7204. Crestwood State Bank (Crestwood, KY)

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 21, 1930
Location: Crestwood, Kentucky (38.344, -85.475)

Metadata

Model: gpt-5-mini
Short Digest: ec39fe1d

Response Measures

None

Description

The Crestwood State Bank did not open on Nov 21, 1930 as a precaution amid a regional wave of bank closings in Louisville/New Albany area; no article describes a depositor run at Crestwood. A later Aug 22–23, 1931 item lists Crestwood State Bank among banks that have reopened, indicating the suspension was temporary and the bank later resumed business.

Events (2)

1. November 21, 1930 Suspension

Cause: Local Banks
Cause Details: Closed as precautionary measure following recent closings of Louisville and New Albany area banks and broader regional banking disturbances; cited by deputy state banking commissioner as part of wave of suspensions.
Newspaper Excerpt: The Crestwood bank, a small institution in a suburb of Louisville, did not open this morning.
Source: newspapers

2. August 22, 1931 Reopening

Newspaper Excerpt: Crestwood State bank, Crestwood, $139,297; ... listed among banks that have reopened since November of last year include ... Crestwood State bank, Crestwood, $139,297.
Source: newspapers

Newspaper Articles (8)

1. November 21, 1930 Messenger-Inquirer Owensboro, KY

Article from Messenger-Inquirer, November 21, 1930

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COMMISSIONER CONFIDENT Says Banks Open in Louisville are Solvent Louisville, Ky., Nov. 21.-W. A. Dicken, deputy state banking commissioner, said today he believed all Louisville banks not affiliated with those alr ady closed, were solvent. "If they were not," he said, "we would close them. Following the closing yesterday of two banks at New Albany, Ind., across the Ohio river from Louisville, other members of the New Albany Clearing House association met and pledged aid to each other should runs develop. The Crestwood bank, a small institution in a suburb of Louisville, did not open this morning. HOPKINS BANK CLOSES Madisonville, Ky., Nov. 21. UP:The Hopkins County bank failed to open its doors here today. A brief statement by the board of directors said it had been decided to place Its affairs in the hands of the state banking commissioner in order to conserve its assets for its depositors, The bank. established in 1890, had deposits of $696,000 and resources of $865,000. A. R. Cummings, Jr., president, said the bank was solvent, but was closed as precautionary measure. The other three banks here proclaimed themselves in good condition. ASHEVILLE BANK CLOSES Asheville, N. C., Nov. 21. (/P)The American National bank here failed to open today bringing the total number of banks to close in western North Carolina in two days to nine. The bank had deposits of $2,000,000.

2. November 21, 1930 St. Louis Post-Dispatch St. Louis, MO

Article from St. Louis Post-Dispatch, November 21, 1930

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PAGE 2A IN KENTUCKY; 9TH Great Atlantic & Pacific Tea Co. and Louisville Manager Charged With Circulating False Rumors About Bank. SIX SUSPENSIONS, IN SOUTH INDIANA Long Lines of Depositors Gather at Postoffice Officers of Other Depositories Say They Can Meet Demands. Nov number of banks in Kentucky have suspended operations the brought announcement that the Crestwood Bank small deposItory suburb Louisville and the Hopkins county bank of Madisonville would open this morning The closing of the lat bank was termed precautianary measure Dicken Deputy State Banking Commissioner said he thought all Louisville banks not with the National Bank of Kentucky. first to close were they were he would close them The Great Atlantic and Pacific Tea and its local manager bert Ivison, charged in rant sworn out by Bank with willfully issuing false statement that the bank had closed. Ivison. who arrested and leased bond said had been made had been soon as possible and that ground for charges willful action On petition of Cammack appointed for Louisville Trust affillated with the National Bank of Kentucky center banking activity here moved over to postoffice today and shift in postoffice personnel was necessary to handle the long lines of depositors. officials other banks said that there more than usual activity most of they condition to meet demands. Following the closing yesterday New Albany Ind., across the Ohio River from Louisville, other members of the Clearing House and pledged aid to each other should develop. The Clearing House Association voted not to permit of time deposits accounts certificates of unless days' nogiven, as required by Inbuilding and loan took similar dewould require 30 days since such operated banks and equipped two Louisville banks brought the total of that have suspended to suburban banks have have and outside president of the Bank killed himself yesterday the Bank deposits Bank deposits both Louisville Trust deposits Union Central The bank and their presthey Southern Indiana Banks Put Hands State. Nov Southern bordering Ohio hands Banking today Luther State Bank the State Bank and American Trust both the County State Bank of English the State Bank Jackson Bank Corydon Junction the Old Capitol Bank & Trust Directors of New Albany positories and cided request State banking ficials to take charge banks failed to open today. Closing of six banks of the failure of of Louisville banks ago About posits said to be tied up the banks Tenth Closing in Two Days in Western North Carolina. The American National Bank here and the First Bank Trust Co. to open this the total number of banks closed Western North days note said the American National been to protect On date the last American National

3. November 21, 1930 The Daily Plainsman Huron, SD

Article from The Daily Plainsman, November 21, 1930

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Bank Suspensions In Kentucky Now 14 WILLIAM number of banks in Kentucky that have suspended operations during the week HAINES was brought to 14 today with the announcement that the Crestwood bank, small institution in suburb of Louis- in ville, would not open this morning. "Remote Control" W. A. Dicken. deputy state banking commissioner, said today he believed all Louisville banks not affiliated with the A M. G. M. National Bank of Kentucky, first to close, All Talking Comedy Drama were solvent. "If they were not," he said, with would close them. Following the closing yesterday of two Polly Moran banks at New Albany, Ind, across the Mary Doran Ohio river from Louisville, other members of the New Albany clearing house association met and pledged aid to each FOR MORE LAFFS other should runs develop. The clearing house association voted not to permit Ginger Rogers in withdrawal of time deposits, savings ac"Office Blues" counts certificates of deposit unless 60 days' written notice was given, as re- Screen Song quired by Indiana law. "One Sunday Afternoon"

4. November 21, 1930 Chattanooga Daily Times Chattanooga, TN

Article from Chattanooga Daily Times, November 21, 1930

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SERIES OF CONFERENCES PLANNED BY DRY FORCES From Page One. their own volition laid before him cases in which intent to violate the law was shown. In discussing the plans of temperance their dry leaders here made known that private conferences ready have been held in various cities between business men and representatives of dry On Dec. 10, shortly the coming of congress has under general conference of organizations the Eighteenth amendment will be held near the capitol itAlso is planned to hold tional council, composed of individuals favoring prohibition, on Dec 10. In board will hold meetabout time. Scott McBride already has announced that the Antisaloon league, with the approval of other organizations, has begun the formation definite organization enlisting large numbers for an educational drive behalf of the dry laws. plans use radio, motion pictures and magazines in disseminating facts prohibition, Dr. Doran, after talking with the rabbis, said he could not tell whether the present system issuing sacramental changed he had further studied the complaints. Union Central, said his bank closed to protect depositors. This bank has no connection with national bank here of somewhat similar name. the personnel of the for the National Bank of Kentucky and other institutions, was announced, Henry Vogt, Louisville manufacturer, succeeding James Brown president was stated Bancokentucky would continue to transact business. Other Louisville banks continued to operate usual, their confidence no runs or other difficulties would develop. The Ashland (Ky.) National bank announced had bought back stock recently sold and thus completely divorced itself from building and loan associations in Louisville took advantage of law permitting them to require thirty days' notice for This was announced precautionary measure, as the were described as in good condition. total closed Kentucky banks now stands at thirteen. LOUISVILLE, Ky., Nov. 20 Crestwood bank suburb Louisville, will not open business morning, was announced tonight Coleman, president. said the bank used National Bank of Kentucky, which closed Monday, as its depository. Heavy was given the reason. The bank has resources

5. November 21, 1930 Bartlesville Examiner-Enterprise Bartlesville, OK

Article from Bartlesville Examiner-Enterprise, November 21, 1930

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NINE NORTH CAROLINA BANKS CLOSED TO DATE The American National at Asheville ville, With Deposits of $2,000,000 Failed to Open This Morning (By the Associated Press) ASHEVILLE, N. C., Nov. 21-The American National bank here failed to open this morning. bringing the total number of banks to close in western North Carolina in two days to nine. The bank had deposits of $2,000,000. Failure of the Central Bank and Trust company of Asheville, fourth largest bank in North Carolina, yesterday, precipitated one financial crisis in this section. More than $4 in city funds and $3,100,000 in county funds was tied up in the closing of the Central company. but officials announced the greater part of the money was covered by collateral. Mayor Gallatin Roberts said arrangements had been made to meet all public payrolls. Teachers in the various schools have voted unanimously to contin whether salaries are paid or not, pending the clearing up of the present difficulties. Total deposits tied up exceed $24,000,000 Two Missouri Banks Closed. (Ry the Associated Press) JEFFERSON CITY, Mo., Nov. 21. The Ripley County Bank and Doniphan with $334,571 resources and the Bank of Edina at Edina in Knox county with $364,175 resources were closed today. Fourteen Kentucky Banks Fail Associated Press) LOUISVILLE. Ky., Nov. 21-The number of banks in Kentucky that have suspended operations during the week was brought to fourteen today with the announcement that recorded. Telephone and telegraph lines were down by the hundreds Trans between Pierre and Huron were despatched last night by short wave retion munication in Leu of regular telegraph faHindreds of automobiles were reported stalled in drifts on highSigney apparently suite more than any other point in western Mebraska. The snow was reported to have drifted as high as the of houses. the Crestwood bank, a small institution in suburb of Louisville would not open this morning. W. A. Dicken, deputy state banking commissioner, said today he believed all Louisville banks not affiliated with the National Bank of Kentucky, first to close, were solvent. Following the closing yesterday of two banks at New Albany, Ind., across the Ohio river from Louisville, other members of the New tion met and pledged aid to each Albany Clearing House associaother should runs develop. A Kansas Bank Fails, (By the Associated Press) TOPEKA. Kan., Nov. 21.-The state bank department was noti fied of the closing of the Cleburne state bank. Cleburne. Negro Bank Fails. NASH Tenn. Nov. The People's Bank and Trust company, operated by negroes, failed to open today.

6. November 22, 1930 The Owensboro Messenger Owensboro, KY

Article from The Owensboro Messenger, November 22, 1930

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COMMISSIONER CONFIDENT Says Banks Open in Louisville are Solvent Louisville, Ky., Nov. Dicken, deputy state commissioner, said today he believed all Louisville banks not affiliated with those closed, solvent. "If they were he said, would close them.' Following the closing yesterday of two banks Albany, Ind., across the Ohio river from Louisville, other members of the New Albany Clearing House association met and pledged aid to each other should runs develop. The Crestwood bank, small stitution in suburb of Louisville, did not open this morning. HOPKINS BANK CLOSES Madisonville, Ky., Nov. The Hopkins County bank failed open its doors here today. brief statement by the board of directors had been decided to place its affairs the hands of the state banking in der to conserve its assets for its The bank. established in 1890. had deposits of and resources Cummings, said the bank was solvent, but was closed as precautionary measure. The other three banks here proclaimed themselves in good condition. ASHEVILLE BANK CLOSES Asheville, Nov. The American National bank

7. 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

8. 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."