7359. Union Central Bank (Louisville, KY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
November 20, 1930
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini
Short Digest
8912fa03

Response Measures

Full suspension

Other: Liquidating agent appointed; bank put into liquidation by state banking commissioner.

Description

Contemporary reports state Union Central Bank failed to open on Nov. 20, 1930, and references indicate heavy withdrawals in prior days forced the bank to close. A liquidating agent was appointed and the bank remained in liquidation, so the sequence is a run that led to suspension and permanent closure/liquidation.

Events (3)
1. November 20, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Articles state heavy withdrawals in preceding days forced the bank to close (depositors withdrawing en masse); no discrete misinformation event is described.
Measures
Bank failed to open; officials (president) declared bank temporarily closed and solvent
Newspaper Excerpt
Heavy withdrawals in the days forced close ... Union Central Bank failed to open today
Source
newspapers
2. November 20, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Institution failed to open after heavy withdrawals and was placed into liquidation; state banking commissioner later appointed a liquidating agent (indicating suspension leading to permanent closure).
Newspaper Excerpt
Union Central Bank failed to open today, making the sixth Louisville bank close this week
Source
newspapers
3. December 23, 1930 Receivership
Newspaper Excerpt
George M. Kennedy ... was appointed liquidating agent for the Union Central Bank ... by W. A. Dicken, State Banking Commissioner. The appointment names Mr Kennedy special deputy banking commissioner with power to liquidate the bank, which closed November 20.
Source
newspapers

Newspaper Articles (10)
1. November 20, 1930 The Times Trenton, NJ
Article from The Times, November 20, 1930

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Article Text

TRUST CONFERENCE BEING HELD HERE (Continued from Page One) nited JEFFERSON Mo. Nov The Hannibal Trust Company one the largest banking institutions Northeastern Missouri, closed its today after meeting of the Board of Directors The bank had resources of than 500,000 The State Finance Department here was advised sent Bank Examiner W. Chapman to take over affairs of the bank Steady withdrawals of of the association, and also president were thought to be the cause of the closing of the Newton Trust Company, Newton Opening session speeches included one by Henry E. Sargent, secretary LOUISVILLE Ky. Nov The Bankers Trust Trust Company Division. American at $500,000. closed its doors today Bankers New whose after the Union Central Bank of theme was "The Trust Business of the Louisville and the Bank of Canezville Nation suspended business The Bankers George Compton, of the Department Trust brought to 13 the number of of nking State of banks which in KenNew Jersey spoke on "Problems in tucky since last Monday. Six of them Fiduciary Accounting are in was at o'clock Shortly after Union Central in the closed it was that James The program Brown, Louisville capitalist and newsincluded three by paper publisher had resigned the inent in the banking field The first presidency the was by Robertson Griswold. Corporation Charles Jones vicepresident of the Maryland Trust Compresident, also resigned. Brown will be pany, and the "Cosubject succeeded by Henry Voght the facturer and Robert Callahan, was The Carl was W appointed to succeed Jones. Fenninger vice the Pro. vident Trust Philadelphia on "Trust WOMAN RELATES The third one "Preparation of Wills and Trust Agreements by Waldron Ward, of the law given firm of Pitney Hardin & Skinner, of Newark STORY OF CRASH The banquet will be held at o'clock in the ballroom of the -Trent and the speakers will be Harry R. president of the New Jersey Testimony Nearly Completed in Par Association and William B. Bur russ Oakland, Maryland whose topic Gowron's Claim for $15,000 will be the Salesman morning will be devoted to an intense discussion of life Insurance Damages matters Underwriters and life InsurTestimony neared completion this ance agents are invited to attend this conference afternoon in the $15,000 suit of Michael The session will be opened at 10:30 Gowron, of 144 Second Street, with "Life InsurMrs. Frank wife of the ance As It Affects Your Business and defendant, giving her version of the Mine, by Roger Hull mishap which occurred on Pennington director and of the Na. Road in tional of Life Underwriters injured while walking New York across the Kouwenhoven's car Then will follow "Befiguring in the lieve which the following Mrs. hoven said that Gowron men will take Louis C. Rude, was following two other the of Newark; W. Edgerton, Provihighway. Her husband slowed down dent Life Company and blew the auto horn, she testified, Trenton: William Van L. Taggart whereupon Gowron stopped in his Fidelity Union Trust Newtracks started ark Fred P. Gibbs, quicken his pace and at the inCity Trust Company of New Jersey, Jersey stant started again, will be at 12:45 o'clock and at Thomas Grath of the Title Guar- Mc antee and Trust Jersey City will speak on Building Trust Business of the Future At o'clock the Box will be discussed. This will the to close The committee composed of: First National Bank: Louis Kersey Broad Street National Bank: Charles Hanover Trust Company: Henry Mechanics National Bank: Charles First- F. Stout, Trust Company Charles and R. Whitlock, Trenton Trust Company The on Trust Matters headed by Mr. McDouall, includes H. Douglas Plainfield Trust Company, Plainfield; Earl Johnson Savings Investment and Trust Company East Orange: Herman M. Syp. lantic George Letterhouse Commercial Company of New Jersey Jersey Harvey S. Hopkins, Newton Trust Company Newton: Mr Bloor, Jay Knox. First Camden National Bank and Trust Company, Camden. and William E. Hocher National Newark Newark and Essex Banking Company The fficers of the Bankers' Association are Levi H. Trust Company Robert W Harden Westfield Trust Company Westfield, vice president: Charles H. Plenty Hackensack Trust Company, HackenCounty Trust Company Moorestown The publicity committee is made up of: Leopold Chambliss Fidelity Union Trust Company Newark, chairman; Mr. Withers and Howard B. MacAdams Fidelity Union Trust Company, Newark

2. November 20, 1930 The Advocate-Messenger Danville, KY
Article from The Advocate-Messenger, November 20, 1930

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BANK FAILURES (United Press) LOUISVILLE, KY., Nov. Union Central Bank failed The today, making the sixth Louisbank to close this week and the twelfth in Kentucky. The Bank correspondent bank of the National Bank of Kentucky, also failed to open. Geo. Ewald, of the Union Central president Bank, said the closing is temporand that the bank is solvent. Asheville Banks Close. ASHEVILLE, Nov. Central Bank and Trust of Asneville, largest bank Company western North Carolina, and Bank, stitution, failed to open for They are state banks today. and partially owned by the interests. The American National Bank weathering heavy run noon. Failure at Hendersonville. HENDERSONVILLE, N. C., Nov. 20. First Bank and Trust Company of Hendersonville, institution, failed to open business today and the Citizens National Bank and the Bank and Trust Company immedclosed their doors to prevent runs, lines of depositors formThe latter two were declared solvent by officials. Cold Wave On. Order that load REGAL. Farmers Supply Co. 169-tf

3. November 20, 1930 The Advocate-Messenger Danville, KY
Article from The Advocate-Messenger, November 20, 1930

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BROWN RESIGNS, REPORT (United Press) Nov. After the Union Central Bank Louisville closed, was that James Brown, Louisville capitalist and newspaper publisher, had resigned the presidency of the and was Henry Voght, manufacturer. REGAL is REAL quality Coal. Farmers Supply Co.

4. November 20, 1930 Kenosha News Kenosha, WI
Article from Kenosha News, November 20, 1930

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Large Louisville Bank Suspended Sixth in Louisville and Failure Twelfth Kentucky During Past Week Louisville, Union Central Bank failed open today, making the sixth Louisville bank close this week and the twelfth Kentucky. The Bank of Caneyville, the Bank spondent Kentucky, also failed to open toGeorge R. Ewald, president Union Central Bank, said the clostemporary and the bank solvent. Heavy in the days forced close past bank William president of the First Bank Horse Cave, which closed Tuesday, hanged last night. Relatives despondent because of his closing,

5. December 23, 1930 The Courier-Journal Louisville, KY
Article from The Courier-Journal, December 23, 1930

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RULING ON RECEIVER IN BANCO CASE, PLAN; MOTION IS SUBMITTED (Continued from First Page.) ceiver for the Louisville Trust Company. An application, filed in Wilmington, asking that receiver be appointed for the BancoKentucky Company, will be answerable on January 16, was announced, The application filed December was returnable Monday but the time was extended. The purpose of the depositions is to enlighten the court as to the condition of the bank and the trust company. principal remaining holdings of the BancoKentucky Company. A court order was issued Monday by Judge Allen empowering the Fidelity & Columbia Trust Company, receiver for the Louisville Trust Comany, to take necessary action properly to effect the appointment of committees and guardians to take the place of the closed trust The order came after a petition for advice had been filed setting out that the United States Veterans Bureau had declined to make further payments either to the Louisville Trust Company its receiver The petition listed the names of y two incompetents, thirty minors and four cases where minors receive payment of adjusted service compensation. Judge Allen's order gives the receiver the right to take whatever court action is necessary for the removal of the Louisville Trust Company, so that the periodical compensation from the Veterans Bureau can be handled by other committees and guardians. The petition was filed by H. H. Nettleroth. for the Liquidating Agent Named. George M. Kennedy, 1894 Princeton Drive. Monday was appointed liquidating agent for the Union Central Bank, Starks Building, by W. A. Dicken. State Banking Commissioner. The appointment names Mr Kennedy special deputy banking commissioner with power to liquidate the bank, which closed November 20. Audit of the institution. filed with the Circuit Clerk. shows the resources to be $962 390 against which deposits of $799,924.53 have first call. Mr. Kennedy, who was vice president of the bank, is appointed liquidating agent for year at salary of $300 month. He furnished bond of $300,000 in connection with the duties.

6. August 23, 1931 Henderson Morning Gleaner Henderson, KY
Article from Henderson Morning Gleaner, August 23, 1931

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Under the Dome of the Capitol The banking situation in Kentucky is beginning to take on a bright as pect, in the opinion of C.S. Wilson, state banking commissioner Rural banks have been replenish ed, he said, by a bumper lamb crop which brought in much needed cash. There were fewer sheep on Kentucky farms this year but the number of lambs raised per 100 ewes was greater than last year. The crop was of excellent quality. "What's needed now," remarked Commissioner Wilson, "is a good price for the tobacco erop." Reopening in Louisville tomorrow of the re-organized Louisville Trust company will be the ninth state bank that has re-opened out of the group that closed their doors to conserve assets in the wake of crash in Louisville last November 17. Another one, the Guaranty Bank and Trust company of Lex ington, has been taken over by the Citizens Bank and Trust company under the presidency of W A Dicken, former state banking com missioner Thirty banks and trust companies, under the supervision of the state banking department. have been suspended since January 1. 1929. The gross deposit liabilities of these institutions totaled $29, 087,437 Of the banks re-opened or liabilities assumed, the gross deposit liabilities totaled $6,410,677 The re-opening of the re-organized Louisville Trust company is pected to release gross deposit lia bilities of $13,869,914. This would make a total of gross deposit liabilIties released of $20,270,591 The state banking department estimates that amount of gross deposit liabilities of state banks in spspension from the period beginning January 1, 1929. will be $8,816,486 after the re-opening of the Louisville Trust All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November Lia bilities of the National Bank of Kentucky are not included in the state banking department's statis ties as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend Banks that closed prior to No vember have been or are being liquidated. These banks with the date of their closing and their gross deposit liabilities are listed here: Hickman Bank and Trust company 862: Hargis Bank and Trust company, Jackson, February 5. 1930. $554,368: Grayson County Bank Leitchfield. March 10. 1930. $357, 254: the Peoples bank. Mt. Vernon, April 22. 1930. $260,855: LaGrange Bank and Trust company. La Grange, May 26. 1930. $352,232: 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. $192. 870: Vine Grove State bank, Vine Grove, $91,464 The banks that have re-opened since November of last year in clude the Security bank, Louisville, with approximate gross deposit lia bilities of $1,996,001 It was able to open for business a few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwainMcGuire Bank and Trust company, Franklin, $373,509; Bank of St. Helens, Shivley, $412,834: Peoples bank, Sulphur, $132,950; Bank of Crestwood State bank, Crestwood, $139,297 Fern Creek bank, Bue ton. $292,638: Bank of Sturgis, Sturgis, $256,463 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 result ing from the merger closed May 7 of this year and is being liquidated. Liquidating agents have been appointed for the following banks closed since November: Owsley County bang, Beoneville, $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 and Trust company, Middlesboro, $495,977: Webster County bank, Clay, $164, 676; Bank of Ludlow, Ludlow, $636,359; Bank of Hardinsburg and Trust company, Hardinsburg. $523.381. Liquidating agents have not been appointed for five state banks which have closed since the first of July. These banks are: Citizens

7. August 23, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, August 23, 1931

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COMPANION OF WEALTHY JAP IS SENT TO CLINIC Police Continue Quiz of Girl In Death of Importer; Illness Unknown NEW YORK, Aug. 22 (P)-Miss Mary Von Refssner, companion of Hisashi Fujimura, wealthy importer, on the Halifax boat trip during which he disappeared, is going to the hospital, her attorney announced today. The nature of her Illness was not revealed. The former showgirl appeared at the federal building with her lawyer for further questioning in connection with the importer's disappearance and reporters pressed forward to question her She turned away and the lawyer, Walter Godfrey, interposed: "Please don't bother her," he said. "I'm going to put this young lady in the hospital.' in Louisville Nov. 17, were later consolidated into the Mutual Standard bank. The bank resulting from the merger May of 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 Deposits 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, $523,381. 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, $614, 388; Bank of Wayland, Wayland, $145,348; Beaver Valley State bank, Weaksbury, $112,269.

8. August 24, 1931 The Daily Independent Maysville, KY
Article from The Daily Independent, August 24, 1931

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of the re-organized Louisville Trust company is expected to release gross deposit liabilities of $13,859,914. This would make a total of gross deposit liabilities released of $20,270,591. The state banking department estimates that amount of gross deposit liabilities of state banks in suspension from the period beginning January 1, 1929, will be $8,816,846 after the re-opening of the Louisville Trust company, All but nine of these state bank suspensions date after the closing of the Louisville Trust company and the National Bank of Kentucky in Louisville last November. Liabilities of the National Bank of Kentucky are not included in the state banking department's statistics as it was under the supervision of the federal banking department. The National Bank of Kentucky has already paid a 67 per cent dividend Banks that closed prior to Novem- other one. the Guaranty Bank ber have been or are being liquidated. These banks with the date of Trust Company of Lexington, has been taken over by the Citizens their closing and their gross deposit Bank and Trust company under the liabilities are listed here: Hickman presidency of W. A. Dicken, former Bank & Trust Company, Hickman, state banking commissioner. Decemberf 30, 1929, $595,862: Hargis Thirty-seven banks and trust com- Bank & Trust Company, Jackson, panies, under the supervision of the February 5, 1930, $554,368; Grayson state banking department, have been County Bank, Leitchfield, March 10, suspended since January 1, 1929 1930, $357,254; the Peoples Bank, The gross deposit liabilities of these Mt. Vernon, April 22, 1930, $260,institutions totaled $29,087,437. Of 855; La Grange Bank and Trust the banks re-opened or liabilities Company, LaGrange, May 26, 1930. assumed, the gross deposit liabilities $352,232; Bank of Russellville, Rustotaled $6,410,677. The re-opening sellville, June 12. 1930. $183,660; Hazel Green Bank, Hazel Green, June 30. 1930, $184,054: Elsmere Savings Bank, Erlanger, July 3, 1930. $192,870: Vine Grove State Bank, Vine Grove, $91,464. The banks that have re-opened 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 a few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGuiar 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, $256,463. Two Negro banks, the First Standard Bank and the American Mu- tual Savings Bank. which closed in Louisville November 17. were later consolidated into the Mutual Standard Bank. The bank resulting from the merger closed May 7 of this year and is being liquidated. Liquidating agents have been appointed for the following banks closed since November: Owsley County bank, Boonevill, $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, $363,359: Bank of Hardinsburg & Trust Co., Hardinsburg, $523,381 Liquidating agents hav 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, $91,910: Butler Deposit Bank. Butler, $614,388; Bank of Wayland, Wayland, $145,348; Beaver Valley State Bank. Weaksbury, $113,269. Kentucky's Tourist Trade Geoffrey Morgan, acting executive secretary of the Kentucky Progress commission, attributes the increase in gasoline consumption in Kentucky this year to the Progress commission's efforts in advertising the state's tourist attractions. The first six months of this year showed an increase in gasoline taxes of $180,178.03 over the same period last year. "It certainly pays to advertise," said Mr. Morgan, citing these statistics. "Take the figures for Janusry. The tax commission showed gasoline taxes collected in January of this year totaled $620,885.50 as compared with $503,046.73 for January of 1930. That is an enormous difference. The reason for it is this. We had an open winter the first of this year. So the tourists in Florida began flocking home. We had been advertising Kentucky among the tourists and the result was many of these tourists returned northward by way of Kentucky."

9. November 29, 1932 Messenger-Inquirer Owensboro, KY
Article from Messenger-Inquirer, November 29, 1932

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Court of Appeals Rules AsIn Bank Case sessment Cannot Be Decided. Frankfort, Ky., Nov. 29. The decision Jefferson circuit court that the necessity for 100 per against stockholders the Union Central bank, Louisville which closed in Novem. ber of 1930. cannot be determined now with any degree of accuracy upheld by the Court of Appeals today. The Appellate court affirmed cision of lower court which ruled in favor of Robert Adams, stockholder of the bank. James Dorman, state banking commis. sioner, In January this year the banking commissioner was granted permission to assess the stockhold. cent of their maximum liability. Later Adams filed an tervening petition and was success. in setting order aside The opinion written by CommisCharles Creal also held the depositors are entitled to Interfrom the time the bank suspended commissioner said, "There substantial evidence tending more realized from the assets than is indicated by the petition the auditor's report filed therewith."

10. November 30, 1932 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, November 30, 1932

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POINT IS WON BY STOCKHOLDERS Court of Appeals Rules AsIn Bank Case sessment Cannot Yet Be Decided. Frankfort. Ky., Nov. 29. The decision Jefferson circuit court that the necessity for 100 per against stockholders of the Union Central bank, Louisville, which closed in November of 1930. cannot be determined now with any degree of accuracy was upheld by the Court of Appea's today. The Appellate court affirmed decision of lower court which ruled in favor of Robert Adams, bank. James R. Dorman, state banking commis. sioner, appealed. In January of this year the banking commissioner was granted permission to assess the stockholders 100 per their maximum liability. Later Adams filed an intervening petition and success. fut in setting order aside. The opinion written by Commissioner Charles Creal also held the depositors are to interest from the time the bank suspended The commissioner said, "There is substantial evidence tending to show more will be realized from the assets than is indicated by the petition the auditor's report filed therewith. A manufacturers' sales tax is proposed in the Netherlands