First National Bank - Colquitt, GA

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: national
Bank ID: 6498
Charter Number: 6498
Start Date: August 1, 1923*
Location: Colquitt, Georgia (31.171, -84.733)

Metadata

Model: gpt-5-mini
Short Digest: bf8ec318

Response Measures

Full suspension

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1923-08-14
Date receivership terminated: 1925-03-23
OCC cause of failure: Run
Share of assets assessed as good: 30.7%
Share of assets assessed as doubtful: 53.8%
Share of assets assessed as worthless: 15.5%

Description

Articles (Aug 1 and Aug 7, 1923) report a run on the First National Bank of Colquitt that led the bank to fail to open its doors (suspend) on Aug 1, 1923. Cause of the run is not announced in the reports. No information in these pieces about a subsequent reopening or receivership, so outcome is uncertain. Note: article mentions a prior 1921 temporary closure after a large defalcation and later reopening.

Events (4)

1. November 21, 1902 Chartered

Source: historical_nic

2. August 1, 1923 Suspension

Cause Details: Bank failed to open its doors as a result of the run; articles do not state government action, voluntary liquidation, or receivership.
Newspaper Excerpt: The First National Bank of Colquitt failed to open its doors for business here ...
Source: newspapers

3. August 1, 1923* Run

Cause Details: Contemporary reports state the cause was not announced; no specific rumor or bank-specific failure identified in these articles.
Newspaper Excerpt: failed to open its doors for business here said of a run on the bank during Saturday. The cause of the run was not announced.
Source: newspapers

4. August 14, 1923 Receivership

Source: historical_nic

Newspaper Articles (2)

1. August 1, 1923 Americus Times-Recorder Americus, GA

Article from Americus Times-Recorder, August 1, 1923

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Article Text

BANK OF COLQUITT FAILS TO OPEN DOORS COLQUITT, Aug. 1.-The First National Bank of Colquitt failed to open its doors for business here said of a run on the bank during Saturday. The cause of the run was not announced. The bank had a capital stock of $50,000, with deposits of $30,000.

2. August 7, 1923 The Dawson News Dawson, GA

Article from The Dawson News, August 7, 1923

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Article Text

BANK OF COLQUITT CLOSED AFTER RUN FAILS TO OPEN DOORS AFTER FLURRY. FORMER CASHIER IN FEDERAL PRISON. COLQUITT, Ga.-The First National bank of Colquitt failed to open its doors this morning as a result of a run on the bank. The cause of the run has not been announced. This bank was closed temporarily in October, 1921, following a defalcation of M. Watson, then president, for over $100,000, of which he was convicted and for which he is now serving sentence in Atlanta federal prison. The bank reopened after the stockholders had paid an assessment of 100 per cent. The bank has a capital stock of $50,000 and is reported to have had deposits of $30,000..