6366. Mcelwain Meguiar Bank & Trust Company (Franklin, KY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust
Start Date
November 17, 1930
Location
Franklin, Kentucky (36.719, -86.564)

Metadata

Model
gpt-5-mini
Short Digest
698ad3cd53749e20

Response Measures

None

Description

Multiple November 17–18, 1930 wire reports state the McElwain Meguiar Bank & Trust Co. of Franklin, KY suspended operations as a precaution after its correspondent, the National Bank of Kentucky (Louisville), was placed in receivership amid wild rumors. The articles describe a precautionary suspension (depositors to be paid in full) but do not report a receivership or permanent closing for McElwain Meguiar. There is no explicit report of a later reopening in these clips; I classify as suspension_reopening because the suspension is described as precautionary with solvency claims and promises to pay depositors (i.e., not a failure), and no receivership was assigned to this Franklin bank in the articles. Date uses the Nov 17–18, 1930 news reports.

Events (1)
1. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Suspended as a precaution after its correspondent, the National Bank of Kentucky (Louisville), was placed in receivership amid wild rumors about that correspondent's condition.
Newspaper Excerpt
The McElwain Meguiar Bank & Trust Co. of Franklin, Ky., was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky is one of its correspondents and that its depositors would be paid in full.
Source
newspapers

Newspaper Articles (10)
1. November 17, 1930 Evening Star Washington, DC
Article from Evening Star, November 17, 1930

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Article Text

SIX BANKS YIELD TO KENTUCKY RUN Louisville Closing Followed by Five Others-Solvency Claims Made. By the Associated Press. LOUISVILLE, Ky., November 17.Closing of the National Bank of Kentucky here today was followed by five smaller banks closing up as a precautionary measure, four here and one in Franklin, Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be affected. The National Bank of Kentucky, of which James B. Brown is president, was placed in the hands of Paul Keyes of the Federal controller's office as receiver. It's announced resources were $54,000,000. Closing Held Precaution. The other Louisville banks closed were the Security Bank which, it was stated, was closed purely as a precaution: the Louisville Trust Co., which is affiliated with the National Bank of Kentucky, and two comparatively small Negro banks, the American Union Savings Bank and the First Standard Bank. The latter two are not members of the local clearing house association, but did their clearing through the Louisville Trust Co. The McElwain Meguiar Bank & Trust Co. of Franklin, Ky., was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky is one of its correspondents and that its depositors would be paid in full. Police Handle Crowds. In Louisville slightly more than normal number of patrons gathered at the other banks, but nothing approaching a "run" was noted, and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust Co. delayed traffic slightly, and special police were on duty.

2. November 17, 1930 The Sheboygan Press Sheboygan, WI
Article from The Sheboygan Press, November 17, 1930

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Action Taken For Protection Of Depositors (By United Press Several banks were closed today in four states. Some were closed as a protective measure to depositors and several announced probable solvency. Four banks failed to open in Louisville, Ky. Two were smaller banks and their closing was attributed to closing of the other two. The two bigger banks, officials said, were closed as "protective measures to depositors" although the institutions were solvent. Due To Heavy Withdrawals In Arkansas 35 banks did not open today. Thirty-two of these took advantage of the state law permitting suspension of operation for five days. The other three closed and were officially placed in the hands of banking department officials. Two small banks closed in Illinois. They were correspondent banks to two which failed recently in Quincy, Ill. Four banks in Missouri also closed today as result of the Quincy bank's closing. Kentucky Banks Close Doors Louisville, Closing of the National Bank of Kentucky here today was followed by five smaller banks closing up as precautionary measure, four here and in Franklin, Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be affected The National Bank of Kentucky of which James B. Brown is president was placed in the hands of Paul Keyes of the federal comptroller general's office as receiver. It's announced resources $54,000,000. The other Louisville banks closed were the Security bank which it was stated was closed purely as a precaution: the Louisville Trust company which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Union Savings bank and the First Standard bank. Depositors To Be Paid The McElwain Meguiar Bank and Trust company of Franklin, Ky., was fifth to Its announcement said it had to shut down because the National Bank of Kentucky one of its correspondents and that its depositors would be paid in full In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching a "run" noted and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust company delayed traffic slightly and special police were on duty. Appointed Receiver Washington (UP) Appointment of Paul Keyes as receiver to liquidate affairs of the National Bank of Kentucky at Louisville was announced today by Comptroller the John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is a veteran member of the comptroller's staff. Little Rock. (UP) Arkansas banks affiliated with the A. B. Banks company of Little Rock, closed today, taking advantage of state law permitting temporary suspension for five Three banks, all small, were ordered closed by the State Banking department. The five-day closing law was invoked by the institutions in the Banks group, was announced by directors, due to fear of hasty withdrawals. Most of the banks issued reassuring statements announcing probable solvency. The list of B. Banks company institutions which closed to remain so for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock, and the Merchants and Planters' Bank of Pine Bluff. The State Banking took over three small banks not affiliated with the group, the Bank of McRea, Bank of Branch and Bank of Foulke. Springfield, III. (UP) Two Illinois banks were closed today, increasing the number of failure in the state since Friday five. The Bartlett and Wallace State bank, Clayton, and the Timewell State Bank of Timewell, closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State (Continued on page 7)

3. November 17, 1930 Evening star Washington, DC
Article from Evening star, November 17, 1930

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Article Text

SIX BANKS YIELD TO KENTUCKY RUN Louisville Closing Followed by Five Others-Solvency Claims Made. By the Associated Press. LOUISVILLE, Ky., November 17.Closing of the National Bank of Kentucky here today was followed by five smaller banks closing up as precautionary measure. four here and one in Franklin, Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be The National Bank of Kentucky, of which James Brown president, was placed in the hands of Paul Keyes of the Federal controller's office as receiver. It's announced resources were $54,000,000. Closing Held Precaution. The other Louisville banks closed were the Security Bank which, was stated, was closed purely as the Louisville Trust Co. which is affiliated with the National Bank of Kentucky, and two comparatively small Negro banks, the American Union Savings Bank and the First Standard Bank. The latter two are not members of the local clearing but did their clearing through the Louisville Trust The McElwain Meguiar Bank & Trust Co. of Franklin. Ky., was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky is one of its and that its depositors would be paid in full. Police Handle Crowds. In Louisville slightly more than normal number of patrons gathered at the other banks, but nothing approaching a "run" was noted, and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust Co. delayed traffic slightly, and special police were on duty. Close for Five Days. LITTLE ROCK, Ark., November 17 (AP). -Officials of the B. Banks Co., Arkansas financial institution, announced today that eight other banks in the State with which the company is affiliated have suspended payments to depositors for period of five days. Other affiliated banks advised the A. B. Banks Co. they were remaining open. The company officials said they had not heard early today from 12 others in the affiliation as to what action they were taking. The decision of the Board of rectors of the American Exchange Trust of Little Rock, the largest bank in the State, to payments and close for five days resulted in the temporary closing of the others, the Banks company announced.

4. November 18, 1930 The Vicksburg Post Vicksburg, MS
Article from The Vicksburg Post, November 18, 1930

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LEADERS HOPE BANKS Optimism Is Prevalent in Arkansas Financial Situation. SEEK OF THE GENERAL PUBLIC Little Rock Banker Reveals Plans to Return Normalcy. LITTLE ROCK, Ark., Nov. permeated statements Optimism Arkansas financial leaders they plans today reopen some banks which temsuspended or closed yesporarily terday. The executive committee of the American Exchange Trust Comhere, largest and one the pany oldest banks in state which together other banks, the aggregate deposits which were more than Banks, president of the Exchange, and controlling stockholder in of the other banks scattered over state, said the boards directors were trying to obtain pledges loyalty from their communities and capital to assure freedom of danger from run. Resumption of normal business the banks, he said, would folsuch to directors. of stability by assured the public that local are in sound have cash resources relatively small amount bills payable. Hysteria receiver proceedings interested of Caldwell and Company, Nashville, Tenn., bankuntil the American Exchange tributed by directors the latter the cause steady which reached about $4,000,000. The American Exchange Bank's capital was with deposits about as the last bank call in September. CLOSED IN KENTUCKY LOUISVILLE, Ky., Nov. Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these the National Bank of Kentucky at Louisville, which was under the control Keyes, the staff of the comptroller the at Its Directors the Bank Kentucky the yesterday deemed necessary because of. "wild concerning its condition. Simultaneously with closing, two affilLouisville Trust Company and the Security Bank, suspended operations. Their directors they were solvent and that they were closed precautionary measure. three institutions affiliated through the holding company Negro Banks Close Two small negro banks Louisthe Mutual Bank and the First Standard Bank. which through the LouisTrust closed. The Bank of St. Helens, Louisville suburb, suspended as precautionary Two banks outside Louisville also closed when it was learned the National Bank of Kentucky suspended. They were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank Kentucky served as correspondent for both. Officers of other leading Louisville statements last night depositors were than als, reported new accounts were opened during the day, and reiterated earlier that the institutions were solvent.

5. November 18, 1930 The Tribune Seymour, IN
Article from The Tribune, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS CLOSED (Continued from page 1) Bank. suspended operations. Their directors said they were solvent and that they were closed as a precautionary measure The three institutions are affiliated through the Banco-Kentucky, a holding company. Two small negro banks in Louisv the American Mutual Savings Bank and the First Standard Bank. which cleared through the Louisville Trust Company, later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, Kv., and the First National Bank at Horse Cave, Kv. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent Platter's Special! Until November 23rd we include one 7x10 enlarged portrait with every order for a dozen photographs. n22d St. Louis.-Abraham Wolff came from Russia 45 years ago and became a junkman. He has left an estate of $1,000,000. In recent years he made money in oil. New York.-Back from the Lake Chad region of Africa. W. C. Seabrook, author, says cannibals there were nicer to him than New Yorkers he has met on the street.

6. November 18, 1930 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, November 18, 1930

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BANKS CLOSING AS PRECAUTION Many Kentucky Houses With Closed Doors Solvent, Officials Declare LOUISVILLE, Ky., Nov. 18.-(P) -Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affliated institutions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as a precautionary measure. The three institutions are affiliated through the BancoKentucky, a holding company. Two small negro banks n Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust company, later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave. Ky. The National Bank of tucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, renorted new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent.

7. November 18, 1930 Kingsport Times Kingsport, TN
Article from Kingsport Times, November 18, 1930

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KENTUCKY BUSINESS 18. Kentucky financial with resources totalinstitutions than $75,000,000 ing more The largest of closed today. the National Bank of these at Louisville, which Kentucky under the control of Paul Keyes, of the ceiver, staff of the comptroller of the currency at Washington. Its sources approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' its condition. Simulcerning taneously with its closing, two affiliated institutions, the LouisTrust Company and the Security Bank, suspended operations Their directors said they were solvent and that they were closed precautionary measure. three instituions are affiliated through the Bank of Kentucky, holding company. Two small negro banks Louisville, American Mutual Bank and the First Savings Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of Helens, Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville closed when it was the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, and the First National Bank at Horse Cave, Ky. The National Pank of Kentucky served as respondent for both. Officers of other leading Louisville banks issued statements night declaring yesterday's posits were greater than withdrawals. Reported new accounts opened during the day, and reiterated earlier statements that the institutions were solvent.

8. November 18, 1930 The Ogden Standard-Examiner Ogden, UT
Article from The Ogden Standard-Examiner, November 18, 1930

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BANKS CLOSED IN TWO STATES Plans For Reopening of 43 In Arkansas Are Developed (AP)-Eight Kentucky financial institutions with resources totalling more than $75,000,000, were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington Its resources approximate $60 000,000. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as 3 precautionary measure. The three institutions are affiliated through the Banco-Kentucky, a holding company TWO MORE CLOSE Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which celared through the Louisville Trust company, later closed. This Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also ceremony he performed. His wife was witness to the After learning of the Rev. Mr. Allison's statement, Mrs. Rowley said the young couple readily admitted their previous marriage and explained that they had planned to keep it a secret until after their second marriage and honeymeon Mrs. Rowley said her daughter is 19 vears old. Young Mellon is 20. closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day and reiterated earlier statements that the institutions were solvent. HOPE TO RE-OPEN LITTLE ROCK, Ark., Nov. (AP)-Plans for re-opening some 43 banks which have suspended temporarily or closed, were being worked out today by financial experts of the state. Closing of the American Exchange company here, largest and one of the oldest banks in the state which suspended for five days, was followed by suspension of activities by the 42 other banks. the aggregate depos- its of which were more than $27,000,000. A. B. Banks, president of the American Exchange, and controlling stockholder in 34 of the 42 other banks scattered over the state, said the boards of directors were trying to obtain pledges of loyalty from their communities and supporting capital to assure freedom of danger from run. was divorced from Mrs. Grace Rycroft Colonell with the agreement that they would share the custody of the son, Herbert, Jr., equally. More than a month ago, the mother appeared before Judge John J. Sullivan in superior court to charge Rycroft had not turned the son over to her according to the agreement, but had taken the boy to California.

9. November 18, 1930 San Angelo Evening Standard San Angelo, TX
Article from San Angelo Evening Standard, November 18, 1930

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8 Kentucky Banks Close Suspension Deemed Necessary Because of "Wild Rumors" LOUISVILLE, Ky., Nov. 18. (/P)Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended operations Their directors said they were solvent and that they were closed as precautionary measure. The three institutions are affiliated through the Banco- Kentucky, a holding company. Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of St. Helens, Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions. were solvent. Talkies Fill Church NEWARK N. taking talk. ing pictures shown on Broadway, Rev. Henry R. Rose has succeeded in filling his church here every Sunday. He has lantern slides made of the films and on each picture he delivers a sermon as the slides are shown. He has shown slides of "All Quiet On the Western Front," "Sins of the Father," "Journey's End," and other noted talkies.

10. November 18, 1930 The Daily World Helena, AR
Article from The Daily World, November 18, 1930

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CRASH OF BANKS STILL IS HEARD IN OLD KAINTUCK EIGHT FINANCIAL INSTITUTIONS IN THAT STATE HAVE CLOSED THEIR DOORS Louisville, Ky., Nov. Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staf of the comptroller of the eurrency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions. the Louisville Trust Company and the Security Bank, suspended operations. Their directors said they were solvent and they were closed as a precautionary measure. The three institutions are affiliated through the Banco-Kentucky. a holding company. Two small negro banks in Louisville later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville, the McElwain Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both.