First National Bank - Abbeville, AL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 5987
Charter Number: 5987
Start Date: November 14, 1924
Location: Abbeville, Alabama (31.572, -85.250)

Metadata

Model: gpt-5-mini
Short Digest: 22fdc3ea

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1924-11-14
Date receivership terminated: 1941-06-13
OCC cause of failure: Economic conditions
Share of assets assessed as good: 28.8%
Share of assets assessed as doubtful: 40.5%
Share of assets assessed as worthless: 30.7%

Description

Bank was ordered closed by directors and placed in hands of the Comptroller of the Currency; a national bank examiner was appointed receiver. Newspaper explicitly says there was no run (only quiet withdrawals). A subsequent notice (Apr 1925) from the receiver about dividend payments confirms the bank remained in receivership/closed.

Events (4)

1. October 8, 1901 Chartered

Source: historical_nic

2. November 14, 1924 Receivership

Source: historical_nic

3. November 14, 1924 Receivership

Newspaper Excerpt: E. F. Anderson, a national bank examiner, has been appointed receiver.|Dividend checks ... ANDERSON, Receiver, First National Bank, Abbeville, Ala. (Apr 1925 notice).
Source: newspapers

4. November 14, 1924 Suspension

Cause: Government Action
Cause Details: Board of directors placed the bank in the hands of the Comptroller of the Currency; closed as precautionary despite statements of solvency.
Newspaper Excerpt: By order of the board of directors, this bank has been placed in the hands of the comptroller of the currency.
Source: newspapers

Newspaper Articles (2)

1. November 15, 1924 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, November 15, 1924

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Article Text

ABBEVILLE BANK CLOSES ITS DOORS First National Fails To Open Its Doors Friday ABBEVILLE, Ala., Nov. 14.-(Special.)-The First National Bank of Abbeville, one of the oldest and strongest financial institutions in this section failed to open its doors for business this morning. The following notice was pinned to the door of the bank: "By order of the board of directors, this bank has been placed in the hands of the comptroller of the currency." The First National, according to its last statement on October 10 had total resources of $455,951, individual deposits of $114,270 and time deposits of $58,400. The bank has a capital and surplus of $140,000, and its loans and discounts were $250,000 and rediscounts of $36,000. G. M. Danzey is president and Robert Newman is cashier of the bank. There has been no run on the bank but it is understood that depositors had been quietly withdrawing their funds for several days. It is believed that the depositors will be paid in full as the officers say that the bank is entirely solvent, and was closed simply as a precautionary measure. E. F. Anderson, a national bank examiner, has been appointed receiver.

2. April 2, 1925 Abbeville Herald Abbeville, AL

Article from Abbeville Herald, April 2, 1925

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Article Text

NOTICE OF DIVIDEND PAYMENT Dividend checks whose tributed claims creditors this being dishad been before March Bring your Receiver's Certificate with your claim. per cent you and ANDERSON, Receiver, First National Bank, Abbeville, Ala.