First National Bank (Colquitt, GA)

View Charter #6498 on SPMC View balance sheet

Episode Information

Episode UID
649801483
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
64980 national
Charter Number
6498
Start Date
July 28, 1923
Location
Colquitt, Georgia (31.171, -84.733)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f05b69f2dc832719

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1923-08-14
Date receivership terminated
1925-03-23
OCC cause of failure
Run
Share of assets assessed as good
30.7%
Share of assets assessed as doubtful
53.8%
Share of assets assessed as worthless
15.5%

Description

The bank failed to open on August 1, 1923, following a run on the previous Saturday (July 28).

Events (4)
1. November 21, 1902 Chartered
Source
historical_nic
2. July 28, 1923 Run
Cause Details
The cause of the run was not announced, though the bank had a history of prior defalcation by its president.
Newspaper Excerpt
said of a run on the bank during Saturday.
Source
newspapers
3. August 1, 1923 Suspension
Cause Details
Failed to open following a run on the previous Saturday.
Newspaper Excerpt
The First National Bank of Colquitt failed to open its doors for business here
Source
newspapers
4. August 14, 1923 Receivership
Source
historical_nic

Newspaper Articles (2)
1. August 1, 1923 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, August 1, 1923

Click image to open full size in new tab

Article Text

BANK OF COLQUITT FAILS TO OPEN DOORS COLQUITT, Aug. 1.-The First National Bank of Colquitt failed to open its doors for business here said of a run on the bank during Saturday. The cause of the run was not announced. The bank had a capital stock of $50,000, with deposits of $30,000.

2. August 7, 1923 The Dawson News Dawson, GA
Article from The Dawson News, August 7, 1923

Click image to open full size in new tab

Article Text

BANK OF COLQUITT CLOSED AFTER RUN FAILS TO OPEN DOORS AFTER FLURRY. FORMER CASHIER IN FEDERAL PRISON. COLQUITT, Ga.-The First National bank of Colquitt failed to open its doors this morning as a result of a run on the bank. The cause of the run has not been announced. This bank was closed temporarily in October, 1921, following a defalcation of M. Watson, then president, for over $100,000, of which he was convicted and for which he is now serving sentence in Atlanta federal prison. The bank reopened after the stockholders had paid an assessment of 100 per cent. The bank has a capital stock of $50,000 and is reported to have had deposits of $30,000..