7376. Citizens Bank & Trust Company (Middlesboro, KY)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
November 28, 1929
Location
Middlesboro, Kentucky (36.608, -83.717)

Metadata

Model
gpt-5-mini
Short Digest
d817aa41

Response Measures

Full suspension

Description

Newspaper reports state Citizens Bank & Trust Co. 'failed to open' Nov 28, 1929 after 'heavy withdrawals' (a run). The bank was later liquidated (liquidating agents appointed) and replaced by a new institution (Commercial Bank & Trust) in March 1931. Thus a run led to suspension and permanent closure; episode classified as run_suspension_closure.

Events (5)
1. November 28, 1929 Run
Cause Details
Heavy withdrawals/run; notice posted that there had been heavy withdrawals forcing failure to open.
Newspaper Excerpt
Citizens Bank and Trust Company failed to open today. A notice posted said there had been heavy withdrawals.
Source
newspapers
2. November 28, 1929 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was forced to suspend (did not open) because of heavy withdrawals and insufficient liquidity; later placed in liquidation and liquidating agents appointed.
Newspaper Excerpt
Citizens Bank and Trust Company failed to open today.
Source
newspapers
3. March 7, 1931 Other
Newspaper Excerpt
Commercial Bank and Trust company opened here today replacing Citizens bank which closed last November 28. Officers said many deposits were made.
Source
newspapers
4. August 23, 1931 Other
Newspaper Excerpt
Liquidating agents have been appointed for the following banks closed since November: ... Citizens Bank and Trust company, Middlesboro, $495,977.
Source
newspapers
5. June 7, 1933 Other
Newspaper Excerpt
When the bank passed into the hands of the State Banking Department for liquidation it was found that the assets were insufficient to pay the debts and liabilities ... payment of assessment ... did not absolve Whitfield from double liability when the bank closed its doors November 28, 1929.
Source
newspapers

Newspaper Articles (9)
1. November 28, 1930 Kenosha News Kenosha, WI
Article from Kenosha News, November 28, 1930

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Banks Close in Four States Illinois Has Two Closings, Others Scattered Over United States Westfield, III.-(U.P)-The First National Bank here suspended business today. Officers announced that the institution's income was not sufficient to meet expenses. The bank has been operating for 25 years, and had deposits estimated at $325,000. Depositors will be paid in full, officials said. Hit by Withdrawals Corinth, Miss. The Corinth Bank and Trust Company, with deposits as of Sept. 24 of $1,650,000, closed today. Directors announced steady withdrawals had forced the action. Lock Missouri Bank Jefferson City, -(U.P.) The Knox county savings bank of Edina, was closed today by its board of directors. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open in that city. The savings bank had loans of $201,606 capital stock of $20,000, surplus of $10,000, and deposits of $276,398. Kentucky Has Another Middlesboro, Ky.-(U.P.) Citizens Bank and Trust Company failed to open today. A notice posted said there had been heavy withdrawals. Take Over III. Bank Benton, Ill.-(U.P)-The First Na. tional Bank of Benton failed to open for business today. A notice posted on the door of the bank said the institution was in the hands of the comptroller of currency. Resources of the bank were approximated at $2,000,000.

2. November 28, 1930 Evansville Press Evansville, IN
Article from Evansville Press, November 28, 1930

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PROMINENT MUNCIE MAN DIES SUDDENLY ONE OF FOUNDERS OF AMERICAN LEGION DIES By United Press KANSAS CITY, Mo., Nov. 28 Col. Arthur J. Elliott, 48, one of the founders of the American Legion, died today after an acute heart attack. Four Banks Close By United Press CORINTH, Miss., Nov. 28.-The Corinth Bank and Trust company, with deposits of $1,650,000, closed today. By United Press JEFFERSON CITY, Mo., Nov. 28. -The Knox County Savings bank of Edina, was closed today. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open. By United Press MIDDLESBORO. Ky., Nov. 28.Citizens Bank and Trust company failed to open today. By United Press WESTFIELD, Ill., Nov. 28.-The By United Press First National bank suspended MUNCIE, Ind., Nov. 28.-The business today. Depositors will be second unexpected death in one of paid in full, officials said. the wealthiest families in Muncie Deaths recorded at the city occurred yesterday when Carl Maltland Kitselman, 65, dropped health office Friday were: Elizabeth Kneubel, 83, of 16 E. Indidead while playing with his grandchildren. ana-st, bronchial asthma; Emma brother, Edwin Faye Kitsel- May Van Cook, one day, 1414 Codyman. died on Armistice day. st, premature birth.

3. November 28, 1930 The Belleville News-Democrat Belleville, IL
Article from The Belleville News-Democrat, November 28, 1930

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$2,000,000 BENTON CLOSES DOORS Notice Says Bank in Hands of Comptroller as City of 8,000 Is Without Banking Institution. The First National Bank of Benton, with resources of approximately $2,000,000 failed to open today. A notice posted on the door of the institution said the bank was in the hands of the comptroller of currency. The closing left this city of 8,000 in the heart of the southern Illinois coal mining belt, without banking institution The bank was capitalized at $100,000 and had deposits of nearly 000,000 which included city and county funds. "Frozen assets" was given by directors as the reason for the closing. G. C Cantrell is president of the institution and George A. Powers, cashier. WESTFIELD BANK CLOSES Westfield, November 28. (UP)-The First National Bank here suspended today with the announcement that it was going out of business because its overhead was too great. Depositors, It was stated, will be paid in full The First National Bank was organized 25 years ago with a capital stock of $50,000. Deposits. according to its last statement was $325,000. E. D. Flagg. president, and H. E. SpellThe bank. according to a statement, is solvent but was closed by its director with the decision to liquidate because its profit was not sufficient to meet its overhead. Deposits. it was declared have shrunk to such considerable point in the last three months that it failed to pay the bank to operate Westfield has population of approximately 1,000 persons, The Corinth Bank and Trust Company, with deposits as of Sept. 24 of $1,650,000, closed today. Directors announced steady withdrawals had forced this action. Middlesboro, Ky. Nov Citizens Bank and Trust Company failed to open today notice posted said there had been heavy withdrawals.

4. March 7, 1931 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, March 7, 1931

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Increased Selling Tends To Drag Grain Values Down Chicago, March prospects domestic winter crops led to increased selling IMPROVED day houses with southwest, and dragged down both Confidence Returns Gradually As Seven Closed Institutions Are Reopened. (By Associated Press) Reopening of several banks and formulation of plans to reorganize others has done much to relieve the financial uncertainty Kentucky of the past weeks. Developments given rise to the belief stronger financial will be the Blue Grass heritage Plans are under way for reorganization of the Bank and Trust company at Lexington, largest bank outside of Louisville to close. The stockholders have decided sell the bank's eight-story building, form new institution. 75 Per cent to Depositors Meanwhile depositors of the closed bank will receive per cent of their deposits, pledged by the Lexngton Clearng House assocation. more definite reorganization culminated yesterday at Middlesboro opening the Commercial Bank Trust company. which replaces defunct Citizens Bank and Trust company. The Bank has been approved Dicken, banking commissioner. announced his proval of the Lexington tion Banks Reopen Of the 25 Kentucky banks which closed, starting with the National Bank of Kentucky failure at Louisville last November 17. have reorganized opened. Others the Security Trust, Louisville: negro banks Louisville which merged and reopened, and banks St. Helen's, Sulphur, Sturgis. and the Farmers Bank, Fulton. Louisville was heartened by nouncement that the First National bank had purchased sufficient the assets closed National Bank of Kentucky to return to positors the latter institution two-thirds dividend. which will distributed within few weeks. MAKE PAYMENT SOON March First payment depositors of the Hopkins county bank which pended operation last and which has been the hands of state banking commissioner for liquidation since. is to be made soon Hughett. special deputy banking charge of liquidation. indicated today. Reports that be made about March MAY REOPEN TRUST CO. Louisville, Mar call number of depositors the Louisville Trust company meet this and discuss possibility reopening has been sent out by Huston Quin. signed by him chairman De positors committee. proponents the say reopening would duce and sult in depositors getting back larger per cent of their money MANY DEPOSITS MADE Middlesboro, March The Commercial Bank and Trust company opened here today replacing Citizens bank which closed last November 28. Officers the bank said many deposits were made. large on hand the opening W. Tennent president of the new bank: Gaius Whitfield cashand W. Bailey, dent. The First National Bank of Louisville, Ky., the new bank's depository.

5. 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

6. 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.

7. 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."

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

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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.

9. June 7, 1933 The State Journal Frankfort, KY
Article from The State Journal, June 7, 1933

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STOCKHOLDER MUST DOUBLE Liability His In Case Bank Needs Money Payment of a 100 per centum assessment in 1926 to restore the impaired capital of the Citizens Bank & Trust Company of Middlesboro does not absolve Gauis Whitfield, a stockholder, from double liability when the bank closed its doors November 28, 1929, the Court of Appeals held yesterday in affirm. ing the Bell Circuit Court. When the bank passed into the hands of the State Banking Department for liquidation it was found that the assets were insufficient to pay the debts and liabilities and that it would be necessary to make an assessment against the stockholders of 100 per centum of the par value of their stock. James R Dorman, State banking commissioner, filed suit against Whitfield to recover $3,600, the par value of his stock. He defended on the ground that he had paid an assessment of 100 per centum on his shares pursuant to an assessment made August 19, 1926, to restore the Impaired capital and that he discharged his double Hability when he paid the assessment in 1926. The appellate court, in an opinion by Chief Justice Rees, held that the payment OF "the assessment in 1926 to restore impaired capital stock did not absolve Whitfield from double liability when the bank closed in 1929.