2939. Exchange Bank (Macon, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 20, 1907
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini
Short Digest
994f3e8c

Response Measures

None

Description

The articles describe litigation begun when receivers were appointed on August 20, 1907 after deficiencies in handling funds; the bank remained in receivership and was finally wound up in December 1925 with creditors paid — i.e., a suspension/closure with receivership, not a run or reopening.

Events (3)

1. August 20, 1907 Receivership
Newspaper Excerpt
B. P. O'Neal Robert J. Taylor and C. T. King were appointed the bank's receivers on that day
Source
newspapers
2. August 20, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suit brought as a result of 'deficiencies in the handling of the bank's funds,' leading to appointment of receivers.
Newspaper Excerpt
When the directors of Macon's first national bank, the Exchange Bank, filed suit in Bibb superior court on August 20, 1907 ... and B. P. O'Neal Robert J. Taylor and C. T. King were appointed the bank's receivers on that day
Source
newspapers
3. December 17, 1925 Other
Newspaper Excerpt
Finis has been written on the old Exchange Bank case ... Judge H. A. Mathews has signed an order discharging the receivers who have served throughout these 18 years. ... The creditors have been paid ninety-five per cent on the dollar in settlement of their accounts.
Source
newspapers

Newspaper Articles (2)

Article from The Macon News, December 16, 1925

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Article Text

CASE TO Litigation That Began 18 Years Ago in Courts Here Has Been Terminated has been written Exchange Bank case which has been in litigation for eighteen years. When the directors of Macon's first national bank. the Exchange Bank, filed suit Bibb superior court on August the bank. and O'Neal Robert and King appointthe bank's on that day, was not thought that would turn into of biggest civil actions recorded in that court, nor thought that would take 18 years complete history. But December 1925 case has ended. all litigations in connections with have been settled. and Judge Mathews has signed order discharging the receivers who have served throughout these 18 years. and have submitted their final report to the court. The records case are more voluminous far, than any other case recorded in Bibb superior court. according officials. When the suit was first brought Continued on Page Two Bill Would Make Seats Automatic; Country to Be Divided Into 4 Parts bill which has for its the automatic placing of members from the southeastern states the bench of the Commerce Commission, was introduced here today by Senator Smith. of South Carolina. The bill in brief provides that upits passage the United States shall be divided into four geographical sections twelve members the commission instead of eleven time. Four these members would come from section, that an equal number from the northeastern. northwestern, southeastern southwestern. While present sitting members not displaced ordinarily the bill would require the president point, unon vacancy members from that section not then represented. For Instance. проп vacancy curring in New York West Virginia, California or otherwise. then would be necessary to name some one from Georgia, one of the Carolinas. or Continued on Page Two


Article from The Macon News, December 17, 1925

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Article Text

OLD BANK CASE COMES TO END "Finis" has been written on the old Exchange Bank case which has been in litigation for eighteen years. When the directors of Macon's first national bank, the Exchange Bank, filed suit in Bibb superior court on August 20. 1907 against the bank. and B. P. O'Neal Robert J. Taylor and C. T. King were appoint ed the bank's receivers on that day, it was not thought that it would turn into one of the biggest civil actions ever recorded in that court, nor was it thought that it would take 18 years to complete its history. But in December 1925 the case has ended. all litigations in connections with the bank have been settled. and Judge H. A. Ma hews has signed an order discharging the receivers who have served throughout these 18 years. and have submitted their final report to the court. The records of he case are more voluminous by far, than any other case ever recorded in Bibb superior court, according to officials. When the suit was first brought as result of some deficiencies in the handling of the bank's funds. the law firms of Hardeman. Davis. Turner & Jones, and Miller & Jones were employed to represent the di rectors. T. S. Felder was employed to represent the bank. Of these firms the firm of Hardeman. Davis, Turner & Jones. is now known as Jones. Park & Johnston, and the partnership of Miller & Jones has been dissolved since the appointment of Malcolm D. Jones. a member. to the judgeship of Bibb superior court, civil division. T. S. Felder is still practicing in the city. According the records of the court practically every lawyer. who was a member of the Macon bar in 1907. was in some way connected with the litigations. Judge Charles H. Bartlett one of more than 250 stockholders of the bank. represented larger number of the stockholders during the litigations. than any other lawyer in the city and probably kept in closer touch with the proceedings of the court than any other Macon attorney. it is said. An unusual feature of he final determination of the case is the fact that the creditors have been paid ninety-five per cent on the dollar in settlement of their accounts. something that a bank is rarely ever able to do, attorneys announce. All the assets of the bank have been collect ed. and the entire amount has been paid to the creditors in dividends, which act was necessary before the litigation could be officially closed. Probably the most extencive litigation in the history of the case was a suit brought in 1912 by the receivers against the stockholders in an effort to recover an assessment for the benefit of the creditors, ac-