First National Bank - Covington, KY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 718
Charter Number: 718
Start Date: January 18, 1897
Location: Covington, Kentucky (39.084, -84.509)

Metadata

Model: gpt-5-mini
Short Digest: 10dd7f3d

Response Measures

None

Description

OCR-heavy article from The News & Observer (Jan 19, 1897) describes First National Bank of Covington closing its doors after cashier Youtsey's resignation and inability of officers/stockholders to provide liquidity. The language indicates an assignment/closing rather than a temporary suspension and mentions offers to cover liabilities that could not be secured, implying permanent closure/assignment. I corrected obvious OCR errors (e.g., 'Covingbank' -> Covington bank). Date of closure is reported in the article around Jan 18–19, 1897; I use 1897-01-18 as the effective closing date mentioned as 'to-day' in the Jan. 19 paper.

Events (1)

1. January 18, 1897 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Cashier G. Youtsey resigned after refusing a large payment; officers/stockholders could not provide sufficient funds or endorsements to continue payments; bank closed and assets assigned/placed into receivership/assignment arrangements cited in article. Suggests internal mismanagement/insolvency rather than mere rumor or external panic. (OCR errors corrected for names and phrasing.)
Newspaper Excerpt: This was followed ... assigned the individually This was followed Comton Trust Company. ... The First National Covington bank ... CLOSED.
Source: newspapers

Newspaper Articles (1)

1. January 19, 1897 The News & Observer Raleigh, NC

Article from The News & Observer, January 19, 1897

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Article Text

and to Rell It Country to suffer. SEVERAL BANK FAILURES of Receivers. Banks Going Into the Hands SOME WILL PAY DEPOSITORS First National Bank of Louisville, Kentucky The the German National of Bank the Minnesota Savings Make Assignments. of 18. The failure Newport, National Ky., Jan. bank of Kentucky a great to the First its doors this morning men was of the city. surprise open to the business given out by the While a statement was would lose anything, officers that no one of rumors flying of about. there were Fortunately all sorts the no integrity suggestion of The the such that credence. wrong officers doing is of has weakness found Saturday was the refusal afterfirst evidence pay on the Belle$5,000 to the which he had had been noon of the School officers Board, to and treasurer which he of but revue deposited get out. This was T. cently ought to Cashier advised made he public till with to-day the bank capital since P. not Youtsey has been in 1875. The Its presistock its organization of the bank Trapp. is $200,000. vice-president, who is John President Trapp. of Dr. who dent Joseph elected Wright. last week retired in place on account of DayKy., and is of Henry was advanced Gunkel, years, one is a of resident the wealthiest ton, in the country. the directors which were men It is learned that last Saturday, on $7,500 in was session all day opened with only known day vaults. At that its doors in its would not Youtsey acthe bank the meeting bank Cashier open time promptly it resigned to-day. agreed At and the his resignation banks in was Covington the bank cepted. The afternoon to loan was deon Saturday later the proposition S. Berry, off. the stock, clared holds $75,000 of calls for help special appeals, directors, H. Geo. $60,000, who but Congressman but all Dunckel, A. Youtsey, made John were in vain. J. The E. McCracken, Winter, John Spinks, Weidman J. and Trapp, all offered their liabilities, Greise, Charles Wright Charles $250,000 A. individual Joseph which en- but dorsements could for the not be secured with broththe continue cash business. Youtsey, a cashier to the to Later in the day of Geo. the First National Covingbank, er of assigned the individually This was followed Comton Trust Company. Carriage Supply presiby the Standard Geo. Youtsey was Covington pany, also of which assigning to capital the stock of Standard assets and The and of The is the Trust dent, $50,000. Company Carriage Company The Supply given. liabilities Company George of Youtsey the Standard individually are is due not to the First assignment bank of closing both its doors CLOSED. to-day. National GERMAN NATIONAL Jan. 8.-National the Louisville, Ky., Escott this National morning Bank Examiner doors of the German president. The closed bank, J. M. McKnight of the institution The is $251, bank 500 capital with stock a surplus for of some $31,000. time past signed has is an old one, but as unsafe. In says a that statement been regarded President McKnight in full and that reis prob the depositors will be paid stockholders will organize it the statement institution. issued by very the bank bad The last 17, 1896, made showed a that the showing. December cent The rule figures had been violated by 25 about per cent. $113,025.29 it was Under out 8 per the that head the bank of etc. resources held This was very given stocks, not in as the and since the unsatisfact meatisfactory securities. definite enough "eteetera" withdrawals was considered issued the statement been steady. President has been have the bank for years, with the banking was McKnight, outside promi- businently of and identified involved in a number of financial ness York, operations. Jan. 18. -The New cashier York of cor- the National German of the the Third National he bank respondent Third New owed bank. the National however, bank, fully was said the about latter $13,000. protected which, by collateral. Jan. Minbelieved SAVINGS BANK CLOSED. 18.-The St. Paul, Minn., bank closed its assiggnment, doors this nesota Savings a deed of An Wm. Bickel that the assets morning affidavit naming was and filed filed stating about as $250,000, assignee. while to neighborhood of the would liabilities amount The are officers in the under of the the bank circum- deem$230,000. The ed this step the best the depositors. reextent stances flurry to protect in banking affairs to such caused an the the cent of deposits bank required raise although the it was unable to gixty enough money withdrawal that, days' notice to meet demands. CLOSED BUSINESS. The Boston Boston, Mass., Exchange, Jan. 18. with offices and Grain New England The Stock all the principal to-day. in nearly up business is said. creditors cities, closed will not suffer. it B. HOTEL DODSON CLOSED. Jan. S.-Charles Dodson, Richmond. proprietor Va.. of the Hotel made an which Dodson, assignment closed its to-day. doors Liabilities Saturday, $3,500; assets CABINET unknown. COMPANY FAILS. Ohio, Jan. 18 The into Colum- the Columbus. Company has gone receiver. bus Cabinet of Charles R. Wheeler, as to be $90.-