Bessemer National Bank - Bessemer, AL

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 6961
Charter Number: 6961
Start Date: October 31, 1907
Location: Bessemer, Alabama (33.402, -86.954)

Metadata

Model: gpt-5-mini
Short Digest: 1387e503

Response Measures

Accommodated withdrawals

Receivership Details

Depositor recovery rate: 99.8%
Date receivership started: 1933-12-28
Date receivership terminated: 1940-01-26
Share of assets assessed as good: 32.5%
Share of assets assessed as doubtful: 64.3%
Share of assets assessed as worthless: 3.3%

Description

Article (Oct 31, 1907) describes small withdrawals and a 'flurry' tied to trouble at large banks elsewhere. No suspension or closure mentioned; bank directors report satisfactory condition. Classify as a run-only episode driven by wider banking troubles (macro news/panic).

Events (3)

1. September 23, 1903 Chartered

Source: historical_nic

2. October 31, 1907 Run

Cause: Macro News
Cause Details: Withdrawals triggered by a general flurry/panic stemming from troubles at large banks in the east and west, rather than bank-specific insolvency.
Measures: Instituted/continued rule regarding withdrawals (30/60/90-type withdrawal rule enforced).
Newspaper Excerpt: 'It is true that there have been some small withdrawals... Yesterday there were a good many withdrawals of amounts up to $25... the business people ... have continued to show that their confidence in the banks is just as genuine as it was before the little trouble ever came on the large banks in the east and west.'
Source: newspapers

3. December 28, 1933 Receivership

Source: historical_nic

Newspaper Articles (1)

1. November 1, 1907 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, November 1, 1907

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Article Text

BESSEMER BANKS IN GOOD CONDITION Alderman Lewis Assesses Heavy Fines In Mayor's Court BOOKS FOR NEW LIBRARY Valuable Contributions Made By the Friends of the Institution-Personal and General News of Bessemer. Bessemer, October 31.-(Special.)The banking situation in this city is better today than it has been for several days. The directors of both the Bessemer National and Bessemer State banks stated this afternoon 'that the day's business was indeed very gratifying and that they felt quite sure that a great majority of the people appreciated the difficulty, and they did not anticipate any trouble whatever. It is true that there have been some small withdrawals, but this has been due to the fact that the depositors, or at least some of them that withdrew their money, did not fully understand the situation. Yesterday there were a good many withdrawals of amounts up to $25. while on the other hand, the business people and people that did a large amount of business with the banks before the flurry was first started have continued to show that their confidence in the banks is just as genuine as it was before the little trouble ever came on the large banks in the east and west. The deposits in both banks today were quite satisfactory, and the withdrawals were only about half as much as they were yesterday. The people seem to have realized the fact that while the banks are in just as good a condition as they ever were in this city, and for that matter better, they do not propose to be handicapped in any way, and the rule that is now in force regarding the withdrawals of moneys will hold good in this city just as long as the banks in other places inforce it.