7222. McElwain Meguiar Bank and Trust Company (Franklin, KY)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 18, 1930
Location
Franklin, Kentucky (36.719, -86.564)

Metadata

Model
gpt-5-mini
Short Digest
5a49d93a

Response Measures

None

Description

Articles (dated Nov 18, 1930) report the McElwain Meguiar Bank and Trust Company of Franklin, KY, closed as a precaution when its correspondent, the National Bank of Kentucky (Louisville), suspended amid wild rumors. There is no mention of a depositor run on McElwain, no receivership, and statements indicate depositors would be paid in full; reopening is not explicitly detailed but closure is precautionary rather than failure. I therefore classify as a precautionary suspension with likely reopening rather than permanent failure.

Events (1)
1. November 18, 1930 Suspension
Cause
Correspondent
Cause Details
Closed as a precaution after its correspondent, the National Bank of Kentucky (Louisville), suspended amid wild rumors about its condition; directors cited correspondence relationship and precautionary closure.
Newspaper Excerpt
Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, Ky.
Source
newspapers

Newspaper Articles (10)
1. November 18, 1930 The Vicksburg Post Vicksburg, MS
Article from The Vicksburg Post, November 18, 1930

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LEADERS HOPE BANKS Optimism Is Prevalent in Arkansas Financial Situation. SEEK OF THE GENERAL PUBLIC Little Rock Banker Reveals Plans to Return Normalcy. LITTLE ROCK, Ark., Nov. permeated statements Optimism Arkansas financial leaders they plans today reopen some banks which temsuspended or closed yesporarily terday. The executive committee of the American Exchange Trust Comhere, largest and one the pany oldest banks in state which together other banks, the aggregate deposits which were more than Banks, president of the Exchange, and controlling stockholder in of the other banks scattered over state, said the boards directors were trying to obtain pledges loyalty from their communities and capital to assure freedom of danger from run. Resumption of normal business the banks, he said, would folsuch to directors. of stability by assured the public that local are in sound have cash resources relatively small amount bills payable. Hysteria receiver proceedings interested of Caldwell and Company, Nashville, Tenn., bankuntil the American Exchange tributed by directors the latter the cause steady which reached about $4,000,000. The American Exchange Bank's capital was with deposits about as the last bank call in September. CLOSED IN KENTUCKY LOUISVILLE, Ky., Nov. Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these the National Bank of Kentucky at Louisville, which was under the control Keyes, the staff of the comptroller the at Its Directors the Bank Kentucky the yesterday deemed necessary because of. "wild concerning its condition. Simultaneously with closing, two affilLouisville Trust Company and the Security Bank, suspended operations. Their directors they were solvent and that they were closed precautionary measure. three institutions affiliated through the holding company Negro Banks Close Two small negro banks Louisthe Mutual Bank and the First Standard Bank. which through the LouisTrust closed. The Bank of St. Helens, Louisville suburb, suspended as precautionary Two banks outside Louisville also closed when it was learned the National Bank of Kentucky suspended. They were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank Kentucky served as correspondent for both. Officers of other leading Louisville statements last night depositors were than als, reported new accounts were opened during the day, and reiterated earlier that the institutions were solvent.

2. November 18, 1930 Greensburg Daily News Greensburg, IN
Article from Greensburg Daily News, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS ARE CLOSED Precautionary Measures Taken Following Suspension of National Bank of Kentucky. (B) Associated Press) LOUISVILLE, Ky., Nov. 18.Eight Kentucky financial institutions with resources totaling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Phil C. Keyes, of the staff of the comptroller of the currency at Washington.- Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as a precautionary measure. The three institutions are affiliated through the Banco-Kentucky, a holding company. Negro Banks Cautions Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin. Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day. and reiterated earlier statements that the institutions were solvent.

3. November 18, 1930 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, November 18, 1930

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BANKS CLOSING AS PRECAUTION Many Kentucky Houses With Closed Doors Solvent, Officials Declare LOUISVILLE, Ky., Nov. 18.-(P) -Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affliated institutions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as a precautionary measure. The three institutions are affiliated through the BancoKentucky, a holding company. Two small negro banks n Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust company, later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave. Ky. The National Bank of tucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, renorted new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent.

4. November 18, 1930 Chippewa Herald-Telegram Chippewa Falls, WI
Article from Chippewa Herald-Telegram, November 18, 1930

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EIGHT KENTUCKY BANKS CLOSED Largest of All National Bank at Louisville With Sixty Million Resources. Louisville, Ky. Kentucky financial institutions with totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of Paul Keves, of the staff of the comptroller the currency Washington. Its resources of approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of concerning its condition. with its closing, two affiliated instiutions, the LouisTrust company and the Security Bank, suspended operations. Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust company, later closed. The Bank of St. Helens, Louisville suburb, also suspended as a precautionTwo banks outside Louisville closed when was learned the National Bank of suspendThey were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.

5. November 18, 1930 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, November 18, 1930

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Article Text

MORE BANKS CLOSED IN LOUISVILLE (Associated Press Leased Wire.) Closing of the National Bank of Kentucky here yesterday was followed by five smaller banks closing up as precautionary measure, four here and one in Franklin. Ky., meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respeet and would not be affected. The National Bank of Kentucky of which James B. Brown is president, was placed in the hands of Paul Keyes of the federal comptroller general's office as receiver. It's announced resources were $54 000 000, The other Louisville banks closed were the Security bank which It was stated was closed purely as precaution: the LouIsville Trust company which is affiliated with the National Bank of Kentucky and two comparatively small negro banks, the American Mutual Savings bank and the First Standard bank The latter are not members of the local clearing house associaation but did their clearing through the Louisville Trust company The McElwain Meguiar bank and trust company of Franklin, was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky one of its correspondents and that its depositors would be paid in full In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching "run" was noted bank officials issued optimistic statements that the public would not become excited.

6. November 18, 1930 Kingsport Times Kingsport, TN
Article from Kingsport Times, November 18, 1930

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KENTUCKY BUSINESS 18. Kentucky financial with resources totalinstitutions than $75,000,000 ing more The largest of closed today. the National Bank of these at Louisville, which Kentucky under the control of Paul Keyes, of the ceiver, staff of the comptroller of the currency at Washington. Its sources approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' its condition. Simulcerning taneously with its closing, two affiliated institutions, the LouisTrust Company and the Security Bank, suspended operations Their directors said they were solvent and that they were closed precautionary measure. three instituions are affiliated through the Bank of Kentucky, holding company. Two small negro banks Louisville, American Mutual Bank and the First Savings Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of Helens, Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville closed when it was the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, and the First National Bank at Horse Cave, Ky. The National Pank of Kentucky served as respondent for both. Officers of other leading Louisville banks issued statements night declaring yesterday's posits were greater than withdrawals. Reported new accounts opened during the day, and reiterated earlier statements that the institutions were solvent.

7. November 18, 1930 The Ogden Standard-Examiner Ogden, UT
Article from The Ogden Standard-Examiner, November 18, 1930

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BANKS CLOSED IN TWO STATES Plans For Reopening of 43 In Arkansas Are Developed (AP)-Eight Kentucky financial institutions with resources totalling more than $75,000,000, were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington Its resources approximate $60 000,000. Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as 3 precautionary measure. The three institutions are affiliated through the Banco-Kentucky, a holding company TWO MORE CLOSE Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which celared through the Louisville Trust company, later closed. This Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also ceremony he performed. His wife was witness to the After learning of the Rev. Mr. Allison's statement, Mrs. Rowley said the young couple readily admitted their previous marriage and explained that they had planned to keep it a secret until after their second marriage and honeymeon Mrs. Rowley said her daughter is 19 vears old. Young Mellon is 20. closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day and reiterated earlier statements that the institutions were solvent. HOPE TO RE-OPEN LITTLE ROCK, Ark., Nov. (AP)-Plans for re-opening some 43 banks which have suspended temporarily or closed, were being worked out today by financial experts of the state. Closing of the American Exchange company here, largest and one of the oldest banks in the state which suspended for five days, was followed by suspension of activities by the 42 other banks. the aggregate depos- its of which were more than $27,000,000. A. B. Banks, president of the American Exchange, and controlling stockholder in 34 of the 42 other banks scattered over the state, said the boards of directors were trying to obtain pledges of loyalty from their communities and supporting capital to assure freedom of danger from run. was divorced from Mrs. Grace Rycroft Colonell with the agreement that they would share the custody of the son, Herbert, Jr., equally. More than a month ago, the mother appeared before Judge John J. Sullivan in superior court to charge Rycroft had not turned the son over to her according to the agreement, but had taken the boy to California.

8. November 18, 1930 San Angelo Evening Standard San Angelo, TX
Article from San Angelo Evening Standard, November 18, 1930

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8 Kentucky Banks Close Suspension Deemed Necessary Because of "Wild Rumors" LOUISVILLE, Ky., Nov. 18. (/P)Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors' concerning its condition. Simultaneously with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended operations Their directors said they were solvent and that they were closed as precautionary measure. The three institutions are affiliated through the Banco- Kentucky, a holding company. Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of St. Helens, Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions. were solvent. Talkies Fill Church NEWARK N. taking talk. ing pictures shown on Broadway, Rev. Henry R. Rose has succeeded in filling his church here every Sunday. He has lantern slides made of the films and on each picture he delivers a sermon as the slides are shown. He has shown slides of "All Quiet On the Western Front," "Sins of the Father," "Journey's End," and other noted talkies.

9. November 18, 1930 The Daily World Helena, AR
Article from The Daily World, November 18, 1930

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CRASH OF BANKS STILL IS HEARD IN OLD KAINTUCK EIGHT FINANCIAL INSTITUTIONS IN THAT STATE HAVE CLOSED THEIR DOORS Louisville, Ky., Nov. Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staf of the comptroller of the eurrency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affiliated institutions. the Louisville Trust Company and the Security Bank, suspended operations. Their directors said they were solvent and they were closed as a precautionary measure. The three institutions are affiliated through the Banco-Kentucky. a holding company. Two small negro banks in Louisville later closed. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionary measure. Two banks outside Louisville, the McElwain Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both.

10. November 19, 1930 The Kentuckian-Citizen Paris, KY
Article from The Kentuckian-Citizen, November 19, 1930

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NATIONAL BANK OF KENTUCKY CLOSED Five Other Banks of State Follow Suit Louisville, Ky., Nov. 18 Closing of the National Bank of Kentucky here Monday was followed by five smaller banks closing up as a precautionary measure. four here and one in Franklin. Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be effected. The National Bank of Kentucky of which James B. Brown is president. was placed in the hands of Paul Keyes. of the federal comptroller general's office as receiver The other Louisville banks closed were the Security Bank which it was stated was closed purely as a precaution; the Louisville Trust Company which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Mutual Savings Bank and the First National Standard Bank. The latter two are not members of the local clearing house association but did their clearing through the Louisville Trust Company. The McElwain Meguiar Bank and Trust Company of Franklin, Ky., was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky is one of its correspondents and that its depositors would be paid in full. In Louisville slightly more than normal numbers of persons gathered at the other banks but nothing approached a "run" was noted and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust Company delayed traffic slightly and special police were on duty. James B. Brown. president of the National Bank of Kentucky issued the following statemenut "Due to withdrawals in the past week and constantly increasing rumors on the streets it was deemed advisable by a majority of the board of directors to close the bank at least temporarily, for the best interests of all concerned." The Louisville Trust Company, an affiliated institution, also has been ordered closed by resolution of its board of directors. The trust company directors' resolution said that in the opinion of its officers and directors the trust company is solvent. The National Bank of Kentucky founded in 1934 as the Bank of Kentucky, and capitalized at $5.000.000 in its last statement listed total resources as $54,701,633.36 and deposits of $41,145,794.40.