First National Bank - Glasgow, KY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4819
Charter Number: 4819
Start Date: April 1, 1932*
Location: Glasgow, Kentucky (36.996, -85.912)

Metadata

Model: gpt-5-mini
Short Digest: 9bbc928c

Response Measures

None

Receivership Details

Depositor recovery rate: 77.2%
Date receivership started: 1932-04-15
Date receivership terminated: 1936-06-19
Share of assets assessed as good: 39.6%
Share of assets assessed as doubtful: 48.3%
Share of assets assessed as worthless: 12.1%

Description

The bank suspended operations in April 1932 (per obituary) and by Nov 29, 1932 was listed as 'First National Bank (receiver)' authorized for RFC loan, indicating a receivership/closure. No articles describe a depositor run prior to suspension, and cause of suspension is not specified in the provided texts.

Events (4)

1. November 18, 1892 Chartered

Source: historical_nic

2. April 1, 1932* Suspension

Cause Details: Article states the bank suspended operations in April 1932 but gives no reason.
Newspaper Excerpt: He remained with the bank until it suspended operation last April.
Source: newspapers

3. April 15, 1932 Receivership

Source: historical_nic

4. November 29, 1932 Receivership

Newspaper Excerpt: Glasgow, First National Bank (receiver), $71,000 authorized.
Source: newspapers

Newspaper Articles (2)

1. November 29, 1932 The Advocate-Messenger Danville, KY

Article from The Advocate-Messenger, November 29, 1932

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Article Text

KENTUCKY BANKS Lcans Institutions In October Announced. WASHINGTON, D. C., Nov. 29. (INS) Twenty-one Kentucky banks were granted or authorized to borrow loans from the Reconstruction Finance Corporation during October, their report shows They were: Campbellsville, United Loan and Deposit Bank, $6,500. Carrollton, National Bank, $20, 000. Glasgow, First National Bank (receiver), $71,000 authorized. Harlan, First State Bank, $200,000 authorized. Harrodsburg, State Bank and Trust Co., $15,532. Henderson, Ohio Valley Banking and Trust Co., $306,000. Hindman, Bank of Hindman, $13.500. First National Bank Jenkins, (receiver), $20,350. Jonesville, Deposit Bank, $12, 500. Lewisport, Bank of Lewisport, $7,500. Louisa, National Bank, $25,000. Lynch, National Bank, $20,000. National Bank, Morganfield, $34,000. Paintsville, National Bank, $63,500. authorized. Princeton, First National Bank, $60,000. Shelby County Trust & Banking Co., Sulphur, Peoples Bank, $4,000. Verona, Bank, $18,000. Whitesburg, First National Bank (receiver) $71,500. Wilmore, First American Bank, $7,500. Northville, Deposit Bank, $3,000.

2. February 10, 1933 Messenger-Inquirer Owensboro, KY

Article from Messenger-Inquirer, February 10, 1933

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Article Text

W. Basil Smith, 73, Expires At Glasgow Glasgow, Ky., Feb. 10.-W. Basil Smith, 73 years old, for forty years cashier and president of the First National bank here, died Thursday of uraemic poisoning. He had been ill for three years, but confined to bed only since Saturday. A native of Barren county, Mr Smith, with J. M. Richardson, published the Glasgow Times prior to organization of the bank. He re. mained with the bank until it suspended operation last April. He was a deacon in the Baptist church for twenty years. SurvivIng him are his wife Mrs. Annie Huggins Smith: four sons, Harry G., of Louisville, secretary of the Kentucky Bankers' association: Howard B., of Springfield, Tenm.: Edward H., of Glasgow, and Malcomb R., of Louisville: two daughters, Mrs. V. R. Jones and Mrs. Ernest Warder, Glasgow: nine grandchildren and a great-grandchild. Funeral services have been set for 11 o'clock Friday here. Seek To Prohibit Proposed Display Of Negro's Body Columbia S. C., Feb. 10. (AP) Legislative action was threatened today to prohibit the proposed public display of the body of young negro murderer. planned as grim warning against crime. Solicitor W. Gist Finley, of York, announced yesterday that after Will Sanders, 16-year-old negro, is electrocuted March 3. for the murder of Miss Zula Stephenson, his body would be exhibited on the courthouse steps at York SO negroes in that community would "believe Sanders had been put to death." State Senator Walter Dunlap also of York announced today he had written to Finley to "abandon this idea" and advised him "If this protest is not heeded" he would offer an act in the general assembly prohibiting the display The senator said the plan "will only cause in our community a number of revolutionary ideas." He said he feared it would arouse vio. lence and racial antagonism.