6395. First National Bank (Horse Cave, KY)

View Charter #7602 on SPMC

Bank Information

Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
7602
Charter Number
7602
Start Date
November 18, 1930
Location
Horse Cave, Kentucky (37.179, -85.907)

Metadata

Model
gpt-5-mini
Short Digest
86f4c51b1c9c5f46

Response Measures

None

Receivership Details

Depositor recovery rate
83.9%
Date receivership started
1930-12-09
Date receivership terminated
1935-02-23
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
53.4%
Share of assets assessed as worthless
3.4%

Description

Contemporary wire reports (Nov 18, 1930) state the First National Bank of Horse Cave, KY, suspended operations as a precaution after the National Bank of Kentucky in Louisville (its correspondent) suspended amid wild rumors. There is no article here showing a permanent closure or receiver for the Horse Cave bank; later local article (Nov 20) reports the bank president's suicide after the bank had closed Monday, but does not state a receivership or permanent failure. I therefore classify this as a suspension (precautionary) with reopening likely/uncertain; chosen category is suspension_reopening because no evidence of permanent failure is given. OCR errors in some articles were corrected (e.g., Horse Care -> Horse Cave; National Bank Kentucky -> National Bank of Kentucky).

Events (4)
1. February 8, 1905 Chartered
Source
historical_nic
2. November 18, 1930 Suspension
Cause
Correspondent
Cause Details
Suspended after its correspondent, the National Bank of Kentucky (Louisville), suspended following 'wild rumors' and heavy withdrawals; closure described as precautionary.
Newspaper Excerpt
They were ... the First National bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both.
Source
newspapers
3. November 20, 1930 Other
Newspaper Excerpt
PRESIDENT OF KENTUCKY BANK HANGS HIMSELF ... William Virgil Bell, president of the First National (Horse Cave), which closed Monday ... Worry over condition of his institution is believed to have been responsible.
Source
newspapers
4. December 9, 1930 Receivership
Source
historical_nic

Newspaper Articles (12)
1. November 18, 1930 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, November 18, 1930

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Article Text

BANKS Total Resources Of $75,000,000 Are Involved LOUISVILLE. Nov. 18Kentucky financial institutions with resources totalling more than $75,000,000 closed today The largest these the national bank of at Louisville, which under the control receiver, Keyes, of the staff of the comptroller of currency at Washington. Its resources approxi$60,000,000. Directors of the National bank Kentucky said the suspension yesterday deemed necessary because "wild rumors" concerning its condition. Simultaneously with its closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. small banks in Two negro Louisville, American Mutual bank and the First Savings bank, which cleared Standard through the Trust comcloser. The Bank of later Louisville suburb, Helens, also suspended as precautionary measure. banks outside Louisville Two closed when was learned also the National Bank Kentucky They were the suspended. McElwain Meguiar bank Trust at Franklin, company and the First National bank Ky. National Horse Cave, bank Kentucky served correspondent for both. BANKERS OPTIMISTIC ARK. ROCK, Ark., Nov. 18 LITTLE was expressed of Arkansas finanstatements leaders as they laid plans to43 banks day to re-open which have suspended temporarily closed. The committee of the American Exchange Trust comlargest and one the pany here, the state which oldest banks suspended for five days, was gaged with plans to resume operations. American ExClosing of the followed by suspenchange activities by the 42 other sion the aggregate deposits banks, which were more than 000. B. Banks, president of the American and constockholder 34 of the trolling scattered over the other banks the boards directors state, said were trying obtain communities pledges from their loyalty capital to assure and of danger from run. freedom

2. November 18, 1930 The Paducah Sun Paducah, KY
Article from The Paducah Sun, November 18, 1930

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announced later, pending the artional Bank of Kentucky had susrival of Mr. Gardner in western pended. They were the McElwain Kentucky. 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. ing criminals In England particularly radio is being called upon exclusively for criminal detection work. France is also contemplating the use of the famous Eiffel Tower short-wave station to act as the center for an extensive radio service. French civil aviation is supervised through regional offices in Paris Marseilles and Algiers.

3. November 18, 1930 The Daily Mail Hagerstown, MD
Article from The Daily Mail, November 18, 1930

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Article Text

Have Shut Because Of Rumors financial institutions resources totalling more than $75,000,000 were closed today. The these was the National largest Bank of Kentucky Louisville, which under the control of Paul Keyes, of the staff ceiver, the comptroller of the currency Washington. Its resources proximate Directors of the National Bank of Kentucky said the suspension yesterday deemed necessary because rumors" concerning its dition. Simultaneously its two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended operations, Their directors said they were soland that they were closed measure. The three institutions affiliated through the holding company. Negro Banks Closed Two small negro banks in Louisthe American Mutual Savings Bank and the First Standard Bank, which cleared through the LouisTrust later closed. The Bank of Helen's, Louissuburb, also suspended as precautionary measure. banks outside Louisville also closed when learned the National Bank of Kentucky had SUSpended. They were the McElwain Megular Bank and Trust Company Franklin, and the Na tional Bank Horse Care, Ky. The National Bank of Kentucky served correspondent for both. Officers of other leading banks issued statements last night declaring yesterday's deposits greater than withdrawals. reported accounts were opened during the day, and reiterated earlier statements that the institutions were

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

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Article Text

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.

5. November 18, 1930 Chippewa Herald-Telegram Chippewa Falls, WI
Article from Chippewa Herald-Telegram, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS CLOSED Largest of All National Bank at Louisville With Sixty Million Resources. Louisville, Ky. Kentucky financial institutions with 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 Paul Keves, of the staff of the comptroller the currency Washington. Its resources of approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of concerning its condition. with its closing, two affiliated instiutions, the LouisTrust company and the Security Bank, suspended operations. 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 precautionTwo banks outside Louisville closed when was learned the National Bank of suspendThey were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.

6. November 18, 1930 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, November 18, 1930

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than were today The largest of these tional Bank Kentucky which Paul staff of comptroller rency at Washington approximate Directors the National Bank of Kentucky said the suspension terday necessary cause rumors' its affiliated the Trust Security Their and that The institutions affiliated through the small negro banks Louisthe Mutual Savings Bank and First Standard which cleared through the Trust company closed The Bank also suspended Two banks Louisville closed when learned the tional Bank Kentucky pended. the McElwain Megular Bank company at the tional Bank at Horse Cave, Ky. National Bank of Kentucky Officers leading statements night than were opened during the and statements that the institutions were solvent.

7. November 18, 1930 Fort Collins Coloradoan Fort Collins, CO
Article from Fort Collins Coloradoan, November 18, 1930

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Article Text

Eight Kentucky Are Closed Today Louisville, tucky financial institutions with sources totalling $75,000,000 closed today. largest these was the National Bank Kentucky Louisville, which was under the control of receiver. Paul Keyes, staff the comptroller the currency Washington. Its resources proximate $60,000,000. Directors of the National Bank Kentucky suspension yesterday deemed necessary because "wild rumors" concerning its condition. its closing, two affiliated stitutions, Louisville the Security bank, company Their direcsaid they were solvent and that they were closed precautionary measure. The three institutions affiliated thru the tucky, holding small Negro Louisville, the Mutual Savings bank the First National bank, which cleared thru the Louisville Trust closed. The Bank St. Helens, Louisville suburb, suspended as Two banks Louisville closed when learned tional bank Kentucky had suspended. They the McElwain Megular and Trust company and First National bank Horse Cave, Ky. The Bank of Kentucky as for both. Officers other leading ville banks night yesterday's deposits were greater than reported were during the day, and earlier that the institutions solvent.

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

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Article Text

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.

9. November 18, 1930 News Journal Wilmington, OH
Article from News Journal, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS CLOSED; RUMORS Louisville Institution Among Those To Suspend Operation In Blue Grass State LOUISVILLE, Ky., Nov. -Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the tional Bank of Kentucky at Louisville, which under receiver, Paul the staff sources approximate $60,000,000. Directors of the National Bank Kentucky said the suspension yesterday deemed necessary because rumors" concerning its condition. with its closing, two affiliated stitutions, the Lousville Trust Company and the Security Bank, suspended operations. Their rectors said they were solvent. Two small negro banks in Louisville, the American Mutual Sav ings Bank and the First Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of St. Louisville suburb, also suspendas precautionary measure. Two banks outside closed when It was learned the National Bank of Kentucky had suspended. They were the McEl wain Megular Bank and Trust Company at Franklin, Ky., and the First National Bank Horse Cave, Ky. The National Bank Of Kentucky served as correspondent for both.

10. November 18, 1930 The Daily Sentinel-Tribune Bowling Green, OH
Article from The Daily Sentinel-Tribune, November 18, 1930

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Blame Public Hysteria For Closing of Doors LITTLE ROCK, Ark., Nov. hysteria" was blamed day for 39 Arkansas banks suspending business for five-day period Four other banking houses closed for reorganization liquidation. The five day suspenesion mitted under state law. A majority the 39 banks taking advantage the act were affiliated through B. Banks and company of Rock. The combined deposits, including those of change Trust company of Litle Rock given as more than September. Board members of the American Exchange Bank, largest banking institution in the state, said they were forced to suspend payments due hysteria which followed receiverof Caldwell and Company, Nashville, Tenn., investment house. Heavy withdrawals yesterday forthe move, it was announced. Three banks in the group to close had deposits $18,000,000. They included the Merchants and PlantTrust company Pine the Merchants and Planters bank of Helena and the American Exchange. LOUISVILLE, Ky., Nov. 18. (INS) -Business was suspended at eight Kentucky banks having resources of Among them was the National Bank of Kentucky old stitution for which named by the Federal Controldepartment. The Louisville Trust company and the Security Bank closed their doors precautionary measure, accordto the directors. Both tutions are solvent. directors said. Other institutions to suspend business were the American tual Savings Bank and the First bank, both clearing thru the LoLuisville Trust company; the Bank of St. Helens, Louisville suburb; the bank and Trust Company of Franklin. and the First National Horse Cave. CINCINNATI, Nov. 18. (INS)The Cincinnati Clearing House Association today took over control of the Bank and Trust the Brighton Bank company and and Trust company. The association, taking over the two financial institutions, announced that it had bought the holdings of certain interests, outside in the two banks The seven signing the declared they standing behind the and Brighton institutions. The transfer of control over the two banks to the clearing house followed "runs' which sociation were attributed to the suspension institutions in Kentucky which sequel to the closturn. was the National Bank of of This latter bank corresfor number of banking pondent houses in the Bluegrass through holding company linked to the others. two banks in Covington, Ky., across the Ohio river from experienced heavy as they opened for soon this They were the and the Central of which, like the Brighton banks in relations with the National Bank of Kentucky. Other banking institutions of Covington announced that they standing behind the Peoples and the Central Savings Banks. The statement of the clearing house association members the signatures of offimade over of seven Cincinnati banks. were: The First National Bank, the Second National Bank. bank, the Lincoln National the Atlas National Bank, the Provident Savings Bank and Trust company and the Western Bank and Trust company.

11. November 18, 1930 The Portsmouth Star Portsmouth, VA
Article from The Portsmouth Star, November 18, 1930

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MeGular Bank and Trust Company Franklin, and the First tional Bank Horse Cave, National Bank Kentucky as correspondent for both. Officers other leading Thoughville banks statements night declaring yesterday's deposits. greater than withdrawals, ported accounts were opened during the reiterated lier statements that the institutions were solvent.

12. November 20, 1930 The World-News Roanoke, VA
Article from The World-News, November 20, 1930

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PRESIDENT OF KENTUCKY BANK HANGS HIMSELF Worry Over Condition of His Institution Is Believed to Have Been Responsible. Horse Cave, Ky Nov Worry the lieved have William Virgil Bell president of the First National Horse which closed Monday His found ed from rafter jury returned verdict Members of his who said ranged. said had call neighbors took and his the day Friends quoted yesterday had closed Bell been president of the bank for twelve that suspended business The Bank Kentucky to served as Directors the Central Bank of bank ganized two not open this This which deposits about cleared through the Louissuspended affiliated organithe National Bank of KenGeorge president of the tral he believed the fully solvent but that recent heavy withdrawals forced the closing precautionary measure.