Citizens Bank of Georgia

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 13, 1881
Location: Atlanta, Georgia (33.749, -84.388)

Metadata

Model: gpt-5-mini
Short Digest: a32cc784c787002f

Response Measures

None

Description

Article (dated April 13, 1881) reports the bank suspended operations, doors remained closed, depositors gathered, and a deed of assignment was made to L. J. Hill and W. F. Thompson to collect assets — indicating suspension followed by assignment/closure. OCR errors corrected (e.g., Citizen's vs provided name; Gov. Colquitt spelled in text). Cause inferred as bank-specific adverse information (collapse/insolvency) rather than mere rumor.

Events (2)

1. April 13, 1881 Other

Newspaper Excerpt: A deed of assignment had been made to Messrs. L. J. Hill and W. F. Thompson for the collection of assets and distribution to creditors prorata.
Source: newspapers

2. April 13, 1881 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank collapsed with large state deposits missing/reduced; officers silent; assets unclear—indicates insolvency or failure prompting suspension.
Newspaper Excerpt: The Citizen's Bank of Georgia... suspended this morning, producing the wildest excitement throughout the city. The suspension was not regularly announced, but the fact that the doors remained closed after the opening hour told the tale.
Source: newspapers

Newspaper Articles (1)

1. April 21, 1881 The Aberdeen Examiner Aberdeen, MS

Article from The Aberdeen Examiner, April 21, 1881

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Article Text

The Citizen's Bank of Georgia. Special to N. n. Demrcrat ] ATLANTA, April 13.-The Citizen's Bank of Georgia, the largest State depository, 8118pended this morning, producing the wildess excitement throughout the city. The auspension was not regularly announced, but the fact that the doors remained closed after the opening hour told the tale. It is said that last submer this bank carr ed $600;000 of the State's money, which was placed there by Gov. Celquitt without exacting interest. When the present State treas urer, Mr. Speer, came into office last Novem vember. there was $334,000 of the State's money on deposit. He drew large amounts of this from time to time, and when the bank collapsed to-day. there were only about $103; 000 of Georgia's money in its vaults. The assets of the bauk are not knewn at present, the officers keeping as dumb 08 oysters to outsiders. including depositors. This afternoon a notice was tacked on the door of the bank, stating that a deed of assignment had been made to Messrs. L. J. Hill and W. F. Thompson for the collection of assets and distribution to creditors prorata. Some days will elapse be fore the assignees can prepare a report. The depositors, of when there are a large number, are very despondent. A large crowd of them have lined the street in front of the bank all day long, completely blocking the way. The advertised capitol of the bank is $160,000; number of shares 1600, of which 999 is held in Atlanta. Among the non-res ident stockholders are the names of Columbus Delano, Thos. A. Scott, of Pennsylvania, and Jacob Leaver of Boston. It is stated that the city of Atlanta has a deposit of $46,000 in the bank. It is believed that the assets are sufficient to pay the deposits.