. and the affairs of the institution were placed in the hands of H. H. Montgomery superintendent of the State Banking Department. Directors of the bank issued R statement declaring that action was decided upon "In order to protest the interests of depositors. The bank is capitalized al $100,000.
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MONTGOMERY BANK CLOSES. (By Associated Press.) Montgomery, Dec. 23.-The Merchants bank here suspended business today and the institution was placed in the hands of the state banking department. The directors said this action was taken to protect the interests of the depositors.
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BANK IN MONTGOMERY CLOSES. MONTGOMERT, Ala., Dec. 23.-The Merchants Bank here suspended business to-day and its affairs were placed in the hands of H. H. Montgomery. superintendent of the State Banking Department. Its directors issued a statement declaring that the action was decided on "to protect the Interests of depositors." The bank is capitalized at $100,000.
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has been carrying was the cause of suspension, The bank was organized about two years ago, absorbing the Sullivan Bank a/d Trust company and had a paid in capital of $100,000 and a surplus of $25,000. The last financial statement submitted to the state banking department October 17 showed total deposits of $509,069.97. Withdrawals during the past few days had caused some reduction in this total, according to the reports during the day. No Calls on Other Banks Every effort was made by other bankers of Montgomery to save the institution, but after a conference which continued until 5 o'clock Friday morning it was decided to place the bank's affairs in the hands of the banking department. When citizens called at the bank at 9 o'clock they found a notice posted on the door which announced that H. H. Montgomery, state superintendent of banks, had taken over the affairs by resolution of the board of directors. In order to relieve any uneasiness in Montgomery the Federal Reserve bank placed sufficient currency in the city to care for any call, but no calls were made. Other banks announced during the day there had been no withdrawals except those made in ordinary course of business; that they carried more currency at close of business than at opening of business, and that new accounts had been started during the day by persons who heretofore had done business with the Merchants bank. Has Ample Securities Few persons believe depositors will lose as a result of the suspension of business, as the bank has ample se-
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MONTGOMERY BANK SUSPENDS (Associated Press) Montgomery, Ala., Dec. 23.-The Merchants Bank here suspended busiwas ness today and the institution flaced in the hands of the state banking department. The directors said this action was taken to protect the interest of depositors. The bank has a capital of $100,000.
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CONSOLIDATION OF TWO MONTGOMERY BANKS ANNOUNCED Alabama Bank and Trust and Capital National to Operate as Alabama Bank and Trust Company By FRED H. GORMLEY Montgomery Bureau The Age-Herald, 221-2 First National Bank Building Montgomery, December 31.-(Special.)-The - consolidation of the Alabama Bank and Trust company and Capital National bank under the name of the Alabama Bank and Trust company was announced by officers of the two Institutions Saturday night. The consolidation will be effective from Saturday and the offices of the new institution will be located in the banking quarters of the Capital National bank. Judge B. P. Crumm, prominent attorney, former judge of the court of appeals and for several years president of the Capital National bank, will be president. The consolidation was brought about by the death of Joseph Hall, who was president of the Alabama Bank and Trust company for many years. Negotiations for the consolidation had been completed before the temporary suspension of the Merchants bank last week. The Alabama Bank and Trust company will begin the new year with a capital of $300,000. Reports have been general during the past week that the Merchants bank will open for business again during the next few weeks and that a satisfactory adjustment is being made of the financial obligations of the institution which required the temporary suspension.