7421. City National Bank (Paducah, KY)

View Charter #2093 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
2093
Charter Number
2093
Start Date
November 18, 1930
Location
Paducah, Kentucky (37.083, -88.600)

Metadata

Model
gpt-5-mini
Short Digest
4adbddf0

Response Measures

Full suspension, Books examined

Other: Directors voluntarily voted to suspend business and requested the Comptroller/examiners; receiver appointed and liquidation followed (dividends paid later).

Receivership Details

Depositor recovery rate
50.0%
Date receivership started
1931-10-28
OCC cause of failure
Economic conditions
Share of assets assessed as good
19.0%
Share of assets assessed as doubtful
77.0%
Share of assets assessed as worthless
4.0%

Description

City National Bank (Paducah, KY) experienced heavy withdrawals beginning after it absorbed the First National and Mechanics Trust & Savings (Nov 1930) and ultimately directors suspended business Oct 28, 1931. A receiver was appointed and the bank remained closed and in liquidation (dividends later paid). Causes: initial depositor withdrawals related to affiliation/closures of local banks and concerns after consolidation; final suspension attributed to deflation in bond values (economic conditions) and sustained withdrawals. No discrete misinformation incident described.

Events (7)
1. March 18, 1873 Chartered
Source
historical_nic
2. November 18, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals followed the consolidation/absorption of the First National Bank and the Mechanics Trust & Savings Bank into the City National; depositor nervousness after local bank failures and the merger led to heavy withdrawals.
Measures
City National absorbed the First National and Mechanics Trust & Savings, guaranteed deposits of affiliated banks and took over assets to stabilize local banking.
Newspaper Excerpt
Withdrawals by depositors heavy ... the day the banks banking activity ... unusually could made for heavy
Source
newspapers
3. October 28, 1931 Receivership
Source
historical_nic
4. October 28, 1931 Receivership
Newspaper Excerpt
Paul Keyes ... has been appointed receiver for the City National. ... The City National bank closed its doors this morning. Notices posted at the bank stated it had been closed for examination by order of the comptroller of the currency. The action was requested by the directors.
Source
newspapers
5. October 28, 1931 Suspension
Cause
Macro News
Cause Details
Persistent deflation of bond values (market decline in bond values) combined with months of heavy withdrawals forced directors to suspend business; examiners said crisis was precipitated solely by economic conditions.
Newspaper Excerpt
Directors of the bank met Tuesday night and adopted resolution that the institution suspend business for the protection of depositors... The bond holdings have diminished greatly in market value, and there have been heavy withdrawals of deposits
Source
newspapers
6. October 30, 1931 Other
Newspaper Excerpt
Body of James C. Utterback, president of the City National Bank ... was found in Noble Lake here today. ... When the bank closed Mr. Utterback issued statement attributing it to recent heavy withdrawals to shrinkage in the value of the bank's bond holdings.
Source
newspapers
7. June 10, 1932 Other
Newspaper Excerpt
Receiver ... announced dividend checks representing 10 per cent of their claims ... The bank closed its doors October 28, 1931. It has been in the hands of a receiver since that time.
Source
newspapers

Newspaper Articles (23)
1. November 17, 1930 The World-News Roanoke, VA
Article from The World-News, November 17, 1930

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pany, Newport; Bank of Pangburn, Pangburn: State Perry: Merchants Trust Company. Pine Bluff: Bank Star Star Victoria Bank Strong: State Bank, Stuttgart; Citizens and Bank of Wabbaseka, The following banks affiliated with Banks Company mained open for business, the comannounced: The Bank of Fordyce and the First National Bank, Fordyce: Bank Harrisburg, Harrisburg First National Mineral Bank of phens, Stephens, and Bank of Waldo, Waldo. Efforts were being made at City to merge the First National Bank and the Merchants and Farmers and open one of them today, officials said. Chicago Nov affiliated the National Bank Kentucky drastically the Chicago stock market opening compared with closing price Saturday of Sales midsession today had reachtotal of shares, while the sales last 9.800. stock has sold 25 this and last mark was today the to and then slipped back Ky., Nov. City National Bank Paducah today nounced the of the First National Bank the Mechanics Trust and Savings Bank Paducah. James Utterbach president the City Bank, had all assets of the other local and had guaranteed their deposits. Directors the First National Bank, which was affiliated with the Bancothat closing the Bank Kentucky had not the First National of They added the National Bank owed and owed them nothing. BAPTISTS HERE FOR GENERAL ASSOCIATION MEETING TOMORROW CITY ITEMS Mark's Gathering. Mark's Lutheran who the during the will be welcomed gathering held the church Wednesday evening o'clock. Charles Smith, president Roanoke college, will make brief talk at this time. Committee to Meet. The of the Mary Louise home meet Wednesday o'clock the home number important matters will be discussed, and all members are urged to be New Director Arrives. Effie Kendrick, recently named the cafeteria, has the city. She assume her new duties morning Miss Kendrick native of Georgia, but comes here Orleans, where has sistant cafeteria of that city. Children's Book Talk. Miss Mary Roselle, children's 11brarian the Roanoke public library, will speak to parents the subjects books for children Tuesday morning at The viously announced Wednesday morning Suffering Injured Knee. near Boone taken Lewis-Gale hospital late suffering from badly lacerated knee as result of an automobile accident of on Mount road, about six miles from Crystal Spring The Crystal Spring Association meet afternoon the usual hour, nounced yesterday. The meeting was to have been held last but was poston the death mother the school Bertha Starritt. principal, Wreck Victims Improve. Mrs. Fred Lorenzen and daughters, Helen and Hazel, slightly injured an cident which occurred Armistice between Roanoke and Salem, are able to be out again. (Continued From Page One.) To Give Womanless Wedding. bentfit the church buildFor ing fund. Circle No. the WomAuxiliary of the West End Presbyterian will sponsor the "Womanless Wedsentation evening o'clock tomorrow the over the and Cafeteria Street. Hernwill be in charge of the don music. tists Virginia have chosen Roanoke their in 1897, 1910, 1917 in 1923. The white Baptists of Virginia numThey have 1,154 churches, 743 ministers 1,140 Bible Schools, Baptist Young Peoples Unions, Women's Missionary Undistrict which standhospital with 103 beds, orphanage at Salem which cares 275 children. seven academies, three junior colleges and one universiaccording to reports prepared for Seize and Liquor Cargo. tomorrow Stanley. Roanoke County of Virginia last liceman captured for automobile loaded 105 Buick for missions and education. of liquor on Friday night, gallons after chase from the W. Cammack will conduct opening session Road. through after organization and Northeast and an address welcome will ended the Bonsack Road, outside delivered by Angell. the city limits. One of the two sponse will made by Dr. Cecil other. cupants Cooke. Moses, faces prohibition charge. Among the other opening day speaktaken to Salem and later supplied ers are Frank Crump, bond. Eugene Sallee, both has Burn Car and Wreck One resented the denomination foreign Thleves will deliver an address Saturday night. Christ in Services will police another burned, at noon when that Frank Kaplan reported will be preached by Dr. been stolen. his had land whose subject will few minutes later fire company Greatest called street at Buzzard Rock president of the where Kaplan's machine Ford Richmond, will speak Police the car appearmorrow the ed been fired from the inside. "Higher World was backed into The report the committee ditch flames flared up presented by the sped Studebaker second car Tiffany. Tuesday night owned Riley Collins, touring address will Porter who wrecked at Church Avenue and his subject, "Must We First Street, W., shortly Fight Again?" was reported stolen. The driver fied. called to move the Speaking "Thomas Jefferson and Garland damaged vehicle away. Governor John Pollard will appear the program Pol- Pupils pupils of the Jamison has active Sixth will group songs the the for many school afternoon at o'clock from stahaving served moderator Friday WDBJ Those the the Peninsula Baptist Association while will last for about lived Williamsburg. which thirty program. minutes, will be children Dr. Richard pastor of CalMrs. Baptist will serve rooms of Mrs. vary Mrs. Virginia Mameeting which Beulah Painter and pastor scheduled adjournment at soncup. Thursday Planning Consolidation. article in the Daily to New the the National Credit Company and Dun Office are planning successful the the negotiations are individual will retain agencies but known the Dun Corporabe the Dun Company For 89 operation. been world-wide organiza257 offices and over operating states the States and themservices.

2. November 18, 1930 The Courier-Journal Louisville, KY
Article from The Courier-Journal, November 18, 1930

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THREE BANKS AT PADUCAH MERGE Consolidated Institution Becomes Largest In State Outside Louisville. the First National Bank and the Mechanics Trust & Savings Bank late today began transfer currency and from which vesterday Tomorrow morning the business all three banks the room of the City James of the City will with the assistance purchased personnel the City National the First National of Paducah tional which closed at there was financial Withdrawals by depositors heavy at the the day the banks banking activity the Banking officials that unusually could made for heavy from Louis might resources more National largisville banks for some until Sunday night.

3. November 19, 1930 The Paducah Sun Paducah, KY
Article from The Paducah Sun, November 19, 1930

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PADUCAH BANKS PRAISED FINANCIERS Messages to Utterback Say the Situation Handled Admirably Here Messages congratulating Paducah upon the successful of the First National and Mechanics Trust and Savings banks with the City Bank have been ceived from number of leading bank officials of the United States. Without exception they have pressed gratification the working out of acute financial problem this city. James Utterback, president the City National, the following from Nugent, one the of the First National in Chicago: "Heartiest congratulations to yourself and associates. You have worked out constructive and civicminded arrangement and we wish success." Houston, chairman of the board of directors of AmeriNational bank in Nashville, Tenn., the concern which took over Caldwell interests after the failure of that large financial house. wire to Utterback: for the part you have played in stabilizing conditions your section. Please be assured our interest and desire to be These messages are two of many received at City National bank. Utterback, Louis Rubel, Jesse and Pierce have receivcongratulations from many their friends not only Paducah but throughout the district, followthe bank merger of Monday. Mr. Utterback said business ceeded under almost normal ditions at the bank today. The former patrons of the absorbed banks transacted their the City National, and checks drawn them were honored. The conhas been worked out astonishing smoothness and lack confusion. "There were very few withdrawmost of those who drew out their money Monday and Tuesday brought back today,' Utterback said. "We feel very gratthe spirit loyalty shown by the public. This has been an experience that testthe faith some in Paducah, and am sure that we are safely Reports the close of business Tuesday the City National showthat the institution, with the of the two banks purhas assets and resources amounting to nearly $10,000,000.

4. October 28, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 28, 1931

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Heads Up the time to keep your head! There nothing funny about the closing of great bank. means hardship for many peoThat hardship can intensified by fool talk and fool actions. What has happened to the City National Bank has happened to others all over this country. Not long ago this bank saved millions to by its sumption of the liabilities two other banks which were close and which could have paid cent on the dol- There is sound reason to believe that the City National due time will return most, not the money its depositors are entitled to. In the the two maining banks are "carrying They are perfectly solvent. The people of Paducah must realize that without the necessary of banks they are helpless. They should rejoice in the fact that in the face of pressure that has whole communities, they still have institutions that can weather the storm. This situation been taken calmly and sensibly by the whole city. has gone usual at the other banks. There have been tears shed and more will be, but not stroyed. The whole world taking licking and those who take best will live to laugh off.

5. October 28, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 28, 1931

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Says Loyal Support by Public Could Have Saved City National Closing of the City National Bank the result steady deflation in the market value bonds, and heavy withdrawals over period several months, James Utterback, president the bank, said today. Mr. Utterback. interviewed his home reporter, pressed deep regret the bank's closing. "This has completely crushed Mr. Utterback said. had done all we could to prevent The City National assumed heavy burden when took over the First National and the Mechanics Trust Savings banks last November, Mr. Utterback said. That absorption involved the assumption by the City National large sums securities which have since declined in value. These depreciated bonds have become frozen assets in many instances, Mr. Utterback said, and the situation became acute that the bank's operating cash was seriously affectCoupled with numerous withdrawals. the bond deflation was too great to withstand. right around $1,the bond account," Mr. Utterback said. Steady depreciation of the market value of many the bonds was severe drain the bank's resources, he explained. Support Was Withheld "When we absorbed the First National and the Mechanics banks following the failure of Bancokentucky, we saved Paducah from situation that now confronted with, but which would not have today had the public shown the proper appreciation for what the City National directors did that time," Mr. Utterback said. the public had given the proper consideration this would not have happened. We had hoped that the public would appreciate the City National's action to the extent of giving support, but in that we have been disappointed. Mr. Utterback said the bank's affairs now in the hands of examiners, and will be impossible say when the depositors will paid how much they will receive.

6. October 28, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 28, 1931

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COUNTY ROAD BOND FUNDS CITY NATIONAL State and City Money On Deposit; Largely Under Surety Bond Approximately $50,000 in state and county funds deposit the City National Bank, part protected under bond, en county officials said today. The county, however, the bank money which had borrowed on its anticipated Funds belonging to the city including $8,000 in general and special funds, are fully taken care by depository bond, city authorities They expect to have sufficient cash on hand to meet next payroll. County Judge W. Middleton said that he did not think the county would lose cent by reathe bank's closing. The sum of $45,000, representing the remaining portion of the county's $500,000 road bond issue 1925 and being neld for the purpose of constructing the Hinkleville road, was on deposit to the county's credit. The sheriff's department had approximately $3,700 in tax collections deposit in the bank, all which protected by officials said. State funds on deposit amountto approximately $1,200, the amount owed the fines collected in the McCracken county circuit court. recently placed in the bank by Mrs. Frances Allen, circuit clerk. This sum not bonded. None of the McCracken county school funds was in the City National, Superintendent H. Gentry said today. There were no other official funds deposit, according county authorities. Judge Middleton said he thought the machinery county operation would unaffected.

7. October 28, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, October 28, 1931

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DEFLATION OF BOND VALUES FORCES BANK TO CLOSE ITS DOORS Directors Vote to Suspend Business For the Protection of Depositors; National Bank Examiners Here KEYES IS NAMED RECEIVER; ARRIVES TO TAKE CHARGE Examiners Indicate Crisis Caused by Economic Conditions; No Irregularity Seen The City National bank closed its doors this morning. Notices posted at the bank stated it had been closed for examination by order of the comptroller of the currency. The action was requested by the directors. Directors of the bank met Tuesday night and adopted resolution that the institution suspend business for the protection of depositors. The bond holdings have diminished greatly in value, and there have been heavy withdrawals of deposits, the resolution said. Robert Neill, St. Louis, chief national bank examiner representing the Eighth Federal Reserve district, and Russell Mooney, St. Louis, national bank examiner for the same district, arrived late Tuesday. Neill has returned to Louis. The examiners announced that Paul Keyes, present the National Bank of Kentucky, has been appointed receiver for the City National. It was indicated that the bank had been forced to close by persistent deflation of bond values and by withdrawals over period of several months. The examiners made no statement to the press and declined to be quoted at this time. Directors Ask Order Mr. Neill was in communication with James C. Utterback, president of the bank, early Tuesday, it was said, and hurried to Paducah in to request response by Mr. Utterback. The directors voluntarily relinquished control of the bank when it became apparent that the institution's affairs were in such shape that the depositors were jeopardized. Following is the resolution passed by the bank's directors Tuesday night after a conference with the bank examiners: "Whereas, the bond holdings of this bank have diminished greatly in market value and large amount of its deposits has been withdrawn, be it resolved, that for the protection of its depositors, this bank suspend business at once, and notify the comptroller of the currency to take charge of its affairs." It was indicated by the examiners that nothing irregular had occurred in the transaction of the bank's business. The crisis was precipitated solely by economic conditions, over which the bank's officials and directors had no control, was indicated. The City National bank was incorporated in 1873. For years it had been a leading financial institution in western Kentucky. Two other Paducah banks, the First National and the Mechanics Trust & Savings bank, were absorbed by the City National about a year ago. Deposits Were Over The bank's statement as of September 29 showed resources totaling These included loans and discounts amounting to $3,466,749.99 United States bonds worth $679,812.50; other bonds appraised at federal reserve bank stock worth $24,cash exchange aggregating $446,861.45 banking house and fixtures valued at $515,261.39, and unitemized resources valued at $89,990.85. The miscellaneous bonds mentioned in the statement were given value of but were marked down $204,152.92 to take care of reserve for market depreciation. The bank's statement showed liabilities of to balance its total assets, in the report of September 29. Among the liabilities were listed deposits totaling capital stock of surplus fund of and undivided profits and reaggregating $78,475.95. Paul Keyes, who was appointed receiver for the City National bank, reached Paducah this afternoon and immediately took charge of the bank. Robert Neill, chief bank examiner for the Eighth federal rèserve district, left for St. Louis after conferring with the bank's directors. Directors of the bank met Tuesday night in an effort perfect a plan whereby the institution might remain open, but no workable plan could be devised, one of the directors stated today.

8. October 30, 1931 Advance-Yeoman Wickliffe, KY
Article from Advance-Yeoman, October 30, 1931

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City National Bank In Paducah Closes The City National Bank of Paducah closed its doors Wednesday morning by order of the Comptroller of the Currency after a decision by the directorate to suspend business. Paul C. Keyes was named receiver and began the task of examining the bank's affairs Thursday

9. October 30, 1931 Washington Daily News Washington, NC
Article from Washington Daily News, October 30, 1931

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Body Of Utterback Is Found In Lake Paducah, Ky., Oct. body of James C. Utterback, president of the City National Bank of Paducah, which failed to open for business Wednesday, was found in Noble Lake here today. The body was discovered by his -brother. Will Utterback, who with other members of the family did not return this morning from had started search when the banker walk. Pending an examination of the body the coroner and police withheld comment. Men the bank closed Mr. Utterback issued statement attributing it to recent heavy withdrawals to shrinkage in the value of the bank's bond holdings. The bank, established in 1873, reported deposits of $4,807,000 and total resources of $6,462,000 in its September statement. Its president was one of the best known bankers and financiers 12 wester Kentucky

10. October 30, 1931 The Charlotte News Charlotte, NC
Article from The Charlotte News, October 30, 1931

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Body Of Banker Is Found In Lake body of James Utterback presithe City National Bank Paducah, which failed open for business Wednesday, was found in Noble here The was discovered by his Will Utterback, with other members the had started search when the banker did return this morning walk Pending an examination of the the coroner and When the bank closed Mr. Utterissued statement attributing recent heavy withdrawals to shrinkage the value of bank's holdings The bank. established reported posits of and total sources $6,462,000 in its September

11. November 1, 1931 The State Journal Frankfort, KY
Article from The State Journal, November 1, 1931

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KEYES RESIGNS AS BANK RECEIVER AT PADUCAH; J. H. HOOKER APPOINTED PADUCAH, Ky., Oct. 31 (By A.P.) Paul C. Keyes, appointed receiver for the City National Bank, closed last Wednesday. resigned today. Simultaneous with his resignation. Mr. Keyes announced Jeff H. Hooker of Dallas, Texas, had been appointed receiver for the bank. Mr. Hooker arrived today to take charge. Mr. Keyes said his appointment by the Comptroller of Currency had been made with the understanding he would remain in Paducah only until a permanent receiver could be obtained. Mr. Keyes said his time was taken up with the receivership of the Na tional Bank of Kentucky, Louisville.

12. November 1, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, November 1, 1931

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KEYES HANDS IN RESIGNATION AS BANK'S RECEIVER UTTERBACK LAID TO REST AFTER SIMPLE SERVICES H. Hooker of Hundreds of Friends Appointed to Direct Liqui- Farewell Tribute to Bank dation Here Executive CITY NATIONAL'S OFFICE BUILDING REMAINS OPEN DR. BELL OF CHRISTIAN CHURCH CONDUCTS RITES Tenants Told Service Will Go Body Reposes In Vault On As Usual; No Figures Steel Amid Bower Now Ready Blossoms Keyes, who appointreceiver for the City National Bank when its doors closed last Wednesday, resigned with his resignation, Keyes that Jeff Hooker of Dallas, Texas, had been for the bank. Hooker arrived Saturday charge the bank's affairs. Keyes said his appointment the the curhad been made with the that he would in Paducah until could be obtained. The appointments Mr Keyes said. The comptroller Mr Keyes' resignation and Mr. Hooker in charge of liquidation. Mr. Keyes said his time was up the the National Bank Kentucky, which has required time and which still far finished. Hooker well known in banking circles. He has handled and garded one of the most in department national banking Replying operation office which part City National's assets, Saturday evening that the building will remain open usual. There be no interruption in elevator janitor vice, and lights water will available tenants heretofore. Mr. Keyes said the office building employes would be paid usual. The task of straightening out the bank's affairs barely ten under way, Keyes said, and will take several days compile definite The attitude of the receiver has been one hopefulness, but has not indicated what the custothe bank may expect. No mers figures issued. The liquidating cess may require several weeks possibly months, said. The new receiver, Mr. Hooker, said he had not been in the city long enough to discuss the bank's affairs, and had nothing to say for publication this time. The bank's attaches have been work under the receiver the bank closed Wednesday. Mr. Hooker would be necesfor him call in two or three workers who are familiar receivership work, augment staff men and women already at work in the bank. Under blanket of white Killarney roses and orchid chrysanthemums, the body of James Utterback to Test in Oak Grove cemetery Saturday afternoon. The ket reposes silver tone steel brief beautiful funeral service at the residence Buckner Lane preceded burial rites. Dr. Bell, pastor First Christian church, officiated. Hundreds friends of Mr. terback paid their last tribute the The was one the longest ever seen in ducah. Nearly mile in length, moved east on Buckner from driveway of the Utterhome, then turned north Oak Grove. wealth of flowers evidenced the and sympathy friends. Wreaths designs formed blossoms under the canopy the graveside. Among the offerings were wreaths from numerous banks, from the embank over had presided past 14 with which scores friends realm business nance. bore the friends in distant points as far away as Portland, Oregon; Paris, New Orleans, St. Louis, Louisville and Chicago. Service Is Simple Close friends of the family OCcupied seats inside the house. Outside were many citizens who had known James Utterback life. The service simple. Dr. Bell brief scripture sage and offered prayer. At the grave, the ceremony was equally simple. Friends the banker stood with bared heads the open, under somber October sky. Some of them wiped tears from their solemnly around the canopy. After the service the cars moved on, leaving (Continued On Page 15)

13. December 6, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, December 6, 1931

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Paducah Women to Aid Elks In Winter Program to Raise Funds For Shoes For Kiddies Arrangements for benefit performance in the Columbia theater the night Saturday, Paducah school children who in need of shoes, have been perfected by Paducah women charity. Use of the theater will donated by Leo Keiler, president of the Company. The special show will begin will four acts talent, and picture which has been shown in before. Mrs. Keiler is general chairman charge Mrs. Keiler and women repgroup various civic organizations met Friday and discussed plans the benefit. purpose assist the ducah Elks shoes the poor children the Elks have been unable start their annual their charity funds were deposit the City National Bank closed. All proceeds from the picture show program December the charity fund shoes, the The will arranged presented Landfear. Pupils studio will appear excellent feature ture has been obtained by Manager Harry Moore for the benefit performance. Judge Berry master Miss Katherine McKnight is in charge the ushers. The committee would both men and ushers performance. Several special attractions planned. The committee's plans were plained to committee Elks of composed Curtis Seamon, Fred Roth Alfred Levy. lodge gratefully accepted fer of the committee to assist winter charity work, and later date will begin its distribution shoes to the chilpoor dren. Serving with Mrs. Keiler the are the Stanley Petter, prizes; Mrs. Andrew Campbell, chairpublicity; Mrs. Weaks Smith, of radio publicity Mrs. Jesse Loeb, treasurer; Miss Sinnott, chairman of tickets; Mrs. Roscoe Reed, chairman posters, and Miss Katherine McKnight, chairushers. Elks have distributed hundreds pairs shoes to needy children each winter many years. committee arranged the benefit show order their work this halted

14. December 14, 1931 The Paducah Sun Paducah, KY
Article from The Paducah Sun, December 14, 1931

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UTTERBACK CASE REMOVED TO FEDERAL COURT County Will Have Right to Motion to Remand to State Court. petition entered in McCrackcounty circuit court today fects removal of the James terback estate settlement suit and cross-bill of McCracken county against the receiver of the City National Bank from the state the United States district court. transcript of the record will be filed at once in federal court here, according to McMurry, attorney for the bank receivwho entered the motion for removal, which was the grounds that the motion were sustained, the court would have no authority to proceed further in the against the various other defendants. AccordMr. McMurry, ruling does not affect his right to take the action into federal court since filing the petition state court the giving federal court jurisdiction. The petitioner has this right file transcript the record in the district court, but when federal court convenes, the county will have the right motion mand the state court, accordto Attorney Charles Grassham, special counsel for the counThis action will not hold proceedings to settle the Utterback estate unless the federal court orders the removal of the entire that court, Mr. Grassham possible, cording to the attorney, that the federal court may hear the branch to the county against the bank in its claim for but that this will be posed matter of law not because trial in either one court the other would be objectionable. Asked if he contemplated bringing suit on behalf the county against any other liability the county, Attorney Grassham said was his purpose endeavor to recover the bank directors all whatever of part the county's funds deposit on closing of the bank, or pointment of receiver, that not repaid to the county. This action. he said, based that the bank's directors had ment guilty of ment of the bank's affairs which resulted in the alleged county's loss.

15. January 31, 1932 The State Journal Frankfort, KY
Article from The State Journal, January 31, 1932

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FORMER BANK RECEIVER INDICTED FOR EMBEZZLEMENT PADUCAH, Ky., Jan. 30 (By A.P.) Eugene Bell. former receiver of the Ohio Valley Bank and Trust Company, was indicted today on charge of embezzling $17,776.18. Jesse R. Fuqua, who worked with Bell, was also indicted for abetting. Bell. who recently resigned as receiver, was formerly cashier of the Mechanics Bank, which was taken over by the now closed City National Bank here.

16. January 31, 1932 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, January 31, 1932

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INDICT BANK RECEIVER Paducah Man Accused of Embezzling $17,776 of Funds. PADUCAH, Jan the Valley and and were by the Mc. Cracken grand jury today charge of of the bank's funds. The charges that Bell the that Fuqua, who bank actions and aided and abetted in the crime. Bell assistant cashier of the City National which closed last October. He suffered nervous after the closed, and has been in ill health bench warrant for the arrest Bell and Fuqua was issued this aft. but Sheriff Claude Graham would not be served unnext week NEW BUS LINE OPENS. Ky. Jan new its first bus Fulton to Murray this morning.

17. April 17, 1932 The Paducah Sun Paducah, KY
Article from The Paducah Sun, April 17, 1932

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CONTINUANCE FEDERAL COURT'S APRIL TERM WILL OPEN ON MONDAY accused but expected missed also convicted the attempt intimidate the witness Hunt and Bryan accused Pete and Huntalleged extorting money from them threat James Otto Clark and the Bryans charge liquor between GoldPond, Illinois. Deand scheduled The tried term court but hung jury resulted. Charge Intimidation Hopper will be tried on charge intimidating and impeding witness, Jule Dowell, had been ordered to appear and testify in the liquor trial. Dowell was spirited out of Paducah the Bryans and Hoporder to prevent testiprohibition officials charge. Beadles, former official the defunct First National Bank accused three separate indictments of violation national banking charged used his position fraudently obtain loans himself and made false bank reports. Eugene Bell and Jesse former Paducah bank ployes, who are accused in state charge $17,000 in funds the defunct Ohio Valley Bank and Trust probably will be tried federal court. federal charge been brought against them they have been indicted. assistant cashier funct National Bank. receiver for the Ohio Valley bank Fuqua bookkeeper The cases outstanding importance the civil and equity federal court dockets involve suit involving the defunct City National Emmett Holt. ex-sheriff and city of public safety defendant suit brought the state seek turn $15,000 alleged Holt from he made sheriff.

18. April 22, 1932 The Tennessean Nashville, TN
Article from The Tennessean, April 22, 1932

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BANKER CONVICTED PADUCAH, Ky., April 21-(A)Eugene Bell, assista cashier of the defunct City National Bank and receiver for the defunet Ohio Valley Bank and Trust Company, and Jesse Fuqua, an employe of the City National, entered pleas of guilty in Federal Court today to charges of violating the national banking laws Bell was sentenced to three years in prison and Fuqua to year and a day, Fuqua's sentence was probated on plea Bell that the court be lenient. Bell assumed all the blame and admitted he embezzled approximately $30,000 from the two institutions.

19. June 10, 1932 The Paducah Sun Paducah, KY
Article from The Paducah Sun, June 10, 1932

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A Better Future Looms News of the formal announcement that the defunct City National Bank will pay 10 per cent on deposits within five weeks spread over the city like wildfire this afternoon. Following are several statements issued by prominent men as they heard of the pending payments: R. Rudy, president Citizens Savings is not necessary for any one to make any special comment on the evident good that will result from the distribution of nearly a million dollars in this community, through the returns on the strawberry and dewberry crops, and the ten per cent dividend which the receiver of the City National bank announces he will make. Every one can see at a glance what this will mean. This community is extremely fortunate to have an industry that brings in the revenue our strawberries bring. The money is coming in now and will continue to come in. With the added cash that will be paid to depositors by the bank receiver announced, Paducah should see a great stimulation in general business." Robert L. Reeves, president Peoples National am very gratified to learn of the receiver's announcement that a ten per cent dividend will be paid. When it is considered that Paducah has already benefited to the extent of several hundred thousand dollars from the strawberry marketing season, and will receive in addition probably $350,000 to $400,000 every reason to be cheerful. believe the release of all this money is going to show a marked revival in business of all kinds. In fact, have noticed very consistent in business generally, in the past few weeks. We can see it here in the bank." Leo F. Keiler, of the Columbia Amusement think the future of Paducah looks much brighter as result of the money from the strawberry crop and the payment of the 10 per cent by the City National Bank with prospects of other dividend payments by the which bank, are bound to come. am very optimistic about the future of Paducah. All we need is 100 per cent cooperation of her citizenship, and Paducah is sure to go forward." W. F. McMurry, Jr., of approximately half million dollars in the first payment by the City National Bank this at time should materially aid in restoring business confidence in this city and county. That fund together with the payment from the strawberry crop should be a real help to the people, and the outlook is encouraging."

20. June 10, 1932 The Paducah Sun Paducah, KY
Article from The Paducah Sun, June 10, 1932

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Jeff H. Hooker Issues For- mal Announcement; Checks at Capital Depositors and creditors of the defunct City National bank will receive dividend checks representing 10 per cent of their claims within the next few weeks, it was announced today. Jeff H. Hooker, receiver for the bank, said that 8,400 checks, representing between $400,000 and $500,000 have been made out. They will be turned over to creditors depositors as soon as they have been officially approved in Washington. Announcement that the bank's liquidation had progressed to the point where a 10 per cent dividend could be declared occasioned wide rejoicing. Thousands of depositors have been awaiting news of dividend with eagerness. The dividend will release almost a half million dollars in Paducah and vicinity. Liquidation Has Been Slow Mr. Hooker said the receiver's organization has been working day and night for the past six months in an effort to adjust the bank's affairs. Liquidation has of necessity been slow, especially because of the trying economic situation, he said. No prediction can be made at this time as to subsequent dividends, Mr. Hooker said. The dividend checks are all ready for presentation to depositors and creditors whose claims have been proven. They have been mailed to Washington, where they must await examination by the banking department. Ordinarily this process requires from two to four weeks. Sometimes the checks are approved promptly and returned. This depends on the amount of bank liquidation business now on hand, Mr. Hooker explained. The dividend will be issued to every person to whom the bank is indebted. The payment will be made to creditors of the trust department also, the receiver stated. Because of pending litigation which has tied up collateral in the trust department, the dividend to this department will for the present amount only to the 10 per cent which will be paid to other creditors. It had been planned originally to pay trust department creditors an additional sum, representing their collateral in the bank. The bank closed its doors October 28, 1931. It has been in the hands of a receiver since that time. James C. Utterback, president of the bank, drowned himself in the lake at Bob Noble park two days after the institution closed. Merchants See Improvement Paducah merchants shed no tears when they learned that the dividends are to be paid. In their stated opinions, this money will do much to revive lagging trade conditions in Paducah and aid in restoring prosperity. Placing of this additional money in circulation, plus the approximately $750,000 derived from the 1932 strawberry crop, should place Paducah and the surrounding territory back on a firm basis, stimulate confidence and enthusiasm, bring back hope for the future and "be a mighty big help," said the merchants. The checks for local depositors will be held at the City National bank when returned from Washington and may be claimed by depositors there, Mr. Hooker said. None will be mailed out, since the depositor must give the receiver receipt for each check received. Checks for out-of-town will depositors be delivered, and a receipt obtained.

21. August 19, 1932 The Paducah Sun Paducah, KY
Article from The Paducah Sun, August 19, 1932

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Church Trustees Sue Bank Receiver Suit filed this afternoon McCracken circuit court by the trustees the Immanuel Baptist church against Jeff H. Hooker, receiver for the City National Bank, seeking to remove the bank trustee for $30,000 bond issue floated by the church in 1927. The plaintiffs are Guy Holland, Clyde Lofton and Ted Cooper, representing the board of trustees. The suit alleges that the First National Bank was originally trustee of the bond issue. When that bank closed, City National appointed trustee. The board now asks that defunct City National be removed as guardian of the bonds. The action was brought by Attorney Ben Adams.

22. September 1, 1932 The Paducah Sun Paducah, KY
Article from The Paducah Sun, September 1, 1932

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CONTINUANCE SOMETHING NEW LEARNED FROM TOTAL ECLIPSE Imperial Observatory under Prof. Okuroh Oikawa. They came the longest distance pedition and selected Bartlett, for their site. But bad luck prevented them from reaching Bartlett they settled down Alfred, Me. There seeing perfect, while middle cloudy where numerous portant expeditions had wrecked. Evidently there "puddles" the Some astronomers ported the "shadow bands" were entirely missing while them clearly. These bands are shadows rippling over earth durtotal eclipse, ascribed action the atmosphere on light similar that water when shadows be seen flitting across sandy bottom. Claim Eclipse Late Two eminent astronomers chargthat "celestial express,' the moon's shadow, was late from 10 seconds. Something must done about this tardiness, in the opinion astronomers. for extremely refined accuracy about the moon's motion the basis of practical calculations used by man. particularly of the tide charts used sailors. The Harvard expedition was among "perfect seeing" and its members returned Bosenthusiastic in the belief they new grip some the mysteries what corona. They obtained this information by measuring coronal light in manner which may how much flection from solid particles shooting the sun's surface like popping corn. because they were designed for special and special pursaid. Kirk agreed that attorneys for both the county the bank re-draft answers the clarify an objection Mr. the Commonwealth Kentucky being inade party in the suit The petition with the wealth by and for county, plaintiff. Mr. Kirk ruled that McCracken county alone should be the plaintiff The original case filed in circuit court against the bank's receiver and the Utterback estate was removed Federal court the defendant, and the suit was remanded court FedCharles Dawson, with the that portion the the City National

23. March 1, 1933 The Paducah Sun Paducah, KY
Article from The Paducah Sun, March 1, 1933

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Officials Say Bank Holiday Not Necessary Purchase Incensed at Action of Governor; Declare Situation Normal Except For a Small Area In Northern Kentucky Only one bank in all West Kentucky today was affected by Governor Laffoon's "bank holiday" proclamation, and that one institution, the Kevil bank, was closed for only today and will reopen Thursday morning as usual. "Business as usual, unless the other action," apparently was the slogan this morning of all the bankers of the First District, who declared they could not understand Governor Laffoon's reasons for claring the "holiday." From all the bankers came expressions of confidence in their institutions and in the willingness of the public to cooperate so that no harm could result from this situation. Purchase bank officials were incensed by the action of Governor Laffoon, saying the bank holiday was not necessary for Kentucky. They declared the banking situation was normal except for a small area in Kentucky near Cincinnati, where some trouble was experienced because of the Ohio situation. Paducah's two banks will not take part in the four-day "bank holiday" declared by Governor Laffoon and will remain open for business as usual, officials of the institutions announced this morning. "We can see no reason why our bank should be closed," said Richard Rudy, president of the Citizens Savings Bank. "We will not take advantage of this proclamation issued by Governor Laffoon unless the attitude of the public forces us to do so. Therefore our institution will remain open for business as usual." "My opinion is the same as that expressed by Mr. Rudy," Robert L. Reeves, president of the Peoples National Bank, declared. "The Paducah banks are in sound financial condition, and therefore have no desire to suspend business. The Peoples National Bank will not close unless the public forces us to do The cooperation of the public so that the ordinary business of the banks can be carried on without a halt was asked by both the officials, who pointed out that the Paducah banks are in no danger unless the depositors withdraw their funds entirely without reason. Both the Citizens Savings Bank and the Peoples National Bank easily weathered the "run" which followed the closing of the City National Bank in October, 1931, and emerged with the confidence of the public in their financial soundness. All pay checks issued today by the Illinois Central to employees will be cashed immediately, Mr. Rudy and Mr. Reeves said.