54. Bessemer Trust & Savings Bank (Bessemer, AL)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
December 23, 1930
Location
Bessemer, Alabama (33.402, -86.954)

Metadata

Model
gpt-5-mini
Short Digest
bafd6e218c00feda

Response Measures

None

Description

Multiple AP stories (Dec 23, 1930) report the Bessemer Trust & Savings Bank failed to open and its affairs were turned over to the State Banking Department; closing was authorized by the state banking superintendent after the City National Bank suspended payments. Articles state the trust bank was solvent but could not meet withdrawals and state examiners assumed charge. No clear reopening is reported in these articles; therefore classified as suspension leading to closure (state takeover/administration).

Events (1)
1. December 23, 1930 Suspension
Cause
Local Banks
Cause Details
Closed by state action after the City National Bank in Bessemer suspended payments; officials said action was 'acting for the best interests of depositors' and state superintendent authorized closing. Withdrawals had also reduced deposits making liquidity difficult for the trust bank.
Newspaper Excerpt
The Bessemer Trust and Savings Bank failed to open for business today ... closing of that institution was authorized by Dent F. Green, state banking superintendent ... affairs of the institution were turned over to the State Banking Department.
Source
newspapers

Newspaper Articles (10)
1. December 23, 1930 Corsicana Daily Sun Corsicana, TX
Article from Corsicana Daily Sun, December 23, 1930

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PRESIDENT BANKING COMPANY FOUND SHOT TO DEATH IN HOME ADDITIONAL BANKS OVER NATION FAILED TO OPEN TUESDAY BALTIMORE, Dec. 23.-(P)-T. Edward Hambleton, 44, president of the banking firm of Hambleton and company, was found shot death in his home at Luthersuburb, today. Judge William Butler, corgave verdict suicide. was caused by a bullet wound the head. The banker, president in New York, Baltimore and European SOciety, had just returned from big game hunting expedition in during which his wife the former Adelaide McAlpin, daughter of the New York hotel magnate, established in Reno to seek They had been married for 20 years. Mr. Hambleton was said by his friends to have become depressed over his martial difficulties and the death of his brother, John Hambleton, who was killed in an airplane crash year ago. Miami Bank Closes MIAMI, Fla., Dec. The City Bank of Miami Beach, which heavy run following the closing of the City National Bank in Miami, did not open today. Clements, vice-president and cashier said the bank closed the order of state bank examiners to protect its assets. The bank had capital stock of $100,000, surplus $50,000 and deposits of $600,000 at the last call. Two Connecticut Banks Closed HARTFORD, Dec. Hartford banks, the Riverside Trust company, and Palloti Andretta and company, were suspended today by Bank Commissioner Lester Shippee, following runs on both institutions which have been in progress since last July. Pallotti, Andretta and company, control of the Riverside own Trust company. The state for 1930 gave the capital of the Riverside Trust company $400,000, surplus $600,000, undivided profits $244,229, savings deposits $643,805 and commercial deposits Philadelphia Bank Robbed. PHILADELPHIA, Dec. -Several robbers today held the North branch the Plaza Trust company and escaped with about $7000. Alabama Bank Fails. BESSEMER, Dec. City National Bank and the Bessemer Trust and Savings bank failed to open today. Officials said they were acting for the best interests of depositors. Virginia Bank Suspends. RICHMOND, Dec. state division of insurance banking today announced that the Peoples Bank of Gretna, had suspended business. The bank capitalized $50,000 and had deposits of $474,000. O. Ramsey was president. Fall To Enter Vault. AUSTIN, Dec. proved poor excavators last night attempted to dig their when way into the Blanco National Bank at Blanco, according to telephoned information received here. They dug to steel wall envault and then gave closing it up for bad job. Georgia Bank Closed. WASHINGTON, Ga., Dec. (AP)-A notice on the door of the National Bank of Wilkes county here today said the institution had been closed pending a meeting of the board of directors. The bank was capitalized at $50,000 and assets were reported at $400,000. Florida fruit box containing 45 oranges, grapefruit, 20 tangerines, 100 kumquarts, jar fruit preserves. Express prepaid anywhere Growers Packing Company, P. O. Box 282, Tampa, Fla.

2. December 23, 1930 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, December 23, 1930

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Bessemer, Ala., Suspend; Million Dollar Surplus BESSEMER, Ala., City National Bank and the BesseTrust Savings Bank failed mer open for today and ficials issued statements saying "acting for the best inthey terests of depositors. Officials of the Bessemer Trust and Bank said the closing that state banking by Dent superintendent, who was here yesClosing the national terday. said statement to be bank was result of the other bank suspendpayments. Bessemer Trust and Savings The Bank, according its last published report, had capital surplus $2,000,000 with deposits $442,660. The City National capitalizwith surplus of at 630 shown in the last published and deposits of port

3. December 23, 1930 Tallahassee Democrat Tallahassee, FL
Article from Tallahassee Democrat, December 23, 1930

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MIAMI BEACH BANKING INSTITUTION IS CLOSED Atlantic Hop On January15 Repairs Completed German Seaplane At Lisbon. Berlin, Dec. 23. giant DO-X will be ready to seaplane begin its long-awaited flight across the Atlantic on January announced by Dr. Claude was Dornier, designer of the machine, here today. The huge air liner, according to present plans, will leave Lisbon on that date for the Canary Islands, thence proceeding to Cape Verde, Rio de Janeiro, Havana and New York. It was announced that Clarence Schildhauer, American co-pilot of the DO-X, would return to Lisbon January 10 to be ready for the take-off. The DO-X has been delayed at Lisbon by fire which destroyed one wing. Subsidiary Penney Bank In Miami. Following heavy run on deposits after the closing of the City National Bank of Miami yesterday, the City Bank of Miami Beach, subsidiary of the defunct institution, was also forced to main closed this morning, Ernest Amos, state comptroller, has been informed. The two other subsidiaries of the National bank have not been however, as they do entirely trust business, the comptroller was told. Upon confirmation of the information, Mr. Amos tendered the position as liquidator for the City Bank of Miami Beach to E. Duncan, county liquidator for Dade and Broward counties. The City Bank of Miami Beach was capitalized at $100,000 and was established following the failure of the Miami Beach subsidiary of the defunct Bank of Bay Biscayne in Miami this summer. Investigation Started Miami. Dec. City Bank of Miami Beach was ordered closed today as investigation in an was begun by State's Attorney M. Vernon Hawthorne into the alleged violation of state banking laws the closing vesterday of the Citv National Bank here. The state bank examiner ordered the Miami branch bank be closed. and officials of this stitution said depositors eventualwould be repaid in full. Bessemer Banks Closed Bessemer. Ala., 23. The City National Bank the and Bessemer Trust and Savings Bank (Continued on page five)

4. December 23, 1930 The Huntsville Times Huntsville, AL
Article from The Huntsville Times, December 23, 1930

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BESSEMER BANK FAILS TO OPEN City National Remains Closed for Best Interests Of Depositors BESSEMER, Dec. 23 (AP)-The City National Bank and the Bessemer Trust and Savings Bank failed to open for business today and officials issued statements saying they were "acting for the best interests of Officials of the Bessemer Trust and Savings company said the closing of that institution was authorized by Dent F. Green, state banking superintendent, who was here Closing of the National bank was said in a statement to be result of the other bank suspending payments. G. Foote, state bank examiner, assumed charge of the affairs of the Massemer Trust and Savings bank toMr. Green said the institution solvent and that reorganization /may be attempted. Green said withdrawls by depositors to tide them over periods of unemployment had reduced deposits from more than $500,000 year ago to $270,000 and that the bank was unable to realize on assets to maintain its legal reserve. A statement issued by the City National said that institution had suspended payments temporarily. J. C. R. Gwin, vice president said the action was taken "to protect depositors" and to give all a chance "to fare alike." The Bessemer Trust and Savings bank, according to its last published report, had a capital of $60,000 and surplus of $2,000 with deposits of The City National was capitalized at $100,000 with surplus of $33,630 shown in the last published report and deposits of $800,160 Another at Miami MIAMI, Fla., Dec. 23 (AP)- The City Bank of Miami Beach, which underwent a heavy run yesterday fol. lowing the closing of the City National Bank in Miami did not open this morning C.L. Clements, vice president and cashier ,said the bank closed at the order of state bank examiners to protect its The bank had a capital stock of $100,000 surplus of $50,000 and deposinstof $600,000 at the last call. Two At Hartford NARTFORD Conn., Dec. 23 (AP) wo Hartford banks, the Riverside Trust Company and Palotti Andretta and Company, were suspended today by Bank Commissioner Lester B. Shippe, following runs on both institutions which have been in progress since last July. The state manual for 1930 gave the capital of the Riverside Trust com pany, incorporated in 1907 at $400,000. surplus $600,000, undivided profits 805.23 and commercial deposits $3,-

5. December 23, 1930 The Chattanooga News Chattanooga, TN
Article from The Chattanooga News, December 23, 1930

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MIAMI BEACH BANK FORCED TO CLOSE Fails to Open Tuesday After Heavy Run Monday. City bank of Miami Beach, which unheavy run follow. ing the closing of the City National bank in Miami. did this morning. C. L, Clements, vice-president and cashier, said the bank closed at the order of state examiners to protect its The bank had & capital of $100,000, surplus of $50,000 and deposits $600,000. at the last call, Hartford Banks Suspend. Hartford, Conn., Dec. Two Hartford the Riverside Trust company and Palotti Andrea & Co., were suspended today by Lester E. runs on both which have been in progress since last July, The state manual for 1930 gave the capital the Riverside in 1907, as $400,000, surplus $600,000, undivided profits 8224.deposits Banker Suicides. Baltimore, Dec. president of the banking of Hambleton & Co., was found shot to death nhis home at Luthertoday William P. Butler returned of The body Mr. Hambleton, who was 44 years old, was found Charles his butler, when he went call his employer Bessemer Banks Close. City National and the Trust and Savings bank failed to open for business today and officials issued saying they were acting for the best interests of Officials of the Trust said the closing that was banking who was here Closing of the bank in to be & result of the bank The Bessemer Trust and Savings to its last report, had capital and surplus of deposits The City National was capitalized at $33,630 in the last published report and deposits of 8800,150.

6. December 23, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, December 23, 1930

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State Takes Over Chelsea Bank In New York State Superintendent of Banks Broderick announced to. day he had taken the Chelsea Bank and Trust Company The institution according to the latest figures, had gross of $16,323,000 on December 20th, The bank was closely identified with the motion picture industry in New York and two directors are active figures in the film world. ANOTHER MIAMI CLOSES MIAMI BEACH Dec. 23. The City Bank of Miami Beach was closed to-day to protect depositors, officials announced, after run on the bank yesterday. The city bank had capital stock of $100,000 and of approximately $600,000. The City National Bank of Miami was closed yesterday. CLOSE IN HARTFORD HARTFORD Dec. 23 Hartford banks, the Riverside Trust Company and Pallotti Andretta and Company, were suspended to-day by Bank Commissioner Lester E. Shippee, following runs both institutions. Pallotti Andretta and control the Riverside Trust ComThe state manual for 1930 gave the capital of the Riverside Trust Company as $400,000, surplus $600,000, undivided profits $24,229, savings deposits $643,805 and commercial deposits $3,185,455.10. B7SSEMER (Ala.). Dec. 23 The City National Bank the Bessemer Trust and Savings Bank failed to open to-day. RICHMOND (Va.), Dec 23 The state division of insurance and banking to-day the People's Bank of Gretna, Va., had

7. December 24, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 24, 1930

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CHELSEA BANK Closes In New York. Small Institution Patronized By Theatrical Profession-Two Suspend In Hartford. New York, December 23-(AP)The Chelsea Bank and Trust Company, a small institution patronized mostly by theatrical people, was taken over by State Superintendent of Banks, Joseph Broderick, today following heavy withdrawals. Broderick said he closed the bank to preserve its assets for depositors. The institution operated seven offices. It owned the Chelsea Exchange Safe Deposit Company and the Chelsea Exchange Corporation, securities firm. The developed last night and this morning. Broderick said it was caused by rumors. Officials began an investigation of reports that malicious campaign was under way to injure banks by circulating false rumors. The Bank was a national and state depository, but not member the Federal Reserve or the New York Clearing House. It at $2,500,000. had deapproximately $18,000,000 and total resources of $23,000,000. Hartford Conn., December 23 Hartford banks, the Riv. erside Trust Company and Pallotti, Andretta & Co., suspended today by the Bank Commissioner following runs on both institutions which have been in progress since last July. Pallotti, Andretta & Co. control the Riverside Trust Company. The state manual for 1930 gave the capital of the Riverside Trust Company at $400,000, surplus $600,000, undivided profits $244,229, savings deposits $643,805 and commercial deposits $3,185,455.10. Miami, Fla., December 23-(AP)The City Bank of Miami Beach/ which underwent a heavy run yesterday following closing of the City National Bank in Miami, did not open this morning. The bank had capital stock of $100,000. surplus of $50,000 and deposits of $600,000 at the last call. Bessemer, Ala., December 23-(AP) The City National Bank and the Bessemer Trust & Savings Bank failed to open today. Official said they were "acting for the best interests of depositors.

8. December 24, 1930 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 24, 1930

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2 Bessemer Banks Close In One Day The Bessemer Trust and Savings Bank, located at Bessemer, in Jefferson County, and which capital of $60,000, did not reopen for business yester. day morning. Affairs of the institution. was learned, were turned over to the State Banking Department at meeting of the bank's directors Monday night, which was attended by State Superintendent of Banks D. Green. Yesterday, connection with the the and Savings Bank, Mr. Green stated that solvent, that unable to on loans keep up with steady with. going on for stated, were in no sense in the The National Bank of Bessemer failed open Tuesday morning and officials saying they were "acting for the best interests the depositors,' according to the Associated Press. The Bessemer and Savings failed to and closing of the National Bank said result of the other bank suspending payments. The City National was capitalsurplus $33,630 shown in the published report, and deposits of $800,160. statement issued by the City Na. Bank said that the institution payments temporarily. B. Gwin, vice president, said the action to "protect and to give all chance "to fare alike."

9. December 24, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 24, 1930

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are obliged to close our doors to protect The bank was established in 1888. Its deposits are estimated excess $2,000,000, mostly by small merchants in the TWO BANKS CLOSED IN BESSEMER, ALA BESSEMER, Ala, Dec The City National Bank the Bessemer Trust and Savings Bank failed to open today. Officials said they 'acting for the best interests of depositors. Virginia Bank Suspends RICHMOND, Dec 23 (A. P.)The Banking that the Peoples Bank of Gretna, Va, has suspended business. The bank capitalized at $50,000 and had deposits of $474,000.

10. December 24, 1930 Tulsa World Tulsa, OK
Article from Tulsa World, December 24, 1930

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YORK BANK FAILS OPEN ITS DOORS Eight Institutions Closed After Runs, to Save Small Depositors NEW state superintendent of banks, The today took posJoseph of the Chelsea Bank and session Trust Main at Fourth Last shopping day before Christmas! patronized actors and largely the theatrical business It others in apitalized has was of approximately deposits total resources of closing of the bank followed The on the institution which last and continued veloped this Chelsea Bank and Trust company The was founded in 1203 and offices. has When seven notice of Mr. Broderick's action was posted, 300 depositors branch in the Bronx tried to the doors. Santa recommends for cold days storm They swept aside a guard of dozen policemen momentarily. but the latter drew revolvera and drove Children's Zipper Suits crowd back. plate glass the in the bank entrance panel shattered. Several persons in the group were roughly handled. low priced RICHMOND, Va., Dec. 23 (A. for gifts state division of and banking today announced the Peoples Bank of Gretna, Fa., had suspended business. The Mothers of very young was capitalized $50,000 bank morning! tots, to 6 years old, will had deposits of Ramsey was president. appreciate one of these sturdy, warm suede suits. WASHINGTON, Ga., Dec. 23 (A. notice on the door of the They're especially good National Bank of Wilkes county for play because they fastoday said the institution had closed pending a meeting of ten so securely. board of directors. The bank capitalized at $50,000 and asThree piece set, leggings, A marvelous selection of sets were reported at $400,000. blouse and helmet. with HARTFORD, Conn., Dec. 23 (A. knit waistband and cuffs on blouse. Riverside Trust company and PalAndretta were Tan Red pended today by Bank Commissioner Lester E. Shippee, following Green Navy runs on both institutions which been in progress since last Copen Pallotti, Andretta & Co. own control of the Riverside Trust company. The state manual for 1930 the capital of the Riverside Trust company as $400,000. surplus $600,000. undivided profits $244.229. savings deposits $643,805. and commercial deposits $3,185,455.10. BESSEMER. Ala., Dec. 23 (A. City National bank and Bessemer Trust and Savings bank failed to open today. Officials they were "acting for the best interests of depositors. The City bank of Miami Beach, underwent heavy run yesterday following the closing of the City National bank in Miami, did not open this morning. Clements, vice president and cashier. said the bank closed at the order of state bank examiners to protect assets. The bank had stock of $100,000. and deposits of $600,000 at the Madeira embroidery, Italian cut work and burano inserts. choose herself! that started on the Were Now Were Now company yesterday after Well made, with plain 8 sets $15.50 announcement that the Bankers' Trust company had voluntarily edges. 26 8.95 7.17 40 15.95 12.76 sets closed its doors to conserve its as9.95 7.96 16.95 13.56 sets, began to subside today. Suntan Bisque Council of Ministers today proved proopsal prolonging the privilege of issuing currency by the of Italy until December 31. PHILADELPHIA, Dec. 23 (A. The private bank of M. Blitzsteen and company, Fourth Lombard streets, closed its doors account of heavy bank was established in 1888. Its deposits are estimated in of mostly by merchants in the neighborIt operates under exemption the private banking act of 1911 and therefore is under no or other governmental super-