7438. Bell National Bank (Pineville, KY)

View Charter #7215 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7215
Charter Number
7215
Start Date
January 18, 1932
Location
Pineville, Kentucky (36.762, -83.695)

Metadata

Model
gpt-5-mini
Short Digest
aee4c0cf

Response Measures

None

Receivership Details

Depositor recovery rate
75.9%
Date receivership started
1932-01-28
Date receivership terminated
1939-08-24
Share of assets assessed as good
65.0%
Share of assets assessed as doubtful
33.1%
Share of assets assessed as worthless
1.9%

Description

Articles (Jan–Feb 1932) report the Bell National Bank at Pineville was closed by its directors (notice posted Jan 1932) to conserve resources after heavy withdrawals; Comptroller-appointed receiver White F. Varden was later named to liquidate the bank. No explicit bank run (mass crowd/run) is described in the articles; closure was followed by receivership (permanent).

Events (4)
1. April 18, 1904 Chartered
Source
historical_nic
2. January 18, 1932 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals over preceding months materially reduced deposits (about $500,000 originally) and led directors to close the bank to conserve resources; directors discussed possible assessments against stockholders.
Newspaper Excerpt
Notice posted the Bell National Bank Monday morning that the institution been closed by order of the rectors conserve the the institution for the benefit the depositors.
Source
newspapers
3. January 28, 1932 Receivership
Source
historical_nic
4. February 5, 1932 Receivership
Newspaper Excerpt
White Varden...has been appointed by the Comptroller of Currency at Washington to take immediate charge of the liquidation of the Bell County National Bank at Pineville. Mr. Varden has already taken up his new duty.
Source
newspapers

Newspaper Articles (12)
1. January 21, 1932 Pineville Sun Pineville, KY
Article from Pineville Sun, January 21, 1932

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Article Text

Us house Here Pineville faced the closing the Bell National Bank meeting of the National Minhere Monday with the Union set for Tuesday courage and fortitude that broken up without difficulty shorthas characterized her citi- after the first Mrs. speaker, zenship in the face of other James Grace, Wallins Creek, got started. Mayor Brooks disasters. ped from the and The Bell National Bank Mrs. Grace by the arm, escortvital link in her to the office County opment of Pineville and Judge George Vanbeber. passing removes one of the There disorder. Mrs. oldest banking institutions Grace kept the for few minutes, told that she could in the mountains. hoped speak without first obtaining that prompt will be steps permit from the city authorities, taken to release the funds and then the necessarily tied in this up meeting had dispersed and bank. made the In the face of disaster women departed that would be held Four Mile, pleasing to note how the Barbourville road, the next the First State Bank, ville's only remaining bankMrs. Grace, who has been institution, stood the the organization, test. There was had stated that not this bank has been the going to elect president of the United States this tory in other communities year, going appoint when where banks Mayor Brooks appeared. Chief Deposits showed Police Pearl Osborne accompanied him and made through the way day the Bank crowd for the mayor to return closed. no crowd courthouse. Mayor Brooks latthe bank came out and told the men gathand from there that he had objectpearances just tion their coming to the city and mal Monday. The First that the officials waned them Bank is one of the strongest but that permit to hold banks in the meetings be obtained. by bankers from previously had stated that they would the other sections, and its able, meet here was commuconservative management un-American. About makes it deserving of the hundred miners and theri wives unlimited of this support great were reminded of recent great many from other incident where prospectcustomer showed the Deaths Show statement of this bank the leading banking hous- Decrease For 1931 Tennessee. The banker looked over carefully and fatilities Kentucky durremarked: what less than in 1930, according released Wed trust be pardoned little personal boosting article but get so few pliments that want to pass this along. clipped from the Southern Worker, the communist weekly lished at Chattanooga, Tenn. Modesty forbid, but a com pliment compliment! Here goes: worker can believe anything that appears in the capitalist press about any strike. The the press to about workers and struggles. But the Kentucky murder is even gang than the strikeaverage breaking outfit. They bribe talist reporter (all of whom for sale.) They have their own special liar, Herndon Evans, editor (Continued on page

2. January 21, 1932 Pineville Sun Pineville, KY
Article from Pineville Sun, January 21, 1932

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Article Text

Resources of Institution To Be Conserved For Depositors Notice posted the Bell National Bank Monday morning that the institution been closed by order of the rectors conserve the the institution for the benefit the depositors. The report circulated Sunday that the bank would not Monday and result the closing not such shock to business houses. The Bell National Bank deposits about $500,000, Withdrawals of deposits during the last few months lieved have materially reduced sum and to have caused the closing of the bank. Officers stated that the bank also said that there was possibility that there would be assessment against stockholders cover the funds needed pay the depositors. Directors met Saturday afternoon, reported, and going over situation determined upon the steps taken. The bank capitalized bank the State Bank being unaffected other Deposits the first of the hand guard against but instead there steady increase ited there. From appearances "business Examiners ble Smith, Cleveland, the at Bell National this receivwill be named the troller of the currency ly.

3. January 21, 1932 Pineville Sun Pineville, KY
Article from Pineville Sun, January 21, 1932

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BRIDGE PARTY WILL BE HELD NEXT FRIDAY NIGHT A benefit bridge party promilk for the and soup for the children poor be held at the Masonic Friday night, January 29, under auspices of the Club. The Masonic lodge and EastStar also are -operating the event, according to Mrs. Hutchinson, president of the Club. The closing of the Bell National Bank tied the funds of up the Woman's Club and immediate must be taken to provide money to buy the milk and Mrs. Hutchinson said. There will no refreshment sserved at the party next Friday that every realized will to the fund. Four cakes, donated by Pineville women, will be given high prizes. Requirements the fund are about month, Mrs. Hutchinsaid, and hoped that from the proceeds of the party that enough will be realized to carry the work for this month. The parwill begin at 7:45 o'clock third the Masonic Temple.

4. February 5, 1932 The Kentuckian-Citizen Paris, KY
Article from The Kentuckian-Citizen, February 5, 1932

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Article Text

PARIS MAN TO HAVE CHARGE OF BANK LIQUIDATION Mr. White Varden. Special National Bank Receiver. who has been located at Newport. Tenn., has been appointed by the Comptroller of Currency at Washington to take immediate charge of the liquidation of the Bell County National Bank at Pineville. Mr. Varden has already taken up his new duty. Mrs Varden and daughter, Miss Mildred Varden. are making their home in Maysville during the winter months.

5. February 26, 1932 The Hancock Clarion Hawesville, KY
Article from The Hancock Clarion, February 26, 1932

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PATRONS LOYAL TO PINEVILLE BANK The closing of the Bell National Bank of Pineville, Ky., was the oriasion for the Editor of the Pineville Sun to write the following in reference to the First State Bank at Pinevill of which George Reese is president and cashier. It will be remembered in Cloverport that Mr. Reese married Miss Veva Miller of this city, who is a niece of Mrs. J. N. Cordrey, Cloverport, and a sister of Mrs. George Bentley of Hawesville. The Sun states: "Pineville faced the closing of the Bell National Bank here Monday with the same courage and fortitude that has characterized her citizenship in the face of other disasters. "In the face of disaster it is pleasisg to note how the First State Bank, Pineville's only remaining banking institutios, stood the test. There was no 'run' on this bank as has been the history in other communities where banks have) closed. Deposits actually showed an appreciable increase on the day the Bell National Bank closed. There was no crowd at the bank and from all appearances it was just a normal Monday. The First State Bank is one of the strongest banks in the commonwealth, we are told by bankers from other sections, and its able, conservative management makes it deserving of the unlimited support of this section. Breckinridge News. Note: George Bentley Jr., formerly of this city, is cashier in the First State Bank.

6. July 19, 1932 The Public Ledger Maysville, KY
Article from The Public Ledger, July 19, 1932

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Article Text

Appointed Receiver Of Third Bank In 18 Months White F. Varden. of this city, national bank receiver, recently in charge of the First National Bank at Newport, Tenn., and since appointed to take charge of the Bell National Bank at Pineville, has been appointed receiver of the Whitley National Bank at Corbin. Mr. Varden will be in charge of both banks and will continue to be assisted by T. J. Pickett, formerly of this city Both have been appointed to three different receiverships within a. period of eighteen months which will bespeak their ability to handle receiverships under government control. Mrs. White F. Varden and daughter, Miss Mildred Varden, have returned from a visit in Pineville with Mr. Varden.

7. July 20, 1932 The Daily Bulletin Maysville, KY
Article from The Daily Bulletin, July 20, 1932

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Article Text

White Varden Named Receiver White F. Varden, of this city, national bank receiver, recently placed in charge of the First National Bank at Newport, Tenn., and later named to direct the affairs of the Bell National Bank at Pineville, has been made receiver of the Whitley National Bank at Corbin. Mr. Varden will handle the affairs of both banks and will continue to be assisted by T. J. Pickett, formerly of Maysville.

8. July 20, 1932 The Daily Independent Maysville, KY
Article from The Daily Independent, July 20, 1932

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Article Text

Add Another Bank To Varden's Duties The services of Mr. White F. Varden, who has been serving as national bank receiver in looking after the affairs of the Bell National Bank at Pineville, Ky., has had added to his duties the receivership of the Whitley National Bank at Corbin which recently closed. He will be assisted by Mr T. J. Pickett, formerly of this city. Before going to Pineville Mr. Varden had charge of the First National Bank at Newport, Tenn. Watch your dollars. Safety first, interest second you get both when you put your money in the Mason County Building Association. Phone 20 for 10 shares. It will cost you $2.50 a week and In 1989 you get

9. August 27, 1932 The State Journal Frankfort, KY
Article from The State Journal, August 27, 1932

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Lawrence: Wooten V. Commonwealth, Adair: Bradley Commonwealth. Mason; Peoples National Bank for use, etc. Jones, etc., McCracken; Little V. Citizens Savings Bank of Paducah, Ky., McCracken: Mortgage Union of Pa. V. King, etc., Jefferson: Town of Hodgenville V. Ky. Utilities Ce., Larue: Young (Curtis) V. Commonwealth, Christian: Fitzpatrick Koett V. Tate, Kenton. Appellees in each of the foregoing cases filed brief and notice. Sweasy V. King, Jefferson. Appellant filed reply brief and notice. Shaver V. Weddington, etc., Pike Appellant filed supplemental brief and notice. National Deposit Bank of Owensboro V. Ohio Oil Co., etc., Daviess: Ohio Oil Co., etc. V. National Deposit Bank of Owensboro, Daviess. Brief of the Ohio Oil Company filed with notice. Bell National Bank's Receiver of Pineville V. Ellison, Bell. Appellant filed brief and notice. Appellee filed brief and notice.

10. March 11, 1933 The State Journal Frankfort, KY
Article from The State Journal, March 11, 1933

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PROCEEDINGS OF THE COURT OF APPEALS Proceedings of the Court of Appeals for yesterday (eastern division sitting) follow: Kentucky Utilities Co. V. City of Paris et al., Bourbon, Affirmed. Judge Rees. Hardy V. Commonwealth, Ballard. Reversed. Chief Justice Dietzman. Hoskins, County Atty., for use, etc. V. Revis, Leslie. Reversed. Judge Rees. Cairns V. L. & N. R. Co., Bell. Affirmed. Com. Drury. Middleton et al. v. Lewis et al., Harlan. Affirmed. Com Drury Giles et al. V. Byrd et al., Bell; Giles et al. V. Minton et al., Bell. Appeals dismissed. Judge Perry. Anderson Manufacturing Co. Transfer Co., Jefferson. Reversed. Judge Perry. Stewart V. Gearhart, Boyd. Reversed. Com. Hobson. Bell National Bank's Receiver of Pineville V. Ellison, Bell. Affirmed. Com. Hobson. Bath County Kentucky et al. V. United Disinfectant Co., Bath. Retersed. Judge Thomas. Smith et al. Turner et al., Perry. Reversed. Judge Thomas. Palmer et al. V. Commonwealth et al., Estill. Appeal denied: judgment affirmed. Per curiam. Calvin et al. V. Franklin Title and Trust Co., Jefferson. Appeal denied; judgment affirmed. Per curlam. Moore V. Clines, Jefferson. Opinion extended on its face and appellant's petition for rehearing overruled. Great American Ins. Co. of N. Y. V. Clayton, Bell; North River Ins. Co. of N. V. v. Clayton, Bell. Opinion extended on its face and appellee's petition for rehearing overruled. Pedigo by next friend V. Pedigo's Committee. Barren. Appellee's petition for rehearing and modification of the opinion overruled. Johnson V. Langley, Todd. Appellant's petition for rehearing overruled Hansford V. Commercial Credit Co., Harlan; Missionary Board of Brethren Church V. Trustees of the Brethren Church of Lost Creek, Breathitt; Trus tees of the Brethren Church of Lost Creek v. Missionary Board of the Brethren Church. Breathitt. Appellees' petition for rehearing in each case overruled. Moneyhan V. Morris, et al., Knox It is ordered that the opinion of the Court by Judge Thomas dismissing defendant's motion to dissolve the injunction granted by the Knox Circuit Court be published in the Kentucky Reports and the Southwestern Reporter. Talbott, Auditor, V. Charlton's executor, Franklin. Appellee filed brief in support of his petition for rehearing and notice. Codell Construction Co. V. White's

11. March 11, 1933 The Owensboro Messenger Owensboro, KY
Article from The Owensboro Messenger, March 11, 1933

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COURT OF APPEALS Frankfort, Ky., March 10. The Kentucky Court of Appeals, Eastern division sitting, handed down the following opinions today: Kentucky Utilities Co. vs. City Paris, Bourbon, affirmed. Hardy vs. Ballard, reversed. Hoskins, county afforney for use, etc., VS. Revis, Leslie. reversed. Cairns R. Co., affirmed. Middleton, et al., VS. Lewis, et al., Giles, Bell, appeals Co. Iring Transfer Co., Jefferson, reversed. Stewart vs. Gearhart, Boyd, reversed. Bell National bank's receiver of Pineville vs. Elliuon, Bell, affirm- Bath County Kentucky al. United Disinfectant Co., Bath, reversed. Smith, et vs. Turner, et al., reversed. Palmer. al., vs. Commonwealth. al., Est'll. appeal denied and judgment affirmed. Calvin Franklin Title Trust Jefferson. appeal denied and judgment affirmed. Moore Clines, Jefferson. opinion extended on its face and appellant's petition for rehearing overruled. Great American Insurance Co. N. vs. Clayton, Bell; North River Insurance Co. of Clayton, Bell; American Insurance Newark, N. Opinion extended on its face and appellee's petition for rehearoverruled. Pedigo by next friend VS. Pedigo's committee, Barren. Appellee's petition for rehearing and modification of the opinion Johnson Langley, Todd. Appellant's petition for rehearing overruled. Hansford VS. Commercial Credit Harlan: Board of Brethren church Trustees of the Brethren church of Lost Creek, Breathitt: Trustees of the Brethren church of Lost Creek Missionary Board the Brethren church. Breathitt. petition for rehearing each case overruled.

12. March 11, 1933 The Lexington Herald Lexington, KY
Article from The Lexington Herald, March 11, 1933

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COURT OF APPEALS DECISIONS FRANKFORT Ky., March 10 (AP) The Kentucky court of appeals, Eastern division sitting, handed down the following opinions today: Kentucky Utilities Co., VS. City of Paris, et al., Bourbon, affirmed Hardy vs. Commonwealth, Ballard, reversed. Hoskins, county attorney for use ctc., vs. Revis, Leslie, Cairns VS, L. & N. R. R. Co., Bell, affirmed. Middleton et al, vs. Lewis, et al., Harlan, affirmed. Giles, et al, vs. Byrd, et al., Bell: Giles, et al, vs. Minton, et al., Bell: appeals dismissed. Anderson Manufacturing Co., vs Iring Transfer Co., Jefferson, reversed. Stewart V8. Gearhart, Boyd, re Bell National Bank's receiver of Pineville, vs. Ellison, Bell, affirmed. Bath county Kentucky et al, vs United Disinfectant Co., Bath, reversed. Smith, et al., VS. Turner, et al., Perry, reversed. Palmer, et al., VS. Commonwealth et al., Estill, appeal denied and judgment Calvin, et al, VS. Franklin Title & Trust Co., Jefferson, appeal denied and judgment affirmed. Moore vs. Clines, Jefferson, opinion extended on its face and appellant's petition for rehearing over. ruled. Great American Insurance Co., of New York, VS. Clayton, Bell: North River Insurance Co., of New York, VS. Clayton, Bell: American Insurance Co., of Newark, N. J., VE Clayton, Bell. Opinion extended on it sface and appellee's petition for rehearing overruled. Pedigo by next friend VS. Pedigo's committee, Barren Appellee's petition for rehearing and modification of the opinion overruled. Johnson VS. Langley, Todd. Appellant's petition for rehearing overruled. Johnson vs. Langley, Todd. Ap. pellant's petition for rehearing overruled. Hansford VS. Commercial Credit Co., Harlen; Missionary Board of Brethren Church VS. Trustees of the Brethren Church of Lost Creek, Breathitt: trustees of the Brethren Church of Lost Creek VS. Mission ary Board of the Brethren Church, Breathitt. Appellee's petition for rehearing in each case overruled.