Receiver W. C. McClure named; notice states redemption through receiver.
Events (1)
1.February 1, 1866Receivership
Newspaper Excerpt
NOTICE. BANK OF MEMPHIS, MEMPHIS, February I, 1866. THE issues of this Bank will be redeemed in legal tender notes, at par, on presentation at this office. W. C. McCLURE, Receiver.
NOTICE. BANK OF MEMPHIS, MEMPHIS, February I, 1866. FET HE issues of this Bank will be redeemed in T legal tender notes, at par, on presentation at this office. W. C. McCLURE, feb2 lw Receiver.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.