gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
345af42e9e0c9c63
Response Measures
None
Receivership Details
Depositor recovery rate
18.0%
Date receivership started
1932-03-09
Date receivership terminated
1939-08-30
Share of assets assessed as good
20.7%
Share of assets assessed as doubtful
51.6%
Share of assets assessed as worthless
27.7%
Description
The bank was taken over by East Tennessee National Bank prior to March 1932, and a receiver was subsequently appointed to collect stockholder assessments.
Events (4)
1.January 19, 1888Chartered
Source
historical_nic
2.March 1, 1932*Suspension
Cause Details
The bank was taken over by the East Tennessee National Bank; the specific trigger for the merger/closure is not detailed but resulted in the bank ceasing independent operations.
Newspaper Excerpt
The City National Bank recently was taken by the East Tennessee National Bank.
Source
newspapers
3.March 9, 1932Receivership
Source
historical_nic
4.March 21, 1932Receivership
Newspaper Excerpt
have appointed Joseph Gamble receiver for the City National Bank for the sole purpose of collecting the stockholders of the City National Bank
NAMES CITY BANK RECEIVER
Gamble Appointed to Make Stock Assessment.
By MARSHALL McNEIL
ASHINGTON Appointment of receiver the purpose of making assesment against in the old City tional Bank of KnoxyHle was nouneed today by Pole His statement said: have appointed Joseph Gamble receiver for the City Nafor the sole purpose of collecting the stockholders of the City National Bank "Inasmuch former positors in City National Bank now depisitors the East Tennessee National Bank. this action will in way affect their depositors: neither will affect status of any from the City National Bank inasmuch all its loans acquired the East Tennessee National Bank year such loans have to died in the banking way not necessary for Mr. Gamble open an office Knoxville as necessary to carried out by him the against the can be handled by mail from Washington where he has his The was signed by Pole, Comptroller of the Currency
2.March 22, 1932Bristol Herald CourierBristol, TN
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Article Text
BANK'S FACING ASSESSMENT
Knoxville City National Bank Receiver Named
KNOXVILLE, Tenn., Mar. 21. (A News Sentinel said today that receiver has been appointed by Comptroller W. Vole, Washington, for the purpose of making an against stockholders of the old City National Bank. The City National Bank recently was taken by the East Tennessee National Bank. The newspaper quoted Vole as follows: have appointed Joseph A. Gamble receiver for the City National Bank, Knoxville, Tenn., for the sole purpose of collecting an against the stockholders of the City National Bank. "Inasmuch the former depositors in the City National Bank are now depositors in the East Tennessee National Bank, this action will in no way affect their status as such depositors."
STOCKHOLDERS SUED
City National Bank Receiver After Assessments.
Three more stockholders in the defunct City National Bank have been sued by the receiver, Joseph Gamble of Washington, for failure to pay the 100 per cent assessment due by Jun 10. The defendants are W M FulLewis, for $1000: and D Campbell. for $6000 These suits bring the total to six in connection with the tempted collection of the milliondollar assessment About two months ago John M Thornburgh Kennerly and Z. W Wilson were sued They have resisted the and have until July 8 to an-
Sues for Bank Stock Pay
Mary Culliny 106 Thompson Place. is defendant in suit filed Tuesday by Joseph E. Gamble, City National Bank receiver, for $5000 stock Gamble asks also for per interest from May 1932. when the as. sessment was due.
HAMILTON BANK OPEN BRANCH
Rents City National Building as Temporary Offices; To Enlarge Main Quarters.
Hamilton National Bank will open temporary quarters the former City National Bank building Thursday, President M. Preston said day. Meanwhile, plans are being speeded up for enlarging the main banking not our intention to make the branch peremanent, said Mr. nity temporary relief by providing adequate facilities Directors of the bank approved the move early today permishas been obtained from the Department. The City Natitonal building is be rented from Jay Riley, East Tennessee National Bank ceiver, now in control of the property. junior officer of the Hamilton National be placed in charge the branch, Mr. Preston said and accepted checks cashed and new accounts handled there. However all records, notes and credits will be kept in the main offices Deposits made in the temporary branch will have the same protecMr. Preston said, those made in the main Plans now being consideerd. Mr. Preston added, for enlarging the main banking quarters. Architects have been asked to study the present lay-out and submit sketches which will enlarge the main floor accommodations.
City Bank Receiver Sues Joseph A. Gamble. receiver of City National Bank, has filed suit in Federal Court for $3000 alleged to be due on stock certificate from Mrs. Helen Post Morris, wife of Lynn Z. Morris, research director of Security Mills. He asks also six per cent interest from May 6, 1932.
JUDGE UPHOLDS BANK RECEIVER
100 Pct. Stock Assessment Legal, Jurist Rules.
Federal Judge George C. ruled yesterday that Joe Gamble of Washington the regularly appointed receiver of City Nationbank and that the 100 per cent assessment against stockholders here legally made. This concluded the first phase of $5,300 suit of the against Mrs. Boyd Attorneys Kennerly Key for the defendant announced peal would be taken. The suit was be tried by jury, but jury was was decided necessary to submit the case jurymen.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
