Bank of Benton - Benton, KY

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: October 1, 1907*
Location: Benton, Kentucky (36.857, -88.350)

Metadata

Model: gpt-5-mini
Short Digest: 501719f47ff70faf

Response Measures

None

Description

Article (1910) recounts that during the Panic of 1907 the bank paid every dollar...on demand without embarrassment, indicating heavy withdrawals in the 1907 panic but the bank remained open and met demands. No suspension, closure, or reopening is mentioned.

Events (1)

1. October 1, 1907* Run

Cause: Macro News
Cause Details: Withdrawals occurred during the nationwide Panic of 1907; systemic financial panic prompted deposit demands.
Measures: Paid every dollar to depositors on demand; did not issue scrip.
Newspaper Excerpt: During the panic of 1907, no script was issued, and every dollar was paid to the depositors on demand without embarrassment to the bank or its officials
Source: newspapers

Newspaper Articles (1)

1. June 22, 1910 The Paducah Evening Sun Paducah, KY

Article from The Paducah Evening Sun, June 22, 1910

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Article Text

BANK OF BENTON GROWING STRONGER EACH YEAR-S. H. DEES, CASHIER. STRONG FINANCIAL ASSET TO THE COMMUNITY OF BENTON-CAPITAL STOCK $15,000, SURPLUS, ETC., $24,000, DEPOSITS $155,000, The doors of this institution were first thrown open to the public in September, 1890, with a capital stock of $12,500.00, afterwards increased to $15,000.00. The volume of deposits has increased rapidly, and today show $155,000.00 as a total, with a surplus of $24,000.00. The bank puts no limit to the amount that may be deposited, and the management has often informed prospective depositors that no sum is too small for them to accept with courtesy. By this method, the Bank of Benton has become very popular and is without doubt one of the strongest banks in Marshall county. The stock is selling at $350.00 per share, and the bank has declared a dividend of 6 per cent out of the earnings for the past 6 months, this being placed to the credit of the stockholders and made payable on demand. The bank has resources aggregating $200,000, which is the largest amount of resources shown in all of its 20 years' career. Dividends have been paid representing 100 per cent paid in one year and 50 per cent paid in another year, and for the last several years it has paid to its stockholders 12 per cent annually. The Padmcah Sun congratulates this bank on its success, which reflects the prosperity of Benton. While distinctive features of the Bank of Benton are many, its wealth represents almost wholly Benton capital, crystalized from the crude artiele deposited by nature in such an abundance upon every hand-tobacco. This bank has always aided dealers, buyers and farmers, carrying them over until they were able to meet their obligations, and by this generosity has won the esteem of the citizens of Marshall county. During the panic of 1907, no script was issued, and every dollar was paid to the depositors on demand without embarrassment to the bank or its officials; in fact, this bank had more money on hand at the close of the financial depression of the country than prior to the panic. The officials responsible for the success of this bank are: J. D. Peterson, president; E. G. Thomas, vice-president; Solon L. Palmer, cashier, and Clemmie C. Palmer, assistant cashier; the directors are as follows: J. D. Peterson, E. G. Thomas, J. H. Little, G, W. Slaughter, V. A, Stilley, W. G. Dycus, J. P. Smith and Solon L. Palmer.