First State Bank (Woodbury, TN)

Episode Information

Episode UID
738285791484
Episode Type
Run → Suspension → Unsure
Bank Type
state
Bank ID
73828579 hash
Start Date
August 9, 1923
Location
Woodbury, Tennessee (35.828, -86.072)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
c35c6a3bbf40114a

Response Measures

None

Description

Articles report run and directors closing doors but give no follow-up on reopening or receivership.

Events (2)
1. August 9, 1923 Run
Cause
Rumor Or Misinformation
Cause Details
Rumors of insolvency prompted depositors to withdraw funds
Measures
Directors ordered the doors closed; state bank examiner notified and dispatched
Newspaper Excerpt
Rumors of insolvency ... produced the first run on a Tennessee bank ... several hundred depositors withdrew all funds
Source
newspapers
2. August 9, 1923 Suspension
Cause
Rumor Or Misinformation
Cause Details
Board of directors closed the bank following the run triggered by insolvency rumors
Newspaper Excerpt
Doors of the institution were closed after orders had been given by the board of directors.
Source
newspapers

Newspaper Articles (2)
1. August 10, 1923 The Tennessean Nashville, TN
Article from The Tennessean, August 10, 1923

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Article Text

WOODBURY BANK IS CLOSED AFTER "RUN" Examiner to Investigate Withdrawals of Depositors. Rumors of insolvency concerning the First State Bank of Woodbury Thursday produced the first run on a Tennessee bank in several months, when several hundred depositors withdrew all funds at that time on hand Doors of the institution were closed after orders had been given by the board of directors. Notification of the situation at Woodbury was sent to S. S. McConnell, state bank examiner, Thursday afternoon, and a state auditor was immediately dispatched to the scene. Mr. McConnell will leave Friday morning to inspect the bank in person. The First State Bank is capitalized at $75,000 and has a surplus of $20,000. It has been in business for approximately ten years and is at present operated under the presidency of Jesse Davenport. W. W. Preston is vice-president. Crop conditions in the neighborhood have not been good since 1920, and as the principal products of the year, consisting of corn and hogs, have not yet been marketed, farmers of the vicinity are said to have been borrowing heavily.

2. August 10, 1923 Nashville Banner Nashville, TN
Article from Nashville Banner, August 10, 1923

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Article Text

RUN ON WOODBURY BANK CLOSES DOORS The doors of the First State Bank at Woodbury were closed Thursday afternoon, following a run on the institution by a number of depositors, who withdrew all their funds. The directors ordered the doors closed and notified State Bank Superintendent S. S. McConnell, who dispatched a state bank examiner to Woodbury and went himself to personally inspect the bank today. The bank is capitalized at $7,000 and has a surplus of $20,000, according to its statements. It has been operating for ten years. Jesse Davenport is president of the institution and W. W. Preston vice-president.