First National Bank (LaFayette, GA)

View Charter #7247 on SPMC View balance sheet

Episode Information

Episode UID
724701363
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
72470 national
Charter Number
7247
Start Date
July 19, 1913
Location
LaFayette, Georgia (34.705, -85.282)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
57f62a7e104494d3

Response Measures

None

Receivership Details

Depositor recovery rate
90.5%
Date receivership started
1913-07-19
Date receivership terminated
1918-10-31
OCC cause of failure
Fraud
Share of assets assessed as good
72.2%
Share of assets assessed as doubtful
26.3%
Share of assets assessed as worthless
1.5%

Description

Spelling appears as both Lafayette and LaFayette in sources.

Events (3)
1. May 7, 1904 Chartered
Source
historical_nic
2. July 19, 1913 Receivership
Source
historical_nic
3. July 19, 1913 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Large shortage/defalcation discovered by examiner (preliminary estimate at least $30,000); insolvency led to closing and appointment of a receiver.
Newspaper Excerpt
The First National bank of Lafayette, Ga., failed today on account of a large shortage in its funds.
Source
newspapers

Newspaper Articles (11)
1. July 19, 1913 The Topeka State Journal Topeka, KS
Article from The Topeka State Journal, July 19, 1913

Click image to open full size in new tab

Article Text

GEORGIA BANK CLOSED Capital and Surplus Wiped Out-Examiner Takes Charge. Washington. July 19.-The First National bank of Lafayette, Ga., failed today on account of a large shortage in its funds. Announcement was made today by Thomas P. Kane. acting comptroller of the currency, who appointed National Bank Examiner Thomas C. Dunlap temporary receiver. The extent of the loss is not yet known, but the situation will be reported to the department of justice. Examiner Dunlap discovered the shortage yesterday and closed the bank today with the authority and approval of the directors. The examiner has reported the institution insolvent, with its capital and surplus of $58,500 being entirely wiped out.

2. July 19, 1913 The Daily Telegram Clarksburg, WV
Article from The Daily Telegram, July 19, 1913

Click image to open full size in new tab

Article Text

MONEY ALL GONE BANK IS CLOSED Discovery of Its Shortage ReNO APPEAL sults in That Action by An Examiner. (BY ASSOCIATED PRESS, By Secretary MeAdoo and WASHINGTON, July 19.-The First National Bank of Lafayette, Ga., failed Treasury Must Surrender today on account of a large shortage $3,000,000 as Result. in its funds. Announcement was (BY ASSOCIATED PRESS) made today by Thomas P. Kane, actWASHINGTON, July 19.-Secretary ing comptroller of the currency, who McAdoo today decided not to appeal has appointed National Bank Examthe decision of the customs court iner Thomas C. Dunlap, temporary granting free entries of wood pulp receiver. The extent of the losses is and paper to all nations having "favnot yet known but the situation will ored nations" treaties with the Unibe reported to the department of justed States because that privilege is tice. granted to Canada. The treasury deExaminer Dunlap discovered the partment must surrender $3,000,000 shortage yesterday and closed the in duties. bank today with the authority and approval of the directors. The examiner has reported the institution FIELD GUNS insolvent with its capital and surplus of $58,500 being entirely wiped out. Cantured Are Repaired and

3. July 19, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, July 19, 1913

Click image to open full size in new tab

Article Text

BIG THEFT IN GEORGIA BANK Bank at Lafayette Closed by Order of Comptroller of the Currency. WASHINGTON, July 19.-Acting Comptroller of the Currency Kane today announced that the First National Bank, of Lafayette, Ga., has been closed by National Bank Examiner Thomas C. Dunlap, with the authority of the board of directors, on account of a large shortage which makes the bank insolvent. Mr. Kane says he has not received a detailed report of the condition of the bank. Mr. Dunlap has been appointed receiver. "We do not know how big the defalcation may be." said Mr. Kane, "but our preliminary examination has shown that it is not less than $30,000. This shortage has occurred since May 23, when the bank was last examined. Suspicion on the part of officers of the bank several days ago that a shortage existed caused them to call in Examiner Dunlap. Discovery of the embezzlement resulted. "In his telegraphic advices to me Mr. Dunlap does not say to whom suspicion attaches. The last statement of the condition of the bank. issued on June 4, showed the bank to be in a proper state. The president of the bank is R. N. Dickerson, and S. A. Hunt, Jr., is cashier." In a telegram from Mr. Dunlap Mr. Kane is advised that steps have been taken to make an arrest.

4. July 19, 1913 The Lakeland Evening Telegram Lakeland, FL
Article from The Lakeland Evening Telegram, July 19, 1913

Click image to open full size in new tab

Article Text

IST NATIONAL AT LA FAYETTE, GA. FAILED TODAY LARGE SHORTAGE FUNDS FOUND TO BE THE CAUSE. T. C. Dunlap Was Appointed Temporary Receiver, Losses Not Known. (By Associated Press) Washington, July 19-The First National Bank. of Lafayette, Ga., failed today, on account of a large shortage of funds, is the announcement by Thos. P. Kane, acting comptroiler of the currency. He has appointed National Bank Examiner Thos. C. Dunlap temporary receiver. The extent of the losses have not been determined. The situation will be reported to the Department of Justice.

5. July 19, 1913 The Richmond Palladium and Sun-Telegram Richmond, IN
Article from The Richmond Palladium and Sun-Telegram, July 19, 1913

Click image to open full size in new tab

Article Text

CLOSE GEORGIA BANK, SHORTAGE IS FOUND (National News Association) WASHINGTON, July 19.-Acting Comptroller of Currency Kane today announced that the First National Bank of Lafayette, Ga., has been closed by National Bank Examiner Dunlap. A large shortage reaching at least $30,000 has been discovered which makes the bank insolvent. Mr. Dunlap has been appointed receiver. The name of the official who used the funds was not given in the report, but it stated that arrests were advisable.

6. July 20, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, July 20, 1913

Click image to open full size in new tab

Article Text

Comptroller of Currency Orders Institution Closed When Defalcation Is Discovered. ARRESTS ARE LIKELY Preliminary Examination Shows That It Has Been Looted of Not Less Than $30,000. WASHINGTON, July 19.-Acting Comptroller of the Currency Kane today announced that the First National Bank of Lafayette, Ga., has been closed by National Bank Examiner Thomas C. Dunlap, with the authority of the board of directors, on account of a large shortage which makes the bank insolvent. Mr. Kane says he has not received a detailed report of the condition of the bank. Mr. Dunlap has been appointed receiver. "We do not know how big the defalcation may be," said Mr. Kane, "but our preliminary examination has shown that it is not less than $30,000. This shortage has occurred since May 23, when the bank was last examined. Suspicion on the part of officers of the bank several days ago that a shortage existed caused the n to call in Examiner Dunlap. Discovery of the embbezzlement resulted. "In his telegraphic advices to me Mr. Dunlap does not say to whom suspicion attaches. The last statement of the condition of the bank, issued on June 4, showed the bank to be in a proper state. The president of the bank is R. N. Dickerson, and S. A. Hunt, Jr., is cashier." In a telegram from Mr. Dunlap Mr. Kane is advised that steps have been taken to make an arrest.

7. July 20, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, July 20, 1913

Click image to open full size in new tab

Article Text

Comptroller of Currency Orders Institution Closed When Defalcation Is Discovered. ARRESTS ARE LIKELY Preliminary Examination Shows That It Has Been Looted of Not Less Than $30,000. WASHINGTON, July 19.-Acting Comptroller of the Currency Kane today announced that the First National Bank of Lafayette, Ga., has been closed by National Bank Examiner Thomas C. Dunlap, with the authority of the board of directors, on account of a large shortage which makes the bank insolvent. Mr. Kane says he has not received a detailed report of the condition of the bank. Mr. Dunlap has been appointed receiver. "We do not know how big the defalcation may be," said Mr. Kane, "but our preliminary examination has shown that it is not less than $30,000. This shortage has occurred since May 23, when the bank was last examined. Suspicion on the part of officers of the bank several days ago that a shortage existed caused then to call in Examiner Dunlap. Discovery of the embbezzlement resulted. "In his telegraphic advices to me Mr. Dunlap does not say to whom suspicion attaches. The last statement of the condition of the bank, issued on June 4, showed the bank to be in a proper state. The president of the bank is R. N. Dickerson, and S. A. Hunt, Jr., is cashier." In a telegram from Mr. Dunlap Mr. Kane is advised that steps have been taken to make an arrest.

8. July 20, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, July 20, 1913

Click image to open full size in new tab

Article Text

Comptroller of Currency Orders Institution Closed When Defalcation Is Discovered. ARRESTS ARE LIKELY Preliminary Examination Shows That It Has Been Looted of Not Less Than $30,000. WASHINGTON, July 19.-Acting Comptroller of the Currency Kane today announced that the First National Bank of Lafayette, Ga., has been closed by National Bank Examiner Thomas C. Dunlap, with the authority of the board of directors, on account of a large shortage which makes the bank insolvent. Mr. Kane says he has not received a detailed report of the condition of the bank. Mr. Dunlap has been appointed receiver. "We do not know how big the defalcation may be," said Mr. Kane, "but our preliminary examination has shown that it is not less than $30,000., This shortage has occurred since May 23, when the bank was last examined. Suspicion on the part of officers of the bank several days ago that a shortage existed caused the n to call in Examiner Dunlap. Discovery of the embbezzlement resulted. "In his telegraphic advices to me Mr. Dunlap does not say to whom suspicion attaches. The last statement of the condition of the bank, issued on June 4, showed the bank to be in a proper state. The president of the bank is R. N. Dickerson, and S. A. Hunt, Jr., is cashier." In a telegram from Mr. Dunlap Mr. Kane is advised that steps have been taken to make an arrest.

9. July 20, 1913 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 20, 1913

Click image to open full size in new tab

Article Text

BANK OF LAFAYETTE, GEORGIA, FAILS Capital and Surplus of $58,500 Entirely Wiped Out-Large Deficit in Funds Washington, July 19.-The First National bank of LaFayette, Ga., failed today on account of a large deficit in its funds. The announcement was made by Thomas P. Kane, acting comptroller of the currency, who has appointed National Bank Examiner Thomas C. Dunlap as temporary receiver. Examiner Dunlap discovered the shortage yesterday and closed the bank today with the authority and approval of the directors. The examiner has reported the institution insolvent, its capital and surplus of $53,500 being entirely wiped out.

10. July 20, 1913 Atlanta Georgian Atlanta, GA
Article from Atlanta Georgian, July 20, 1913

Click image to open full size in new tab

Article Text

SHORTAGE IN BANK MAY PASS $30, 000 First Estimate of Lafayette Institution's Loss Believed Short. Early Arrests Are Likely. CHATTANOOGA, July 19.-The failure to find notes approximating $30,000, which were in the bank 60 days ago, but are not now accounted for by the officials of the bank, caused National Bank Examiner Thomas C. Dunlap to close the doors of the First National Bank at LaFayette, Ga. Mr. Dunlap, who was at once appointed receiver, is now checking up the affairs of the institution. From what he learned of the affairs of the bank, all depositors will be paid off in full, but there is a strong probability that the stockholders will get little, if anything, in the final wind-up. The bank is capitalized at $50,000, with liabilities of $240,000 and assets above $200,000. So far as can be learned, no charges have been made against any officials of the bank and these familiar with the situation are inclined to the belief that the trouble came about as the result of carelessness in the management of some portions of the work in connection with the institution. The loss of the nearly $30,000 in notes, however, continues to be an unsolved mystery, as no one seems to know where they are or how they came to disappear. There is a possibility that they may be found deposited as collateral with some other bank and no record made in the LaFayette institution.

11. July 21, 1913 The Bemidji Daily Pioneer Bemidji, MN
Article from The Bemidji Daily Pioneer, July 21, 1913

Click image to open full size in new tab

Article Text

GEORGIA BANK INSOLVENT Institution Closes Deors Because of Shortage in Its Funds. Washington, July 21.-The First National bank of Lafayette, Ga., failed on account of a large shortage in its funds. Announcement was made by Thomas P. Kane, acting comptroller of the currency, who has appointed National Bank Examiner Thomas C. Dunlap temporary receiver. Examiner Dunlap discovered the shortage and closed the bank with the authority and approval of the directors.