6419. American Mutual Savings Bank (Louisville, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
November 17, 1930
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
407e0211811fe0cc

Response Measures

None

Description

The American Mutual Savings Bank (a small Negro bank in Louisville) closed its doors on/around Nov 17, 1930 as a precautionary suspension tied to the suspension/receivership of the National Bank of Kentucky and related rumor-driven panic. It did not resume independent operations afterward — it was later consolidated with the First Standard Bank into the Mutual Standard Bank, which subsequently failed in May 1931 — so the initial suspension resulted in permanent closure/absorption. OCR errors in some articles corrected (e.g., 'Kentucks' -> Kentucky; 'thier' -> their).

Events (1)
1. November 17, 1930 Suspension
Cause
Local Banks
Cause Details
Closed as a precaution after the National Bank of Kentucky suspended (its suspension attributed to wild rumors); the American Mutual cleared through the Louisville Trust Company and closed when affiliated institutions suspended operations.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (11)
1. November 17, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 17, 1930

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Article Text

National Bank of Kentucky In Charge of National Bank Examiner. Nov. 17 (UP) National Bank Kentucks, at $5,000,000 and an affiliated bank, the company. failed to open thier doors today and the former taken over by national bank examiner notice posted by the b-ard directors signed by Russell national bank examiner, said the national bank was solvent but had been closed conserve The national bank claimed. of $50,000,000. James Brown. president of the and owner newspaper, is president. The bank was organized in 1834 the Bank of Kentucky. It numerous branches. The notice posted by Mooney said: bank is under the direction of the comptroller of currency. in charge of Russell Mooney, bank examiner. It pational closed by order of the board of rectors, November 16, 1930." Brown later issued the following statement: withdrawals in the and constantly increasing on the streets advisable by majority of the directors to closo the of tank, at least temporarily. for the the depositors and interests Two Others Close Ky., Nov. (UP) Louisville Security bank and the American Mutual Savings bank. the latter negro owned and closed their doors today after the National Bank of Kentucky Louisville Trust company failed open for business.

2. November 17, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 17, 1930

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DOORS OF FOUR BANKS CLOSED 65 Millions Are Listed in Combined Resources: Others Shut. United LOUISVILLE Louisville Security bank and the American Mutual Savings bank, the latter operated doors today after the National Bank of Kentucky and the Louisville Trust Company failed for business. The Security bank was afffiliated with the National Bank, which over by the federal controller currency The Negro bank was affiliated with the Louisville Trust Company, which placed in the hands the state banking commissioner. The four banks combined list All solvent, it said that them and protect creditors, depositors concerned. Closing of banks was scribed financial circles outgrowth of rumors circulated following Caldwell Nashville, Tenn., largest investment house in the south Brown, president of National reiterated plans for group merger Caldwell abandoned the brokerage went into the hands receiver. Steady Run Blamed United LITTLE ROCK, Ark., Nov. The American Trust Company, failed to open for busihere today. notice posted by officers of the that the the its board of solvent and has to susfor five days to depositors. affiliated banks also closed. The of the institution. which and Sept. 24, had assets of $20,005,697, that the action forced "by excessive withdrawals totaling more than $4,000,000 during the last ten

3. November 18, 1930 The Daily Progress Charlottesville, VA
Article from The Daily Progress, November 18, 1930

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EIGHT KENTUCKY BANKS CLOSED Had Resources Totalling More Than SeventyFive Millions MANY WILD RUMORS Receiver in Charge of National Bank of Kentucky Kentucky financial institutions with resources totalling more more than $75,000,000 were closed The largest of these was the today. National Bank of Kentucky Louisville, which was under the Control Receiver Paul Keyes, of the staff of the comptroller the currency at Washington. Its resources $60,000,000. Directors of the National Bank Kentucky said the suspension yesterday was deemed necessary cause of "wild rumors" its condition. with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended Their directors said operations. were solvent and that they they closed as precautionary measure. The three are affiliatthrough the holding company. Others Suspend Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, cleared through the Louiswhich ville Trust Company, later closed.

4. November 18, 1930 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, November 18, 1930

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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.

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

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Article Text

IGHTKENTUCKY BANKS Institutions Have Resources in Excess of $75,000,000, Last Report Shows Associated Ky., Nov. 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 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 precautionary measure. The three institutions are affiliated, 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, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the Na-

6. November 18, 1930 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, November 18, 1930

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DOORS CLOSED BY 8 KENTUCKY BANKS Suspension of Louisville Institution Seen As Protection Move. Louisville, Ky., Nov. Eight Kentucky institutions 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 receiver, Paul C. the staff of the comptroller of the currency at Washington. Its resources approximate $60 000 Directors of the National Bank of Kentueky said the suspension yesterday necessary because "wild concerning its condition Simultaneously with its closing. two affiliated institutions, Louisville Trust Company and the Security Bank. suspended Their directors said they were solvent and that they closed as precautionary measure. The three institutions are affiliated through the 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 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 Ky., and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both Officers of other leading Louisville banks issued last night were greater than withdraw reported new accounts were opened during the day. and reiterated earlier statements that the institutions were solvent.

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

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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

8. November 18, 1930 The News Journal Wilmington, DE
Article from The News Journal, November 18, 1930

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BLAME RUMORS 51 BANKS CLOSE IN AND ARKANSAS (Continued from page The Little Rock Clearing House Association by statement assured the public that local banks are in sound condition. Hysteria following receivership proceedings against Caldwell and Company, Tenn., until recently interested in the can was by rectors of the latter as the cause of steady which reached about $4,000,000. Banks in Close Nov. Kentucky financial institutions with resources totalling more than 000 were closed today. largest these was the National Bank Kentucky at which under the control Paul Keyes, the of Currency at Washington. Its approximate Directors of the National Bank of or 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. Their directors said they were solvent and that they were closed pre- in three incautionary stitutions affiliated through the holding company Two small Negro banks the American Mutual Savings Bank First Standard Bank. which cleared through the Trust closed. The Bank Louisville suburb, also suspended as precautionary mea- Report Other Banks Solvent banks closed when learned the Bank of Kentucky had tional the McElwain pended. They Bank and Trust Company and the NaKy. Ky The tional Bank National Bank of for both Officers of other leading Louisville banks night were declaring reported greater opened during the were and reiterated eurlier statements the institutions were solvent. that

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

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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.

10. November 19, 1930 The Paducah Sun Paducah, KY
Article from The Paducah Sun, November 19, 1930

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AUDITORS TO MAKE REPORT ON BANK Books of Closed Institution Being Checked LOUISVILLE, Nov. 19 statement of the condition the National Bank Kentucky, ceivership, may submitted late today tomorrow, examiners in charge of audit said. The bank closed its doors Monday. Auditors today were working also the books two affiliated institutions, the Louisville Trust Company and the Security Bank, which suspended payments when the National Bank of Kentucky closed. Records of two Negro banks here, the American Mutual Savings Bank and the First Standard Bank, and the Bank of St. Helen's, Louisville suburb, also were being viewed after their suspension. Closing these six financial stitutions was followed by sion of business of banks at FrankHorse Cave, Booneville and Sulphur, making total of ten institutions in the state closed.

11. August 26, 1931 Messenger-Inquirer Owensboro, KY
Article from Messenger-Inquirer, August 26, 1931

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A Scolding By LARS MORRIS Don't One Across When a Friend Has Six Across ACROSS 1-Scold 6-Fits of temperament 11-Trembling 12-Aims of perfection 14-Sun god 15-Book of psalms 17-Pronoun 18-Salutation 20-Russian rulers 21-American humor- 22-Female horse 24-Before 25-Hint 26-Gazed fixedly 28-Pressure 30-Self (Scot.) 31-Attention 32-Courageous 38-Male deer 39-Greek "E" 41-She (Fr.) 42-Rage 43-Lures 45-That there 46-Public notice 17-Zeppelin SATURDAY'S ANSWER 49-Paid (ab.) 50-Pert. to fasting season 52-Escapes 54-Active ones 55-Repetitions DOWN 2-That man 3-Mischievous child 4-Does (poet.) 5-Removed 6-Ecclesiastical head-dresses 7-Short poems 8-Above (poet.) 9-Daddy 10-Slips 11-Trolley cars 13-Boiled meats 16-Household god 19-Deletion 21-Actively 23-Standing 25-Large container 27-Large deer 29-Golf mound 32-Small bottle 33-Greased 34-Longs for 35-Parent 36-Runs away 37-Tears 40-It is 43-Funeral carriage 44-Grain storehous 47-Took dinner 48-Place 51-Negative 53-Prefix: not Bank of Russellville, Russellville, June 12, 1930 $183,660: Hazel Green bank, Hazel Green, June 30. 1930, $184,054; Elsmere Savings bank, Erlanger, July 3, 1930, $192870; Vine Grove State bank, Vine Grove, $91,464. The banks that have reopened since November of last year include the Security bank Louisville with approximate gross deposit liabilities of $1,996,001. It was able to open for business few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGular Bank & Trust Co., Franklin. $373,509; Bank of St. Helens, Shively, $412,824; Peoples bank, Sulphur, $132,950; Bank of Caneyville Caneyville, $318,216; Crestwood State bank, Crestwood, $139,297 Fern Creek bank, Buechel, $151.279; Farmers bank Fulton, $292,638; Bank of Sturgis, Sturgis Two negro banks, the First Standard bank and the American Mutual Savings bank, which closed In Louisville November 17. were later consolidated into the Mutual Standard bank. The bank resulting from the merger closed May 04 this year and is being liquidated Liquidating agents have been appointed for the following banks closed since November: Owsley County bank. Booneville, $100,329: Union Central bank, Louisville, $503,578; Bankers Trust company Louisville $553,279: Hopkins County bank, Madisonville, $717,587 Woodbury Deposit bank, Woodbury $37,693; Citizens Bank & Trust Co., Middlesboro. $495,977; Webster County bank, Clay, $164,676; Bank of Ludlow, Ludlow $636,359; Bank of Hardinsburg & Trust Co., Hardinsburg, $253,381. Liquidating agents have not been appointed for five state banks which have closed since the first of July These banks are: Citizens bank, Drakesboro $81,755: Bank of Barlow, Barlow. $91,910: Butler Deposit bank, Butler, $164,388; Bank of Wayland, Wayland $145,348; Beaver Valley State bank, Weaksbury, $113,269. GREENVILLE NEWS Greenville, Ky., Aug. 26.-M. L. Wickliffe was in Paducah several days last week. Dr. B. W. Smock, Mrs. Smock and daughter, of Louisville, are guests of Mrs. Smock's parents, Mr. and Mrs. C. W. Taylor. Miss Christine Kelley, of Madisonville, was week end guest of Mr. and Mrs. R. D. Brooks. Mrs. Ed Yonts and son, Edward, went to Louisville Monday to be a guest of relatives. Mrs. Town Martin and Miss Dixie Dexter were in Louisville last week. Mrs. Mabel Bruner, Mr. and Mrs. C. H. Chatham were in Louisville last week. Mr. and Mrs. Harry Denny, of Detroit, are guests of Mr. and Mrs. E. A. Denny. Mr. and Mrs. H. Shaver and family, of Bremen, were guests Sunday of Mr. and Mrs. Andrew Wilkins. Mr. and Mrs. R. H. Whitmer, of South Carrollton, were guests of Mr. and Mrs. I. P. Summer Sunday. Mr. and Mrs. F. M. Puryear were hcsts to family dinner Sunday Mr. and Mrs. H. J. Boradile will leave this week for Lake Erie to spend their vacation. Mrs. Bettle Newman, who has been visiting at Graham, returned home the last of the week. Miss Helen Vincent had one of her eyes removed Sunday. She is doing nicely. Mr. and Mrs. W. A. Har erveder and daughter will move to Central City this week. John Jeffries is improving, having been confined to his room two weeks by cut foot. James Brooks, who is attending business college in Bowling Green, was home for the week end. Edward L. Oates has gone to Beaufort, S. C., for two weeks visit to Mr. Hamner McCracken. Mrs. Leona Bailey, of Pueblo, Col., has been a guest of her brother, Mr. A. Y. Craig, and Mrs. Craig. Mr. and Mrs. Bradford Noffsinger, of Graham, was guest Sunday of Mr. and Mrs Luke Wilkins, Mrs. James Nadeau and family. also Mrs. Ed Murphy, of Winedot, Mich., were guests of Mr. and Mrs. A. Yeargan last week. Mr. and Mrs. Charles Blackwell, of Jackson, Miss., are guests of relatives. Mr. and Mrs. Bob Carden, who have been inding school in Lexington, are expected home this week. CALHOUN NEWS Calhoun, Ky., Aug. 26.-Evangelist Burton L. Hoffman, of Hopkinsville, is conducting series of meetings at the Calhoun Christian church and will continue until September 3. Mr. Hoffman is forceful speaker and is delivering fine gospel sermons each evening. Elder Harvey Riggs and family, of Michigan, have returned home after brief visit to his brother, J. L Riggs, and family. Mr. and Mrs. Shelby Riggs, of Orlindo, Tenn., have returned home after spending several days with relatives here. Mrs. Clara Crow and Mise Cora Stroud left today for Lexington to attend the county clerks' convention at Lexington. Miss Laura Franklin has returned to Bowling Green after spendIng several days with her mother, Mrs. Lelia Franklin. Mrs. Louis Key Turner, of New Orleans, is a guest of her parents, Mr. and Mrs. Ed C. Bryant. Mr. and Mrs. Gip Cary and daughter, Mary Jane, and Mrs. Ruth Cary, Miss Mary Cary have returned from a motor trip to historical points in Kentucky. Mr. and Mrs. Forest Leachman, Mr. and Mrs. Homer Puyear and daughter, Mary Elizabeth. left today on motor trip to Florida. They will be guests of relatives at Palmetto and Bradentown. Dr. J. W. Scudder and Mrs. Scudder have returned from Reelfoot lake, where they attended a session of public health workers from Kentucky, Tennessee and Missouri. Misses Katie and Maggie Swint. who have been guests of friends here, have returned to their home in Evansville. Dr. P. D. Moore and Mrs. Moore, of Seattle, Wash., who have been guests of Mr. and Mrs. J. L. Moore and other relatives, have returned to their home. Charles Reid Greenup has gone to Evansville.