7428. Mechanics Trust & Savings Bank (Paducah, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
January 8, 1930
Location
Paducah, Kentucky (37.083, -88.600)

Metadata

Model
gpt-5-mini
Short Digest
4478a898

Response Measures

None

Description

No explicit depositor run on the Mechanics is described — Jan 1930 article notes extra currency brought into the city and that some was sent to Mechanics but no withdrawals were recorded there. In November 1930 the City National Bank purchased the assets and guaranteed deposits of the Mechanics Trust & Savings Bank (effective Nov 17/18, 1930), which constitutes a permanent takeover/closure rather than a mere temporary suspension. The immediate cause appears linked to regional bank closures/weakness (closures of several Louisville banks) and consequent negotiations/merger; classified cause as local_banks.

Events (2)

1. January 8, 1930 Other
Newspaper Excerpt
Part of the money brought in was sent to the Mechanics' Trust Savings Bank but no withdrawals were recorded there.
Source
newspapers
2. November 17, 1930 Suspension
Cause
Local Banks
Cause Details
Transaction arose amid fallout from recent closings of several Louisville banks and related regional banking weakness; City National purchased assets and guaranteed deposits as a stabilizing merger.
Newspaper Excerpt
The City National Bank of Paducah, effective today, has purchased all the assets, assumed all liabilities and guaranteed the deposits of the First National Bank of Paducah and the Mechanics Trust and Savings Bank of Paducah.
Source
newspapers

Newspaper Articles (5)

Article from The Cincinnati Enquirer, January 9, 1930

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Article Text

RUN ON BANK IS FEARED. Paducah Capitalists Have $1,000,000 Scarce. SPECIAL DISPATCH TO THE ENQUIRER. Paducah, Ky., January 8-Despite reassurances of officials of two banks of which William F. Bradshaw, 61 years old, was President, nearly $1,000,000 extra in currency was on hand today at the opening of busines for one of the institutions. There were few withdrawals at the First National Bank as the doors were opened. but this soon stopped, as depositors learned there no connection the First National Company and the bank. Part of the money brought in was sent to the Mechanics' Trust Savings Bank but no withdrawals were recorded there. Bradshaw. millionaire capitalist and and first President the Dark Tobacco Growers' Co-operative Marketing Association, died yesterday of self-inflicted knife He III health and upset by his failure to detect defalcations said to amount to $32,000. by employees in one the concerns which he President. Nearly $1,000,000 in currency brought here last night from Federal Reserve banks St. Louis and Louiswille for the First National Bank as precaution.


Article from The Paducah Sun, November 17, 1930

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City National Bank Buys First Mechanics; Change Effective Tuesday Business To Be Conducted at City National Bank, Which Buys Resources and Guarantees Deposits of Other Banks The City National Bank of Paducah, effective today, has purchased all the assets, assumed all liabilities and guaranteed the deposits of the First National Bank of Paducah and the Mechanics Trust and Savings Bank of Paducah. At the opening hour at nine o'clock tomorrow, the business of all three banks will be conducted from the banking room of the City National Bank, Mr. James C. Utterback, president of the City National Bank, assuming direction the merged banking houses. Officers and employes of the First National and of the Mechanics, familiar with the business of these two banks will be on duty at the City National Bank and will give their personal attention to the affairs of the patrons of the two institutions purchased by the City National. Resources $8,500,000 This transaction brings head negotiations which have been conducted over the past several months and makes the City National Bank the largest in the state of Kentucky Louisville. Statements sued by the directors of the First National invite the ronage their patrons of the National Bank. Directors of the First taking cognizance suspension business on the part of two Louisville banks, that these pensions affect the strength of the First which was formeraffiliated with The City National Bank with the the First National and the Trust and ings Bank, will have combined more than $8,500,000. The following brief statements issued today by officers and directors the three banks concerned the transaction: City National Bank. J. Utterback, president of the City National Bank Paducah, has issued following statement: "We gratified announce the purchase by the National City Bank of Paducah, of the assets the First National Bank of Paduthe Mechanics Trust Savings Bank. Negotiations for this purchase have been pending for some time, and the transaction closed of this date. "Beginning morning nine o'clock, the business of the consolidated banks will be ed from the banking room of the City National Bank of Paducah, Fourth Broadway. "The of patronage the customers and depositors the purchased banks is earnestly solicited. "We invite your support and business and pledge you the same courteous treatment you have ceived the banks you have tofore patronized. "In soliciting your business, have the full support and co-operation of the officers, directors employees First National Bank of Paducah and the Mechanics Trust Savings Bank, numof whom will assist us banking room in the transaction your business. UTTERBACK." First National Bank. the officers and the First National Bank of Paduthat all of the sets this bank have been sold the City National Bank of Paducah, which has also guaranteed its deposits. "The closing of the doors of Louisville banks has not way affected the strength or nancial position of this bank. The First National Bank Paducah does not owe the Bancokentucky any sum, does Bancokentucky First National Bank Paducah any bespeak for the City NationBank of Paducah continued your patronage good will, believing that you will receive its hands the same courteous and you have enjoyed as rons of this bank. RUBEL "JESSE WEIL YOPP STAHL "LOUIS KOLB HANK "EDSON HART "FAIN KING "DOW WILCOX." Mechanics Trust Savings Bank. officers and rectors the Mechanics Trust Savings Bank announce that their assets have been purchased and all their deposits guaranteed the City National Bank Paducah, the transaction to take place once. business the Mechanics Trust Savings Bank will be con-


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.


Article from Star-Herald, November 18, 1930

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One Scotts Bluff county farmer has changed the of his able bodied son "Farm Relief.' says the young man just won't work. English: great collection of words studied by before they cide to get along one, "Yeah." Draw Your Own Moral To those who talk and and talk This lesson should The wind that blows the whistle Never, never turns the wheel. And the waitress may not make the soup, but possible that she has finger in Adam and Eve were the first farthey got in trouble listening to fake farm relief story. Imitation may be the sincerest form flattery or the surest sign of lazi- doesn't take any previous experience detective order find fault or hunt for trouble. Motorist in an accessory don't want musical horn, just want one that sneers." The office sheik opines "that two live cheaply as more to Middle age that period when long drawn out kiss in the movies about as thrilling as savages rubbing noses. Correct this sentence: "Since Doc said the widow, "most of his patients have called to pay what they One our bankers says: "What's You are held down 'till then you are held western plains and valleys, what they today, has watered added security, and has prepared these stretches the earth by the application these waters, for Eden habitations for all things that live. The waters of the lower stretches the Mississippi have 80 slowed up that they cannot carry off the Gulf the sand and silt its tributaries bring to gradually fills up its bed, and without levees over of acres land and form inland sea. How must man continue banks continues fill the vital question the hour. By storing these tributary run off flood waste waters in the upper plains regions utilizing them for irrigation during the dry season in and August, only seepage waters need ever reach the lower Mississippi that only in the fall time when in this undertaking, development floods never occur. realization, man only delaying Thus two birds are killed with one security enjoyment of stone. good second great Eden garden will, by the application Over Score Banks waters, produce seven fold and more, year by in Southern Section year as long as time runs. Closed to Business Storage Prevents Floods There continuous warfare bewind, water and in (Continued from Page One) placements and The The American Exchange Trust waters are at work tearing announced deposits of land. The land again lifted the date of the bank earthquakes and by volcanie call. bank capitalized of solid train load of 100 Banks president of the Well, the Mississippi stitution. delivers equal quantity The banks acted under an Arkansilts and solubles into the Gulf of Mex- state permits them every ten minutes normal day of five days reopen or turn The forces of erosion are constantly their affairs to the state banking work. and mankind's strug- department. against the forces of nature, Closing of the National Bank of contests between individuals, Kentucky which had angroups and nations, rivers, brooks, nounced resources creeks and rills, stage their warfare followed closing of four smallwith one another for territorial Louisville quest and drainage control. guiar Bank Trust company The waters are ever battling against Franklin, and the Bank of and dancing with their Helen's, suburb of Louisville. load of debris on the Presidents of other Louisville banks The internal forces of the earth issued asserting their inforever producing stitutions were solvent in every The cannot spect and would not affected. At vent these changes, but they are Paducah, Ky., the City National Bank stantly at work obliterating and level- Paducah the them. the First National Bank PaduIn Isaiah, wer read "Every valley and the Mechanics' Trust and shall be and every mountain bank Paducah after negotiaand made and the crooked tions lasting some time. shall made straight and the rough State Funds Tied Up The four banking which have In the long ago, the magnificient closed Tennessee during the last Plattes rose heads in the weeks the Bank TennesRockies and flowed in subsidiary of and comerally easterly course, forming the Holston Union tween them great bank the Liberty bank structural plain with the Trust and company what known at the city Campbell County bank and Trust North Platte. Nebraska, forming company this point the main Platte river. Attorney General Smith thence flowing generally easterly has reported through the entire length of Nebraska in the funds were deposit emptying into the muddy, treach- Bank Bank Tennessee, the Missouri and the Missis- Trust and the Holston and the Gulf of carry- Union of earth within of the Fourth and First banks form destruction. National banks into the American Na Construction tional been announced Likewise, North Loup, the Midas was the acquisition Loup and the South Loup the one stream. known the Loup bank by the Commerce Union bank. which turn flows into East National bank, the Platte. Along border East Tennessee Savings bank and the flows the of City National eastern Colorado and idling in have been merged into the East Tenwith its earth National bank. nessee load to flood troubles the John Gore in NashJudge stretches the Mississippi. Monday ordered creditors Along these streams erosions Caldwell and company present their formed wide and claims before next July first and valleys. these rivers, lie joined creditors claimants from rich, level and or instituting separate suits against Caldtables, extending from eastern and company and enjoined all Colorado through the entire length parties any now pending from Nebraska. proceeding further except by consent truly beautiful region, which the these rivers drain. Once The Illinois banks which closed level ocean and too fair land Monday were the Bartlett and escape the attention of these soil State bank Clayton and the Timecutting, eroding streams. Yes, these State bank Timewell. They garden lands between these four corresponding institutions the nestled the first garden beState Savings, Loan Trust comfour rivers. pany Quincy, which closed In early geological times these then Two other banks which State rivers began digging their way Auditor Oscar Nelson said closed through this once level ocean plain, connection the failure of the plodding their way down to the MisState Loan and Trust This process chiseling and pany Quincy, were the South Side is continuing to this day and of Quincy and the Payson State continue long time lasts, bank Payson. unless arrested by storage these waters toward their source putting Kentucky Hard Hit them to beneficial for Louisville, As lands broken out and cultivaKentucky banks with totalthese pirate rivers increase their ling about including the erosion be added to the never National Bank of which ending accumulations down toward been business here 96 years, closed the Gulf. their doors Killing Two Birds Man. the present day sculptor the world's man. the maker of the world's modern Edens, the foreruner every civilization. has made the modern geography on these


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.