First National Bank (Eutaw, AL)

View Charter #3931 on SPMC View balance sheet

Episode Information

Episode UID
393101599
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
39310 national
Charter Number
3931
Start Date
March 2, 1933
Location
Eutaw, Alabama

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
6a6fa1394e43719b

Response Measures

None

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-08-23
Date receivership terminated
1937-05-28
Share of assets assessed as good
42.7%
Share of assets assessed as doubtful
56.3%
Share of assets assessed as worthless
1.1%

Description

Receiver is named in mid-1934 notices; exact date of appointment not stated in supplied clippings.

Events (6)
1. October 15, 1888 Chartered
Source
historical_nic
2. March 2, 1933 Suspension
Cause
Government Action
Cause Details
Statewide 10-day banking holiday proclaimed by the Governor of Alabama to stop runs and allow supervisory regulation.
Newspaper Excerpt
Gov. Miller Wednesday declared 10-day banking holiday in Alabama ... the order would affect all state and national banks
Source
newspapers
3. March 3, 1933 Reopening
Newspaper Excerpt
Alabama banks ... were authorized today by the state banking department to reopen tomorrow with withdrawals restricted to per cent. until the holiday ends.
Source
newspapers
4. August 23, 1933 Receivership
Source
historical_nic
5. July 3, 1934 Receivership
Newspaper Excerpt
Cheairs, as Receiver of The First National Bank of Eutaw, and, as such Receiver, as Trustee for the Reconstruction Finance Corporation, ... Witness my hand this the 3rd day of July, 1934.
Source
newspapers
6. July 27, 1934 Other
Newspaper Excerpt
will, on the 27th day of July, 1934, proceed to sell ... at public outcry ... one-third interest ... under and by virtue of ... The First National Bank of Eutaw (as Receiver).
Source
newspapers

Newspaper Articles (7)
1. March 2, 1933 The Dadeville Record Dadeville, AL
Article from The Dadeville Record, March 2, 1933

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Article Text

Declares Bank Holiday Montgomery, Ala., Mar. recommendation of the state superintendent of banks, Gov. Miller Wednesday declared 10-day banking holiday in Alabama to "protect the interests of the public, bank depositors and bank stockholders." Governor Miller, in announcing the holiday at o'clock said the order would affect all state and national banks and would subject to such modifications, extensions and rules and regulations as to banking operations during such holiday as may from time to time be ordered by the state superintendent of The holiday was declared in an official proclamation, and dates from 12 noon today until 12 noon March 10. The proclamation follows: the banking situation throughout the United States has been so materially effected by separate state and loactions as to threaten the public interest and the interests of the depositors and stockholders of the banks of Alabama; and "Whereas, the congress of the United States has taken action in the public interest looking towards proper adjustment of the banking structure of the nation; and "Whereas, it is my information that the condition of the banking system in this state is fundamentally sound, and the necessity is suggested of protecting the interest of the public, bank depositors and bank stockholders to avert useless and unnecessary loss which might result in action by other states to temporary or extended suspension in whole or in part of banking operations; and "Whereas, such action by other states may result in serious contraction of free commerce between them and this state to such an extent as to unnecessariembarrass our banking system; "Now, therefore, be it known and proclaimed that pursuant to the authority in me vested as governor of the state of Alabama, hereby declare the existence of an emergency in the state and do hereby proclaim and order bank holiday in the state of Alabama to become effective immediately for period of 10 days from the date of this proclamation and to be subject to such modifications, extensions and rules and regulations as to banking operations during such holiday as may from time to time be ordered by the superintendent of banks." The proclamation followed the introduction Monday afternoon in the house and senate of identical bills giving authority to the state superintendent of banks to declare banking holiday in cases of extreme emergency. H. H. Montgomery, state superintendent of banks, said that Alabama had 158 state banks, with 16 branches, on December 31, the latest date for which figures are available. Deposits in the institutions totalled approximately $45,and total resources, $64,These figures do not include national banks, over which the state department has no control. Mr. Montgomery, who is given power to make regulations during the holiday period by the governproclamation said that he had not determined what action, any, he would take before March 10, the date on which the holiday expires.

2. March 2, 1933 The Blocton Enterprise West Blocton, AL
Article from The Blocton Enterprise, March 2, 1933

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Article Text

Proclamation issued dal noon, Governor M. ordered all banks in Alabama pend business for ten days. This action was made necessary, similar action had been taken in states, and caused the banks Alabama to run low on cash, due the fact that checks issued banks other could not be paid until the banks reopened. There no need for worry the condition Eibb's two financial institutions, The Peoples Bank and The Brent Bank. These banks wanted to remain open, but the Governor order that all banks close for ten days. Banks And State Of Mind Logislative action in various states to afford banks protection against panic "runs" of depositors has now become too familiar thing to alarm the level-headed. All business men have realized for months past the existence of the situation which calls for expedients; they should have difficulty in recognizing that, convenient bank holidays and companying restrictions upon withof deposits are, they actually the interests of depositors and promise to maintain something like normal business processes communities which would presumably fare worse without them. All these emergency measures of state governors and Legislatures have two main purposes; first, keep available liquid bank resources in circulation through check payments and release of limited amounts of currency; second, to put all depositors on equal footing as ed with the preference enjoyed the typical "run on the bank" by those having early knowledge of the imminence of run or otherwise infectwith the virus of fear. The point be remembered that these pedients themselves are not the heart the prevailing bank situation but only the means of temporary controlling until such times as depositors in general regain their composure. Actually, the tap root of the difficulty which banks in communities are experiencing their constant exposure to unreasoning attack by their creditors, the depositors, and their inability heretofore command any effective means of fense therefrom. In ordinary times, when the confidence of depositors the bank position what may be called normal. that exposure no serious matter: even today would be nullified by universal disposition among all depositors to govern themselves with reason and selfcontrol. Bank holidays are intended to prompt such sanity to assert itself. Essentially, this bank situation and its immediate depends upon popular state of mind. happen that our long period of political drifting since the November election together with the chapter of acci dents, has affected the public mind adversely and cumulatively. Any distinctly favorable change in the trend of popular thinking, even based upon mere incident or circumstance, would in all probability nean successful outcome of these temporary expedients and fairly rapid lisappearance of the conditons which occasion them.

3. March 2, 1933 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, March 2, 1933

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Article Text

Withdrawals Of Deposits Have A Limit Per Cent. Public Utilities, Telephone Companies Cannot Cut Off Service While Banking Holiday Order Is In Force MONTGOMERY, March Alabama Public Service commission today ordered all public utilities and ephone companies to suspend rules governing cutting off serv fee for non-payment, forfeiture of discount for failure to pay within prescribed period during the banking holiday. The emergency order sued with the statement: the opinion of this commission that the existing emergency condition warrants the suspension of rules during such banking moratorium'. Meanwhile, the per cent. withdrawal restriction was said to apply to all types of demands, including payrolls. In other words, no depositor will be permitted withdraw more than per cent. of his total deposit at the close banking business yesterday during any time of the holiday. The legislature approved the governor's holiday proclamation by adopting joint resolution concurring with the governor's action. The resolution, introduced in the senate, was rushed across to the house and adopted unanimously It also moved to grant extraordinary powers to the superintendent of banks and the banking board when both the Rish and Teasley bills delegating such powers were reported favorably. Rish said the would placed for final passage The house passed the Riddle bill to erable county boards of educaticn to pledge school fund receipts for collateral on loans to meet the teachers' salaries through 1935. Enough Money Will Be Available Gor Conducting of Ordinary Business Affairs, Say: Banking Department Dothan banks which remained closed today in accordance with Governor Miller's proclamation, announced that they would reopen tomorrow on the basis outlined by the state banking department. Malone, president of the First National bank, and Flowers, vice-president of the Dothan Bank Trust had Intended to cooperate with the governor's 10-day holiday and remain closed but stated today that their institutions would open tomorrow, with restricted withdrawals. There was no excitement In Dothan this morning, with busIness going on about as usual. MONTGOMERY, March (AP) Alabama banks, closed yesterday under Governor Miller's 10-day holiday proclamation, were authorized today by the state banking department to reopen tomorrow with drawals restricted to per cent. until the holiday ends. The per cent. withdrawals are limited to payrolls and necessary living expenses such Insurance premiums, tax payments, drafts with bills of Ind. ing attached and other purpos necessary to conduct bust Under the board's ruling deposits will be segregated and made subject to full withdraw als trust deposits, The holiday is not mandatoand banks in some localities remained open. H. H. Montgomery, superinten dent of banks, said the features of the board's order would be Into bill now before the legislature giving him power to extend the order beyond the 10-day period if conditions demand. Montgomery said he received reports that Mobile, Selma, one bank at Citronelle and Baldwin county banks were remaining open. Merchants Montgomery and Birmingham were doing business as usual, accepting checks in full or for majority payment of chases. California, Oklahoma, Louisiana and Mississippi entered upon bank. ing holiday. brings to the number of states where the limitation of withdrawals exists

4. March 4, 1933 The Buffalo News Buffalo, NY
Article from The Buffalo News, March 4, 1933

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Article Text

MERCHANTS IN ALABAMA TAKE CHECKS AS CASH MONTGOMERY March Alabama banks. from few Saturday Legisexpedite the banking board Meanwhile throughout the state their business accepting checks the exact amount of purhases. deposits were despite withdrawal The Birmingham branch Federal and banks joined the state holiday.

5. July 5, 1934 Greene County Democrat Eutaw, AL
Article from Greene County Democrat, July 5, 1934

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Article Text

NOTICE OF MORTGAGE FORECLOSURE SALE Under and by virtue of, and in pursuance of, the power of sale contained in that certain mortgage of date November 18th, 1927 executed by McKee G. Bouchelle and Lizzie Snow Bouchelle, wife and Henry T. Bouchelle and Julia Ms Bouchelle, his wife, The First National Bank of Eutaw, and which said mortgage is of record in the Probate Office of Greene County Alabama, in Records of Mortgage Number 134, at page 195, the undersigned, N. Cheairs, as Re ceiver of The First National Bank of Eutaw, and, as such! Receiver. as Trustee for the Reconstructior Finance Corporation, as the transferee, owner and holder of said mortgage and the note and debt thereby secured, will, on the 27th day of July, 1934, proceed to sell in front the Court House door at Eutaw, Alabama, during the gal hours of sale, at public outery to the highest bidder, for cash, undivided One-third interest in and to the the following described real estate, situate in the Town of Boligee, in Greene County, in the State of Alabama, and described in and conveyed by, said above described mortgage, to-wit: Commence at point on the North boundary line of Gould Street in the Town of Boligee, Greene County, Alabama, which said point is 204.50 feet North 47 degrees East from the corner of Sarah G. Bouchelle's brick store building on the NE corner of Gould and Constantino Streets; from this point of beginning which is the SW corner of lot hereby conveyed, run 150 feet North 47 degrees East with North boundary line of Gould Street parallel with and 100 feet from center of the main line track of Alabama Great Southern Railroad, to the West boundary line of the property or lot of Boligee Cotton and Ginning Company and SE corner, thence 80 feet North 43 degrees West along said Boligee Cotton and Ginning Company lot to NE corner, thence 150 feet South 47 degrees West to NW corner. thence 80 feet South 43 degrees East to SW corner and point of beginning, the said property being the same property conveyed to W. Bell, Boligee Mercantile Company and Bouchelle Brothers by Sarah G. Bouchelle, and on which is situate cotton warehouse. Default having been made in the payment of the note and debt cured by said mortgage, this foreclosure had for the purpose of collecting the said note and debt together with reasonable attorney's fee for foreclosure of said mortgage, and the other expenses incurred in and about the foreclosure of the same. Witness my hand this the 3rd day of July, 1934. Cheairs. As receiver of The First National Bank of Eutaw. and, as such Receiver. as Trustee for the Reconstruction Finance Corporation, transferee, owner and holder said mortgage hereinabove describand the note and debt thereby ed, J. D. McQueen Attorney for Mortgagee

6. July 5, 1934 Greene County Democrat Eutaw, AL
Article from Greene County Democrat, July 5, 1934

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Article Text

As Receiver of The First National Bank of Eutaw, and, such as ceiver, as Trustee for the Reconstruction Finance Corporation, transferee, owner and holder of said mortgage hereinabove describ ed, and the note and debt thereby secured. J. D. McQueen Attorney for Mortgagee. construction Finance Corporation, transferee owner and holder of said mortgage hereinabove describ ed, and the note and debt thereby secured. D. McQueen Attorney for Mortgagee

7. July 5, 1934 Greene County Democrat Eutaw, AL
Article from Greene County Democrat, July 5, 1934

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Article Text

NOTICE OF MORTGAGE FORECLOSURE SALE Under and by virtue of, and in pursuance of, the power of sale contained in that certain mortgage of date, October 19th, 1926, executed by W. Bell and Sallie Bell, his wife, to The First Bank of Eutaw, and which said mortgage is of record in the Probate Office of Greene County, Alabama, in Mortgage Record No. 132. page 298, undersigned, Cheairs, as Receiver of The First National Bank of Eutaw, and, such Receiver, as Trustee for the Reconstruction Finance Corporation, as the transferee,, ownand holder of said mortgage and the note and debt thereby secured will, on the 27th day of July, 1934 proceed sell, in front of the Court House door, at Eutaw, Ala bama, during the legal hours sale, at public outery, to the highest bidder, for cash, the following described real estate, which is sit uate the County of Greene, the State of Alabama, and described in and conveyed by, said aboved described mortgage, to-wit A certain lot parcel of land in the town of Boligee, Greene County, Alabama, described as fol lows, to-wit: Commencing at NW corner of lot now owned by B. McAlpine and formally owned by Johnston, Sr., and running along Milners Alley Westerly direction 178.56 feet, thence South along the one-half section line Section 31, Township Range feet, thenee an Easterly direction parallel with Milners Allen feet to point on B. Alpine's west line 70 feet from point of starting, containing 32 an acre. The above described lot bought by Johnston from Kee Delia F. Gould and Sarah W. Thornton 5th day of October, 1883, recorded Book of Deeds No. 3, pages 371372. Default having been made in the payment of the note and debt cured by the said mortgage, this foreclosure is had for the purpose of collecting the said note and debt together with reasonable attorney's fee for of said mortgage, and the other expenses incurred in and about the foreclosure of the same. Witness my hand this the 3rd day of July, 1934. Cheairs As receiver of The First NationBank of Eutaw, and as such Receiver, as Trustee for the Re- MRS. R. S. CARPENTER Our community wa saddened when on the afternoon of June 22. the death Angel came into the home of Mr. R. S. Carpenter and took away his loving wife, Mrs Theodocia Carpenter. Mrs. Carpenter was born at May field, Alabama, March 3, 1879, daughter of A. and Martha Pow. cll. She received her education the schools of Carrollton and Livingston, Alabama. She later taught school for five years in Pickens and Tuscaloosa Counties. On Octo. ber 15, 1905 she was united in marriage to R. S. Carpenter Lewiston, Alabama. To this union was born nine children, five girls and four boys. At the age of 16 years she united with the Union Free Will Baptist Church of Mayfield, Alabama where her membership remained until few years ago when she united with the Pt. Hill Presbyte rian Church to whose services sho was loyal until few months when declining health prevented her attendance. Truly it can be said of Mrs. Carpenter that she was loving and most patient wife and mother the husband and children in whose memories she will ever be treasured for her nobleness and courage trying to make the home place happiness and peace. She will missed most of all from the family circle where she devoted most of her time, but our community has also sustained loss in the passing of Mrs. Carpenter, for she was kind and considerate neighbor and always willing do her part in all things that were for the building up of the community. She was laid to rest in Pt. Hill Cemetery on the morning of June 24th, services being conducted by her pastor, Rev. Davidson. The act. tive callbearers were: C. Richardson, L. King, Billy Wilson, Thomas Eatman, Raymond Middle ton and Sebron King. The Honary pallbearers were: E. Corwin, C. Craft, R. G. V. Golson, Hamlin, B. Compton, H. Montgomery, W. Irvin A. Scales, Grubbs and W. Meriwether. Mrs. Carpenter is survived by her husband, five daughters, Mrs. L. Oates, York; Mrs. E. C. Carroll, Bessemer; Misses Mary Julia Lucy Mae and Erin, Lewiston; four sons, Emmett, Eutaw; Robert, Homer and James, Lewiston; also three brothers and two sisters besides host of other relatives and friends. To these our hearts go out in deepest sympathy, but we would point them to the whom we know has a purpose in all things and may this great Comforter help them to see that their loss is Heaven's gain.