First National Bank - Hazard, KY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 8258
Charter Number: 8258
Start Date: December 30, 1931
Location: Hazard, Kentucky (37.250, -83.193)

Metadata

Model: gpt-5-mini
Short Digest: 008ae036

Response Measures

None

Receivership Details

Depositor recovery rate: 32.1%
Date receivership started: 1930-03-18
Date receivership terminated: 1936-10-31
OCC cause of failure: Losses
Share of assets assessed as good: 17.6%
Share of assets assessed as doubtful: 26.7%
Share of assets assessed as worthless: 55.7%

Description

The bank failed to open on Dec 30, 1931 per articles; closure attributed to a suit by Davis and other stockholders of the old First National Bank. No run or depositor panic is described. Earlier 1928 telegraphs offered assistance but do not describe a run. The bank appears to remain closed (leaves one other bank in town). Cause classified as 'other' because closure followed litigation rather than rumor or macro distress.

Events (4)

1. June 11, 1906 Chartered

Source: historical_nic

2. January 8, 1929 Voluntary Liquidation

Source: historical_nic

3. March 18, 1930 Receivership

Source: historical_nic

4. December 30, 1931 Suspension

Cause Details: Closure followed a suit filed by Davis and other stockholders of the old First National Bank, prompting the bank not to open (legal action precipitated suspension).
Newspaper Excerpt: Hazard First National Bank of Hasard failed to open here today, but P. Wheeler, and for in sition to pay off in full and pay about third its obligations withthree to four months. notice the door said it was closed in the interest of depositors.
Source: newspapers

Newspaper Articles (3)

1. November 16, 1928 The Hazard Herald Hazard, KY

Article from The Hazard Herald, November 16, 1928

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Article Text

Telegrams RECEIVED BY FIRST AL AND OFFER OF FINANCIAL HELP FOR ANY GENCY. Louisville, Ky., Nov. 16, 1928. Jones, Cashier, First tional Bank, Hazard, Ky. If we can be of any assistance to you along any lines please have hesitancy in calling on us. We willing and anxious to respond to any call you make on us and in most substantial manner. ARCH B. DAVIS, Citizens Union National Bank, Louisville, Ky. Lexington, Ky., Nov. 16, 1928. Jones, Cashier, First National Bank, Hazard, Ky. Currency as requested. Additional shipped funds available should situation same. We have confidence quire ability to meet this crisis your and stand ready to render all sistance possible. PHOENIX NATIONAL BANK TRUST COMPANY, By W. H. Courtney, President. Cincinnati, Ohio, Nov. 16, 1928. Edward S. Jones, Cashier, First National Bank in Hazard, Hazard, Ky. News has reached of the closing some banks in your vicinity: In your good bank and management have every confidence and should you need us are at your service. that he is not his house will thing bear the evidence of it, subtle evidence, perhaps, but they will Home

2. December 30, 1931 The Kansas City Star Kansas City, MO

Article from The Kansas City Star, December 30, 1931

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Article Text

THE LATEST MARKET NEWS HOGS AND LAMBS LOWER. Shippers were again fairly active buyers of butcher hogs averaging 230 pounds and down steady to cents lower prices at the Kansas City stock. yards today. while packer buyers were slow to take the heavier hogs, with late sales to 10 cents lower. The top was on choice 170 to Packing sows 10 cents lower $3 to $3.50. and pigs 10 to 15 cents higher $3.75 to Average price of hogs at Kansas City Tuesday $4.03 average weight 238 pounds: Chicago, $4.27 weight 232 Omaha, $3.86. weight 231 pounds. Range of sales for various weights and classes of hogs follows: Medium sprined pounds pounds Bulk of all Prices of wooled lambs quoted steady to 15 lower and fat steady The top for lambs was with the bulk of the offerings above Shorn lambs closed 25 cents lower best selling at $4 75, with the bulk at $4.50 to 60. Nominal price range of various classes sheep and lambs follows: Fat lambs choice medium wetners ewes choice medium common Lighter weight steers were in best demand, with trade on this class active at strong prices Fat cows were scarce and slightly and bulls steady to 25 classes of steady. A good clearance was effected. The top was $9 on strictly good 095pound steers. Best heavy steers sold at Some other pound steers good light weight steers and yearlings sold at Bulk of the short-fed brought to Short-fed helfers sold mostly at to of 523pound steel and heifer at Fat cows sold mostly $3 to and bulls mostly to $3.50. A few beef bulls reached $3. The top for veal calves was $7. but the bulk sold at $6 and down. Nominal range quotations for the various of cattle is as follows: Common Mixed earlings and helfers Common medium Canners and good 250-500 lbs Feeder Stock Stocker and feeder calves Livestock receipts today. here City Kansas markets Kansas City Chicago Kansas Chicago City Five markets Tomorrow's Livestock Estimates. Bureau of agricultural estimates of for tomorrow 7,000 Chicago. 5,000 cattle. 12,000 and Pork Products In Chicago. future delivery Open Wednes LARD522 DRY BELLIES May Grain Privileges. Privileges on Chicago quoted under the are close row. on bids and to cent over on Bids wheat good next are cents under and quoted to to over the on cood are under the close bids and V. to 's cent over on Bids on corn good all next week are cents unde the close and quoted offers 2% to cetns over the close 4 NORTH CAROLINA FAILURES. National Bank Wilson and the Wilson Trust and Savings Bank failed to open for The last statements of condition issued gave the and deposits Wilson Trust and Savings Bank's and Trust Company Greensboro, branches at Burlington Reidsville and Sanford did not open for The bank was dollars. and were Dec. Beaufort Banking and Trust day last statement gave its deposits : A Kentucky Bank Is Closed Hazard The First Bank Hazard failed to open today. but Wheeler. director and attorney for the said was in position full and to three or four months. notice the door said it was closed in the interest depositors The bank had deposits of proximately CITY BANK DIVIDEND. Directors of City Bank Trust Com. the regular semiannual dividend of PARK NATIONAL DIVIDEND. Directors of the Park National Bank 4632 Troost avenue today declared regular dividend of $2 share on STOCKYARDS NAT'L. PAYS $6. The regular semiannual dividend of $6 the Stock Yards National Bank Produce Exchange Dividend. Directors the Produce Bank declared the regular quarterly dividend cent. Flaxseed Quotations. Duluth. Dec closed unchanged cents New York Coffee Quotations. New York Dec Spot. steady: Rio. No 7c: Santos No. 4. Rio futures closed unchanged to points Santos futures closed unchanged to higher: March 8.17 May. 8.44; September December. 8.61. DECLINE IN COTTON. York held steady in the early trade to points closing Range future Close January The classified columns of The Star are clearing house of human wants. WEAKER TONE IN WHEAT. Prices of wheat for future delivery sagged pool's in quiet trade today. Liverresponse in American yesterday was encouraging. but the gain was not sufficient to sentiment The close was near the day's low level. to except Kansas City December which was unchanged. Liverpool futures made gains of about penny for the day response to the upturn in American markets yesterday Foreign interest in North American wheat showed little improvement yes. terday. with sales of Manitobas estimated at about 1/2 million bushels mostly from Vancouver to the orient Sales to were still small, how. and demand for domestic hard continued absent futures higher until the late prices weakened in sympathy with wheat The close was cent lower except for cents higher here and unchanged in Chicago Range for corn and for future delivery in Kansas City Low. Wednesday Tuesday WHEAT 46% 41% Opening prices for grain futures in KanJuly Range oats and for Tuesday WHEAT Opening for cage were 55: May December wheat Minneapolis closed May Wheat futures July 54c May July On the carlot No. red sold hard yellow 40c Closing prices for wheat futures in Liverpool (sterling figured at $3.40) Decemup shillings pence are here Spot prices Australian. 6s 4d: Kansas City Carlot Grain Prices. dark wheat were mostly Kansas City today. although some sales decline Red wheat were General demand was good. schedule of protein premiums was unchanged: hard wheat. 11 per cent and May price over cent. over cent cents over cents over cents 13 cents over: 13.50 to cents The strength hard was to cent above prices and hard to cent under sales dark nominally dark nominally hard. nominally sales sales red wheat nominally red. sales red. nominally sales red. nominally No. Corn were cent with basis also to Demand was nominally No. nominally nominally nominally 37c. sales mixed. nominally mixed nominally sales There fair inquiry for onts at nomiNo. white Date nominally No 3 white nominally No. nominally Kafir and milo prices were nominally unchanged fair was reported. nominally Milo Maize nominally 61@62c: No nominally No. nominally 57 Barley- No. Nominal prices carlots of feeding which here corn ground oats. $22.60 23.20 ground 20 linseed tonseed and cent protein gluten 40 $35 feed ton: less than Grain Futures Transactions. wheat and corn interest in of here shown in and the volume trade are bushels KANSAS CITY Wheat Corn Wheat City December Open was bushels previous 72,000 year week OPEN INTEREST Corn Wheat week New York Silver Quotations. New cents an ounce at were 30 41 points SMALLER ELECTRIC ou TPUT. New York Dec 30 Electric Power output the December 26 decreased ceding week. though the was made moderate gains at the outset of trading today. sagged later and turned up again in hour. The was firm with net gains of point Railroad stocks were again leaders during the advance Fe Southern Pacific, York Central and Union Pacific advancing to points before selling developed The carriers continued to hold better than industrials. which were subject to considerable pressure during the afterican Telephone which was slug gish on the advance, dipped more than point United States Steel. Santa Fe. Allied Chemical North Drug. Consolidated Gas and DuPont finished with net gains of to points. Steel ingot production has picked up since Christmas shutdown and Iron Age estimates the current ing ratio at per cent against 21 per cent The weekly report of freight somewhat smaller decline than had been anticlpated. This was the last day for "regular way" selling stocks for tax losses. must be for cash so that can be completed within the year. Sterling cables were weak, 2½ cents to Call loans renewed at per cent and later went to 3½ the highest rate of the year. Transactions in the first half hour were to to 2:10 m. 1,400,000; total. about 000 shares WALL STREET COMMENT. NEW YORK. Dec 30.-Action of the stock yesterday and early to. day suggests that end liquidat and selling to income tax has been largely completed and with this pressure out of the way. the market should have chance to recover month unless has to contend with more bad news There is feeling that good many commercial failures and bank suspensions are likely after the year-end inventories. balance sheets and income are completed but these fears may be overdrawn. Most persons interested in stocks approve the proposal repeal the capital gain and loss provision of the income tax law. as advocated by some congress. men. but they do not want it made retroactive. apply 1931 tax turns. believe that since profits from this in the last eight ten years tax that of the law sight now should be equal consideration That of the law was the served to aggravate the bull market that culminated 1929 when many men with large potential profits reluctant to sell because large part their profits would have gone to income taxes. At of York banks held New of uniform of se. was adopted The down the state banking depart ment and in the case of national banks the rules of the comptroller rency which high with only ties of will be American Can Company directors Spring MODERATE GAIN IN STOCKS. Trucks Rob Amer No Close Net chg Gas Ch Chem Dye Pow Bak Internat Fdy Radio San Safeway Woolen Auburn Pac Baldwin Webster Studebaker Sun Oil Alum Telautograph MIR Budd Calif Pack Co Mills Wabash D Continental share Fidelity Phenix Fire Insurance. $1.30

3. December 31, 1931 The Courier-Journal Louisville, KY

Article from The Courier-Journal, December 31, 1931

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Article Text

1ST BANK AT HAZARD CLOSES Hazard. Ky., Dec. 30 Hazard First National Bank of Hasard failed to open here today, but P. Wheeler, and for in sition to pay off in full and pay about third its obligations withthree to four months. notice the door said it was closed in the interest of depositors. The was at $100.000 had Mr. Wheeler said the closwas caused by suit filed Davis and other stockholders the old First National Bank. present bank organized in taking part of the assets of the old closing leaves one other bankthe People's Bank, tered institution.