7383. Bank of Morehead (Morehead, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 13, 1907
Location
Morehead, Kentucky (38.187, -83.451)

Metadata

Model
gpt-5-mini
Short Digest
647939ad

Response Measures

None

Description

The bank was closed by the Attorney General and a receiver was appointed (Article 1, 1907-12-13). Subsequent reporting (Article 2, 1908-04-01) describes indictments of the cashier for wrecking/embezzlement, indicating bank-specific adverse conduct. There is mention in Article 1 of an expectation the bank will again soon resume business, but a receiver had been appointed and indictments followed, so classification is suspension_closure (suspension with receiver assigned).

Events (3)
1. December 13, 1907 Receivership
Newspaper Excerpt
A receiver has been appointed for the Bank of Morehead, at Morehead, Rowan county, The bank was closed by Attorney General N. B. Hayes ... It is believed that, under the administration of the receiver, the bank will be able to realize upon its loans and discounts and will again soon resume business.
Source
newspapers
2. December 13, 1907 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Closed by Attorney General due to inability to pay depositors; insolvency connected to internal misconduct later described (absconding cashier and indictments).
Newspaper Excerpt
A receiver has been appointed for the Bank of Morehead, at Morehead, Rowan county, The bank was closed by Attorney General N. B. Hayes upo its inability to pay its depositors
Source
newspapers
3. March 30, 1908 Other
Newspaper Excerpt
Receiver E. E. Hindman of the State Central Bank IS in receipt of a letter from the receiver of a bank at Morehead, Ky., stating that W. J. Rice, the absconding cashier ... has also been indicted at Morehead ... Rice has flown ... Charles is under two-year sentence ... Anders and Schilling are under bond ... Smith ... in the Illinois penitentiary.
Source
newspapers

Newspaper Articles (2)
1. December 13, 1907 The Big Sandy News Louisa, KY
Article from The Big Sandy News, December 13, 1907

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Article Text

A receiver has been appointed for the Bank of Morehead, at Morehead, Rowan county, The bank was closed by Attorney General N. B. Hayes upo its inability to pay its depositors It is believed that, under the administration of the receiver, the bank will be able to realize upon its loans and discounts and will again soon resume business.

2. April 1, 1908 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, April 1, 1908

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Article Text

Bank Wreckers Coming to Grief. Jackson, Miss., March 30.Receiver E. E. Hindman of the State Central Bank IS in receipt of a letter from the receiver of a bank at Morehead, Ky., stating that W. J. Rice, the absconding cashier of the Central, who was indicted here several days ago for his part in wrecking the institution, crooked business and wild. cat methods, has also been indicted at Morehead, and the officers are after him. President Auders, Cashier Rice and Stockholders Schilling and Charles were all indicted here. Rice has flown, Charles is under two-year sentence in Florida for working a similar game at Pensacola, Anders and Schilling are under bond. Smith, another stockholder, is in the Illinois penitentiary.