The bank suspended operations specifically because its correspondent, the National Bank of Kentucky, failed.
Events (1)
1.November 18, 1930Suspension
Cause
Correspondent
Cause Details
The bank closed because its correspondent, the National Bank of Kentucky, suspended operations.
Newspaper Excerpt
Two banks outside Louisville also closed when it learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust company at Franklin, Ky.
Source
newspapers
Newspaper Articles (10)
1.November 18, 1930The Muscatine JournalMuscatine, IA
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Doors Closed on 8 Kentucky Banks
Louisville, Ky.-(AP) Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension Monday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing. two affiliated institutions, the Louisville Trust company and the Security bank. suspended operations. The other banks closed were two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank; the Bank of St. Helens, a Lousiville suburb the McElwain Megular Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave, Ky.
2.November 18, 1930Hattiesburg AmericanHattiesburg, MS
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tional Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent.
3.November 18, 1930The Washington TimesWashington, DC
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Eight Banks in Kentucky Suspend All Business LOUISVILLE, Nov. 18 (I.N.S.). Business was suspended today at eight Kentucky banks having resources of approximately $70,000,000. Among them was the National Bank of Kentucky, a 96-year-old institution, for which a receiver was named bv the Federal controllers' department. The Louisville Trust Company and the Security Bank closed their doors, as a precautionary measure, according to the directors. Both institutions are solvent, directors said. Other institutions to suspend business were the American Mutual Savings Bank and the First Standard Bank, both clearing through the Louisville Trust Company; the Bank of St. Helens, Louisville suburb; the McElwainMeguiar Bank and Trust Company, of Franklin, Ky., and the First National Bank at Horse Cave.
4.November 18, 1930Chippewa Herald-TelegramChippewa Falls, WI
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EIGHT KENTUCKY BANKS CLOSED
Largest of All National Bank at Louisville With Sixty Million Resources.
Louisville, Ky. Kentucky financial institutions with totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of Paul Keves, of the staff of the comptroller the currency Washington. Its resources of approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of concerning its condition. with its closing, two affiliated instiutions, the LouisTrust company and the Security Bank, suspended operations. Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust company, later closed. The Bank of St. Helens, Louisville suburb, also suspended as a precautionTwo banks outside Louisville closed when was learned the National Bank of suspendThey were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.
5.November 18, 1930The Decatur DailyDecatur, AL
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Closed Banks Making Plans To Open Again
(Continued From Page One)
The Bank of St. Helens, Louisville suburb. also suspended as precautionary measure Two banks outside Louisville also closed when it learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust company at Franklin. Ky., and the First National bank at Cave. Ky. The National Bank of Kentucky served correspondent for both. Officers other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported accounts were opened during the day. and earlier statements that the institutions were solvent.
6.November 18, 1930The Daily SentinelGrand Junction, CO
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MORE BANKS CLOSED IN LOUISVILLE
(Associated Press Leased Wire.) Closing of the National Bank of Kentucky here yesterday was followed by five smaller banks closing up as precautionary measure, four here and one in Franklin. Ky., meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respeet and would not be affected. The National Bank of Kentucky of which James B. Brown is president, was placed in the hands of Paul Keyes of the federal comptroller general's office as receiver. It's announced resources were $54 000 000, The other Louisville banks closed were the Security bank which It was stated was closed purely as precaution: the LouIsville Trust company which is affiliated with the National Bank of Kentucky and two comparatively small negro banks, the American Mutual Savings bank and the First Standard bank The latter are not members of the local clearing house associaation but did their clearing through the Louisville Trust company The McElwain Meguiar bank and trust company of Franklin, was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky one of its correspondents and that its depositors would be paid in full In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching "run" was noted bank officials issued optimistic statements that the public would not become excited.
7.November 18, 1930Kingsport TimesKingsport, TN
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KENTUCKY BUSINESS
18. Kentucky financial with resources totalinstitutions than $75,000,000 ing more The largest of closed today. the National Bank of these at Louisville, which Kentucky under the control of Paul Keyes, of the ceiver, staff of the comptroller of the currency at Washington. Its sources approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' its condition. Simulcerning taneously with its closing, two affiliated institutions, the LouisTrust Company and the Security Bank, suspended operations Their directors said they were solvent and that they were closed precautionary measure. three instituions are affiliated through the Bank of Kentucky, holding company. Two small negro banks Louisville, American Mutual Bank and the First Savings Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of Helens, Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville closed when it was the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, and the First National Bank at Horse Cave, Ky. The National Pank of Kentucky served as respondent for both. Officers of other leading Louisville banks issued statements night declaring yesterday's posits were greater than withdrawals. Reported new accounts opened during the day, and reiterated earlier statements that the institutions were solvent.
8.November 18, 1930The ItemSumter, SC
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Eight Kentucky Banks Closed
Ky., Nov. Eight Kentucky financial institutions with resources totalling more than closed today. The largest of these was the Nat Ional Kentucky at Louiswhich was under the control receiver, Paul Keyes, of the staff of the comptroller of the curWashington. Its resources approximate Directors of the National Bank Kentucky said the suspension yesterday necessary because "wild rumors" cerning its condition. Simultaneously with its closing, affiliated the Louisville Trust Company and the Security bank, suspended operations. Two small negro banks in Louisville, the Mutual Savings Bank and the First Standard Bank, which through the Louisville Company, later closed. The Bank of St. Helens, Louisville suburb, also suspendprecautionary measure. Two banks outside Louisville also closed when it learned National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent both.
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9.November 18, 1930The Times-MailBedford, IN
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EIGHT BANKS IN KENTUCKY CLOSE
Remaining Louisville Banks Issue Statements To Gain Confidence of Public
Kentucky financial institutions with resources total. than closed today. The of these the National Bonk Kentucky at Louisville, which was the control Keyes, of the staff of the troller the currency at WashingIts resources approximate Directors of the National Bank Kentucky said the suspension yesterday was deemed necessary because rumors" concerning its condition. Simultaneously closing, two affiliated stitutions, Louisville Trust Company and the Security suspended operations. Their rectors solvent and that they were closed cautionary measure. The stitutions are affiliated through holding pany. Two small negro banks in LouisThe Mutual SavBank and The First Standard Bank, through the later closed. The Bank of St. Helens, suburb, also suspanded precautionary Two banks outside of Louisville also closed when was learned the National Bank Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisbanks issued last night declaring deposits greater than reported were opened during the day, and earlthat the institutions were solvent.
10.November 18, 1930The Daily WorldHelena, AR
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CRASH OF BANKS STILL IS HEARD IN OLD KAINTUCK
EIGHT FINANCIAL INSTITUTIONS IN THAT STATE HAVE CLOSED THEIR DOORS
Louisville, Ky., Nov. Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staf of the comptroller of the eurrency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions. the Louisville Trust Company and the Security Bank, suspended operations. Their directors said they were solvent and they were closed as a precautionary measure. The three institutions are affiliated through the Banco-Kentucky. a holding company. Two small negro banks in Louisville later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville, the McElwain Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both.
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Mcelwain Meguiar Bank & Trust Company · Episode ID 3286490591571
