First National Bank (Mountain Grove, MO)

View Charter #7282 on SPMC View balance sheet

Episode Information

Episode UID
728201597
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
72820 national
Charter Number
7282
Start Date
January 9, 1933
Location
Mountain Grove, Missouri (37.131, -92.263)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
9c8e12744d1c6cc7

Response Measures

None

Receivership Details

Depositor recovery rate
24.0%
Date receivership started
1934-02-19
Date receivership terminated
1938-08-31
Share of assets assessed as good
25.9%
Share of assets assessed as doubtful
50.7%
Share of assets assessed as worthless
23.4%

Description

Bank declared a local 30-day moratorium Jan 9, 1933 and subsequently did not reopen after the March 1933 bank holiday; final disposition unclear in these clippings.

Events (4)
1. May 31, 1904 Chartered
Source
historical_nic
2. January 9, 1933 Suspension
Cause Details
Bank voluntarily declared a 30-day moratorium with city council endorsement to avoid forcing collections and to make readjustments.
Newspaper Excerpt
the First National Bank of Mountain Grove this morning declared moratorium for 30 days
Source
newspapers
3. March 6, 1933 Suspension
Cause
Government Action
Cause Details
National banking holiday/proclamation in March 1933; the bank failed to reopen after this moratorium according to 1934 reports.
Newspaper Excerpt
President Roosevelt has issued a proclamation all the banks closing the United States for a period ending Friday, March 10
Source
newspapers
4. February 19, 1934 Receivership
Source
historical_nic

Newspaper Articles (5)
1. January 9, 1933 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, January 9, 1933

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Article Text

GROVE Mo., Jan. the the City the First National Bank Grove morning moratorium days order that might not to force collections loans. Prater, cashier. announced that the moratorium would time to make readjustments and that the bank would reopen. Barker president. The other bank Mountain Grove, the New Mountain Grove was reported in good condition Total resources the First tional, according the last lished October were with demand posits amounting time deposits $56,553.67 capital stock the bank

2. January 9, 1933 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, January 9, 1933

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Article Text

MORATORIUM FOR MOUNTAIN GROVE BANK IS DECLARED The Associated Press By Mountain Grove, Mo., Jan. the endorsement of the city council, the First National Bank of Mountain Grove this morning declared moratorium for 30 days in order that might not be necessary to force collections current loans. Prater, cashier, announced moratorium would that the 30-day time to make readjustments and that the bank would reopen. Barker president. The other bank Mountain Grove, the New Mountain Grove Bank, was in good condition this mornreported ing. Total resources of the First National, according to the last published statement October 13, were $243,678.18, with demand deposits amounting to and time deCapital stock of posits the bank $25,000.

3. March 9, 1933 Mound City News-Independent Mound City, MO
Article from Mound City News-Independent, March 9, 1933

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Article Text

CITIZENS CALM DURING EMERGENCY Exchange Bank Suspended Operations In Conformity Presidential Proclama- tion. The Banks of Holt County suspended normal morning to conform Saturday with state wide holiday order a issued by Governor Guy Park. for Since that time President of Roosevelt has issued a proclamation all the banks closing the United States for a period ending Friday, March 10. The local banks have followregulations ordering them laid down by the secreclose, of the treasury. Some have tary remained open during regular hours for the purpose banking of making change. There is no cause for any alarm the local regarding tion as all the Holt County banks are believed to be in cellent condition. has been convened Congress special session beginning today (Thursday) and acnoon cording to radio reports have legislation conferring passed extraordinary to Presipowers dent Roosevelt, trol all banks until this emeris safely past. The spirit fortitude and patience with which the people this community and the tire has reacted to the country bank holiday, has emergency been surprising. individuals and busiMany houses found themselves ness with small amount of only hand when the currency on bank went into effect. holiday St. Business has been retarded to extent. Merchants some most cases have accepted checks for the exact amount but have been purchases tant to let loose of any currenor silver in change. Bank here The Exchange to be strong as known is anywhere, and bank there must be attributed its closing solely to the the nation. ditions throughout thing that Now the only to await the order to with patience banks after the the open and regulational adjustments formulated and tions have been issued.

4. January 22, 1934 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, January 22, 1934

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Article Text

DEPOSITORS U. S. Comptroller Gives Status of Missouri Finincial Institutions; Are Being Reorganized. WASHINGTON, Jan. in deposits tied up National Banks in Missouri that failed to open after banking moratorium last March, all but approximately has been freed depositor use, the comptroller the currency announced today. The status the banks that failed to open: Five banks involving deposits of $22,891,000 have been reopened, habilitated, reorganized under new charters, acceptable assets to another bank. Three banks with $1,543,000 deposits have approved reorganization plans in various stages consummation. They the are Grand tional Bank, Louis; the First tional Bank Webster Groves; and the First National Bank, Lamar. Two banks with deposits of $278,do have approved plans reorganization. They are the First National Bank, Mountain Grove, the First National Bank, Windsor. Three banks with deposits of the hands receivfor liquidation. They are the Cherokee National Bank and the Southside Bank, both Louis, and People' National Bank, Seymour However the Southside National Bank receivers have out an approved organization plan which contemplates the release of 100 percent secured and 50 percent of deposits The five banks that have been reorganized First National Bank, Clayton; Third National Bank, Sedalia; Citizens' National Bank, Maplewood American Ex. change National Bank, St. Louis; and the Fidelity National Bank and Trust Company, Kansas City. Some 300 persons are living on Robinson Crusoe's

5. January 22, 1934 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, January 22, 1934

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Article Text

DEPOSITS IN CLOSED BANKS BEING RELEASED By The Associated Press. Washington, Jan. 000 in deposits tied up in national banks in Missouri that failed to open after the banking moratorium last March, all but approximately $9,000,000 has been freed for depositor use, the comptroller of the currency announced today. The status of the 13 banks that failto open: Five banks involving deposits of $22,891 have been reopened, rehabilitated, reorganized under new charters ,or the acceptable assets sold to another bank. Three banks with deposits have approved reorganization plans in various stages of consummation. They are the Grand National Bank, St. Louis; the First National Bank, Webster Groves, and the First National Bank, Lamar. Two banks with deposits of $278,000 do not have approved plans of reorganization. They are the First National Bank, Mountain Grove, and the First National Bank, Windsor. Three banks with deposits of $6,are in the hands of receivers for liquidation. They are the Cherokee National Bank and the Southside National Bank, both of St. Louis, and the Peoples' National Bank, Seymour. However, the Southside National Bank receivers have worked out an approved reorganization plan which contemplates the release of 100 per cent of secured deposits and 50 per cent of unsecured deposits.