German National Bank - Newport, KY

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 2726
Charter Number: 2726
Start Date: January 3, 1901
Location: Newport, Kentucky (39.091, -84.496)

Metadata

Model: gpt-5-mini
Short Digest: 3a426bae

Response Measures

None

Description

Article (New-York Tribune, 1901-01-04) reports the German National Bank of Newport, KY was placed in the hands of Bank Examiner Tucker as receiver because of a $195,000 shortage by the assistant cashier. No run is described; a receiver was appointed (regulatory action) so classified as suspension leading to closure/receivership.

Events (3)

1. June 10, 1882 Chartered

Source: historical_nic

2. January 3, 1901 Other

Newspaper Excerpt: Edward C. Remme, cashier of the German National Bank, of Newport, Ky., was arrested to-day by United States Marshal Compton upon a warrant issued at the instance of Bank Examiner Tucker.
Source: newspapers

3. January 3, 1901 Receivership

Newspaper Excerpt: the bank was recently placed in the hands of Tucker as receiver.
Source: newspapers

Newspaper Articles (1)

1. January 4, 1901 New-York Tribune New York, NY

Article from New-York Tribune, January 4, 1901

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Article Text

ARREST IN NEWPORT, KY., BANK CASE. CASHIER CHARGED WITH AIDING ASSISTANT CASHIER, WHO TOOK $195,000. Cincinnati, Jan. 3.-Edward C. Remme, cashier of the German National Bank, of Newport, Ky., was arrested to-day by United States Marshal Compton upon a warrant issued at the instance of Bank Examiner Tucker. Owing to the shortage of $195,000 by Frank M. Brown, assistant cashier and bookkeeper, the bank was recently placed in the hands of Tucker as receiver. Where Brown is is unknown, and it was thought that there would be no prosecutions until he was found. Bank Examiner Tucker said to-night: On April 26, 1899, I arranged with the cashier, Remme, to examine the books of the bank privately. Remme and I were the only ones who knew of the arrangement. On April 29 the books were taken to Cincinnati and examined in private. I have since discovered that between April 26 and 29 sixty false entries were made, covering a shortage of over $90,000. Some one must have informed Brown that the books were to be examined, so as to give him an opportunity to make the false entries. This is the basis of my affidavit against Remme. Mr. Remme said: "I am innocent, and did not know of the Brown shortage before the directors knew it, and gave Brown no intimation of the secret investigation of the books." Mr. Remme has been assisting Receiver Tucker in closing up the affairs of the old bank and organizing the new one, and was at work in the bank when arrested. Petitions had been signed by many old depositors for Remme to be the cashier of the reorganized bank, and his arrest came as a surprise to the community.