7277. American Mutual Savings Bank (Louisville, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
November 18, 1930
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
9e693a17

Response Measures

None

Description

Multiple contemporaneous articles (Nov 17–18, 1930) report the American Mutual Savings Bank (a small 'Negro' bank in Louisville) closed after the National Bank of Kentucky suspended because of wild rumors. The closure is described as precautionary and tied to the suspension of the larger correspondent/corporate group. Later reporting (Aug 1931) indicates the American Mutual and the First Standard Bank were consolidated into a Mutual Standard bank, which subsequently closed and was liquidated (May 4, 1931). Thus the November 1930 event was a suspension that led ultimately to permanent closure/merger. OCR typos in source articles (e.g., Megular/Meguiar, dates) were corrected where obvious.

Events (1)
1. November 18, 1930 Suspension
Cause
Local Banks
Cause Details
Closed as a precaution after the National Bank of Kentucky (a major correspondent/affiliate) suspended amid wild rumors; the American Mutual cleared through the Louisville Trust Company which also suspended.
Newspaper Excerpt
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.
Source
newspapers

Newspaper Articles (11)
1. November 18, 1930 The Daily Progress Charlottesville, VA
Article from The Daily Progress, November 18, 1930

Click image to open full size in new tab

Article Text

EIGHT KENTUCKY BANKS CLOSED Had Resources Totalling More Than SeventyFive Millions MANY WILD RUMORS Receiver in Charge of National Bank of Kentucky Kentucky financial institutions with resources totalling more more than $75,000,000 were closed The largest of these was the today. National Bank of Kentucky Louisville, which was under the Control Receiver Paul Keyes, of the staff of the comptroller the currency at Washington. Its resources $60,000,000. Directors of the National Bank Kentucky said the suspension yesterday was deemed necessary cause of "wild rumors" its condition. with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended Their directors said operations. were solvent and that they they closed as precautionary measure. The three are affiliatthrough the holding company. Others Suspend Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, cleared through the Louiswhich ville Trust Company, later closed.

2. November 18, 1930 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, November 18, 1930

Click image to open full size in new tab

Article Text

DOORS CLOSED BY 8 KENTUCKY BANKS Suspension of Louisville Institution Seen As Protection Move. Louisville, Ky., Nov. Eight Kentucky institutions 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 receiver, Paul C. the staff of the comptroller of the currency at Washington. Its resources approximate $60 000 Directors of the National Bank of Kentueky said the suspension yesterday necessary because "wild concerning its condition Simultaneously with its closing. two affiliated institutions, Louisville Trust Company and the Security Bank. suspended Their directors said they were solvent and that they closed as precautionary measure. The three institutions are affiliated through the holding company. 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, Louisville suburb. also suspended as Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust Company Ky., and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both Officers of other leading Louisville banks issued last night were greater than withdraw reported new accounts were opened during the day. and reiterated earlier statements that the institutions were solvent.

3. November 18, 1930 The Washington Times Washington, DC
Article from The Washington Times, November 18, 1930

Click image to open full size in new tab

Article Text

Eight Banks in Kentucky Suspend All Business LOUISVILLE, Nov. 18 (I.N.S.). Business was suspended today at eight Kentucky banks having resources of approximately $70,000,000. Among them was the National Bank of Kentucky, a 96-year-old institution, for which a receiver was named bv the Federal controllers' department. The Louisville Trust Company and the Security Bank closed their doors, as a precautionary measure, according to the directors. Both institutions are solvent, directors said. Other institutions to suspend business were the American Mutual Savings Bank and the First Standard Bank, both clearing through the Louisville Trust Company; the Bank of St. Helens, Louisville suburb; the McElwainMeguiar Bank and Trust Company, of Franklin, Ky., and the First National Bank at Horse Cave.

4. November 18, 1930 Battle Creek Enquirer Battle Creek, MI
Article from Battle Creek Enquirer, November 18, 1930

Click image to open full size in new tab

Article Text

EIGHT KENTUCKY BANKS WERE CLOSED UP TODAY Continued from Page One the Louisville and the Security bank solvent and that the were a precau measure The instiutions are affiliated through the a holding company. Two small Negro banks in Louisville, the American Mutual Savings bank and the First Standard bank which cleared through the Louisville Trust later closed The bank of St Helens R suburb. also suspended as a preTwo banks outside Louisville also closed when it was learned the National bank of Kentucky had suspended They were the Mc-Elwain Negular Bank and Trust company at Franklin K) and the First National bank at Horse Cave Ky The National bank of Kentucky served as for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits greater than withdra reported new accounts were opened during the day. and earlier statements that the institutions were solvent

5. November 18, 1930 The Daily Times Salisbury, MD
Article from The Daily Times, November 18, 1930

Click image to open full size in new tab

Article Text

mining good will for the United States in the world market. The political medicine had been prepared by both Democratic and Republican elements in the convention. in executive sessions. Both groups said they would demand of their parties that they hold fast to support of prohibition. Miss Aldrich's movie report, which she intended to make before offering her resolution, declared that "repeated promises to stop putting anti-prohibition and anti-respect for authority propaganda on the screen have been followed by continued production of films containing this very propaganda. The public has been very willing to give the motion picture industry a chance to clean up. But the public is not blind. We cannot ignore the fact that it continues, that this injurious propaganda appears in comics or inserts in connection with some of the best films." 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 precautionary measure. The three institutions are affiliated through the BancoKentucky, a holding company. 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 Bank Meguiar Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Banks 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 sol-

6. November 18, 1930 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, November 18, 1930

Click image to open full size in new tab

Article Text

DOORS CLOSED BY 8 IN KENTUCKY Press. Nov. 18.-Eight Kentucky financial institutions resources totaling more than $75,000,000 were closed Tuesday largest of these was the National Bank of Kentucky at Louisville, which was of receiver, Paul Keyes, of the staff of the Comptroller the Currency resources approximate Directors the National Bank of Kentucky the Monday deemed necessary because rumors concerning its condition. with its closing, two affiliated institutions, the LouisBank, ville Trust Security Their directors said they solvent and that they were as precautionary measure. The three institutions are affiliated through the tucky, holding company. small negro banks in Louisville, the American Mutual Savings Bank First Standard Bank, Trust cleared through the Louisville later closed. The Bank St. Louisville urb, suspended as precautionary Two banks outside Louisville also closed when it learned the National Bank Kentucky had pended. Meguiar They were McElwain Bank and Trust Bank Franklin, and the First Company National The National Bank Kentucky served correspondent for Officers other Louisville banks declaring issued statements Monday night Monday's greater than withdrawals. reported accounts opened during the day and reiterated earlier statements that the institutions were solvent.

7. 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.

8. November 18, 1930 The Daily Sentinel-Tribune Bowling Green, OH
Article from The Daily Sentinel-Tribune, November 18, 1930

Click image to open full size in new tab

Article Text

Blame Public Hysteria For Closing of Doors LITTLE ROCK, Ark., Nov. hysteria" was blamed day for 39 Arkansas banks suspending business for five-day period Four other banking houses closed for reorganization liquidation. The five day suspenesion mitted under state law. A majority the 39 banks taking advantage the act were affiliated through B. Banks and company of Rock. The combined deposits, including those of change Trust company of Litle Rock given as more than September. Board members of the American Exchange Bank, largest banking institution in the state, said they were forced to suspend payments due hysteria which followed receiverof Caldwell and Company, Nashville, Tenn., investment house. Heavy withdrawals yesterday forthe move, it was announced. Three banks in the group to close had deposits $18,000,000. They included the Merchants and PlantTrust company Pine the Merchants and Planters bank of Helena and the American Exchange. LOUISVILLE, Ky., Nov. 18. (INS) -Business was suspended at eight Kentucky banks having resources of Among them was the National Bank of Kentucky old stitution for which named by the Federal Controldepartment. The Louisville Trust company and the Security Bank closed their doors precautionary measure, accordto the directors. Both tutions are solvent. directors said. Other institutions to suspend business were the American tual Savings Bank and the First bank, both clearing thru the LoLuisville Trust company; the Bank of St. Helens, Louisville suburb; the bank and Trust Company of Franklin. and the First National Horse Cave. CINCINNATI, Nov. 18. (INS)The Cincinnati Clearing House Association today took over control of the Bank and Trust the Brighton Bank company and and Trust company. The association, taking over the two financial institutions, announced that it had bought the holdings of certain interests, outside in the two banks The seven signing the declared they standing behind the and Brighton institutions. The transfer of control over the two banks to the clearing house followed "runs' which sociation were attributed to the suspension institutions in Kentucky which sequel to the closturn. was the National Bank of of This latter bank corresfor number of banking pondent houses in the Bluegrass through holding company linked to the others. two banks in Covington, Ky., across the Ohio river from experienced heavy as they opened for soon this They were the and the Central of which, like the Brighton banks in relations with the National Bank of Kentucky. Other banking institutions of Covington announced that they standing behind the Peoples and the Central Savings Banks. The statement of the clearing house association members the signatures of offimade over of seven Cincinnati banks. were: The First National Bank, the Second National Bank. bank, the Lincoln National the Atlas National Bank, the Provident Savings Bank and Trust company and the Western Bank and Trust company.

9. November 19, 1930 The Kentuckian-Citizen Paris, KY
Article from The Kentuckian-Citizen, November 19, 1930

Click image to open full size in new tab

Article Text

NATIONAL BANK OF KENTUCKY CLOSED Five Other Banks of State Follow Suit Louisville, Ky., Nov. 18 Closing of the National Bank of Kentucky here Monday was followed by five smaller banks closing up as a precautionary measure. four here and one in Franklin. Ky. Meanwhile presidents of the other banks in the city issued statements asserting their institutions were solvent in every respect and would not be effected. The National Bank of Kentucky of which James B. Brown is president. was placed in the hands of Paul Keyes. of the federal comptroller general's office as receiver The other Louisville banks closed were the Security Bank which it was stated was closed purely as a precaution; the Louisville Trust Company which is affiliated with the National Bank of Kentucky, and two comparatively small negro banks, the American Mutual Savings Bank and the First National Standard Bank. The latter two are not members of the local clearing house association but did their clearing through the Louisville Trust Company. The McElwain Meguiar Bank and Trust Company of Franklin, Ky., was the fifth to close. Its announcement said it had to shut down because the National Bank of Kentucky is one of its correspondents and that its depositors would be paid in full. In Louisville slightly more than normal numbers of persons gathered at the other banks but nothing approached a "run" was noted and bank officials issued optimistic statements that the public would not become excited. Crowds around the National Bank of Kentucky and the Louisville Trust Company delayed traffic slightly and special police were on duty. James B. Brown. president of the National Bank of Kentucky issued the following statemenut "Due to withdrawals in the past week and constantly increasing rumors on the streets it was deemed advisable by a majority of the board of directors to close the bank at least temporarily, for the best interests of all concerned." The Louisville Trust Company, an affiliated institution, also has been ordered closed by resolution of its board of directors. The trust company directors' resolution said that in the opinion of its officers and directors the trust company is solvent. The National Bank of Kentucky founded in 1934 as the Bank of Kentucky, and capitalized at $5.000.000 in its last statement listed total resources as $54,701,633.36 and deposits of $41,145,794.40.

10. November 20, 1930 The Sentinel-Echo London, KY
Article from The Sentinel-Echo, November 20, 1930

Click image to open full size in new tab

Article Text

EIGHT BANKS IN KENTUCKY CLOSE MONDAY. LOUISVILLE, Ky., Nov. 18-A survey of financial developments through out Kentucky today revealed that eight banks were closed Monday Combined resources of the eight totalled $75,000,000. The largest of those 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. It resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension Monday 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. Two small Negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Co Company, closed later. The Bank of St. Helens, a Louisville suburb, also suspended as a precautionar ymeasure. Two banks outside of Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust Company at Franklin, Ky., and the First Na. tional Bank at Horse Cave, Ky The National Bank of Kentucky served as correspondent for both. Officers of other leading banks issued statements Monday night declaring Monday's deposits were greater than withdrawals, reported new accounts were opened during the day and reiterated earlier statements that the institutions were solvent. Two More Close Tuesday. FRANKFORT, Ky., Nov. 18-0. S. Denny, State banking commissioner, announced today that the Owsley County Deposit Bank. of Booneville, and the Peoples Bank, of Sulphur, closed temporarily today because their funds were tied up in the Louisville Trust Company, which closed early Monday. The Owsley County Deposit Bank's financial statement as of June 30, 1930 showed capital stock of $25,000; resources of $164,300; and deposits of $116,000. The Peoples Bank. of Sulphur, in Henry county, had a capital stock of $15,000; resources of $202,000 and deposits of $153,000 as of June 30, 1930. The Louisville Trust Company was the depository for the two banks.

11. August 26, 1931 Messenger-Inquirer Owensboro, KY
Article from Messenger-Inquirer, August 26, 1931

Click image to open full size in new tab

Article Text

A Scolding By LARS MORRIS Don't One Across When a Friend Has Six Across ACROSS 1-Scold 6-Fits of temperament 11-Trembling 12-Aims of perfection 14-Sun god 15-Book of psalms 17-Pronoun 18-Salutation 20-Russian rulers 21-American humor- 22-Female horse 24-Before 25-Hint 26-Gazed fixedly 28-Pressure 30-Self (Scot.) 31-Attention 32-Courageous 38-Male deer 39-Greek "E" 41-She (Fr.) 42-Rage 43-Lures 45-That there 46-Public notice 17-Zeppelin SATURDAY'S ANSWER 49-Paid (ab.) 50-Pert. to fasting season 52-Escapes 54-Active ones 55-Repetitions DOWN 2-That man 3-Mischievous child 4-Does (poet.) 5-Removed 6-Ecclesiastical head-dresses 7-Short poems 8-Above (poet.) 9-Daddy 10-Slips 11-Trolley cars 13-Boiled meats 16-Household god 19-Deletion 21-Actively 23-Standing 25-Large container 27-Large deer 29-Golf mound 32-Small bottle 33-Greased 34-Longs for 35-Parent 36-Runs away 37-Tears 40-It is 43-Funeral carriage 44-Grain storehous 47-Took dinner 48-Place 51-Negative 53-Prefix: not Bank of Russellville, Russellville, June 12, 1930 $183,660: Hazel Green bank, Hazel Green, June 30. 1930, $184,054; Elsmere Savings bank, Erlanger, July 3, 1930, $192870; Vine Grove State bank, Vine Grove, $91,464. The banks that have reopened since November of last year include the Security bank Louisville with approximate gross deposit liabilities of $1,996,001. It was able to open for business few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGular Bank & Trust Co., Franklin. $373,509; Bank of St. Helens, Shively, $412,824; Peoples bank, Sulphur, $132,950; Bank of Caneyville Caneyville, $318,216; Crestwood State bank, Crestwood, $139,297 Fern Creek bank, Buechel, $151.279; Farmers bank Fulton, $292,638; Bank of Sturgis, Sturgis Two negro banks, the First Standard bank and the American Mutual Savings bank, which closed In Louisville November 17. were later consolidated into the Mutual Standard bank. The bank resulting from the merger closed May 04 this year and is being liquidated Liquidating agents have been appointed for the following banks closed since November: Owsley County bank. Booneville, $100,329: Union Central bank, Louisville, $503,578; Bankers Trust company Louisville $553,279: Hopkins County bank, Madisonville, $717,587 Woodbury Deposit bank, Woodbury $37,693; Citizens Bank & Trust Co., Middlesboro. $495,977; Webster County bank, Clay, $164,676; Bank of Ludlow, Ludlow $636,359; Bank of Hardinsburg & Trust Co., Hardinsburg, $253,381. Liquidating agents have not been appointed for five state banks which have closed since the first of July These banks are: Citizens bank, Drakesboro $81,755: Bank of Barlow, Barlow. $91,910: Butler Deposit bank, Butler, $164,388; Bank of Wayland, Wayland $145,348; Beaver Valley State bank, Weaksbury, $113,269. GREENVILLE NEWS Greenville, Ky., Aug. 26.-M. L. Wickliffe was in Paducah several days last week. Dr. B. W. Smock, Mrs. Smock and daughter, of Louisville, are guests of Mrs. Smock's parents, Mr. and Mrs. C. W. Taylor. Miss Christine Kelley, of Madisonville, was week end guest of Mr. and Mrs. R. D. Brooks. Mrs. Ed Yonts and son, Edward, went to Louisville Monday to be a guest of relatives. Mrs. Town Martin and Miss Dixie Dexter were in Louisville last week. Mrs. Mabel Bruner, Mr. and Mrs. C. H. Chatham were in Louisville last week. Mr. and Mrs. Harry Denny, of Detroit, are guests of Mr. and Mrs. E. A. Denny. Mr. and Mrs. H. Shaver and family, of Bremen, were guests Sunday of Mr. and Mrs. Andrew Wilkins. Mr. and Mrs. R. H. Whitmer, of South Carrollton, were guests of Mr. and Mrs. I. P. Summer Sunday. Mr. and Mrs. F. M. Puryear were hcsts to family dinner Sunday Mr. and Mrs. H. J. Boradile will leave this week for Lake Erie to spend their vacation. Mrs. Bettle Newman, who has been visiting at Graham, returned home the last of the week. Miss Helen Vincent had one of her eyes removed Sunday. She is doing nicely. Mr. and Mrs. W. A. Har erveder and daughter will move to Central City this week. John Jeffries is improving, having been confined to his room two weeks by cut foot. James Brooks, who is attending business college in Bowling Green, was home for the week end. Edward L. Oates has gone to Beaufort, S. C., for two weeks visit to Mr. Hamner McCracken. Mrs. Leona Bailey, of Pueblo, Col., has been a guest of her brother, Mr. A. Y. Craig, and Mrs. Craig. Mr. and Mrs. Bradford Noffsinger, of Graham, was guest Sunday of Mr. and Mrs Luke Wilkins, Mrs. James Nadeau and family. also Mrs. Ed Murphy, of Winedot, Mich., were guests of Mr. and Mrs. A. Yeargan last week. Mr. and Mrs. Charles Blackwell, of Jackson, Miss., are guests of relatives. Mr. and Mrs. Bob Carden, who have been inding school in Lexington, are expected home this week. CALHOUN NEWS Calhoun, Ky., Aug. 26.-Evangelist Burton L. Hoffman, of Hopkinsville, is conducting series of meetings at the Calhoun Christian church and will continue until September 3. Mr. Hoffman is forceful speaker and is delivering fine gospel sermons each evening. Elder Harvey Riggs and family, of Michigan, have returned home after brief visit to his brother, J. L Riggs, and family. Mr. and Mrs. Shelby Riggs, of Orlindo, Tenn., have returned home after spending several days with relatives here. Mrs. Clara Crow and Mise Cora Stroud left today for Lexington to attend the county clerks' convention at Lexington. Miss Laura Franklin has returned to Bowling Green after spendIng several days with her mother, Mrs. Lelia Franklin. Mrs. Louis Key Turner, of New Orleans, is a guest of her parents, Mr. and Mrs. Ed C. Bryant. Mr. and Mrs. Gip Cary and daughter, Mary Jane, and Mrs. Ruth Cary, Miss Mary Cary have returned from a motor trip to historical points in Kentucky. Mr. and Mrs. Forest Leachman, Mr. and Mrs. Homer Puyear and daughter, Mary Elizabeth. left today on motor trip to Florida. They will be guests of relatives at Palmetto and Bradentown. Dr. J. W. Scudder and Mrs. Scudder have returned from Reelfoot lake, where they attended a session of public health workers from Kentucky, Tennessee and Missouri. Misses Katie and Maggie Swint. who have been guests of friends here, have returned to their home in Evansville. Dr. P. D. Moore and Mrs. Moore, of Seattle, Wash., who have been guests of Mr. and Mrs. J. L. Moore and other relatives, have returned to their home. Charles Reid Greenup has gone to Evansville.