7226. First National Bank (Fulton, KY)

View Charter #4563 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4563
Charter Number
4563
Start Date
November 25, 1930
Location
Fulton, Kentucky (36.504, -88.874)

Metadata

Model
gpt-5-mini
Short Digest
1ae0b653

Response Measures

None

Receivership Details

Depositor recovery rate
75.2%
Date receivership started
1930-12-08
Date receivership terminated
1934-01-04
OCC cause of failure
Governance
Share of assets assessed as good
37.2%
Share of assets assessed as doubtful
48.5%
Share of assets assessed as worthless
14.2%

Description

The First National Bank of Fulton did not reopen after a temporary suspension on Nov 25, 1930; a receiver (Ben Sneeden) was later appointed (Dec 1930). Articles describe the banks failed to open and suspension for the protection of depositors amid unsettled conditions in banking circles and multiple Kentucky bank closings, consistent with a suspension due to broader banking/systemic distress and subsequent closure with a receiver. No clear discrete run (mass withdrawals prior to suspension) is described—there was a near panic locally but the press frames the action as a precautionary suspension and later receivership.

Events (4)
1. May 6, 1891 Chartered
Source
historical_nic
2. November 25, 1930 Suspension
Cause
Macro News
Cause Details
Directors cited unsettled conditions in banking circles and a wave of Kentucky bank closings (regional/systemic banking distress).
Newspaper Excerpt
the Farmers Bank and First National Bank had failed to open for business. Notices posted on the doors of both banks stated that 'due to unsettled conditions in banking circles, the directors had ordered a temporary suspension of business for the protection of depositors.'
Source
newspapers
3. December 8, 1930 Receivership
Source
historical_nic
4. December 10, 1930 Receivership
Newspaper Excerpt
First National Bank here has gone into the hands of receiver. The comptroller of the currency has appointed Ben Sneeden as receiver. The bank has been in the hands of Lewis R. Elkin, national bank examiner since the closing of the bank on date of the closing of the Farmers Bank here also.
Source
newspapers

Newspaper Articles (7)
1. November 26, 1930 The Daily Sentinel Grand Junction, CO
Article from The Daily Sentinel, November 26, 1930

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Article Text

COLORFUL COSTUMES PRETTY SETTINGS, FINE VOICES AND DANCING IN COLLEGE SHOW Entire Cast and List of Chorus Members Given for First Time: Tickets on Sale for Junior College Musical Comedy, "The Golden Trail," to Be Presented at Avalon on December I This Thanksgiving we are especially thankfulWhat are we so thankful about? We are thankful that its no worse. MIKE. Loeffler's and Where A Smile Goes the Farthest Don to JUNIOR COLLEGE STUDENTS ELECT the leading rented and they NEW OFFICERS the dress the David Green, sophomore at the E with the pros Junior college. and the dent of the Junior College Student Body association at the and who wear the which was held all day Monday early days will and part of Tuesday The count beauty of of the votes by Henrietta Minne sang. Zoe Horn and Robert Or been yesterday revealed that the win by the of and they ners all had large majorities ex cept for the office of secretary what needed and treasurer which was complete the spectacle and it will be necessary to Mr by another election and finished by Miss Jane Aldrich also sonhomore and Life was elected to the office dances of the president The made up emigrants are part of the clever of both sophomores and freshmen group the choruses met some time ago and the com- There an number of plete constitution and by-laws were drawn up. The doing major their work sen offices are the only that they hardly be called fices and others will be appointed amateurs some time later by the coun The entire cast and chorus which will also decide on the ad- members are as follows: visor. BANKS SUSPENDED ware Bennet Bush *John *Laverne Thorp Andrew Fulton. Ky N 26 Two of head Harold Hollis Fulton's three banks falled Norine, Melville Dille) open today their directors *Dancers nouncing they had MINERS suspended for protection of positors. The banks are the First National bank, Fulton and the Farmers bank George Hillyer Harold The suspension of the two banks brought the total Ken tucky to 19 since November 16 Coles. Lewis Brown (banjo)

2. November 26, 1930 The Sacramento Bee Sacramento, CA
Article from The Sacramento Bee, November 26, 1930

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Article Text

Two More Banks Are Closed In Kentucky FULTON (Ky.), Nov. of Fulton's three banks failed open their directors announcing they had pended for protection depositors. The banks suspended are First National Bank of Fulton and Farmers the two banks brought the total in nineteen since 15th.

3. November 28, 1930 Fulton Advertiser Fulton, KY
Article from Fulton Advertiser, November 28, 1930

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Article Text

Two Fulton Banks Suspend Business Fulton was thrown into a near panic Wednesday morning when it became generally known that the Farmers Bank and First National Bank had failed to open for business. Notices posted on the doors of both banks stated that "due to unsettled conditions in banking circles, the directors had ordered a temporary suspension of business for the protection of depositors.' President R. H. Wade of the First National Bank, and President Arch Huddleston of the Farmers Bank, both have stated that their institutions are solvent and the temporary closing was merely a matter of precaution to prevent depletion of cash reserve The general belief is that both banks will soon open again and may merge into one institution. We have no authority to say this but we do know that the high type of men connected with both banks can be relied on to take care of their depositors to the utmost.

4. December 10, 1930 The Paducah Sun Paducah, KY
Article from The Paducah Sun, December 10, 1930

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Article Text

Murray to Debate Middle Tennessee KY., Dec. three victories over the University of Kentucky and satisfactory debate with Cambridge, England, Forrest Pogue and Clay Copeland Murray State College will go to Murfreesboro, Tenn., to clash with the Middle Tennessee orators Friday night. Murray will represent the negatives of the question, "Resolved, that chain stores socially and economically desirable." nessee will take the negative debate at Murray on the same night. Last year Murray State won decision at and lost 2-1 at Murray on the Mr. Pogue was the question. team last The team losing year. Hortin of Murray will use Coach home Holman Jones and consists Reanos Newton. who will be engagin their first clash with the ing Tennesseans. BANK RECEIVER NAMED FULTON, KY., Dec. 10 First National Bank here has gone into the hands of receiver. The of the currency has apBen as receiver pointed he is on his way here from office. The bank has been the hands Lewis national bank examiner, since the closing of the bank on date of the closing of the Farmers Bank here also.

5. December 12, 1930 Fulton Advertiser Fulton, KY
Article from Fulton Advertiser, December 12, 1930

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Article Text

Bank Receiver Named The First National Bank here has gone into the hands of a receiver. The comptroller of the currency has appointed Ben Sneeden as receiver. The bank has been in the hands of Lewis R. Elkin, national bank examiner since the closing of the bank on November 25.

6. April 24, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, April 24, 1931

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Article Text

IN BANK DIRECTORS Receiver for First National Bank of Fulton Charges Mismanagement The of $120,421.54 is asked filed in United States court for the Western District of Kentucky in Paducah Ben Sneeden, receiver for the closed First National bank, of Fulton, against ten directors of the bank. Those named defendants are: Wade, president of the closed institution: his wife, Mrs. Lillian Wade, George Beadles, cashier; George Beadles, Drysdale, Williamson, Beadles, Mrs. Beadles and Paul Boaz. The directors charged individually collectively with failure to properly exercise due care in management of the bank, with and remiss the performance of their duty. The states the defendants misled and deceived the national bank examiner with reference to notes and bills held by the bank, amounting to which the receiver are worthless and uncollectible. George Beadles, cashier, submitted statements from time to time to the bank's financial condition which were false, and directors knew that these statements untrue. the suit forth. The comptroller the currency would have closed the bank long before was closed (Continued On Page 12)

7. April 25, 1931 The Winchester Sun Winchester, KY
Article from The Winchester Sun, April 25, 1931

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Article Text

BANK RECEiVER SUES DIRECTORS Negligence, Fraud in Fulton Crash Alleged in Suit For $120,421.54. PADUCAH, Ky., April ment for $120,421.54 is asked in a petition filed here in the United States District Court by Ben Sneeden, receiver the closed First National Bank of Fulton. Ky., against officers and directors of the bank. Those named defendants were R. H. Wade, president of the closed insitution: his wife, Mrs. Lillian Wade; George T. Beadles. cashier; R. L. Drysdale, T. E. Williamson, R. B. Beadles, vice president: Mrs. B. W. Beadles and Paul E. Boaz. The directors charged individually and collectively with failure to exercise due care in the management of the bank and with negligence and re- Where?-Broadway Gym. When?-Monday night. Time-8:00 p. m. Music-Clayborne's Serenaders. Date-April 27th. Proceeds go for the improvement of Oliver Street School. m St. James C. M. E. Church N. B. Jackson, pastor Sunday school at 10 a. m. Preaching at 11 a. m., also at 8:00 p. m. Come and join us in this service. Church Clerk.