6474. Louisville Trust Company (Louisville, KY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
trust
Start Date
November 17, 1930
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
1709d7598057f869

Response Measures

None

Description

Louisville Trust Company suspended operations Nov 17, 1930 as a precaution amid wild rumors and the closing/receivership of the National Bank of Kentucky. It was placed under state supervision/receiver and later reorganized and reopened Aug 24, 1931. There is widespread reporting of runs in Louisville after the National Bank closed, but the Trust Co. is described as closing precautionarily and later reorganized; thus this episode is a suspension with later reopening (no clear independent run on the Trust Co. itself). OCR errors in some articles corrected (e.g., Banco-Kentucky = Bancokentucky holding company).

Events (3)
1. November 17, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed as a precaution following wild rumors about the National Bank of Kentucky and widespread depositors' runs in Louisville after that bank's failure.
Newspaper Excerpt
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 a precautionary measure.
Source
newspapers
2. November 21, 1930 Receivership
Newspaper Excerpt
On petition of Attorney General Cammack a receiver was appointed for the Louisville Trust Co., affiliated with the National Bank of Kentucky, which is in Federal receivership.
Source
newspapers
3. August 24, 1931 Reopening
Newspaper Excerpt
Reopening in Louisville Monday of the re-organized Louisville Trust company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of the crash in Louisville last Nov. 17. LOUSIVLLE TRUST CO. TO RESUME BUSINESS ... set today for August 24 ... The which closed last will reopen with capital stock surplus of $500, deposits of approximately $11,000,000.
Source
newspapers

Newspaper Articles (24)
1. November 17, 1930 Messenger-Inquirer Owensboro, KY
Article from Messenger-Inquirer, November 17, 1930

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NATIONAL BANK FARM BOARD IS OF KENTUCKY CLOSES DOORS STABILIZE PRICE Similar Action By Louisville Trust Co. Ky., Nov. 17 Closing of the National Bank Kentucky here today was followed by five smaller banks closing 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 comptroller general's office as receiver. The other Louisville banks closed were the Security bank, which stated, was closed purely precaution; the Louisville Trust company which affiliated with the National Bank of Kentucky. and two comparatively small neg American Mutual ings the First Standard bank The latter two are not members of the local clearing house Legge Taken to Check Decline Washington, Legge of the Farm Board said today the grain stabilization poration buying wheat both the cash and future markets in its stabilization operations, The operations of the tion corporations extend to cally all the markets. Purchases being made at the arrent price. "There is no peg price in the picture at Legge said. Asked if the corporation had bought as much as 10,000.000 bushels of wheat in Its stabilization forts 80 far, the chairman replied "think He said the corporation trying to raise the price of wheat. but to prevent unwarranted price decline Regarding the length of time the corporation has engaged in stabllization operations the 1930 crop Legge said had ben buying little wheat in the soft pots for some little Without looking up the records. he could give no exact information For the second time since the Agricultural Marketing act. which authorized its creation. became law the corporation extending its resources in effort to Insure American world price levels pushed down by liberofferings from surplus areas. In its first stabilization operations. for the 1929 season. the corporation purchased something more than bushels wheat with the pledge that none of it would sold for less than the purchase price.

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 AT LOUISVILLE 65 Millions Are Listed in Combined Resources; Others Shut. Bu United Press LOUISVILLE, Nov. 17. - The Louisville Security bank and the American Mutual Savings bank, the latter Negro-owned and operated. closed their doors here today after the National Bank of Kentucky and the Louisville Trust Company failed to open for business. The Security bank was afffiliated with the National Bank, which was taken over by the federal controller of currency. The Negro bank was affiliated with the Louisville Trust Company, which was placed in the hands of the state banking commissioner. The four banks combined list resources aggregating $65,000,000. All the institutions were declared solvent, but it was said that it "was necessary to close them to conserve the resources and protect creditors, depositors and all others concerned." Closing of the banks was described in local financial circles as an outgrowth of rumors circulated following the collapse of Caldwell & Co., of Nashville, Tenn., largest investment house in the south. However, James Brown, president of the National bank, reiterated today that plans for a group merger with Caldwell & Co., were abandoned several days before the brokerage went into the hands of a receiver.

3. November 17, 1930 Tallahassee Democrat Tallahassee, FL
Article from Tallahassee Democrat, November 17, 1930

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Kentucky Closed National Bank Of Kentucky Fails To Louisville Banks Have Runs. Louisville, Ky., Nov. 17. Alarmed at the closing of the Na. tional Bank of Kentucky, depositors today started run on practically every bank in the city. Similar conditions existed in othparts of the state Most of the institutions issued statements declaring they had no connection with the Bank of Kentucky. The bank was closed following meeting of the board with representatives of every Louisville nancial house. The meeting in session continuously from Saturday until 10 Sunday, when it was agreed that no mediate solution could be attained. The Louisville Trust Company, which was to have merged with the Bank of Kentucky December also was closed. It was announced that the combined institutions would have capital. surplus and undivided profits excess deposits between and (Continued Page

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

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EIGHT BANKS IN KENTUCKY CLOSE 'Wild Rumors" Caused National Bank to Close LOIUSVILLE. KY., Nov. 18. (AP)A survey of financial developments throughout Kentucky today revealed that eight banks were closed Monday. Combined resources of the eight totaled $75,000,000. 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 a precautionary measure. The three institutions are affiliated through the Bancokentucky, 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 Na-

6. November 18, 1930 The Washington Times Washington, DC
Article from The Washington Times, November 18, 1930

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Eight Banks in Kentucky Suspend All Business LOUISVILLE, Nov. 18 (I.N.S.). Business was suspended today at eight Kentucky banks having resources of approximately $70,000,000. Among them was the National Bank of Kentucky, a 96-year-old institution, for which a receiver was named bv the Federal controllers' department. The Louisville Trust Company and the Security Bank closed their doors, as a precautionary measure, according to the directors. Both institutions are solvent, directors said. Other institutions to suspend business were the American Mutual Savings Bank and the First Standard Bank, both clearing through the Louisville Trust Company; the Bank of St. Helens, Louisville suburb; the McElwainMeguiar Bank and Trust Company, of Franklin, Ky., and the First National Bank at Horse Cave.

7. November 18, 1930 Evening Star Washington, DC
Article from Evening Star, November 18, 1930

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KENTUCKY BANKS DECLARED SOLVENT Directors Blame "Wild Rumors" for Closing of $75,000,000 Institutions. By the Associated Press. LOUISVILLE, Ky: November 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 controller of the currency at Washington. Its resources approximate $60,000,000. "Wild Rumors" Blamed. 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 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 Banco-Kentucky, a holding company. Two small colored banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Go., later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two Outside Louisville Closed. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar 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 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. 39 ARKANSAS BANKS CLOSED.

8. November 18, 1930 Brooklyn Eagle Brooklyn, NY
Article from Brooklyn Eagle, November 18, 1930

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Rumors Kentucky Officials Eight Closed in Louisville, Ky., Nov. Kentucky financial resources totaling more than were closed today largest of these the National Bank of Kentucky at the Paul Keyes, of the Controller the Currency Washington. Its ap+ proximate Directors the National Bank suspension yester. day deemed necessary because rumors" its dition. Simultaneously with its closing, affiliated institutions the Louisville Trust Company and the Security they were that they were closed as Officers other leading Louisnight yesterday's deposits were greater ported accounts were during the day and carthat the were solvent.

9. 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.

10. November 21, 1930 Evening Star Washington, DC
Article from Evening Star, November 21, 1930

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WARRANT FOLLOWS FALSE BANK RUMOR A. & P. Tea Co. Accused of Circulating Story-Ninth Failure in Carolina. By the Associated Press. LOUISVILLE, Ky., November 21.The Great Atlantic and Pacific Tea Co. and its local manager, Albert Ivison, were charged with willfully circulating false rumors about the Stockyards Bank here. today. The action followed five days of financial stress which closed nine banks in this county, six in other parts of the State and six along the Southern Indiana border. Under Kentucky law it is a felony willfully to circulate false rumors that would embarrass a bank, and the Stockyards Bank announced it was in excellent condition. Its warrant charged the tea company notified its local store managers yesterday the Stockyards Bank had closed. At Ivison's office it was said he would make an explanatory statement. The Kentucky banks to close, beginning with the closing Monday of the $ 4,000,000 National Bank of Kentucky, was brought to 15 by failure of the Hopkins County Bank of Madisonville to open. On petition of Attorney General Cammack a receiver was appointed for the Louisville Trust Co., affiliated with the National Bank of Kentucky, which is in Federal receivership. The center of banking activity here moved over to the post office today and a shift in post office personnel was necessary to handle the long lines of depositors. Meanwhile officials of other banks said that while there was more than usual activity at most of them, they were in condition to meet demands. PUTS LOSS AT $50,000.

11. December 11, 1930 The Winchester Sun Winchester, KY
Article from The Winchester Sun, December 11, 1930

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BROWN FILES BANKRUPT President of National Bank Kentucky Says He Debts He Unable (By Associated Press.) LOUISVILLE, Dec. James Brown, president of the National Bank of Kentucky and formerly president of the Bancokentucky company, filed voluntapetition in federal court here today. Both these institutions and the Louisville Trust Company in which Brown was interested are now in receiverships. The petition states Brown has debts is unable pay and will ing surrender all his property cept that exempt by law to creditors In addition banking Brown publisher of the Louisville HeraldPost.

12. December 11, 1930 New Britain Herald New Britain, CT
Article from New Britain Herald, December 11, 1930

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KENTUCKY BANKER GOES BANKRUPT Brown Files Voluntary Petition In Louisville Today Louisville, Ky., Dec. 11 (AP)-James B. Brown, president of the National Bank of Kentucky and former president of the Banco-Kentucky Company, filed a voluntary petition in bankruptcy in federal court here today in behalf of himself. Both these financial institutions and the Louisville Trust Company, in which he is interested, are in the hands of receivers. Brown's petition stated he has debts which he is unable to pay and expressed willingness to surrender all hie property for the benefit of his creditors except such as may be exempt by law. Mr. Brown, who started his business career as a bookkeeper here 35 years ago, is publisher of the Louisville Herald-Post, and has taken part in many financial enterprises.

13. December 23, 1930 The Courier-Journal Louisville, KY
Article from The Courier-Journal, December 23, 1930

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RULING ON RECEIVER IN BANCO CASE, PLAN; MOTION IS SUBMITTED (Continued from First Page.) ceiver for the Louisville Trust Company. An application, filed in Wilmington, asking that receiver be appointed for the BancoKentucky Company, will be answerable on January 16, was announced, The application filed December was returnable Monday but the time was extended. The purpose of the depositions is to enlighten the court as to the condition of the bank and the trust company. principal remaining holdings of the BancoKentucky Company. A court order was issued Monday by Judge Allen empowering the Fidelity & Columbia Trust Company, receiver for the Louisville Trust Comany, to take necessary action properly to effect the appointment of committees and guardians to take the place of the closed trust The order came after a petition for advice had been filed setting out that the United States Veterans Bureau had declined to make further payments either to the Louisville Trust Company its receiver The petition listed the names of y two incompetents, thirty minors and four cases where minors receive payment of adjusted service compensation. Judge Allen's order gives the receiver the right to take whatever court action is necessary for the removal of the Louisville Trust Company, so that the periodical compensation from the Veterans Bureau can be handled by other committees and guardians. The petition was filed by H. H. Nettleroth. for the Liquidating Agent Named. George M. Kennedy, 1894 Princeton Drive. Monday was appointed liquidating agent for the Union Central Bank, Starks Building, by W. A. Dicken. State Banking Commissioner. The appointment names Mr Kennedy special deputy banking commissioner with power to liquidate the bank, which closed November 20. Audit of the institution. filed with the Circuit Clerk. shows the resources to be $962 390 against which deposits of $799,924.53 have first call. Mr. Kennedy, who was vice president of the bank, is appointed liquidating agent for year at salary of $300 month. He furnished bond of $300,000 in connection with the duties.

14. December 26, 1930 New Britain Herald New Britain, CT
Article from New Britain Herald, December 26, 1930

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BANCOKENTUCKY NAMED IN $4,100,000 ACTION Boston Woman Claims Directors Are Guilty of Fraud and Gross Violation of Duties, Louisville, Ky., Dec. 26 P-Margaret W. Long of Boston and her trustee, George W. Cushing, filed suit in federal district court here today against directors of the Bancoken. tucky company. the National Bank of Kentucky and the Louisville Trust company, demanding $4,100,000 damages. Charging the directors with fraud and gross violation of duties at the expense of the minority stockholders, the plaintiffs aver they are owners of 150 trustees' participation shares which never were exchanged for Bancokentucky stock and assert they are suing on behalf of 60 other stockholders, similarly situated, owners of 30,000 trustees' shares. The Bancokentucky, a holding corporation, and the two affiliated institutions are in receivership.

15. March 26, 1931 The Courier-Journal Louisville, KY
Article from The Courier-Journal, March 26, 1931

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BLOOMINGTON BANK TO BE PAID $46,116 Circuit Judge Lafon Allen Wednesday the receiver for the Louisville Trust Company to pay the Bloomington Bank Bloomington the sum of $46, 116.50 in full satisfaction and discharge of liability the trust company to the Indiana bank It was explained the petition that the Fidelity & Columbia Trust Company as had since the Louisville Trust Company $46 account items for collection by Bloomington closing institution, prior to the

16. August 19, 1931 Detroit Free Press Detroit, MI
Article from Detroit Free Press, August 19, 1931

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LOUISVILLE TRUST CO. TO RESUME BUSINESS LOUISVILLE, Ky. Aug. 18-(A. Reopening the Louisville Trust company set today for August 24 meeting tentative directors. The which closed last will reopen with capital stock surplus of $500, deposits of approximately $11,000,000. announcthat Rahill, former Chemical Bank Trust has accepted the presidency of the reorganized institution. Chesapeake Ohio. Declared regular dividend October to stock of

17. August 23, 1931 The Harlan Daily Enterprise Harlan, KY
Article from The Harlan Daily Enterprise, August 23, 1931

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UNDER THE DOME OF THE CAPITOL By DWIGHT L. PITKIN. Associated Press Staff Writer. Frankfort, Ky., Aug. 22 (AP) The banking situation in Kentucky is beginning to take on a brighter aspect, in the opinion of C. S. Wilson, state banking commissioner. Rural banks have been replenished, he said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year. The crop was of excellent quality. "What's needed now," remarked Commisioner Wilson, "is a good price for the tobacco crop." Reopening in Louisville tomorrow of the re-organized Louisville Trust Company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of the crash in Louisville last Nov. 17. Another one, the Guaranty Bank & Trust Company, of Lexington, has been taken over by the Citizens Bank & Trust Company under the presidency of W. A. Dicken, former state banking commissioner. Thirty-seven banks and trust companies, under the supervision of the state banking department, have been suspended since Jan. 1, 1929. The gross deposit liabilities of these institutions totaled $29,087,437. Of the banks re-opened or liabilities assumed, the gross deposit liabilities totaled $6,410,677. The re-opening of the re-organized Louisville Trust Company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning Jan. 1, 1929, will be $8,816,846 after the re-opening of the Louisville Trust Company. All but nine of these state bank suspensions date after the closing of the Louisville Trust Company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking departments statisties as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend. Banks that closed prior to November have been or are being liguidated. Kentucky's Tourist Trade. Geoffrey Morgan, acting executive secretary of the Kentucky Progress Commission, attributes the increase in gasoline consumption in Kentucky this year to the Progress Commission's efforts in advertising the state's tourist attractions. The first six months of this year showed an increase in gasoline taxes of $180,178.03 over the same period last year. "It certainly pays to advertise," said Mr. Morgan, citing these statistics. "Take the figures for January. The tax commission showed gasoline taxes collected in January of this year totaled $620,88550 as compared with $503,046.73 for January of 1930. That is an enormous difference. The reason for it is this: We had an open winter the first of this year. So the tourists in Florida began flocking home. We had been advertising Kentucky among the tourists and the result was many of these tourists returned northward by way of Kentucky."

18. August 23, 1931 Henderson Morning Gleaner Henderson, KY
Article from Henderson Morning Gleaner, August 23, 1931

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Under the Dome of the Capitol The banking situation in Kentucky is beginning to take on a bright as pect, in the opinion of C.S. Wilson, state banking commissioner Rural banks have been replenish ed, he said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year. The crop was of excellent quality. "What's needed now," remarked Commissioner Wilson, "is a good price for the tobacco erop." Reopening in Louisville tomorrow of the re-organized Louisville Trust company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of crash in Louisville last November 17. Another one, the Guaranty Bank and Trust company of Lex ington, has been taken over by the Citizens Bank and Trust company under the presidency of W A Dicken, former state banking com missioner Thirty banks and trust companies, under the supervision of the state banking department. have been suspended since January 1. 1929. The gross deposit liabilities of these institutions totaled $29, 087,437 Of the banks re-opened or liabilities assumed, the gross deposit liabilities totaled $6,410,677 The re-opening of the re-organized Louisville Trust company is pected to release gross deposit lia bilities of $13,869,914. This would make a total of gross deposit liabilIties released of $20,270,591 The state banking department estimates that amount of gross deposit liabilities of state banks in spspension from the period beginning January 1, 1929. will be $8,816,486 after the re-opening of the Louisville Trust All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November Lia bilities of the National Bank of Kentucky are not included in the state banking department's statis ties as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend Banks that closed prior to No vember have been or are being liquidated. These banks with the date of their closing and their gross deposit liabilities are listed here: Hickman Bank and Trust company 862: Hargis Bank and Trust company, Jackson, February 5. 1930. $554,368: Grayson County Bank Leitchfield. March 10. 1930. $357, 254: the Peoples bank. Mt. Vernon, April 22. 1930. $260,855: LaGrange Bank and Trust company. La Grange, May 26. 1930. $352,232: 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. $192. 870: Vine Grove State bank, Vine Grove, $91,464 The banks that have re-opened since November of last year in clude the Security bank, Louisville, with approximate gross deposit lia bilities of $1,996,001 It was able to open for business a few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwainMcGuire Bank and Trust company, Franklin, $373,509; Bank of St. Helens, Shivley, $412,834: Peoples bank, Sulphur, $132,950; Bank of Crestwood State bank, Crestwood, $139,297 Fern Creek bank, Bue ton. $292,638: Bank of Sturgis, Sturgis, $256,463 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 result ing from the merger closed May 7 of this year and is being liquidated. Liquidating agents have been appointed for the following banks closed since November: Owsley County bang, Beoneville, $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 and Trust company, Middlesboro, $495,977: Webster County bank, Clay, $164, 676; Bank of Ludlow, Ludlow, $636,359; Bank of Hardinsburg and Trust company, Hardinsburg. $523.381. Liquidating agents have not been appointed for five state banks which have closed since the first of July. These banks are: Citizens

19. August 23, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, August 23, 1931

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Under the Dome of The State Capitol By DWIGHT L. PITKIN Associated Press Staff Writer FRANKFORT, KY., Aug. 22 (AP) -The banking situation in Kentucky is beginning to take on a brighter aspect, in the opinion of C. S. Wilson, state banking commissioner. Rural banks have been replenished, he said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year. The crop was of excellent quality. "What's needed now." remarked Commissioner Wilson, "is a good price for the tobacco crop." Reopening in Louisville Monday of the re-organized Louisville Trust company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of crash in Louisville last Nov. 7. Another one, the Guaranty Bank & Trust company of Lexington, has been taken over by the Citizens Bank and Trust under the presidency of W. A. Dicken, former state banking commissioner. Thirty-seven banks and trust companies, under the supervision of the state banking department, have been suspended since Jan 1, 1929. The gross deposit liabilities of these institutions totaled $29,087,437. Of the banks re-opened or liabilities assumed, the gross deposit liabilities totaled $6,410,677. The re-opening of the reorganized Louisville Trust company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning Jan. 1, 1929 will be $8,816,846 after the re-opening of the Louisville Trust company. All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend. Liquidate Closed Banks. Banks that closed prior to November have been or are being liquidated. These banks with the date of their closing and their gross deposit liabilities are listed here: Hickman Bank & Trust Company, Hickman, Dec. 30, 1929, Hargis Bank & Trust company, $59,826; Hargis Bank & Trust company, Jackson, Feb. 5, 1930, $554,368; Grayson County bank, Leitchfield, March 10, 1930, $357,254; the Peoples Bank, Mt. Vernon, April 22, 1930, $260,855; LaGrange Bank and Trust company, LaGrange, May 25, 1930, $352,232; Bank of Russellville, Russellville, June 12, 1930, $183,660; Hazel Green bank, Hazel Green, June 30, 1930, $184,054; Elsmere Savings bank, Vine Grove, $91,464. The banks that have re-opened 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 a few days after Nov. 17. Other banks with their gross deposits liabilities, that have reopened are: McElwain-McGuiar 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, $256,463. Two Negro banks, the First Standard bank and the American Mutual Savings bank, which closed

20. August 24, 1931 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, August 24, 1931

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Banking Situation Brighter In Kentucky, Official Avers; Bumper Lamb Crop Is Aid August The banking situation Kentucky to take in the opinion of State Rural banks been bumper brought in much needed There fewer sheep Kentucky farms this year. but number lambs raised per than last year was of excellent quality. "What's remarked price for the in tomorrow the reorganized Louisville Trust Company will ninth that has the group that closed their assets in wake the crash Louisville November Another the Guaranty Bank and Trust has been taken by Citizens Bank Trust Company under the former State Banking Commissioner banks and trust com panies, under supervision of State Banking Department. since January 1929. gross deposit liabilities these institutions totaled Of the banks liabilities assumed, the gross deposit liabilities totaled the reorganized Trust pected deposit This would total gross deposit liabilities leased State Bank ing Department that amount gross deposit the period January $8,816,846 reopening the Louisville Trust Company All but nine of these state bank suspensions after the closing the Louisville Company and the National Bank Kentucky last Liabilities the Bank Kentucky Banking supervision Federal Banking Department National Bank Kentucky already has paid per cent Banks that were closed before No been being liquidated. These with the date of their closing and their gross deposit liabilities, listed here: Bank Trust Company 1929 $595,862 Hargis Bank Trust Company February $554,368 County March the Peoples Bank Vernon April LaGrange Bank and Trust Company LaGrange, May $352,232 Bank Rus Hazel Hazel Bank Vine Grove State Bank, Vine Grove The banks that have been opened last the Bank deposit lia business few November Other banks, with their gross deposit liabilities that re-opened Bank Trust Peoples Bank Sulphur, Bank State Bank $139. Fern Creek Bank Farmers Fulton Bank of Sturgis, Two Negro banks. the First Stan Bank Mutual Bank. which closed Louis ville, later solidated the Mutual Standard Bank from being Liquidating agents been for following Owsley County Bank Booneville, Bankers Company $553,279 Hopkins County Bank, Woodbury Citizens Trust Middlesboro, $495,977 Webster CounClay Bank Bank dinsburg Trust $523,381 Liquidating agents not been five that the first July Bank Drakesboro Bank Barlow Butler Bank $145,348 Beaver 269.

21. August 24, 1931 The Daily Independent Maysville, KY
Article from The Daily Independent, August 24, 1931

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of the re-organized Louisville Trust company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning January 1, 1929, will be $8,816,846 after the re-opening of the Louisville Trust company, All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend Banks that closed prior to Novem- other one. the Guaranty Bank ber have been or are being liquidated. These banks with the date of Trust Company of Lexington, has been taken over by the Citizens their closing and their gross deposit Bank and Trust company under the liabilities are listed here: Hickman presidency of W. A. Dicken, former Bank & Trust Company, Hickman, state banking commissioner. Decemberf 30, 1929, $595,862: Hargis Thirty-seven banks and trust com- Bank & Trust Company, Jackson, panies, under the supervision of the February 5, 1930, $554,368; Grayson state banking department, have been County Bank, Leitchfield, March 10, suspended since January 1, 1929 1930, $357,254; the Peoples Bank, The gross deposit liabilities of these Mt. Vernon, April 22, 1930, $260,institutions totaled $29,087,437. Of 855; La Grange Bank and Trust the banks re-opened or liabilities Company, LaGrange, May 26, 1930. assumed, the gross deposit liabilities $352,232; Bank of Russellville, Rustotaled $6,410,677. The re-opening sellville, June 12. 1930. $183,660; Hazel Green Bank, Hazel Green, June 30. 1930, $184,054: Elsmere Savings Bank, Erlanger, July 3, 1930. $192,870: Vine Grove State Bank, Vine Grove, $91,464. The banks that have re-opened 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 a few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGuiar 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, $256,463. Two Negro banks, the First Standard Bank and the American Mu- tual Savings Bank. which closed in Louisville November 17. were later consolidated into the Mutual Standard Bank. The bank resulting from the merger closed May 7 of this year and is being liquidated. Liquidating agents have been appointed for the following banks closed since November: Owsley County bank, Boonevill, $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, $363,359: Bank of Hardinsburg & Trust Co., Hardinsburg, $523,381 Liquidating agents hav 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, $91,910: Butler Deposit Bank. Butler, $614,388; Bank of Wayland, Wayland, $145,348; Beaver Valley State Bank. Weaksbury, $113,269. Kentucky's Tourist Trade Geoffrey Morgan, acting executive secretary of the Kentucky Progress commission, attributes the increase in gasoline consumption in Kentucky this year to the Progress commission's efforts in advertising the state's tourist attractions. The first six months of this year showed an increase in gasoline taxes of $180,178.03 over the same period last year. "It certainly pays to advertise," said Mr. Morgan, citing these statistics. "Take the figures for Janusry. The tax commission showed gasoline taxes collected in January of this year totaled $620,885.50 as compared with $503,046.73 for January of 1930. That is an enormous difference. The reason for it is this. We had an open winter the first of this year. So the tourists in Florida began flocking home. We had been advertising Kentucky among the tourists and the result was many of these tourists returned northward by way of Kentucky."

22. August 24, 1931 The Kentucky Post Covington, KY
Article from The Kentucky Post, August 24, 1931

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PAGE BANK OUTLOOK CALLED BRIGHT Bumper Lamb Crop to Aid State Institutions COMMISSIONER REPORTS Good Price for Tobacco Needed Now, He Says FRANKFORT KY. Aug. Kentucky's banking situation has begun to take on bright aspect. That is the opinion expressed by S. Wilson, state banking com A bumper lamb crop that brought in cash has helped replenish rural banks, Wilson said Kentucky farms had fewer sheep but the number lambs raised per 100 greater than last year Excellent quality found in the crop. "What's remarked Wilson good price for the tobacco crop. Reopened Reopening Louisville today of the reorganized Louisville Trust Co. will be the ninth bank has reopened out of the group that closed their assets wake of the in Louisville Nov Another one, the Guaranty Bank Trust Lexington, has been taken over by the Citizens' Bank Trust under the presidency of W. Dicken. former state Thirty-seven banks and trust the the State Banking have been 1929 The gross of these totaled 437 or the banks reopened or liabilities sumed, gross deposit liabilities totaled Reopening of the reorganized Co. expected gross liabilities $13,859,914 make toliabilities released $20,270,591 The State Banking Department that amount gross deposit liabilities state will be the reopening of the Co. All But Nine All but nine of these state bank date after the closing the Trust Co. and the National Bank of Louisville last November. Liabilities of the National Bank of Kentucky are not included in the State Bankunder the supervision the Federal Banking Department. The National Bank Kentucky already has paid 67 per cent dividend Banks that were closed before November been or are being These with and their gross deposit liabilities, Hickman Bank Hickman, Dec 30, 1929 $595,862 Hargis Bank Co. Jackson Feb. $554,368 Grayson-co Leitchfield March 10. 1930, $357,254 Peoples Bank, Mt Vernon, April 1930, $260,855 Grange Bank Grange, May 26, 1930. $352,232; Bank of RusGreen 1930 $184,054: Elsmere Savings Grove State Bank, Vine Grove, $91,464. Others Come Back The banks that have been opened last year include the Security Bank. able open for few days after Other banks, their gross deposit liabilities, that been reopened Bank & Trust Bank of Helens, Shively $412,824 Peoples Grestwood State Bank Crestwood $139,297 Creek Bank Buechel $292,638; Bank of Sturgis Sturgis $256,463. Two Negro banks, the First Standard Bank and Muutal which Louisville later solidated into the Mutual Standard Bank. The from merger closed this year being liquidated. Liquidating agents have for the following banks closed since Novem Agents Not Named Bank, $100. 328 Union Bank, $503,578 Bankers Trust Co. Louisville $553,279 Hopkins-co Bank, Madisonville $717,587 bury Deposit Bank, Woodbury $37 Citizens Bank Trust Middlesboro, $495,977 Bank, Clay, $164,676 Bank of Ludlow, Ludlow $636,359 Bank of Har dinsburg & Trust Co. Hardinsburg Liquidating agents have not been appointed for five state banks that closed since the 1st These banks Bank Bank of Barlow, Barlow Deposit Bank, Butler Wayland Beaver State Bank, Weaksbury, $113,269.

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

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KENTUCKY BANK SITUATION TAKES BETTER ASPECT Lamb Crop Aided Rural Institutions BY DWIGHT L. PITKIN (Associated Press Staff Writer) Frankfort, Ky., Aug. 26. (P)-The banking situation in Kentucky is beginning to take on a brighter aspect, in the opinion of C. S. Wilson, state banking commissioner. Rural banks have been replenishhe said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year The crop was of excellent quality "What's needed now," remarked Commissioner Wilson, "is a good price for the tobacco crop." Louisville Trust to Reopen Reopening in Louisville Monday of the reorganized Louisville Trust company was the ninth state bank that has reopened out of the group that closed their doors to conserve assets in the wake of crash in Louisville last No ember 17. Another one, the Guaranty Bank & Trust company of Lexington. has been taken over by the Citizens Bank and Trust company under the residency of W. A Dicken, former state banking commissioner. Thirty-seven banks and trust companies, under the supervision of the state banking department have been suspended since January 1, 1929. The gross deposit liabilities of these Institutions totaled $29, 087 437. Of the banks reopened or liabilities assumed, the gross deposit liabilities totaled $6,410.677 The reopening of the reorganized Louisville Trust company is ex. pected to release gross deposit lia. bilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning January 1, 1929. will be $8,816,846 after the reopening of the Louisville Trust company. All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as it was under the supervision of the federal banking department The National Bank of Kentucky has already pald a 67 per cent dividend. Closed Banks Being Liquidated Banks that closed prior to November have been or are being liq. uidated. These banks with the date of their closing and their gross deposit liabilities are listed here: Hickman Bank & Trust company 862: Hargis Bank & Trust company, Jackson. February 5, 1930. $554,368; Grayson County bank, Leitchfield, March 10, 1930. $357.254; the Peoples bank, Mr. Vernon. April 22 1930, $260,855: LaGrange Bank and Trust company. LaGrange, May 26. 1930. $352,232;

24. January 6, 1932 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, January 6, 1932

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INSOLVENCY IS DENIED By BancoKentucky Corp. Asks Dismissal of Receivership Suit. Wilmington, Del., January filed in the Delaware Chancery Court by the Corporation, of to the reproceedings filed it three ago by group of The includes Frank H. Lanham and Don Roger, of In denying insolvency the corporation asked that the suit be dismissed as similar suit was dismissed by the Court about six months ago, because had not been proved that the company was insolvent at the time the first suit filed in December, 1930. The complainants in the new bill alleged that the is now insolvent because is unable to meet 100 per cent made against the company by the receiver of the National Bank of Kentucky and the Louisville Trust Company The admitted the receiver of the closed had made ments against BancoKentucky, but denied the liability exists. It denied that owns $3,760,000 par value in the National Bank of and it is also denied that owns par value stock of the Louisville Trust ComBanco, Kentucky declared the swer is the holder of trust certificates issued by who hold stock in the National Bank of Kentucky and Louisville Trust Company and that its interest was solely beneficial one, and denied the company had any legal title to any shares the closed banks. It is also declared that the company cannot be assessed by the bank receiver, as under the terms of the trust agreement the company has no liability.