First National Bank (Horse Cave, KY)

Episode Information

Episode Type
Suspension β†’ Closure
Start Date
November 17, 1930
Location
Horse Cave, Kentucky (37.179, -85.907)
Bank Type
national
Charter Number
7602

Metadata

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%

Notes

The bank suspended following the failure of its correspondent, the National Bank of Kentucky; the bank president committed suicide shortly after.

Events (5)

1. February 8, 1905 Chartered
Source
historical_nic
2. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Suspended after learning its correspondent, the National Bank of Kentucky, had closed.
Newspaper Excerpt
The First National bank suspended operations when the directors learned the National Bank of Kentucky, at Louisville, had closed. The Louisville institution was correspondent for the local bank.
Source
newspapers
3. November 19, 1930 Other
Newspaper Excerpt
The body of William Virgil Bell, 55, president of the First National bank of Horse Cave, which closed Monday, was found hanging in a barn
Source
newspapers
4. December 9, 1930 Receivership
Source
newspapers
5. December 9, 1930 Receivership
Source
historical_nic

Newspaper Articles (12)

Article from Hattiesburg American, November 18, 1930

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Article Text

tional 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 yesterday's deposits were greater than withdrawals, reported new accounts were opened during the day, and reiterated earlier statements that the institutions were solvent.


Article from The Selma Times-Journal, November 18, 1930

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Article Text

than were today The largest of these tional Bank Kentucky which Paul staff of comptroller rency at Washington approximate Directors the National Bank of Kentucky said the suspension terday necessary cause rumors' its affiliated the Trust Security Their and that The institutions affiliated through the small negro banks Louisthe Mutual Savings Bank and First Standard which cleared through the Trust company closed The Bank also suspended Two banks Louisville closed when learned the tional Bank Kentucky pended. the McElwain Megular Bank company at the tional Bank at Horse Cave, Ky. National Bank of Kentucky Officers leading statements night than were opened during the and statements that the institutions were solvent.


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.


Article from The Indianapolis Star, November 20, 1930

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Article Text

Head of Closed Kentucky Bank Hangs Self in Barn HORSE CAVE Ky., Nov 19 of William Virgil 55 The body years old, the First National bank of Horse which closed Monday was found hanging barn behind his residence late today by Lige Chaney, who had him enter the barn few minutes before. The bank suspended opera tions the the National Kentucky Louis ville institution correspondent for the local bank


Article from St. Louis Post-Dispatch, November 20, 1930

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Article Text

suspended institutions over plans to Head of Closed Bank in Horse Ky., Ends Life. HORSE CAVE Ky., Nov. The body of William Virgil Bell, 55 years old, president of the First National Bank of Horse Cave, which closed Monday, found hanging in barn behind his residence yesterday by Lige Chaney who had seen him enter the barn few minutes before. The First National Bank suspended operations the directors learned the National Bank of Kentucky, Louisville, had closed. The Louisville was correspondent for the local bank.


Article from The Tribune, November 20, 1930

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Article Text

OFFICIAL OF CLOSED BANK HANGS SELF HORSE CAVE. Ky., Nov. 19 (A) The body of William Virgil Bell. 55, president of the First National Bank of Horse Cave, which closed Monday was found hanging in barn behind his residence late today. The body was suspended from a rafter by stout wire. The First National bank suspended operations when the directors learned the National Bank of Kentucky, at Louisville. had closed. The Louisville institution was correspondent for the local bank.


Article from Standard-Speaker, November 20, 1930

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Article Text

Bank President Suicides HORSE CAVE, Nov. 19. body of William Virgil Bell, 55, president of the First National Bank of Horse Cave, which closed Monday, was found hanging in barn behind his residence today. The body was suspended from rafter by stout wire. The First National Bank suspendoperations when the directors learned the National Bank of Kentucky, at Louisville, had closed. The institution respondent for the local bank.


Article from Chattanooga Daily Times, November 20, 1930

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Article Text

HEAD OF CLOSED BANK ENDS LIFE WITH WIRE HORSE Nov. 19 William Virgil the First bank, Cave, today hanging in barn behind his body was found Lige enter barn before. Chaney said suspended stout asked Bell what was going do the the not acted which to The First National suspended Monday when the of Kentuc Bell survived by his mother and widow.


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.


Article from The Wichita Eagle, November 20, 1930

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Article Text

BANK PRESIDENT SUICIDE Hangs Self After Kentucky Institution Closes Its Doors HORSE CAVE. KY., Nov. 19.-(P)The body of William Virgil Bell, 55, president of the First National bank of Horse Cave, which closed Monday,


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.


Article from The Buffalo News, November 21, 1930

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Article Text

BANK HEAD ENDS HIS LIFE AFTER INSTITUTION CLOSES HORSE CAVE, Ky., Nov. 20 (AP).β€”The body of William Virgil Bell, 55, president of the First National bank of Horse Cave, which closed Monday, was found hanging in a barn behind his residence late yesterday. The body was suspended from a rafter by a stout wire. The First National bank suspended operations when the directors learned the National bank of Kentucky, at Louisville, had closed. The Louisville institution was correspondent for the local bank.