First National Bank - Covington, GA

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8945
Charter Number: 8945
Start Date: May 26, 1927
Location: Covington, Georgia (33.597, -83.860)

Metadata

Model: gpt-5-mini
Short Digest: 9cd6d628

Response Measures

None

Receivership Details

Depositor recovery rate: 61.7%
Date receivership started: 1925-12-08
Date receivership terminated: 1931-06-27
OCC cause of failure: Economic conditions
Share of assets assessed as good: 47.9%
Share of assets assessed as doubtful: 27.1%
Share of assets assessed as worthless: 25.0%

Description

Article (Atlanta Constitution, 1927-11-12) discusses the First National Bank of Covington as 'defunct' and refers to a receiver appointed May 26. OCR errors in the text were corrected (e.g., Anderson receiver bank May 26 -> receiver Anderson appointed May 26). No mention of a depositor run; the bank is closed and in receivership, so classified as suspension leading to closure (receivership).

Events (4)

1. November 18, 1907 Chartered

Source: historical_nic

2. December 8, 1925 Receivership

Source: historical_nic

3. May 26, 1927 Receivership

Newspaper Excerpt: Anderson receiver bank May 26 ... defunct First National Bank of Covington, suit brought in behalf of the creditors, holders certificates of deposits shareholders ... in the hands of the receiver (OCR corrected).
Source: newspapers

4. May 26, 1927 Suspension

Cause: Government Action
Cause Details: Receiver (S. F. Anderson) appointed May 26 after bank became defunct; bank suspended operations and was placed in receivership.
Newspaper Excerpt: Anderson receiver bank May 26 ... defunct First National Bank of Covington
Source: newspapers

Newspaper Articles (1)

1. November 12, 1927 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, November 12, 1927

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Article Text

Petition for an injunction to prevent Mendel Levin, director of the defunct First National Bank of Covington, from disposing of property except merchandise in his store and to prevent certain other directors from receiving property undertaken to be conveyed to them by Levin was filed Friday in United States district court by S. F. Anderson, of Missouri, of the bank. The suit named Mendel Levin. Mrs. Rebecca Levin. county and Solomon Boorstein, 1. Zion and A. Fulton as defenddants, and points out that Anderson receiver bank May 26 has been proceeding with The suit brought in behalf of the creditors, holders certificates of deposits shareholders of the and in behalf the the hands of the re petition Federal Judge Samuel H. Sibley an order requiring the defend show 19 to why the injunction should not The alleges that the execution of the receiver and the defeat of effort on the part of the de fendants to cover up and conceal property and prevent the same from being subjected to payment and isfaction of the which will be rendered the defendants and other directors in another