Farmers & Merchants Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 6, 1926
Location: Jackson, Georgia (33.290, -83.968)

Metadata

Model: gpt-5-mini
Short Digest: 36326530

Response Measures

None

Description

Article (AP, Dec 6, 1926) reports the bank 'closed its doors' because of poor collections and gradual withdrawal of deposits. No reopening is mentioned; the president pledged personal assets for depositors. The bank had formerly been a National bank until 1916 but by name appears to be a state bank after the merger.

Events (1)

1. December 6, 1926 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Poor loan collections and gradual withdrawal of deposits led management to close the bank; president announced closure and pledged personal assets for depositors' protection.
Newspaper Excerpt: On account of poor collections and gradual withdrawal of deposits we are forced to close the bank, which I hope will be only temporarily.
Source: newspapers

Newspaper Articles (1)

1. December 6, 1926 Evening Star Washington, DC

Article from Evening Star, December 6, 1926

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Article Text

BANK CLOSES ITS DOORS. Poor Collections and Deposit Withdrawals Assigned Cause. JACKSON, Ga., December 6 (AP).Because of poor collections and gradual withdrawal of deposits, the Farmers and Merchants' Bank of Jackson closed its doors. The closing was announced by a notice posted on the doors of the bank and signed by J. H. Carmichael, president, which read: "On account of poor collections and gradual withdrawal of deposits we are forced to close the bank, which I hope will be only temporarily. "All of my personal property and real estate, including my home, will be used for the protection of the depositors of the bank." The bank was opened in 1902 by Mr. Carmichael, and up until 1916 was known as the first National Bank of Jackson, when it then merged with the Farmers' Bank of Jackson and took its present name. It was capitalized at $125,000.