First National Bank - Mayfield, KY

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 2245
Charter Number: 2245
Start Date: October 28, 1931
Location: Mayfield, Kentucky (36.742, -88.637)

Metadata

Model: gpt-5-mini
Short Digest: fb5bd278

Response Measures

Accommodated withdrawals, Public signal of financial health

Description

Article (Oct 28, 1931) describes precautionary shipments of cash and gold flown in to bolster Citizens Savings Bank amid fears of a run on Paducah banks. No suspension, closure, or reopening is mentioned for Citizens Savings Bank in the provided text. Cause attributed to contagion from other local banks experiencing runs (Peoples National, Mayfield) rather than a discrete misinformation event.

Events (2)

1. April 8, 1875 Chartered

Source: historical_nic

2. October 28, 1931 Run

Cause: Local Banks
Cause Details: Precautionary action and heavy withdrawals linked to runs/distress at nearby banks (Peoples National, Mayfield); money flown in to bolster liquidity.
Measures: Currency and gold flown in from Louisville and St. Louis; police guarded the airport while shipments were received.
Newspaper Excerpt: GOES TO PEOPLES BANK TO STAVE OFF \RUN\ Unlimited resources were placed behind Paducah's two remaining banks today when airplanes rushed currency and gold from Louisville and St. Louis...received by the Citizens Savbank.
Source: newspapers

Newspaper Articles (1)

1. October 28, 1931 The Paducah Sun Paducah, KY

Article from The Paducah Sun, October 28, 1931

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Article Text

UNLIMITED MONEY REMAINING Also Gets Cash From Louisville As Precautionary Measure GOES TO PEOPLES BANK TO STAVE OFF "RUN" Currency Rushed Here From St. Louis and Louisville By Airplane Unlimited resources were placed behind Paducah's two remaining banks today when airplanes rushed currency and gold from Louisville and Louis. And the same time money, believed to have been the amount of $100,000, was received by the First National Bank at Mayfield. The first shipment came in o'clock from Louis, and received by the Citizens Savbank. second consignment cash was received at o'clock from Louisville. Richard Rudy, president the bank, declined divulge the amount money received. said: have been heavy dehere this to withstand $400,000 for Peoples'. Shortly before nono the third plane arrived from Louisville with $400,000 for the Peoples National bank and with the cash for the Mayfield institution. John Russell, cashier of the Peoples National bank, said that the bank "has enough money on hand to withstand any "But," he added, feel have the confidence of the public and that no run on the bank will made." Officials of the Mayfield bank were reluctant to say anything the money being received by them. Precautionary Move. are getting this only precautionary measure," ficial said the airport just before the last plane landed. The money received at the port by the Mayfield men. was contained in two large suitcases, which were bundled into the car and the return trip started. Police Guard Airport. Mr. Rudy, in declining name the amount money received, said that "little was needed bolster the bank against any run." The amount for the Citizens bank lesser amount than was received by the other bank. More than dozen guards, under the supervision of Chief Police Gus Rogers and Chief Detectives Kelly Franklin guardthe airport during the morning until the final shipment had been received. MAYFIELD FROSH LOSE MAYFIELD, KY., Oct. 28 (SpeMurray Training School football eleven defeated the Mayfield high school freshmen team yesterday afternoon on the local stadium 20-0.