231. First National Bank (Ozark, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7629
Charter Number
7629
Start Date
December 22, 1924
Location
Ozark, Alabama (31.459, -85.640)

Metadata

Model
gpt-5-mini
Short Digest
5d6622a8

Response Measures

None

Receivership Details

Depositor recovery rate
7.3%
Date receivership started
1924-10-23
Date receivership terminated
1934-05-09
OCC cause of failure
Governance
Share of assets assessed as good
56.3%
Share of assets assessed as doubtful
25.2%
Share of assets assessed as worthless
18.6%

Description

Articles publish statements of condition and are signed by W. S. Hiatt as Receiver. They state the bank suspended on December 22nd, 1924. No article describes a depositor run; the bank was placed in receivership and remained closed. OCR shows one line as October 22nd, 1924 but earlier text clearly reads suspended on December 22nd, 1924; I use December 22, 1924 as the suspension date. Receiver statement dated March 2, 1926 confirms receivership.

Events (4)

1. March 3, 1905 Chartered
Source
historical_nic
2. October 23, 1924 Receivership
Source
historical_nic
3. December 22, 1924 Suspension
Cause Details
Article gives statement of condition at date of suspension but does not state a specific cause for the suspension.
Newspaper Excerpt
when the bank suspended on December 22nd, 1924
Source
newspapers
4. March 2, 1926 Receivership
Newspaper Excerpt
W. S. HIATT, Receiver, First National Bank of Ozark. March 2nd, 1926.
Source
newspapers

Newspaper Articles (2)

Article from Southern Star, March 3, 1926

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Article Text

Statement of The First National Bank as of Date of Suspension and as of Date Dec., 31st 1926 Below we publish below two statements of condition of the First National Bank of Ozark. The first state ment shows the condition when the bank suspended on December 22nd, 1924, and the second shows the condition at the close of business December 31st, 1925. We understand that it will be the policy of the office of the Comptroller of the Currency to issue a statement at the end of each quarter. State of Condition of The First National Bank of Oxark, Alabama, as of the date of suspension, October 22nd, 1924 ASSETS Bills receivable $312,843.43 Cash on hand 617.80 Assets other than Bills receivable and cash on hand $58,467.58 TOTAL $371,928.81 LIABILITIES Liabilities unsecured $173,281.83 Deposits secured by pledge of assets of the bank aggregating $ none as collateral NO N E Rediscounts secured by pledge of assets of the bank aggregating $none as collateral NONE Bills payable secured by pledge of assets of the bank aggregating $241,353.10 as collateral $159,591.83 TOTAL $332,873.66 W. S. HIATT, Receiver, First National Bank of Ozark. March 2nd, 1926. Statement of Condition of the First National Bank of Ozark, Alabama as of December, 31st, 1925 ASSETS Bills receivable Cash on hand Assets other than Bills receivable and cash on $312,843.43 617.80 hand $58,467.58 Additional assets acquired 41,650.43 Stock assessment 35,00.00 Total of all Assets coming into the hands of the Receiver $448,579.24 REMAINING ASSETS UNCOLLECTED Bills receivable $264,028.13 Assets other than Bills receivable $41,616.30 Additional Assets acquired 34,379.82 Stock Assessment 34,697.50 Total Assets Uncollected $374,721.75


Article from Southern Star, March 3, 1926

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Article Text

REMAINING LIABILITIES Total claims proven on unsecured liabilities $102,934.80 Total unproven unsecured claims 60,361.19 Total secured liabilities outstanding unpaid Total bills payable un- 1,858.49 paid 118,569.86 Total rediscounts unpaid NONE Total Additional liabilities proven 434.02 Total of all liabilities $284,158.36 W. S. HIATT, Receiver, First National Bank of Ozark March 2nd, 1926. NOTICE-Persons having lock boxes and safekeeping items at the First National Bank are requested to call and claim their property. W. S. Hiatt, Receiver.