Citizens Bank - Ocilla, GA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: April 4, 1922
Location: Ocilla, Georgia (31.594, -83.250)

Metadata

Model: gpt-5-mini
Short Digest: 1865f3f2

Response Measures

None

Description

Article (Americus Times-Recorder, 1922-04-04) describes the Citizens Bank of Ocilla as 'defunct' and already in the hands of state officials; stockholders being levied by the state superintendent and petitioners asking a receiver be appointed. No run is described; the bank is under state control and receivership is being sought, consistent with a suspension leading to closure/receivership.

Events (2)

1. April 4, 1922 Receivership

Newspaper Excerpt: petition in Irwin Superior court asking that a receiver be appointed for the said defunct bank... it was asked that a receiver be appointed in order that its affairs might be adjudicated.
Source: newspapers

2. April 4, 1922 Suspension

Cause: Government Action
Cause Details: State superintendent of banks made levies against stockholders (100% then 65%) and the bank was in the hands of state officials; state action effectively suspended the bank.
Newspaper Excerpt: The Citizens Bank of Ocilla was la the courts again yesterday, W. C. Wingate et al, bringing equitable petition in Irwin Superior court asking that a receiver be appointed for the said defunct bank... Judge Eve denied the neccessity for a receiver holding that as the bank was already in the hands of the state officials...
Source: newspapers

Newspaper Articles (1)

1. April 4, 1922 Americus Times-Recorder Americus, GA

Article from Americus Times-Recorder, April 4, 1922

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Article Text

BANK OF OCILLA CASE IS ATCHED Involves Question First Raised Here In Commercial City Case TIFTON, April 4. The Citizens Bank of Oeilla was la the courts again yesterday, W. C. Wingate et al, bringing equitable petition in Irwin Superior court asking that a receiver be appointed for the said defunct bank, and that an injunction be granted restraining the state superintendent of banks from enforcing a levy recently made against said stockholders. It will be remembered that the state superintendent of banks made a levy of 100 per cent against the stockholders of the Citizens Bank of Ocilla. They resisted said levy claiming that it was larger than necessary and the levy was withdrawn. Another levy of 65 per cent was made and it is this levy that petitioners resist. However, not all of the stockholders of the bank are parties to the petition. These petitioners alleged that they bought their stock at the solicitation of D. J. Henderson, Jr., then cashier of the Citizens Bank, that he fraudulently represented to them that the bank was solvent when as a matter of fact it was insolvent at that time and Henderson knew it. Therefore petitioners requested that the sale be set aside. Further they claim that even though they should be held liable for the obligations of the bank, they should be liable only for debts incurred after they bought their stock Also, the tangled condition of the affairs was set forth and it was set forth and it was asked that a receiver be appointed in order that its affairs might be adjudicated. The bank officials denied all allegations set forth in the petition. Judge Eve denied the neccessity for a receiver holding that as the bank was already in the hands of the state officials and the state superintendent of banks had not asked for the assistance of the court of equity, that its affairs should remain in the hands of said state superintendent for the present at least. It was further held that the allegations of fraud and their denial set up a question of facts which should be passed upon by a jury at the regular term of court. The state authorities were réstrained from enforcing the collection of the levy until a jury could pass upon the matter in dispute. The Oeilla bank case is being watched closely by Americies attor