7382. Citizens National Bank (Monticello, KY)

View Charter #6419 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
6419
Charter Number
6419
Start Date
November 17, 1908
Location
Monticello, Kentucky (36.840, -84.851)

Metadata

Model
gpt-5-mini
Short Digest
d48e9f12

Response Measures

Full suspension

Other: Cashier arrested for embezzlement; Comptroller closed the bank.

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1933-08-23
Date receivership terminated
1938-01-06
Share of assets assessed as good
49.3%
Share of assets assessed as doubtful
33.9%
Share of assets assessed as worthless
16.7%

Description

Multiple contemporary papers (Nov 17, 1908) report a run and immediate closing/suspension of the Citizens National Bank after discovery of a ~ $22,000 shortage in the cashier's department; cashier arrested for embezzlement and the Comptroller closed the bank. No reopening is reported in these articles. (Later 1933 note references a receiver during the bank holiday era, separate and much later.) OCR variations in cashier name (McConnahey/McConnaghy) noted.

Events (4)
1. September 12, 1902 Chartered
Source
historical_nic
2. November 17, 1908 Run
Cause
Bank Specific Adverse Info
Cause Details
Discovery of an alleged $22,000 shortage/embezzlement by the cashier triggered depositor alarm and a run.
Measures
None reported (no temporary measures described); depositors withdrew funds leading to closing.
Newspaper Excerpt
the president of the bank, who said that there had been a run and that the institution was in serious straits.
Source
newspapers
3. November 17, 1908 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Comptroller of the Currency/bank authorities closed the bank after discovery of the cashier's shortage (~$22,000) and arrest of the cashier; president notified the Comptroller reporting the run and serious straits of the institution.
Newspaper Excerpt
The Citizens' National bank closed today ... Cashier Charles W. McConnahey was arrested in connection with the suspension.
Source
newspapers
4. August 23, 1933 Receivership
Source
historical_nic

Newspaper Articles (7)
1. November 17, 1908 The Spokane Press Spokane, WA
Article from The Spokane Press, November 17, 1908

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Article Text

CASHIER JAILED BANK BROKE MONTICELLO, Ky., Nov. 17.The Citizens' National bank closed today and Cashier Charles W. McConnahey was arrested in connection with the suspension. The authorities are seeking Assistant Cashier E. R. Winfrey. The shortage is estimated at $22,000. The deposits were $80,000.

2. November 17, 1908 East Oregonian : E.O Pendleton, OR
Article from East Oregonian : E.O, November 17, 1908

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Article Text

EMBEZZLING CASHIER WRECKS KENTUCKY BANK. Monticello, Ky., Nov. 17.-The Citizens' National bank closed today. Cashier Charles W. McConnahey was arrested in connection with the suspension, and the authorities are seeking an assistant cashier, E. R. Winfrey. The shortage is estimated at $22,000. The deposits are $80,000.

3. November 17, 1908 The Seattle Star Seattle, WA
Article from The Seattle Star, November 17, 1908

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Article Text

Bank Closes-Cashier Arrested. MONTECELLO, Ky., Nov. 17.The Citizens' National Bank closed today. Cashier Charles W. McConnahey is under arrest in connection with the suspension of the Institution and the authorities are seeking Assistant Cashier E. R. Winfrey. The shortage is estimated at $22,000. The deposits are reported to amount to $90,000.

4. November 17, 1908 Coeur D'alene Evening Press Coeur D'alene, ID
Article from Coeur D'alene Evening Press, November 17, 1908

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Article Text

SHORT $22,000 ARREST CASHIER Assistant Cashier is Missing and Bank is Closed by the Government. MONTICELLO, Ky., Nov. 17-The Citizens National Bank of this city closed its doors today. Cashier Charles W. McConnahey has been arrested in connection with the bank's suspension of business, and the officers are now prosecuting a search for the assistant cashier, E. R. Winfrey. The deposits of the bank are estimated at $80,000, and the shortage at $22,000.

5. November 17, 1908 The Washington Times Washington, DC
Article from The Washington Times, November 17, 1908

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Article Text

CASHIER ARRESTED; ASSISTANT MISSING National Bank in Kentucky Town Closed-Shortage $22,000. MONTICELLO, Ky., Nov. 17.-The Citizens' National Bank has been closed, its cashier, Charles W. McConnaghy, arrested, and a search instituted for Assistant Cashier E. I. Winfrey. McConnaghy was taken immediately to Somerset for hearing before United States Commissioner Cook. The shortage is estimated at $22,000. The deposits are said to have amounted to $90,000. The closing of the bank was first made known to the Comptroller of the Currenev by the president of the bank, who said that there had been a run and that the institution was in serious straits.

6. November 18, 1908 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, November 18, 1908

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Article Text

DISCOVERY OF SHORTAGE CAUSES BANK TO SUSPEND Comptroller of Currency Closes Doors of Institution in Kentucky. Cashier Accused of Big Theft WASHINGTON, Nov. 17.-The comptroller of the currency has been advised of the closing of the doors of the Citizens National bank of Monticello, Ky., on account of a shortage of over $20,000 in the cashier's department. The bank has a capital of $50,000 and total resources of $194,000.

7. September 5, 1933 Interior Journal Stanford, KY
Article from Interior Journal, September 5, 1933

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Article Text

NAMED BANK RECEIVER Mr. J. P. Harrison, of Somerset, has been appointed receiver for the Citizens National Bank, Monticello. The bank has been operating under a conservator since the bank holiday in The Century of Progress Exposition has paid $2,000,000 or 20 per cent of the fair's bonded indebtedness. For two weeks the expositon has been on a cash basis in paying all bills. In Chicago during the month of August 3,760 couples were married.