Mechanics Trust & Savings Bank

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: March 19, 1934
Location: Paducah, Kentucky (37.083, -88.600)

Metadata

Model: gpt-5-mini
Short Digest: 513eb913

Response Measures

None

Description

Mechanics Trust & Savings Bank had its claims merged with the defunct City National Bank and is in liquidation/receivership. Article (Mar 19, 1934) describes ongoing dividend payments by the City National's receiver for depositors and bondholders of the Mechanics bank. No contemporaneous run is described in the article; the bank is closed and in liquidation.

Events (2)

1. March 19, 1934 Other

Newspaper Excerpt: Depositors of the defunct City National Bank will receive another 10 per cent dividend... Mr. Hooker, receiver for the bank, said the total dividend payment of the bank to date is $1,188,000. ... Mr. Hooker explained that the holders of bonds of the Mechanics Trust Savings bank have filed claims will not receive their dividend at this time, but will get their 30 per cent as soon their checks been approved in Washington.
Source: newspapers

2. March 19, 1934 Receivership

Newspaper Excerpt: Mr. Hooker explained that the holders of bonds of the Mechanics Trust Savings bank have filed claims ... The claims of all Mechanics bank depositors were merged with those the City National, inasmuch the City National had absorbed the assets of the Mechanics bank prior to the collapse of the former institution.
Source: newspapers

Newspaper Articles (1)

1. March 19, 1934 The Paducah Sun Paducah, KY

Article from The Paducah Sun, March 19, 1934

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Article Text

THIRD DIVIDEND FOR DEPOSITORS TO BE $378,094 9,000 Checks Are Received By Hooker From Treasury Office Today PADUCAH PATRONS MUST CALL TO GET MONEY Liquidation Thus Far Has Resulted In Payment of $1,188,000 Depositors of the defunct City National Bank will receive another 10 per cent dividend. beginning Tuesday. Checks from the office of the Comptroller of the Currency arrived today from Washington. The payment will amount to $378,094.24. It will be the third dividend since the bank went into receivership. Jeff H. Hooker, receiver for the bank, said the total dividend payment of the bank to date is $1,188,000, including the new dividend announced today. The first and second dividends also amounted to 10 per cent. More than 90 per cent of the bank's depositors live in Paducah and McCracken county. Local positors will come to the bank to individual checks. Those residing elsewhere will Mr. Hooker said the receiver's staff of assistants will be ready Tuesday to serve depositors at the windows. It necessary that depositors bring with them receipt issued by bank -when they proved their claim to dividends, Mr. Hooker said. All depositors will be served promptly upon presentation of the receipt issued by the receiver. 9,016 Checks Ready A big batch of checks from bearing the signature of the of the Currency, reached Mr. office today. The checks total 9,016. While most of them go to Paducah and patrons of the bank, several will go out in the mails. Some go to foreign countries. The checks will be to virtually every state in the Union. few will mailed Canada, Mexico, and to European countries. The bank's receiver said it will be impossible to tell this time when another dividend may be paid. one is paid. The payment of dividends dependent entireon the rapidity with which the bank's affairs liquidated. The liquidation is governed largely by payment loans by those obligated to the bank. Thousands of accounts have been handled. Many of the loans had to be balanced against deposits. takes much time to work out these details. Mr. Hooker explained that the holders of bonds of the Mechanics Trust Savings bank have filed claims will not receive their dividend at this time, but will get their 30 per cent as soon their checks been approved in Washington. This take several weeks, he said. The majority of persons owning Mechanics Trust Savings bank bonds have filed claims with the receiver. They will be paid the same dividend the City National depositors. The claims of all Mechanics bank depositors were merged with those the City National, inasmuch the City National had absorbed the assets of the Mechanics bank prior to the collapse of the former institution.