First National Bank (Colquitt, GA)

View Charter #6498 on SPMC View balance sheet

Episode Information

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

Metadata

Episode ID
Bank ID
City ID
130355248
Model
gpt-5-mini
Short Digest

Response Measures

Full suspension, Books examined

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%

Notes

Directors requested a receiver Aug. 2; government receivership recorded 1923-08-14.

Events (5)
1. November 21, 1902 Chartered
Source
historical_nic
2. July 28, 1923 Run
Cause Details
Immediate cause not announced in articles; depositors made a run on Saturday.
Newspaper Excerpt
The First National Bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday.
Source
newspapers
3. July 30, 1923 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed after the run and unable to meet withdrawals; bank had prior large defalcation (1921) and shrinking deposits.
Newspaper Excerpt
The First National Bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday.
Source
newspapers
4. August 14, 1923 Receivership
Newspaper Excerpt
the directors decided that it would be advisable to liquidate the bank and requested the Comptroller of the Currency to appoint a receiver to wind up its business.
Source
newspapers
5. August 14, 1923 Receivership
Source
historical_nic

Newspaper Articles (11)
1. July 30, 1923 The Macon News Macon, GA
Article from The Macon News, July 30, 1923

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Article Text

Colquitt Bank Fails Today to Reopen Doors

Colquitt, Ga., July 30.—The First National Bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday. 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 the 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.

2. July 30, 1923 The Columbus Ledger Columbus, GA
Article from The Columbus Ledger, July 30, 1923

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Article Text

Colquitt Bank Fails to Open Following Run

Colquitt, Ga., July 30.—The First National bank of Colquitt failed to open its doors this morning, as a result of a run upon the bank Saturday. The cause of the run has not been announced.

This bank was closed temporarily in October, 1921, following a defalcation of S. 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.

3. July 31, 1923 The Tennessean Nashville, TN
Article from The Tennessean, July 31, 1923

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Article Text

Georgia Bank Closed Following Day's Run

(By Associated Press.) Colquitt, Ga., July 30.—The First National Bank of Colquitt failed to open its doors today as a result of a run on the bank Saturday. The cause of the run has not been announced. This bank was closed temporarily in October, 1921, following a defalcation of S. M. Watson, the president, for over $100,000, of which he was convicted and for which he is now serving sentence in the 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.

4. July 31, 1923 The Selma Times-Journal Selma, AL
Article from The Selma Times-Journal, July 31, 1923

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Article Text

COLQUITT BANK CLOSES

COLQUITT, Ga., July 30.— First National Bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday. The cause of the run has not been announced.

5. July 31, 1923 Bristol Herald Courier Bristol, TN
Article from Bristol Herald Courier, July 31, 1923

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Article Text

NATIONAL BANK OF COLQUITT CLOSED

Colquitt, Ga., July 30. — The First National Bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday. The cause of the run has not been announced.

The bank was closed temporarily in October, 1921, following a defalcation of S. 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 on assessment of 100 per cent.

The bank has a capital stock of $50,000 and is reported to have had deposits of $30,000.

6. July 31, 1923 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, July 31, 1923

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Article Text

COLQUITT BANK DOORS AGAIN SHUT AFTER RUN

COLQUITT, Ga., July 30.—The First National bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday. The cause of the run has not been announced. This bank was closed temporarily in October, 1921, following a defalcation of S. 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.

7. July 31, 1923 The Macon Telegraph Macon, GA
Article from The Macon Telegraph, July 31, 1923

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Article Text

COLQUITT BANK IS CLOSED

Doors Fail to Open Following Run During Saturday

COLQUITT, Ga., July 30.—The First National Bank of Colquitt failed to open its doors this morning as a result of a run on the bank Saturday. 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 is now serving sentence in Atlanta Federal Prison. The bank re-opened

8. August 1, 1923 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, August 1, 1923

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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.

9. August 1, 1923 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, August 1, 1923

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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.

10. August 3, 1923 The Macon Telegraph Macon, GA
Article from The Macon Telegraph, August 3, 1923

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Article Text

DECIDE TO LIQUIDATE BANK AT COLQUITT, GA.

Examiner Completes Report On First National, Which Closed After Run On Saturday

COLQUITT, Ga., Aug. 2.—The examiner in charge of the First National Bank of Colquitt, which closed its doors Monday morning following a run made on the bank by depositors on last Saturday, made his report to the directors of the bank today and after a full consideration of the report and of the affairs of the bank, the directors decided that it would be advisable to liquidate the bank and requested the Comptroller of the Currency to appoint a receiver to wind up its business.

The bank has a capital stock of $50,000 and had approximately $30,000 on deposit at the time it closed. While the immediate cause of the failure was a run of depositors, the bank had never been able to gain the confidence of the community since its closed temporarily on account of the defalcation of its former president, S. M. Watson, in October, 1921, the shortage at that time amounting to $112,000. There had been a gradual shrinkage of deposits during the Summer and the bank was not in position to take care of a further withdrawal.

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

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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..