273. Woodlawn Savings Bank (Woodlawn, AL)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
July 6, 1929
Location
Woodlawn, Alabama (33.541, -86.752)

Metadata

Model
gpt-5-mini
Short Digest
3abb20f0

Response Measures

Full suspension, Books examined

Other: State banking department/examiner took charge; subsequent liquidation actions and a denied petition for receiver noted.

Description

Articles report heavy withdrawals of large accounts and bank closed on order of its president July 6, 1929; state banking officials/examiner took charge. Later court action shows the bank remained closed and in liquidation (petition for receiver denied), so closure appears permanent.

Events (3)
1. July 6, 1929 Run
Cause
Bank Specific Adverse Info
Cause Details
Withdrawal of several large accounts following revelations of heavy outstanding loans that could not be converted into ready cash; withdrawals had been going on for the past week.
Measures
Bank closed by order of president to protect small depositors; state examiner put in charge.
Newspaper Excerpt
Woodlawn Savings Bank closed its doors this morning upon order of Dr. W. Bell, president, following the withdrawal of several large accounts.
Source
newspapers
2. July 6, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed because of many heavy outstanding loans that could not be converted into ready cash and following withdrawals of large accounts; placed in hands of state banking department/examiner.
Newspaper Excerpt
Woodlawn Savings Bank closed its doors this morning ... Judge E. Thomas, state banking when informed the bank's closing, said H. Foote, state examiner, would take charge of affairs of the institution immediately.
Source
newspapers
3. September 5, 1929 Other
Newspaper Excerpt
Judge William M. Walker ... denied a petition ... asking that receiver be appointed for the Woodlawn Savings Bank. ... The petition ... set forth that the Kamram Grotto had about $80,000 on deposit at the time the bank closed.
Source
newspapers

Newspaper Articles (10)
1. July 6, 1929 The Decatur Daily Decatur, AL
Article from The Decatur Daily, July 6, 1929

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Article Text

THIRD BANK CLOSED TODAY; HEAD DROWNED Woodlawn Savings Ends Run By Its Depositors AGENT PUT IN CHARGE Heavy Loans Said To Be Outstanding And Frozen VINCENT, Ala., July A. W. Bell. president of the Woodlawn Savings Bank. which closed its doors this morning. drowned in the Coosa river near here, shortly betoday, while swimming fore noon with party of friends. The body had not been recovered early this Dr. Bell came here this morning to spend the week-end on his plantaand the plantation tion. son foreman were in swimming when he arrived and he joined them. Shortafter entering the water, he went down and did not reappear. Vincent is 20 miles from Woodwhich is in the Birmingham lawn, Bell is native of Shelby Dr. county and has been resident of for He helpBirmingham years. ed organize the Woodlawn bank in engaged in number 1914 and was of business enterprises besides his active practice. elected to the Jefferson He was county board of revenue at the last Surviving are the widow election. and three children. Ala., Woodlawn Savings Bank closed its doors this morning upon order of Dr. W. Bell, president, following the withdrawal of several The Woodlawn large accounts. was the third close its doors bank the Birmingham district within in the past two weeks. Withdrawal of large accounts had been going on for the past week. Robertson, teller of the bank. said and was deemed wise to today. close the bank to protect the small depositors. Judge E. Thomas, state banking when informed the bank's closing, said H. Foote, state examiner. would take charge of affairs of the institution immediately. Judge Thomas said the bank closed because of so many heavy outstanding loans that could not be converted into ready cash. The bank was organized in November. 1914, with capital stock of $50,000 and surplus of $35,000 Other banks to close here recently were the Avondale Bank and Savings Company and the City Bank and Trust run on the Southside Bank, following the closing of the Woodlawn bank, caused temporary closing that institution also today. Officials said the bank would re-open Monday morning. THOMAS TO SCENE MONTGOMERY. Ala., Thomas, state superintendent of banks, announced today that he would immediately to take charge the banking situation at Birmingham. following ing of two more banks there today.

2. July 8, 1929 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, July 8, 1929

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JURY TO PROBE BANK CLOSINGS AT BIRMINGHAM Search Continues for Body of Official, Reported Drowned (By Associated Press) LEEDS, Ala., July 7.-The Leeds State Bank failed to open its doors today. Officials abnounced that the affairs of the institution had been placed in the hands of the State Banking Department following heavy its Saturday. The Leeds bank was the fifth to close in the Birmingham district within the past two weeks: B. C. Lindon is president of the institution which was capitalized at $25,000 and had a surplus' of similar amount. BIRMINGHAM, Ala., July 8.While search continued for the body of Dr. A. W. Bell, president of the closed Woodlawn Sa vings Bank, who was reported to have been ned Saturday state baking officials and city leaders moved today to guard against further closure of suburban banks and to restore the shaken confidence of the citizens relative to the banking situation. Citizens were called upon by banking leaders, the president of the city commission and in newspaper editorials. to "quit worrying about the banks and to stop a wave of hysteria that has threatened the city since the closing of four suburban banks." Residents of near Vincent. where Dr. Bell was reported to have been drowned, dragged the Coosa river through last night but had found no trace of the body, The report of the drowning said Dr. Bell apparently was seized with cramps and carried down by the swift cur: rent. Meanwhile, B. Lassiter, prestdent of the City Bank and Trust and the Avondale Savings and Trust Company, continued # In New York hospital, where he has been since he collapsed when his two banks closed. John R. Wallace, cashier of the vandale Bank, died the day before that bank closed from pistol wound said to have been accidental. J. D Russum returned a verdict of accidental death. Meanwhile, preparations were be. Ing made by County Solicitor George Lewis Balles and Attorney General C. C. McCall for grand jury investigation of the of the banks. he grand jury was scheduled to convene today. The fourth bank to close, the Southside bank, is said by its officers to be solvent and that It will reopen soon. Other banks report last night that they were in good condition despite heavy withdrawals on Saturday. he officials expressed confidence that the banks would be able to meet all emergencies. South newspapers publish exhaustive accounts of major league ball games, translating all of the teams' names except the "Phillies' which is untranslatable. Virginia is one of the few states where no professional baseball is played.

3. July 8, 1929 The Oshkosh Northwestern Oshkosh, WI
Article from The Oshkosh Northwestern, July 8, 1929

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Article Text

CLOSURE OF BANKS CAUSES HYSTERIA IN STATE OF ALABAMA Citizens Called Upon by the Leaders to be Calm and Stop Worrying-President Drowns Leds. Ala.-(P)-The Leeds State bank failed to open its doors today. officials announced the affairs of the institution had been placed in the hands of the state banking department following a heavy run Saturday. The Leeds bank was the fifth to close in the Birmingham district within the past two weeks. B. C. Lindon is president of the institution, which was capitalized at $25,090. Birmingham, Ala.- (AP) While search continued for the body of Dr. A. W. Bell, president, of the closed Woodlawn savings bank. who was reported to have drowned, Saturday morning, state bank officials and city leaders moved today to guard against further closure of suburban banks and to restore shaken confidence. Citizens were called upon by banking leaders, the president of the city commission and in newspaper editorials to "quit worrying about the banks and to stop a wave of hysteria that has threatened the city since the closing of four suburban banks.' Residents of near Vincent, Ala., where Dr. Bell was reported to have drowned, dragged the Coosa river through last night but found no trace of the body. The report of

4. July 8, 1929 The Evening Sun Baltimore, MD
Article from The Evening Sun, July 8, 1929

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Article Text

Fifth Alabama Bank Closes In Fortnight Situation In Birmingham District Under Investigation. Leeds State Bank Latest Affected Birmingham. Ala., July banking situation in the Birmingham district under investigation by State and county officials today the fifth bank within the past two weeks failed open its doors. Leeds State Bank did not open for business today and affairs placed in the hands the State Bank ing Department following heavy run Saturday. The bank capitalized $25,000 and had $25,000 Attorney General Charlie C. McCall conducting personal investign tion into the simultaneous closing weeks ago of the Avondale Bank and Savings Company and the City Bank and Trust Company Lassiter. of both con. cerns, collapsed in New York city when advised of the closings and still is the care of physicians. Motor hoats were plying the waters of the Coosa river Vincent. Ala., searching for the body of Dr. Bell. president of the Woodlawn Sav. ings Bank, which closed Saturday. Dr. Bell WAR reported to have drowned few hours after the bank closed while swimming with party friends The South Side bank which closed Saturday charge of State officials have started audit of its counts. Bank officials said the Insti tution solvent and that protect

5. July 8, 1929 Corsicana Daily Sun Corsicana, TX
Article from Corsicana Daily Sun, July 8, 1929

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Article Text

FIFTH BANK IN BIRMINGHAM, ALA., DISTRICT CLOSES GENERAL MOVE TO RESTORE CONFIDENCE BEING PUSHED BY CITIZENS LEEDS. Ala., July 8.-(P)-The Leeds State bank failed to open its doors today. Officials announced the affairs of the institution had been placed in the hands of the state banking department following heavy run on Saturday. The Leeds bank was the fifth to close in the Birmingham district within the past two The institution was capitalized at $25,000. While search continued for the body of Dr. W. Bell, president of the closed Woodlawn Savings bank, reported to have been drowned Saturday, state bank officials and city leaders moved today to guard against further closure of suburban banks and to restore confidence. Citizens were called upon by the banking leaders, the president of the city commission and in newspaper editorials to "quit worrying about the banks and to stop wave of hysteria that has threatenfairs ed the city since the closing of four suburban banks. Residents of near Vincent, Ala., where Dr. Bell was reported to have been drowned, dragged the Coosa river but found no trace of the body J. B. Lassiter, president of the week. City Bank and Trust company and the Avondale Savings and Trust company, continued ill in a New York hospital where he has been since he collapsed when his two banks were closed. John R. Wallace, cashier of the Avondale bank, died the day before that bank closed from pistol wound said to have been accidental. CARD OF THANKS We take this method to thank all those who assisted us in any way during the recent sickness and death of our dear sister and moth- May the Lord reward you for your faithfulness is our prayer. Mrs. Tommie Shumpert, Mrs. Georgie Bromley. Mrs. T. H. Bowden, Mrs. L. K. C. Fluker, Mrs. Hugh Loper, Mrs. Ben Webb, H. W. Harion, J. D. Marion. DIED SUDDENLY. Mr. and Mrs. Lanier Walton left Monday for McKinney where they were called on account of the sudden death of Mrs. Walton's uncle, Glenn Mr. Stiff has a number of friends in Corsicana, he having resided in this city several months during the construction of the interurban line into Corsicana. He is a retired capitalist.

6. July 8, 1929 The Peninsula Times Tribune Palo Alto, CA
Article from The Peninsula Times Tribune, July 8, 1929

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LEEDS, July Leeds State Bank failed open its today. Officials nounced that affairs the institution had been placed the hands of the State Banking. Department, following heavy Saturday. The Leeds bank the fifth close Birmingham district within the past weeks. Lindon president of the institution which capitalized $25,000 and had surplus of similar amount. Aala., July search continued body Dr. Bell, president the closed Woodlawn Savings Bank, who reported have been drowned Saturday morning, state bank officials and city leadmoved today guard against further closure banks restore shaken confidence. Citizens were called upon banking leaders, the president the city commission and newspaper editorials "quit about the banks to stop that ened since the closing of four suburban banks."

7. July 8, 1929 The World-News Roanoke, VA
Article from The World-News, July 8, 1929

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ANOTHER BANK IN THE BIRMINGHAM DISTRICT CLOSES Investigation Being Conducted By State and County Officials. Ala., July banking the Birmingham district was under investigation by state and county officials today within the two its The Leeds State Bank did not open for affairs placed in the the state heavy The bank was capitalized $25,000 and surplus $25,000. Judge State superintendent of banks. arrived yesterto the the banking stated which the two the closing of two other banks two weeks ago. Attorney General Charlie McCall personal the closing two weeks ago the Avondale Bank Savings Company the City Bank and Trust Company Lassiter. of both cerns, collapsed New York advised closings and still the care were the waters the Coosa river Ala. for the Bell. president the Woodlawn Savings Bank. which Saturday. Dr Bell was ported few hours the bank while with party He member the Jefferson board review. The Southside Bank. which closed charge state officials who have started an audit of its (Continued on Page Three Column Two.)

8. July 9, 1929 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, July 9, 1929

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FIFTH BANK CLOSES DOORS Birmingham District Institutions Hard Hit Past Two Weeks 1 LEEDS, Ala., July 9.-(P)-The Leeds State Bank failed to open its doors today, Officials announced the affairs of the institution had been placed in the hands of state Sanking department following a heavy run on Saturday. The Leeds bank was the fifth to close in the Birmingham district within the past two weeks. The institution was capitalized at $25,000. BIRMINGHAM, Ala., July 8.-(P) -While search continued for the body of Dr. A. W. Bell, president of the closed Woodlawn Savings Bank, reported to have been drowned Saturday, state bank officials and city leaders moved today to guard against further closure of suburban banks and to restore confidence. Citizens were called upon by banking leaders, the president of the city commission and in newspaper editorials to "quit worrying about the banks and to stop a wave of hysteria that has threatened the city since the closing of four suburban banks." Residents of-near Vincent, Ala., where Dr. Bell was reported to have been drowned, dragged the Coosa river but found no trace of the body. J. B. Lassiter, president of the City Bank and Trust company and the Avondale Savings and Trust company, continued ill in a New York hospital where he has been since he collapsed when his two banks were closed. John R. Wallace, cashier of the Avondale bank, died the day before that bank closed from a pistol wound said to have been accidental.

9. July 9, 1929 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, July 9, 1929

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FIFTH BANK CLOSES Birmingham District Institutions Hard Hit Past Two Weeks LEEDS, Ala.. July Leeds State Bank falled to open its doors today. Officials announced the affairs of the institution had been placed in the hands of state Lanking department following heavy run on Saturday. The Leeds bank was the fifth to close in the Birmingham district within the past two weeks. The institution was capitalized at $25,000. While search continued for the body of Dr. W. Bell, president the closed Woodlawn Savings Bank, reported to have been drowned Saturday. state bank officials and city moved day to guard against further closure of suburban banks and to restore confidence. Citizens were called upon by banking leaders, the president the city commission in newspaper editorials to "quit worrying about the banks and to stop wave of hysteria that has threatened the city since the closing of four suburban banks." Residents of near Vincent, Ala., where Dr. Bell was reported to have been drowned, dragged the Coosa river but found no trace of the body. Lassiter. president of the City Bank and Trust company and the Avondale Savings and Trust company, continued ill in a New York hospital where he has been since he collapsed when his two banks were closed. John R. Wallace, cashier of the Avondale bank, died the day before that bank closed from pistol wound said to have been accidental.

10. September 5, 1929 Birmingham Post-Herald Birmingham, AL
Article from Birmingham Post-Herald, September 5, 1929

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JUDGE DENIES PLEA FOR BANK RECEIVER Petition Of Prophets Group In Woodlawn Case Refused Judge William M. Walker. of Chancery Court. Wednesday denied a petition filed by Prophets Benefit Association of Kamram Grotto, asking that receiver he appointed for the Woodlawn Savings Bank. The petition. contending that Judge C. E. Thomas, state superintendent of banks, incompetent to carry out the liquidation of the closed was filed two weeks ago. It set forth that the Kamram Grotto had about $80,000 on deposit at the time the bank closed. BUS DRIVERS TO MEET Operators Of Etowah School Vehicles To Get Safety Instructions at school bus drivers in Etowah County have been called to meet at the county high school in Attalla Saturday for special instructions as to future. how they must operate buses in the Dr. T. Y. Greet president of the Etowah County Council. will be the chief speaker. County Superintendent of Education W. Luckie said drivers will be instructed about grade crossings and other matters with the hope of eliminating accidents. railroad clerk, a raflroad mechanic, carpenter, grocer's clerk, steel worker and a news dealer Two of the men are members of unions, one of the Brotherhood of Carpenters, an American Federation of Labor Union, and the other the Brotherhood of Railway Carmen.