7247. First National Bank (Horse Cave, KY)

View Charter #7602 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7602
Charter Number
7602
Start Date
November 17, 1930
Location
Horse Cave, Kentucky (37.179, -85.907)

Metadata

Model
gpt-5-mini
Short Digest
baa15116

Response Measures

None

Receivership Details

Depositor recovery rate
83.9%
Date receivership started
1930-12-09
Date receivership terminated
1935-02-23
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
53.4%
Share of assets assessed as worthless
3.4%

Description

The First National Bank of Horse Cave, KY closed as a precautionary suspension after it was learned its correspondent, the National Bank of Kentucky (Louisville), had suspended amid rumors. There is no article describing a depositor run specifically on the Horse Cave bank; the closure appears linked to correspondent distress and is reported as a suspension with subsequent developments (president's suicide) suggesting the bank did not promptly resume operations. Date chosen (1930-11-17) follows newspaper accounts stating closure on Monday (relative to Nov 20) and widespread reporting Nov 18, 1930.

Events (3)
1. February 8, 1905 Chartered
Source
historical_nic
2. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Closed after it was learned its correspondent, the National Bank of Kentucky (Louisville), had suspended operations; done as a precautionary measure amid rumors about the correspondent's condition.
Newspaper Excerpt
Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were ... the First National bank at Horse Cave, Ky.
Source
newspapers
3. December 9, 1930 Receivership
Source
historical_nic

Newspaper Articles (12)
1. November 18, 1930 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, November 18, 1930

Click image to open full size in new tab

Article Text

BANKS Total Resources Of $75,000,000 Are Involved LOUISVILLE. Nov. 18Kentucky financial institutions with resources totalling more than $75,000,000 closed today The largest these the national bank of at Louisville, which under the control receiver, Keyes, of the staff of the comptroller of currency at Washington. Its resources approxi$60,000,000. Directors of the National bank Kentucky said the suspension yesterday deemed necessary because "wild rumors" concerning its condition. Simultaneously with its closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. small banks in Two negro Louisville, American Mutual bank and the First Savings bank, which cleared Standard through the Trust comcloser. The Bank of later Louisville suburb, Helens, also suspended as precautionary measure. banks outside Louisville Two closed when was learned also the National Bank Kentucky They were the suspended. McElwain Meguiar bank Trust at Franklin, company and the First National bank Ky. National Horse Cave, bank Kentucky served correspondent for both. BANKERS OPTIMISTIC ARK. ROCK, Ark., Nov. 18 LITTLE was expressed of Arkansas finanstatements leaders as they laid plans to43 banks day to re-open which have suspended temporarily closed. The committee of the American Exchange Trust comlargest and one the pany here, the state which oldest banks suspended for five days, was gaged with plans to resume operations. American ExClosing of the followed by suspenchange activities by the 42 other sion the aggregate deposits banks, which were more than 000. B. Banks, president of the American and constockholder 34 of the trolling scattered over the other banks the boards directors state, said were trying obtain communities pledges from their loyalty capital to assure and of danger from run. freedom

2. November 18, 1930 The Independent Massillon, OH
Article from The Independent, November 18, 1930

Click image to open full size in new tab

Article Text

NAMED IN NEW DEAL from Page One) scattered over the state, said the board of were to tain pledges of loyalty from their and capital assure freedom of danger from run. The Little Rock Clearing House association statement assured the public that local banks are sound condition. Hysteria following receivership proceedings against Caldwell and Nashville, Tenn., bankers, until cently interested the American change, was attributed directors of the latter the cause steady which reached about 000. EIGHT KENTUCKY BANKS ARE CLOSED Ky., Nov. 18. Eight Kentucky financial institutions with resources totaling more than were closed today. The largest of these was the NRtional Bank of Kentucky at Louisville, which was under the control of receiver, Paul Keyes, of the staff the comptroller of the currency Washington, its resources approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary of rumors" concerning its condition. with its closing, two the Louisville Trust and the bank. suspended operations. Their said they were solvent. Negro Bank Closed Two small banks Louisnegro the American Mutual Savings bank and the First Standard bank, which cleared through Louisville Co., later closed. The Bank Louisville suburb. also suspended as precautionary Two banks outside Louisville also closed when was learned the National Bank of Kentucky had pended. They were the McElwain Megular Bank and Trust Co. at Franklin, and the First tional bank at Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.

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

Click image to open full size in new tab

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.

4. November 18, 1930 Palladium-Item Richmond, IN
Article from Palladium-Item, November 18, 1930

Click image to open full size in new tab

Article Text

8 Leading Financial Institutions Close in State of Kentucky LOUISVILLE, Ky., Nov. Eight Kentucky financial institutions resources totalling more than $75,000,000 were closed today. largest these the National bank Kentucky at Louisville, which was under the control of receiver, Paul C. Keyes, of the staff the currency resources approxi$60,000,000. Directors of the National bank of Kentucky said the suspension terday necessary condition. with closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. Their said they solvent that they were closed The affiliated through the holdcompany. small negro banks in ville, The Mutual the First which cleared through the Trust company later closed. The bank of St. Helens, subalso suspended as precautionmeasure Two banks outside Louisville closed when learned The National bank of Kentucky pended. They were Meguiar Bank and Trust company Franklin, the First tional bank Horse Cave, National bank served Officers other Louisville banks night declaring yesterday's deposits greater than withdrawals, reported new accounts were opened during the day, earlier statecents that the institutions were vent.

5. November 18, 1930 Passaic Daily Herald Passaic, NJ
Article from Passaic Daily Herald, November 18, 1930

Click image to open full size in new tab

Article Text

Eight Kentucky Banks Close as Safety Measure Resources Total 75 Officers Deny Insolvency Whole State Affected institutions largest Louisville control of staff Comptroller Currency resources National Bank Kentucky the deemed necessary closing. Trust Company and suspended they solvent and they tutions are through the holding Negro hanks Louisthe Mutual Savings the First Bank. through closed. Louissuburb. outside learned the Kentucky the McElMegular Bank Trust Company the First National Bank at Horse

6. November 18, 1930 Fort Collins Coloradoan Fort Collins, CO
Article from Fort Collins Coloradoan, November 18, 1930

Click image to open full size in new tab

Article Text

Eight Kentucky Are Closed Today Louisville, tucky financial institutions with sources totalling $75,000,000 closed today. largest these was the National Bank Kentucky Louisville, which was under the control of receiver. Paul Keyes, staff the comptroller the currency Washington. Its resources proximate $60,000,000. Directors of the National Bank Kentucky suspension yesterday deemed necessary because "wild rumors" concerning its condition. its closing, two affiliated stitutions, Louisville the Security bank, company Their direcsaid they were solvent and that they were closed precautionary measure. The three institutions affiliated thru the tucky, holding small Negro Louisville, the Mutual Savings bank the First National bank, which cleared thru the Louisville Trust closed. The Bank St. Helens, Louisville suburb, suspended as Two banks Louisville closed when learned tional bank Kentucky had suspended. They the McElwain Megular and Trust company and First National bank Horse Cave, Ky. The Bank of Kentucky as for both. Officers other leading ville banks night yesterday's deposits were greater than reported were during the day, and earlier that the institutions solvent.

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

Click image to open full size in new tab

Article Text

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 Abilene Daily Reporter Abilene, TX
Article from Abilene Daily Reporter, November 18, 1930

Click image to open full size in new tab

Article Text

measure. The three affiliated through the tucky, holding company. Two small negro banks in Louisville, the Mutual Savings Bank and the First Standard Bank, which through the Louisville Trust later closed. Bank of St. Louisville suburb, also suspended measure. Two banks outside Louisville also closed when learned National Bank Kentucky suspended. They were the McElwain Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky The National Bank Kentucky for both. served Officers other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than ported new accounts were opened during the day, and reiterated earlier that the institutions solvent. rule its will finally upon sion tomorrow. Such speedy action possible, however. Judge Morrow requested ten day stay From this believed he does not expect the court announce decision until the sitting on Nov. Closing out Burleson Drug and stock, corner Hickory Ambler electric electric cash register, ceiling fan, magazine tables and chairs, bonator, back bar and soda fountain, eight display cases, spoons, dippers, trays, glasses, etc.

9. November 18, 1930 News Journal Wilmington, OH
Article from News Journal, November 18, 1930

Click image to open full size in new tab

Article Text

EIGHT KENTUCKY BANKS CLOSED; RUMORS Louisville Institution Among Those To Suspend Operation In Blue Grass State LOUISVILLE, Ky., Nov. -Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the tional Bank of Kentucky at Louisville, which under receiver, Paul the staff sources approximate $60,000,000. Directors of the National Bank Kentucky said the suspension yesterday deemed necessary because rumors" concerning its condition. with its closing, two affiliated stitutions, the Lousville Trust Company and the Security Bank, suspended operations. Their rectors said they were solvent. Two small negro banks in Louisville, the American Mutual Sav ings Bank and the First Standard Bank, which cleared through the Louisville Trust Company, later closed. The Bank of St. Louisville suburb, also suspendas precautionary measure. Two banks outside closed when It was learned the National Bank of Kentucky had suspended. They were the McEl wain Megular Bank and Trust Company at Franklin, Ky., and the First National Bank Horse Cave, Ky. The National Bank Of Kentucky served as correspondent for both.

10. November 18, 1930 The Portsmouth Star Portsmouth, VA
Article from The Portsmouth Star, November 18, 1930

Click image to open full size in new tab

Article Text

MeGular Bank and Trust Company Franklin, and the First tional Bank Horse Cave, National Bank Kentucky as correspondent for both. Officers other leading Thoughville banks statements night declaring yesterday's deposits. greater than withdrawals, ported accounts were opened during the reiterated lier statements that the institutions were solvent.

11. November 18, 1930 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, November 18, 1930

Click image to open full size in new tab

Article Text

RUMORS CAUSE ACTION; LARGE RESOURCE FUND Financial Institutions Total $75,000,000; National Bank Is the First to Close TAKE STEP Directors Quick to Suspend Activity When Wild Rumors Get Underway LOUISVILLE, Nov. Kentucky financial institutions with resources totaling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky Louisville, which was under the control receiver, Paul Keyes, of the staff of the comptroller of the currency Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesterday deemed necessary cause "wild rumors" concerning condition. Simultaneously with its closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. Negro Banks Close. Two small negro banks Louisthe American Mutual Savings bank and the First Standard bank, which cleared through the LouisTrust company, later closed. Bank Helens, Louisville suburb, suspended cautionary measure. Two banks outside Louisville also closed when learned the National Bank Kentucky had pended. They were the McElwain Bank and Trust company Franklin. and the First National bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.

12. November 20, 1930 The World-News Roanoke, VA
Article from The World-News, November 20, 1930

Click image to open full size in new tab

Article Text

PRESIDENT OF KENTUCKY BANK HANGS HIMSELF Worry Over Condition of His Institution Is Believed to Have Been Responsible. Horse Cave, Ky Nov Worry the lieved have William Virgil Bell president of the First National Horse which closed Monday His found ed from rafter jury returned verdict Members of his who said ranged. said had call neighbors took and his the day Friends quoted yesterday had closed Bell been president of the bank for twelve that suspended business The Bank Kentucky to served as Directors the Central Bank of bank ganized two not open this This which deposits about cleared through the Louissuspended affiliated organithe National Bank of KenGeorge president of the tral he believed the fully solvent but that recent heavy withdrawals forced the closing precautionary measure.