First National Bank - Bessemer, AL

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4220
Charter Number: 4220
Start Date: January 1, 1894*
Location: Bessemer, Alabama (33.402, -86.954)

Metadata

Model: gpt-5-mini
Short Digest: 8fcdbc41

Response Measures

None

Description

The First National Bank of Bessemer went into voluntary liquidation in 1894 and did not resume business. In 1899 a bill was filed asking appointment of a receiver (article dated 1899-06-02) and a receiver (H. W. Crook) was appointed by decree (article dated 1899-07-07). There is no mention of a depositor run; this is a voluntary liquidation leading to a receivership/closure.

Events (5)

1. January 25, 1890 Chartered

Source: historical_nic

2. January 1, 1894* Suspension

Cause: Voluntary Liquidation
Cause Details: Bank mortgaged all assets to Bessemer Savings Bank to pay depositors and then ceased to carry on business, entering voluntary liquidation in 1894.
Newspaper Excerpt: continued in business until 1894, when it mortgaged all of its assets ... and went into voluntary liquidation.
Source: newspapers

3. September 10, 1894 Voluntary Liquidation

Source: historical_nic

4. June 2, 1899 Other

Newspaper Excerpt: A bill has been filed in chancery court asking for the appointment of a receiver for the First National bank of Bessemer ... The bill recites the fact that the bank was organized under the national banking laws in 1890, and continued in business until 1894 ... has been in the process of voluntary liquidation since 1894, and which at the present time appears to be without an official head.
Source: newspapers

5. July 7, 1899 Receivership

Newspaper Excerpt: Captain H. W. Crook ... was yesterday appointed receiver of the assets of the First National bank of Bessemer, under a decree of the chancery court ... and at once qualified by executing a bond for $5,000 for the faithful discharge of his duties as such receiver.
Source: newspapers

Newspaper Articles (2)

1. June 2, 1899 The Age-Herald Birmingham, AL

Article from The Age-Herald, June 2, 1899

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Article Text

BILL FILED ASKING FOR A RECEIVER For the Old First National Bank of Bessemer. IT IS NOW WITHOUT A HEAD Has Been in Process of Voluntary Liquidation Since 1894-Judge Swayne Has Recovered Sufficiently to Hold Court. A bill has been filed in chancery court asking for the appointment of a receiver for the First National bank of Bessemer, to take charge of and wind up the affairs of the bank, which has been in the process of voluntary liquidation since 1894, and which at the present time appears to be without an official head. The bill was filed by the Bessemer Savings bank and C. McAdory, stockholders and creditor of the defunct institution, who ask that all other stockholders be made parties defendant to the bill. The bill recites the fact that the bank was organized under the national banking laws in 1890, and continued in business until 1894, when it mortgaged all of its assets to complainant, the Bessemer Savings bank, for money to pay off its depositors, and went into voluntary liquidation. It is alleged that the bank then and there ceased to carry on the business for which it was organized and incorporated, and that its financial embarrassment since that time has prevented it from resuming business. It is also alleged that C. Berney, the president of the institution, has since disposed of his stock, and is without authority to act for the corporation, and that an unpaid balance of $6,000 is still due the complainant, the Bessemer Savings bank, which is secured by mortgage. It is further recited that none of the stockholders will assume authority to act for the corporation, and that the interest of all concerned would be best subserved by the appointment of a receiver to manage and dispose of the remaining assets. The bill was filed by James Trotter, solicitor for the complainants. United States Court Judge Swayne was sufficiently recovered from Lis illness yesterday to resume his seat on the bench in the federal court, and considerable business was transacted. Several bankruptcy cases came up for hearing and the following were adjudicated bankrupt: George Owen, Harvey Harris, C. W. Watson, Wood Pearson, W. W. Garner and Frank Sassman. A consent judgment for $225 was entered in tre case of Nellie Mason vs. the Rapauno Chemical company and the motion for a new trial was withdrawn and the verdict for $35 set aside in the case of Isa. bc..e Littlejohn vs. the same company. In the last case a consent judgment for $135 was entered. At the afternoon session the case of Burgin, admr., vs. the Louisville and Nashville iailroad was again taken up and will probably De concluded tomorrow. City Court In the city court in the case of Charles Guyton vs. the Southern railroad a con-

2. July 7, 1899 The Age-Herald Birmingham, AL

Article from The Age-Herald, July 7, 1899

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Article Text

e, CROOK NAMED AS RECEIVER h For Old First National Bank of a Bessemer. C THREE DAMAGE SUITS FILED Two Against the Water Works Com pany for $5,000 Each, and One Against the Bessemer Land Company Captain H. W. Crook, a member of the late Board of County Commissioners, was yesterday appointed receiver of the assets of the First National bank of Bessemer, under a decree of the chancery court rendered on the petition of the Bessemer Savings bank and other creditors and stockholders of the defunct institution, and at once qualified by executing a bond for $5,000 for the faithful discharge of his duties as such receiver. Under the decree the receiver is ordered to take possession of all the assets of the First National bank of Bessemer, and at his earliest convenience to make and file with the register of the court a full and complete inventory of such assets. He is further ordered and is empowered to collect rents on all real property belonging to said bank and from time to time to file a report of such collections with the register. The final disposition of the assets and other orders are reserved for the future 1 decision of the court. The original bill on which the receivership was granted was filed on May 31 last, H and recites the fact that the First National d bank of Bessemer was organized under the national banking act in 1890, and cont tinued in business until 1894, when it mortgaged all of its assets to the complainant, a the Bessemer Savings bank, for money to t pay off its depositors, and went into volun5 tary liquidation. The complaint alleged that the bank then u and there ceased to carry on the business j for which it was organized and incorpor1 in ated and that its financial embarrassment o since that time prevented it from resuma ing business. It was further alleged that the officers of the bank afterwards disposed of their stock and were without allthority to act for the corporation and that none of the stockholders would assume A authority to act for the bank, which was due the complainant, the Bessemer Savings bank, $6,000, secured by mortgage. In contr clusion the complainants prayed for the ti appointment of a receiver to manage and dispose of the remaining assets in order J that the interest of all concerned might be pl best subserved. li S Damages for Overflow O In the circuit court yesterday Nathan H. Pr Erwin filed suit against the Birmingham C Water Works company for $5,000 for alot G. leged damages to certain land by reason of the overflow of a canal operated by the defendant company. The complaint alleges E that by reason of such overflow the said land has become less productive and less AS valuable and was rendered greatly less. C healthful as a place of residence. R. In the city court a similar suit was tued int against the same defendant by Annie Ertal Ca win and others on the same alleged state.