Citizens Bank - Ocilla, GA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 6, 1920
Location: Ocilla, Georgia (31.594, -83.250)

Metadata

Model: gpt-5-mini
Short Digest: 0b8e6021

Response Measures

None

Description

Article (Dec 8, 1920) reports Citizens Bank of Ocilla was closed and placed in charge of the State Bank Examiner due to a shortage caused by heavy loans to the bank's president (~$40,000). No run or depositor panic is mentioned. The paper says the bank was closed Monday — with publication date 1920-12-08 this implies closure on 1920-12-06.

Events (1)

1. December 6, 1920 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Shortage of funds caused by heavy loans to the bank's president, D. J. Henderson Jr., reportedly owing about $40,000 to the bank.
Newspaper Excerpt: The Citizens Bank of Ocilla was closed Monday and is today in charge of the State Bank Examiner because of a shortage of funds.
Source: newspapers

Newspaper Articles (1)

1. December 8, 1920 The Leader Enterprise and Press Fitzgerald, GA

Article from The Leader Enterprise and Press, December 8, 1920

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Article Text

CITIZENS BANK OF OCILLA IS CLOSED Heavy Loans to President of Institution Said Responsible STOCKHOLDERS MEET Seek To Merge Citizens Bank with Ocilla First National The Citizens Bank of Ocilla was closed Monday and is today in charge of the State Bank Examiner because of a shortage of funds. The stock holders of the bank went into session at 2:30 yesterday aftrenoon in an effort to find a solution for the difficulty. An officer of the bank stated that an effort would be made to have the First National Bank of Ocilla act as receiver for the bank and liquidate its assets or to merge the Citizens bank with the First National. The difficulties of the Ocilla institution are understood to be due to the fact that D. J. Henderson, Jr., presi1 dent, borrowed more than the bank was able to loan. His obligations to e the bank total about $40,000, it is said. The bank is capitalized at $78,000 S and has deposits of about $100,000. d It operates under a state charter. P The officers of the bank are D. J. Henderson Jr., president, D. R. Henderson, vice president, G. S. Willcox, n vice-president, E. L. Harper, cashier, Moley Puvir assistant cashier. All are Ocilla men except Willcox who recently removed his home and business headquarters to Fitzgerald. The bank had financial difficulties during the business depression of 1914 and was reorganized under its present management in 1915. State S banking laws place no limitation on the amount of money that can be loaned to one individual or corporation.