Cordele Bank & Trust Company

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 2238d644

Response Measures

Full suspension, Books examined

Other: Local banks offered to take over assets and pay depositors but directors declined; liquidating agent later appointed indicating winding up.

Description

Newspapers report a run of about a week culminating in suspension on Dec 13, 1921 due to low cash reserves from poor collections; local banks offered assistance but directors declined. By Jan 27, 1922 a liquidating agent was appointed (state had been in charge since suspension), indicating permanent closure/liquidation.

Events (3)

1. December 1, 1921* Run

Cause: Bank Specific Adverse Info
Cause Details: A run (about a week) depleted the bank's cash reserve; poor collections left low liquidity
Measures: None prior to suspension mentioned beyond continued operation until reserves insufficient
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 13, 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; state bank examiner called in
Newspaper Excerpt: 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
Source: newspapers

3. January 27, 1922 Receivership

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.
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

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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

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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,