2947. Macon Savings Bank (Macon, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 1, 1933*
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini
Short Digest
c174d256

Response Measures

None

Description

Macon Savings Bank suspended on June 13, 1933 and was taken into charge by the state superintendent of banks; it remained closed thereafter, placed in receivership and underwent liquidation with RFC involvement and court actions into 1934. No discrete depositor run on this bank is described in the articles (closures mentioned were due to the statewide banking holiday and the superintendent's suspension). Dates and OCR quirks corrected (e.g., 'suspended' date June 13, 1933 from Article 3).

Events (3)
1. January 1, 1933* Receivership
Newspaper Excerpt
the receiver for the Macon Savings bank ... temporary injunction was granted at the request of the receiver for the Macon Savings bank (Jan 1934 article).
Source
newspapers
2. June 13, 1933 Suspension
Cause
Government Action
Cause Details
State superintendent of banks took the institution into custody and suspended operations on June 13, 1933 pursuant to supervision/closure authority.
Newspaper Excerpt
On June 13, 1933, the Macon Savings bank suspended and was taken charge of by the superintendent of banks.
Source
newspapers
3. January 10, 1934 Other
Newspaper Excerpt
BANK TO PAY OFF WITH RFC FUNDS ... The Macon Savings bank has for many years ... On June 13, 1933, the Macon Savings bank suspended and was taken charge of by the superintendent of banks. ... Money from the RFC is awaited to make the payment to dividend.
Source
newspapers

Newspaper Articles (5)
1. March 4, 1933 The Macon Telegraph Macon, GA
Article from The Macon Telegraph, March 4, 1933

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Article Text

IN CALMNESS All Commercial Institutions of City Yield to Gormley's Advice CHECKS BEING ACCEPTED Many Business Firms of City Honor Bank Paper For Purchases or Debts Macon banks closed Friday in observance of banking holiday decreed by Gov. Eugene Talmadge and will not reopen for business until Tuesday morning proclamation placing the moratorium in effect o'clock Friday morning and providing that it extend through Monday issued from the office of the governor at about noon Friday, and banks began closing here soon as news the proclamation was received. Before o'clock the afternoon all had decided to observe the holiday. accepted the banking calmly. Stories on simiaction in other have been appearing in newspapers for several days, apparently Macon people expected the taken They seemed realize that local banks' conditions sound and bankers praised their depositors being extremely wane and sober.' Others in Line News of the moratorium reached Macon about o'clock. Acting on the proclamation, the First National Bank and Trust company in Macon closed its doors shortly afterwards The Citizens Southern National open until o'clock, its regular and the City Bank Trust company until 2 o'clock, when the institution for noon recess. Its officials decided to comply with the proclamation and did not reopen Similar action was taken at the Macon Savings bank. Jesse B. Hart. its president, closed that institution after information had been re of the action. was spread about the city that holiday had been creed and that bank had shut Its number of withdrew their money from the Citizens and Southern bank. Denmark, executive vice president said that those for their cash were small depositors, that the did not single large the City Bank and Trust little learned one bank already had closed of the small, Rad president of the bank, Withdrawals Nominal Marshall president of the First National, said that withpast days had and that his had withstand heavy one had developed statements have shown all banks to in good condition and Governor Talmadge's emphasized the fact that the holiday prevent states already have closed from draining from fact superintendent R. Gormley night in Atlanta ing the Georgia banks in such condition that moratorium

2. November 1, 1933 The Macon Telegraph Macon, GA
Article from The Macon Telegraph, November 1, 1933

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Article Text

Continued From Page One ent of that the RFC has agreed assist liquidating closed Georgia banking houses mortgage companies this state buy assets, renders uncertain than ever the status of the Macon Savings bank. Accordir W. Copeland, liquidating the the for large the bank's the assistance of the RFC. As the situation now stands, the bank already owes the RFC the amount borrowed from before the banking holiday. There are Georgia mortgage concerns dertake the financing, even under the thought. conferred with Mr. Monday concerning the of the local bank

3. January 10, 1934 The Macon News Macon, GA
Article from The Macon News, January 10, 1934

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Article Text

BANK TO PAY OFF WITH RFC FUNDS Court Action Not to Prevent Depositors From Getting Dividend, Says Butler In an effort to correct an impression that a temporary order issued by Judge Louis L. Brown of Bibb superior court had prevented or would prevent payment of dividend to depositors of the defunct Macon Savings Bank. Earl W. Butler, special assistant attorney general representing the bank, issued statement on the situation last night. Money from the RFC is awaited to make the payment to dividend. When payment will be made has not been announced. The complete statement follows: "Some people are under the impression that the temporary restraining order signed by Judge Louis L. Brown. in the case of C.ty Bank and Trust company, as guardian, against the Macon Savings bank and R. E. Gormley as superintendent of banks, in charge of the and assets of the Macon Savings bank. has prevented or will prevent the paying of dividend to the of the bank. This on erroneous. "The facts are as follows: Facts Explained "The Macon Savings bank has for many years as trustee administrator. guardian, etc. On June 13. 1933, the Macon Savings bank suspended and was taken charge of by the super.ntendent of banks. At that time there were a number of accounts on the books of the bank in casts where the bank was act ing as guardian trustee, administrator, etc. These accounts approximate about $50,000 The beneficlaries of these accounts contend that the bank was acting in fiduciary capacity with respect to the same and that they upon the assets of the bank which in con templation of law priority claims. that is, superior to the claims of the general depositors. Does Not Hinder Dividend temporary restraining order signed by Judge Brown on Nov. 16. 1933, simply restrains the superintendent of banks from paying out an amount which will be sufficient to pay these so-called trust funds but does not in any way prevent him from paying dividend when he secures the money with which to pay one. Moreover am of the opinion that the banks not have paid out the the order of Judge Brown restrain ing him from so doing. in view of the uncertainty of the law applicable in this case. The order of Judge Brown in no way can be the subject of any just criticism as it does not tend to injure any depositor or creditor the bank impede the orderly liquidation of the bank."

4. January 21, 1934 The Macon Telegraph Macon, GA
Article from The Macon Telegraph, January 21, 1934

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Article Text

Brown Dissolves Sale Injunction Avondale Fruit Farm Auction Will Be Allowed by Court Judge Louis L. Brown yesterday dissolved a temporary injunction restraining the sale of the Avondale Fruit farm in Houston county on deed to secure debt held by the Metropolitan Life Insurance company The restraining order had been issued at the request of the receiver for the Macon Savings bank. on the allegation that would be damaged if the sale were carried through The temporary injunction was granted on the day prior to the date of the scheduled sale, and the process of advertising and the sale is expected to follow as soon as possible. The Fitzgerald firm of Jay and Garden represented the insurance company in the case, while the bank receiver was represented by Earl W. Butler and E. W. Maynard. special attorney acting for R. Gormley, state superintendent of banks. WINS MEMBERSHIP PRIZE Ga., Jan. Preston Chaffin. former adjutant of the Leon Martin post of the American Legion of Barnesville, was winner of first prize in the membership contest which the post has recently sponsored. Mr. Chaffin added 30 new members to the roll. Gerdine Lifsey won second prize. KIWANIS TO CELEBRATE JACKSON, Ga., Jan. KIwanis club of Jackson at its meeting Jan. 23 will observe its 14th anniversary. Mark Smith, governor of the Georgia district of Kiwanis, or some speaker designated by him will deliver the address on that date. Kentucky fruit growers protect their young trees from rabbits old newspapers around the trunks.

5. August 7, 1934 The Macon News Macon, GA
Article from The Macon News, August 7, 1934

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Article Text

Realty Company Gets Injunction Two Notes in Hands of Sav ings Bank Are Held Up Judge Malcolm D. Jones of superior court yesterday afternoon injunction to granted temporary the Bibb Realty company restraining the of two notes for $650 in from the RFC for obtaining money bank's dethe closed Macon Savings positors. Named as defendants in the action the bank: R. E. Gormley. and superintendent of banks. state Alf Mack's Pharmacy, Inc.. the lat. ter of which gave the notes. which are in dispute. for back rent owed to the realty company. According to petition, Alf Mack signed notes for total of $900, thinking that the obligations were made to the Bibb Realty company, they in realty were made out in favor of the Macon Savings bank. Jesse B. Hart was president of both instituand he Mr. Mack allegedly made the transaction All the notes but $650 have been paid and the ready to pay that, set forth The suit seeks to recover the $250 already paid in and obtain of the remaining $630 rather than receiver Judge Malcolm D. Jones granted temporary injunction restraining the transfer of the notes to the RFC collateral for loan, or the transfer already has been made restraining the receivers from receiving amount lent the notes. Hearing was set for Aug. 11 before Judge Brown The firm Hall and Bloch rep. resents the plaintiff.