3061. Hancock National Bank (Sparta, GA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
12317
Charter Number
12317
Start Date
March 4, 1934
Location
Sparta, Georgia (33.276, -82.976)

Metadata

Model
gpt-5-mini
Short Digest
ff9dc348

Response Measures

None

Receivership Details

Depositor recovery rate
57.8%
Date receivership started
1932-05-24
Date receivership terminated
1938-02-28
Share of assets assessed as good
38.6%
Share of assets assessed as doubtful
42.3%
Share of assets assessed as worthless
19.1%

Description

Articles state the Hancock National Bank of Sparta, Ga., was closed and a receiver is handling its affairs (receiver appealed to Supreme Court). No mention of a depositor run; the bank is in receivership/closed. Classified as suspension leading to permanent closure/receivership.

Events (4)

1. February 8, 1923 Chartered
Source
historical_nic
2. May 24, 1932 Receivership
Source
historical_nic
3. March 4, 1934 Suspension
Cause
Government Action
Cause Details
Bank had been closed and placed in receivership (receiver pursuing legal appeals over pledged assets to secure state deposits).
Newspaper Excerpt
the receiver of the Hancock National Bank of Sparta, Ga., to set aside a decision of the Fifth Circuit Court of Appeals holding a pledge of assets made by that bank to secure deposits made by the State of Georgia.
Source
newspapers
4. June 4, 1934 Receivership
Newspaper Excerpt
John C. Lewis, receiver of the Hancock National Bank of Sparta, Ga., lost the appeal against the Fidelity and Deposit Company of Maryland... After the bank closed the surety company paid the State and then brought suit to establish its lien.
Source
newspapers

Newspaper Articles (3)

Article from Evening Star, March 4, 1934

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Article Text

BY SIR PHILIP GIBBS, K. B. E. By Radio to The Star. BERLIN, March 2.-For the world outside Germany there is one question of paramount importance: Does Nazi Germany mean peace or war? I have been trying to find an answer to that question. It is not easy. Adolf Hitler says he wants peace, and I believe him. He goes very far in denouncing the insanity of a new war for Germany, and I believe him. English journalists and others keep on quoting mad books of Prof. Banes, who glorifies war. But I have been reading the magazines and pamphlets published for the Hitler Jugend (Hitler Youths), of whom there are 6,000,000 in Germany. They profess ideals of peace for Germany and for Europe. Leader of Youth. The leader of the Hitler Youths is a remarkable young man named Baldur von Schirach, who one day may be Hitler's successor. It is he who is forming the mind of young Germany, the pioneers of an unknown future. In his latest address to them he wrote as follows: "The outside world says we are all wearing uniforms and desire to conquer the world with our young forces and suppress other nations and not allow any other will in the world but our own. How ridiculous is all this! We look upon our uniforms as the garb of comradeship. We do not conquer the world but our German fatherland. We say peace and we mean peace, under one condition, of equal rights and security." But the fear that a Nazi Germany is a threat against peace is not contradicted by the fact, as I believe, that Hitler wants peace now. These Nazi leaders, men like Von Schirach and his ardent disciples, are raising up millions of young men whose faith is based upon racial pride, absolute obedience to leadership and utter self-sacrifice for their nation. They are intensively educated in ideas of self-sacrifice, courage, physical fitness DECISION IN BANK CONTROVERSY URGED O'Connor Appeals to Supreme Court in Dispute Over Pledging of Securities. By the Associated Press. The United States Supreme Court has been asked to settle another controversy over the authority of national banks to pledge assets to secure deposits of States and their political subdivisions. J. F. T. O'Connor, controller of the currency, Thursday urged before the high tribunal the importance of granting a review asked by the receiver of the Hancock National Bank of Sparta, Ga., to set aside a decision of the Fifth Circuit Court of Appeals holding a pledge of assets made by that bank to secure deposits made by the State of Georgia. Pointing out there were 1.450 national banks in receivership, O'Connor emphasized it was of great importance to the Government to have a ruling


Article from The Washington Times, June 4, 1934

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Article Text

U.S.COURT O.K'S LIEN ON BANK By International News Service The Supreme Court today held that a surety company which gave bond to protect a public deposit in a bank now closed is entitled to a lien on assets of national banks in Georgia instead of taking the position of a general creditor. John C. Lewis. receiver of the Hancock National Bank of Sparta, Ga., lost the appeal against the Fidelity and Deposit Company of Maryland. which sought to enforce a lien for $6,206. The bond of $10,000 had been given to secure State of Georgia funds. After the bank closed the surety company paid the State and then brought suit to establish its lien.


Article from Brooklyn Eagle, June 4, 1934

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Article Text

Bank Receiver Must Pay Surety Company The U. S. Supreme Court decided in favor of the Fidelity & Deposit Company of Maryland in suit against the receiver of the Hancock National Bank of Sparta, Ga., involvink the question of whether a lien on assets of the bank should go to the surety company in lieu of payments by the latter to the State on account of State funds on deposit under bond.