First National Bank (Horse Cave, KY)

View Charter #7602 on SPMC View balance sheet

Episode Information

Episode UID
760201571
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
76020 national
Charter Number
7602
Start Date
November 18, 1930
Location
Horse Cave, Kentucky (37.179, -85.907)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8b5bc5cf4f506610

Response Measures

None

Receivership Details

Depositor recovery rate
83.9%
Date receivership started
1930-12-09
Date receivership terminated
1935-02-23
Share of assets assessed as good
43.3%
Share of assets assessed as doubtful
53.4%
Share of assets assessed as worthless
3.4%

Description

Closure appears permanent in these articles; president's suicide two days later suggests failure rather than a short precautionary suspension.

Events (4)
1. February 8, 1905 Chartered
Source
historical_nic
2. November 18, 1930 Suspension
Cause
Correspondent
Cause Details
Closed after the National Bank of Kentucky (its correspondent) was suspended amid 'wild rumors' and heavy withdrawals.
Newspaper Excerpt
Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. ... and the First National bank at Horse Cave, Ky.
Source
newspapers
3. November 20, 1930 Other
Newspaper Excerpt
Worry over the condition of his institution is believed to have been responsible. ... William Virgil Bell, president of the First National of Horse Cave, which closed Monday, was found hung from rafter.
Source
newspapers
4. December 9, 1930 Receivership
Source
historical_nic

Newspaper Articles (12)
1. November 18, 1930 Hickory Daily Record Hickory, NC
Article from Hickory Daily Record, November 18, 1930

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Article Text

BANKS Total Resources Of $75,000,000 Are Involved LOUISVILLE. Nov. 18Kentucky financial institutions with resources totalling more than $75,000,000 closed today The largest these the national bank of at Louisville, which under the control receiver, Keyes, of the staff of the comptroller of currency at Washington. Its resources approxi$60,000,000. Directors of the National bank Kentucky said the suspension yesterday deemed necessary because "wild rumors" concerning its condition. Simultaneously with its closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. small banks in Two negro Louisville, American Mutual bank and the First Savings bank, which cleared Standard through the Trust comcloser. The Bank of later Louisville suburb, Helens, also suspended as precautionary measure. banks outside Louisville Two closed when was learned also the National Bank Kentucky They were the suspended. McElwain Meguiar bank Trust at Franklin, company and the First National bank Ky. National Horse Cave, bank Kentucky served correspondent for both. BANKERS OPTIMISTIC ARK. ROCK, Ark., Nov. 18 LITTLE was expressed of Arkansas finanstatements leaders as they laid plans to43 banks day to re-open which have suspended temporarily closed. The committee of the American Exchange Trust comlargest and one the pany here, the state which oldest banks suspended for five days, was gaged with plans to resume operations. American ExClosing of the followed by suspenchange activities by the 42 other sion the aggregate deposits banks, which were more than 000. B. Banks, president of the American and constockholder 34 of the trolling scattered over the other banks the boards directors state, said were trying obtain communities pledges from their loyalty capital to assure and of danger from run. freedom

2. November 18, 1930 Jackson Citizen Patriot Jackson, MI
Article from Jackson Citizen Patriot, November 18, 1930

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Article Text

DOORS CLOSED BY 8 KENTUCKY BANKS Suspension of Louisville Institution Seen As Protection Move. Louisville, Ky., Nov. Eight Kentucky institutions totalling more than $75,000,000 were closed today, The largest of these was the National Bank of Kentucky at Louisville, which was under the control of receiver, Paul C. the staff of the comptroller of the currency at Washington. Its resources approximate $60 000 Directors of the National Bank of Kentueky said the suspension yesterday necessary because "wild concerning its condition Simultaneously with its closing. two affiliated institutions, Louisville Trust Company and the Security Bank. suspended Their directors said they were solvent and that they closed as precautionary measure. The three institutions are affiliated through the holding company. Two small Negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, which cleared through the Louisville Trust Company. later closed. The bank of St. Helens, Louisville suburb. also suspended as Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust Company Ky., and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both Officers of other leading Louisville banks issued last night were greater than withdraw reported new accounts were opened during the day. and reiterated earlier statements that the institutions were solvent.

3. November 18, 1930 The Paducah Sun Paducah, KY
Article from The Paducah Sun, November 18, 1930

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Article Text

announced later, pending the artional Bank of Kentucky had susrival of Mr. Gardner in western pended. They were the McElwain Kentucky. Megular Bank and Trust Company at Franklin, Ky., and the First National Bank at Horse Cave, Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent. ing criminals In England particularly radio is being called upon exclusively for criminal detection work. France is also contemplating the use of the famous Eiffel Tower short-wave station to act as the center for an extensive radio service. French civil aviation is supervised through regional offices in Paris Marseilles and Algiers.

4. November 18, 1930 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, November 18, 1930

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Article Text

BANKS CLOSING AS PRECAUTION Many Kentucky Houses With Closed Doors Solvent, Officials Declare -Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the NaLional Bank of Kentucky at Louisville, which was under control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000 Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing, two affliated institutions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed as 2 precautionary measure. The three institutions are affiliated through the BancoKentucky, a holding company. Two small negro banks n Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust company, later closed. The Bank of St. Helens. a Louisville suburb, also suspended as a precautionary measure Two banks outside Louisville also closed when it was learned the National Bank of Kentucky had suspended. They were the McElwain Megular Bank and Trust company at Franklin. Ky. and the First National bank at Horse Cave Ky. The National Bank of Kentucky served as correspondent for both. Officers of other leading Louisville banks issued statements last night declaring vesterday's deposits were greater than withdrawals. renorted new accounts were opened during the day. and reiterated earlicr statements that the institutions were solvent.

5. November 18, 1930 The Brownsville Herald Brownsville, TX
Article from The Brownsville Herald, November 18, 1930

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Article Text

BANKS CLOSING PRECAUTION Houses With Many Kentucky Closed Doors Solvent, Officials Declare LOUISVILLE, Ky., Nov. Kentucky financial instituwith resources totalling more tions $75,000,000 were closed today. than these was the NaThe largest of of Kentucky at Louistional Bank under control of ville, which was C. Keyes, of the receiver, Paul staff of the comptroller of the curIts resources rency at approximate Directors of the National Bank said the suspension yesKentucky deemed necessary beterday was cause of "wild rumors" concerning Simultaneously with its condition. two affliated instituits closing, tions, the Louisville Trust company and the Security Bank, suspended operations. Their directors said they were solvent and that they were closed precautionary The three Institutions affiliated through the BancoKentucky, holding company. Two negro banks in Louisville, the Mutual Savings bank the First Standard bank which through the Louisville Trust closed. The Bank of St. Helens, Louisville suburb, also suspended as precautionary Two banks outside Louisville also closed when was learned the National Bank Kentucky had suspended. They were the McElwain Mcguiar Bank and Trust company Franklin. Ky., and the First Naat tional bank at Horse Cave. Ky. The National Bank of served as correspondent for both. Officers other leading Louisville banks issued statements night declaring yesterday's deposits were greater than withdrawals. ported new accounts were opened during the day. and reiterated earlier statements that the institutions were solvent.

6. November 18, 1930 Chippewa Herald-Telegram Chippewa Falls, WI
Article from Chippewa Herald-Telegram, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS CLOSED Largest of All National Bank at Louisville With Sixty Million Resources. Louisville, Ky. Kentucky financial institutions with totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under control of Paul Keves, of the staff of the comptroller the currency Washington. Its resources of approximate Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of concerning its condition. with its closing, two affiliated instiutions, the LouisTrust company and the Security Bank, suspended operations. Two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank, which cleared through the Louisville Trust company, later closed. The Bank of St. Helens, Louisville suburb, also suspended as a precautionTwo banks outside Louisville closed when was learned the National Bank of suspendThey were the McElwain Meguiar Bank and Trust Company Franklin, and the First National Bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.

7. November 18, 1930 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, November 18, 1930

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Article Text

Doors Closedign 8 Kentucky Banks Louisville, Eight Kentucky financial institutions with resources totalling more than $75,000,000 were Closed today The largest of these was the National Bank of Kentucky at Louisville, which was Under the control of receiver, Paul C. Keyes, of the staff of She comptroller of the currency at Washington Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the Suspension Monday was deemed -nucessary because of "wild rumors 4oncerning its condition. Simultaneously with two affiliated institutions, the Louisville Trust company and the Security bank. suspended operations. The other banks diofed were two small negro banks IN Louisville, the American Mutual Savings bank and the First Standard bank; the Bank of St. Helens, a Lousiville suburb the M Elwain Meguiar Bank and Trust company at Franklin, Ky., and First National bank at Horse Cave Ky.

8. November 18, 1930 The Portsmouth Star Portsmouth, VA
Article from The Portsmouth Star, November 18, 1930

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Article Text

MeGular Bank and Trust Company Franklin, and the First tional Bank Horse Cave, National Bank Kentucky as correspondent for both. Officers other leading Thoughville banks statements night declaring yesterday's deposits. greater than withdrawals, ported accounts were opened during the reiterated lier statements that the institutions were solvent.

9. November 18, 1930 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, November 18, 1930

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Article Text

RUMORS CAUSE ACTION; LARGE RESOURCE FUND Financial Institutions Total $75,000,000; National Bank Is the First to Close TAKE STEP Directors Quick to Suspend Activity When Wild Rumors Get Underway LOUISVILLE, Nov. Kentucky financial institutions with resources totaling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky Louisville, which was under the control receiver, Paul Keyes, of the staff of the comptroller of the currency Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesterday deemed necessary cause "wild rumors" concerning condition. Simultaneously with its closing, affiliated institutions, the Louisville Trust company the Security bank, suspended operations. Negro Banks Close. Two small negro banks Louisthe American Mutual Savings bank and the First Standard bank, which cleared through the LouisTrust company, later closed. Bank Helens, Louisville suburb, suspended cautionary measure. Two banks outside Louisville also closed when learned the National Bank Kentucky had pended. They were the McElwain Bank and Trust company Franklin. and the First National bank Horse Cave, Ky. The National Bank of Kentucky served correspondent for both.

10. November 18, 1930 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, November 18, 1930

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Article Text

8 Kentucky Banks Assets Totalling 75 Millions, Close Bank of Kentucky, At with $60,000,000 Louisville, Placed Under Resources Receiver's Control RUMORS CONCERING IS CAUSE CONDITION Say Institution Is Solthat Closing Was and Measure Ky., Nov. 18.Kentucky financial with resources totalling than $75,000,000 were closed of these was the largest Bank of Kentucky at under the which was receiver, Paul C. Keyes, the comptroller of Washington. Its currency at approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension yesdeemed necessary be"wild rumors" concerning Simultaneously with two affiliated instituthe Louisville Trust company the Security bank, suspended Their directors said that they were precautionary measure. institutions are affillthrough the Bacno-Kentucky, company. negro banks in LouisAmerican Mutual Savings the First Standard bank, through the Louislater closed. of St. Helens, Louisville also suspended as a premeasure. outside Louisville also when it was learned the Bank of Kentucky had They were the McElMegular Bank and Trust at Franklin, Ky., and the National bank at Horse Cave, The National Bank of Kenserved as correspondent for Officers of other leading Louisbanks issued statements last declaring yesterday's deposits greater than withdrawals, reaccounts were opened day, and reiterated earstatements that the institusolvent.

11. November 20, 1930 The Journal Meriden, CT
Article from The Journal, November 20, 1930

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Article Text

Horse Cave Bank Head Hangs Self From Worry Horse Ky. Nov. 20. Worry the condition bank believed have caused William Virgil to self Bell First National of Horse Cave, which closed Monday.

12. November 20, 1930 The World-News Roanoke, VA
Article from The World-News, November 20, 1930

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Article Text

PRESIDENT OF KENTUCKY BANK HANGS HIMSELF Worry Over Condition of His Institution Is Believed to Have Been Responsible. Horse Cave, Ky Nov Worry the lieved have William Virgil Bell president of the First National Horse which closed Monday His found ed from rafter jury returned verdict Members of his who said ranged. said had call neighbors took and his the day Friends quoted yesterday had closed Bell been president of the bank for twelve that suspended business The Bank Kentucky to served as Directors the Central Bank of bank ganized two not open this This which deposits about cleared through the Louissuspended affiliated organithe National Bank of KenGeorge president of the tral he believed the fully solvent but that recent heavy withdrawals forced the closing precautionary measure.