2385. Cordele Bank & Trust Company (Cordele, GA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
December 1, 1921*
Location
Cordele, Georgia (31.964, -83.782)

Metadata

Model
gpt-5-mini
Short Digest
fa81dc4400a8a2da

Response Measures

None

Description

Newspapers (Dec 13, 1921) report a week-long run leading officers to close the Cordele Bank & Trust Company and call the state bank examiner; suspension believed temporary then. By Jan 27, 1922 a liquidating agent was appointed, indicating the institution moved into liquidation/closure rather than resuming operations. Cause of the run/suspension was weak cash reserves due to poor collections (bank-specific adverse information). OCR minor typos corrected (e.g., driectors -> directors).

Events (3)
1. December 1, 1921* Run
Cause
Bank Specific Adverse Info
Cause Details
Week-long withdrawals driven by low cash reserve caused by poor collections of the bank's loans/receivables
Measures
Officers and directors closed doors, called in the state bank examiner; local banks offered to take over assets and pay depositors
Newspaper Excerpt
Finding after a run of a week or more that its cash reserve was too low for lawful operation
Source
newspapers
2. December 12, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed because cash reserve was too low for lawful operation after the run and poor collections reduced liquidity
Newspaper Excerpt
officers and directors of the Cordele Bank and Trust Company closed its doors Monday morning and called in the state bank examiner
Source
newspapers
3. January 27, 1922 Other
Newspaper Excerpt
George M. Bazemore... became liquidating agent of the institution. He relieves H. B. Sasser, who has been in charge for the state since the institution suspended payments in December last. (Americus Times-Recorder, Jan. 27, 1922).
Source
newspapers

Newspaper Articles (5)
1. December 13, 1921 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, December 13, 1921

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Article Text

CORDELE BANK RE-OPEN, BELIEF Closes Doors Temporarily After Run-Other Banks Offer To Pay Depositors CORDELE, December 13.-Finding after a run of a week or more that its cash reserve was too low for lawful operation, officers and directors of the Cordele Bank and Trust Company closed its doors Monday morning and called in the state bank examiner. Suspension is believed temporary, it being the purpose of the officers and directors to resume business as soon as collections are made in sufficent amount to run. The bank had a capital of $100, 000. It owed $23,000 and had when it closed $37,000 in cash deposits. It has $138,000 in good paper. Lit. tle over half of its capital was paid in. It thus has a splendid chance of paying out should liquidation follow. Local banks offered to take over its assets and pay depositors in 30 minutes after going through its affairs, but the driectors of the suspended bank failed to reach agreement on the cost of thi service and thought they should protect the stockholders as far as possible. It is expected that the bank will reopen after the holidays.

2. December 13, 1921 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, December 13, 1921

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Article Text

CORDELE BANK RE-OPEN, BELIEF Closes Doors Temporarily After Run-Other Banks Offer To Pay Depositors CORDELE, December 13.-Finding after a run of a week or more that its cash reserve was too low for lawful operation, officers and directors of the Cordele Bank and Trust Company closed its doors Monday morning and called in the state bank examiner. Suspension is believed temporary, it being the purpose of the officers and directors to resume business as soon as collections are made in sufficent amount to run. The bank had a capital of $100,000. It owed $23,000 and had when it closed $37,000 in cash deposits. It has $138,000 in good paper. Lit. tle over half of its capital was paid in. It thus has a splendid chance of paying out should liquidation follow. Local banks offered to take over its assets and pay depositors in 30 minutes after going through its affairs, but the driectors of the suspended bank failed to reach agreement on the cost of thi service and thought they should protect the stockholders as far as possible. It is expected that the bank will reopen after the holidays.

3. December 14, 1921 The Fitzgerald Leader Enterprise and Press Fitzgerald, GA
Article from The Fitzgerald Leader Enterprise and Press, December 14, 1921

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Article Text

Cordele Bank And Trust Co. Suspends Low Cash Reserve Due To Poor Collections; To Reopen CORDELE, Dec. 13-Finding after a run of a week or more that its cash reserve was too low for lawful operation, officers and directors of the Cordele Bank & Trust Company closed its doors Monday morning and called in the State Bank Examiner. Suspension is believed temporary, it being the purpose of the officers and directors to resume business as soon as collections are made in sufficient amount to run. The bank had a capital of $100,000 it owned $25,000 and had when it It closed $37,000 in cash deposits. has $138,000 in good paper. Little over half of its capital was paid in.

4. January 27, 1922 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, January 27, 1922

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Article Text

BANK AGENT CHANGES. CORDELE, Jan. 27.-George M. Bazemore, formerly a paying clerk in the Cordele Bank & Trust Company, today bécame liquidating agent of the institution. He relieves H. B. Sasser, who has been in charge for the state since the institution suspended payments in December last."

5. January 27, 1922 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, January 27, 1922

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Article Text

BANK AGENT CHANGES. CORDELE, Jan. 27.-George M. Bazemore, formerly a paying clerk in the Cordele Bank & Trust Company, today became liquidating agent of the institution. He relieves H. B. Sasser, who has been in charge for the state since the institution suspended payments in December last,