7432. Citizens Bank (Paris, KY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 22, 1911
Location
Paris, Kentucky (38.210, -84.253)

Metadata

Model
gpt-5-mini
Short Digest
81a65298

Response Measures

None

Description

Assistant cashier Edward J. Myall committed suicide after large embezzlement was discovered. The bank 'assigned' (turned over) its affairs to the Bourbon Bank/Examiner and depositors were paid; this indicates the bank suspended and was effectively closed/placed in the hands of another institution. No contemporaneous run or depositor panic is described — failure was due to bank-specific adverse information (embezzlement).

Events (3)

1. May 22, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large embezzlement/shortage by assistant cashier Edward J. Myall (later quantified at $57,038.91) after his suicide; bank assigned to examiner/other bank.
Newspaper Excerpt
Accounts Found Short. Paris Ky., May 22.-Following the suicide of E.J. Myall...a shortage of $50,000 in accounts was found. The bank has assigned.
Source
newspapers
2. May 23, 1911 Other
Newspaper Excerpt
the Citizens' Bank assigned to ... President of the Bourbon Bank, and yesterday morning ... was turned over to the ... resolutions were passed ... that stockholders would lose ... the Citizens' Bank is to be placed under examination and turned over to Bourbon Bank officials for management or settlement of liabilities. (OCR-corrected excerpt). (article describes assignment/turnover to Bourbon Bank and examiners taking charge).
Source
newspapers
3. July 18, 1911 Other
Newspaper Excerpt
Myall's Shortage is Just $57,038.91. The exact amount of the shortage of Edward Myall, late assistant cashier of the Citizens' Bank of Paris ... the deposits when the Citizens' Bank assigned to the Bourbon amounted to $155,000. Of this amount $150,000 has been paid by the depositors ... The stockholders will be the only ones to lose by the shortage. (examiner's report on shortage and settlement).
Source
newspapers

Newspaper Articles (3)

Article from The Bourbon News, May 23, 1911

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Article Text

his books by a State er, Edward J. Myall, r of the Citizens' Bank mitted suicide Friday r noon by shooting himel head with a 32 calibre hen his body was found afterwards it was cola $ since the tragedy THE rise to the opinion that I took his life 10 avoid at was imimnent. the bank Friday about 7 to go for the mail and lale's cafe and was not I his body was found at 9 o'clock cold in death by his side. was to return at :30 12:30 that Mr. Wm. Myall, bank, may go to his dindid not return he bed made inquiry of sevone of whom had seen ni passed and as he did had not been seen about was made early Friday /m. Myall going to his any with Mr. Bruce house was locked and n entrance by cutting the porch door in the ouse. After searching xcept the kitchen they e. Mr. Miller suggestthe kitchen, where he el had laid down upon a then shot himself. His pool of blood and his ssed upon his breast. he neighborhood heard or had any knowledge 28 Blake Mitchell of until Mr. Myall and Mr. the discovery. At that sn for the tragedy could JI PIOS by spoo8 ther than that he was pen paralysis. V. F. Hurt, of Lexingk Eaximner, appointed f State Ben L. Bruner, is to make an examinaMitch tizens' Bank, under the is estabilshed for State t that had been made. the time Mr. Myall left invited Mr. Hurt to acto lunch, but the latter WORK s! tragic death by his own uch circumstances, with her going over his acise to rumors and suspier.Wm. Mayll, a cousin an, who did not believe be wrong with the acassistant, gave instrucSolid MIIS Ladies' id investigation of the tion was concluded Sunirectors were informed erable shortage existed t the dead man, but that I to his books alone, and stockholders would lose amage could be repaired ition continue business. nce of Mr. J. T Hinton, the Citizens' Bank and : of the Bourbon Bank a of the directors of the s was called and it was the Bourbon Bank absit Bank, sua iabilities This was highto the directors of both nd as a business precauzens' Bank assigned to ford, President of the , and yesterday morning as turned over to the g resolutions were passspread on the minutes : yung & That this board regrets nding of the connections with the Citizens' Bank ympathy to his family. That ths board expresses to Mr. William Myall for ous and careful conduct affairs and hereby deDress mited faith in his inteness and honor. ors of the defunct instipaid dollar for dollar on and yesterday must all is transferred their ache Citizens' to Bourbon norning Mr. Wm. Myall fficial of the Bourbon act in the capacity of ier. Mr. Myall is one of izens, in whom can be ited faith, and it was Plaid onscientious and honoramethods the Citizens' d the exalted position nking institut ons of this iner Hurt has declined atement in regard to the nt of the decrepancy, but f it will reach an amount 00. Prof. W. L. Yerkes, en assisting Examiner lay take charge of the Citizens' Bank and prefor Secretary of State f Mr. Ed Myall came as e SEM H community and popular gentleman. 3 a sad blow to his only uise Myall, who was to ed from the Bourbon FeWednesday night. The athy is "extended her in


Article from Hopkinsville Kentuckian, May 25, 1911

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Article Text

Accounts Found Short. Paris Ky., May 22.-Following the suicide of E.J. Myall, Asst. cashier of the Citizens Bank here, a shortage of $50,000 in accounts was found. The bank has assigned.


Article from The Bourbon News, July 18, 1911

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Article Text

# Myall's Shortage is Just $57,038.91. The exact amount of the shortage of Edward Myall, late assistant cashier of the Citizens' Bank of Paris, who committed suicide when it was inevitable his peculations must become public by expert accountant John I. Fisher, who was assisted in the examination by expert accountant W. F. Hurt, of Lexington and the figures total $57,038.91. The examination also reveals how Myall succeeded in getting away with such a large amount and wrecking the institution. According to the examiners Myall secured the money by drawing "fake" checks, making changes on an intermediate book, but never posting on the ledger, and the result was, all depositors' accounts were correct, except where there happened to be a clerical error. The books were only examined back to 1897, and all the time he was taking money by the "fake" check route. He never took it in large amounts, but seldom missed a day. During the month of January last there were 25 banking days, and on 24 of them he took money. From the 24th of February, 1908, to the time of his suicide he took $29,000, or more than $9,000 a year. The deposits when the Citizens' Bank assigned to the Bourbon amounted to $155,000. Of this amount $150,000 has been paid by the depositors, and the others have been notified that they can get their money at any time that they apply. This settlement of the bank's affairs was certainly done in record breaking time by Mr. Fisher and President Buckner Woodford. The stockholders will be the only ones to lose by the shortage. The funds of the Paris Cemetery Co., which was a large depositor, have been found intact and not a dollar will be lost from that fund. The Garth Fund held about twenty shares of the stock, and it will lose most of that, it is stated.