6367. Mcelwain Megular Bank & Trust Company (Franklin, KY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust
Start Date
November 18, 1930
Location
Franklin, Kentucky (36.719, -86.564)

Metadata

Model
gpt-5-mini
Short Digest
3ead4ff0853dc344

Response Measures

None

Description

Multiple contemporaneous news stories (AP) report the McElwain Megular Bank & Trust Co. at Franklin, KY, closed/suspended on Nov 18, 1930 as a precaution after the National Bank of Kentucky (its correspondent) suspended amid 'wild rumors.' Articles describe the closure as precautionary and solvent officers and mention plans to open again, so I classify this as a suspension with eventual reopening (no explicit run on this bank is reported). OCR of the bank name preserved as in articles.

Events (1)
1. November 18, 1930 Suspension
Cause
Correspondent
Cause Details
Closed as a precaution after learning its correspondent, the National Bank of Kentucky at Louisville, had suspended amid 'wild rumors' about its condition; the National Bank of Kentucky served as correspondent for the Franklin bank and its suspension triggered precautionary closings elsewhere including McElwain Megular Bank & Trust Co. in Franklin, KY.
Newspaper Excerpt
They were the McElwain Megular Bank and Trust company at Franklin, Ky.
Source
newspapers

Newspaper Articles (6)
1. November 18, 1930 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, November 18, 1930

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Article Text

Doors Closed on 8 Kentucky Banks Louisville, Ky.-(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 Monday 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. The other banks closed were two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank; the Bank of St. Helens, a Lousiville suburb the McElwain Megular Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave, Ky.

2. November 18, 1930 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, November 18, 1930

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Article Text

tional Bank of Kentucky had suspended. They were the McElwain Megular 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.

3. November 18, 1930 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, November 18, 1930

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Article Text

BANKS CLOSING AS PRECAUTION Many Kentucky Houses With Closed Doors Solvent, Officials Declare -Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the NaLional 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 2 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 Megular 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 vesterday's deposits were greater than withdrawals. renorted new accounts were opened during the day. and reiterated earlicr statements that the institutions were solvent.

4. November 18, 1930 The Decatur Daily Decatur, AL
Article from The Decatur Daily, November 18, 1930

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Article Text

Closed Banks Making Plans To Open Again (Continued From Page One) The Bank of St. Helens, Louisville suburb. also suspended as precautionary measure Two banks outside Louisville also closed when it learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust company at Franklin. Ky., and the First National bank at Cave. Ky. The National Bank of Kentucky served correspondent for both. Officers other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported accounts were opened during the day. and earlier statements that the institutions were solvent.

5. November 18, 1930 The Shreveport Journal Shreveport, LA
Article from The Shreveport Journal, November 18, 1930

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Article Text

EIGHT BANKS IN KENTUCKY CLOSED Combined Resources Are Over $75,000,000--Wild Rumors' Blamed for Suspension. (By the Associated Press.) LOUISVILLE, Ky., Nov. 18.-Eight Kentucky financial institutions, with resources totaling 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 cur. rency 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 in stitutions, the Louisville Trust Co. 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 in Louis ville. the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust Co. 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 Megular Bank & Trust Co. 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 Louis-

6. November 18, 1930 The Item Sumter, SC
Article from The Item, November 18, 1930

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Article Text

Eight Kentucky Banks Closed Ky., Nov. Eight Kentucky financial institutions with resources totalling more than closed today. The largest of these was the Nat Ional Kentucky at Louiswhich was under the control receiver, Paul Keyes, of the staff of the comptroller of the curWashington. Its resources approximate Directors of the National Bank Kentucky said the suspension yesterday necessary because "wild rumors" cerning its condition. Simultaneously with its closing, affiliated the Louisville Trust Company and the Security bank, suspended operations. Two small negro banks in Louisville, the Mutual Savings Bank and the First Standard Bank, which through the Louisville Company, later closed. The Bank of St. Helens, Louisville suburb, also suspendprecautionary measure. Two banks outside Louisville also closed when it learned National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent both. Oklahoma produced 3,774,080 tons of coal More Lamb" clubs have been formed in cities in the Texas sheep