First Bank & Trust Company (Macon, MO)

Episode Information

Episode UID
80023171592
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
8002317 routing
Routing Number
80-0231
Start Date
August 19, 1932
Location
Macon, Missouri (39.742, -92.473)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1a17d6a88acec838

Response Measures

None

Description

Suspension initiated by a mayoral 15-day moratorium; reopening timing described imprecisely (references to reopening in October and later licensing).

Events (3)
1. August 19, 1932 Run
Cause
Local Banks
Cause Details
Heavy withdrawals depleted reserves following local banking distress and runs in the area, prompting depositor withdrawals from this bank.
Measures
None specified beyond subsequent moratorium/reorganization steps described by civic committee.
Newspaper Excerpt
steady withdrawals have depleted the reserve of the First Bank and Trust Company
Source
newspapers
2. August 19, 1932 Suspension
Cause
Government Action
Cause Details
Mayor issued a 15-day moratorium/holiday for the city, suspending business of the bank to permit reorganization and protect depositors.
Newspaper Excerpt
Mayor Frank Briggs of Macon issued proclamation calling for a fifteen day moratorium for the bank
Source
newspapers
3. October 1, 1932* Reopening
Newspaper Excerpt
October of last year, when the bank reopened subsequent to its reorganization, it had borrowed capitalization to meet demands of depositors and the major portion of which demands occurred during June, July ... August, the bank amounted run on who withdrew their funds and many depositors withdrew their funds then while their notes still remain unpaid.
Source
newspapers

Newspaper Articles (4)
1. August 23, 1932 Moberly Monitor-Index and Moberly Evening Democrat Moberly, MO
Article from Moberly Monitor-Index and Moberly Evening Democrat, August 23, 1932

Click image to open full size in new tab

Article Text

BANK CAMPAIGN Macon Reorganization Committee Cordially Received by Citizens PLAN FOR OPENING IS PRESENTED Macon residents are extending cordial receptions to the tee working for reorganization of the First Bank and Trust Company there, according 10 the MaThe committee is endeavoring to sell $150, 000 in stock for reorganization purposes, and reported Sunday afternoon that 175 shares at $150 each had already been Business of the bank was suspended Friday of last week, when Mayor Frank Briggs of Macon issued proclamation fifteen day moratorium for the bank. During the period no aries being and no penses incurred by the bank, though it is not being considered closed institution Present plans call for reorganization of the bank to be known as the Bank and Trust Company. It is have capital of $100,000, surplus of $20,000 and undividded profits $30,000 The total divided into 1000 shares at $150 each. To Take Over Bank The new bank will take over the First Bank and Trust Company, and the capitar, undivided profits, that bank, amounting to will be used to the extent necessary to eliminate slow and otherwise objectionable assets. To protect depositors and shareholders of the new bank against the of or the past few months, the deposits of the old bank will be available as follows: Savings and Checking Accounts: 10 per cent immediately; per cent in three months; per cent in six months; per cent in nine months; and the balance at whatever per cent is considered advisable at the of the year. Time deposits will be paid at ma turity. This plan applies only to funds now on deposit in the old bank. Deposits made in the new institution will be available in full immediately. Under plan 100 per cent will ultimately be returnto depositors. Report Good Business Despite moratorium suspending business of First Bank and Trust Company, Saturday's business was reported Macon merchants as one of the best days of the year. The sidewalks the business district were reported to have been alive with people and there was steady movement of cars trucks on the streets. Much buying was reported, with payment by checks on banks in other towns and in cash. The committee now working on the sale of stock for tion of the bank is composed H. Nichols, Leach H. C. Gieselman, W. Brown, Tom Hartman, Waldo Edwards, Charles M. Dorrel, Dr. A. G. Hildreth, Frank Briggs, C. Schmidt, Eddie Potter, Earl wards, R. E. Sharp, R. z. Cason, Theodore Reichel, Fred A. Robins, W. C. Goodson, R. L. Thompson, Harry Hunter. Bevier; Henry Edwards, Bevier; Dr. Watkins, Bevier: Clarence Pool, Callao; and Elmer Novarro.

2. August 25, 1932 The Daily News and Intelligencer Mexico, MO
Article from The Daily News and Intelligencer, August 25, 1932

Click image to open full size in new tab

Article Text

REPORT PROGRESS IN MACON BANK REORGANIZATION Macon residents are extending cordial receptions to the committee working for reorganization of the First Bank and Trust Company there, according to the Macon Chronicle-Herald. The committee is endeavoring to sell $150,000 in stock for reorganization purposes and it was reported Sunday afternoon that 175 shares at $150 each had already been pledged. Business of the bank was suspended Friday of last week. when Mayor Frank P. Briggs of Macon issued a proclamation calling for a fifteen day moratorium for the bank. During the period no salaries are being paid and no expenses incurred by the bank, although it is not being considered as a closed institution. Present plans call for reorganization of the bank to be known as the Macon Bank and Trust Company. It is to have a capital of $100,000, a surplus of $20,000 and undivided profits of $30,000. The total is divided into 1000 shares at $150 each.

3. August 25, 1932 La Plata Home Press La Plata, MO
Article from La Plata Home Press, August 25, 1932

Click image to open full size in new tab

Article Text

At Work New Mayor Moratorium During Period of Bank's Suspension Macon has since Friday been in the throes crisis when their only bank, the First Bank Trust Company, suspended for fifteen days during which time being attempted. Immediately upon the suspension of the Mayor Frank Briggs issued the following proclamation: "Whereas, reliably informed that steady withdrawals have depletthe reserve of the First Bank and Trust Company and continued will cause suspension business, and whereas city without facilities cannot prosper. and business under such conditions will imperil the economic structure of city and injure all of our citizens: there no other determined and well planned reorganwhich take fortnight be made Frank Briggs, mayor the city of Macon request, and. with consent of the business Macon. do hereby declare the riod Aug. 19. and ending Sept. as legal holiday city Macon and call business within the city upon suspended and citizens join in the serious business of re-organizing the bank that Macon may continue in her steady march progress." statement by officers of the bank said the action of the bank takto protect depositors and creditors. committee of men formed secure new capital Macon bank and fourth of the stock necessary has been subscribed. to reorganize bank corporation take over the assets of the present bank and open that stitution once. Capital stock surplus and undivided profit account of will be needperfect the new bank. Business houses have been kept as usual.

4. May 5, 1933 Macon Chronicle-Herald Macon, MO
Article from Macon Chronicle-Herald, May 5, 1933

Click image to open full size in new tab

Article Text

DEMETER DISCUSSES LOCAL BANK SITUATION President of First Bank Makes Statement Today In an interview today with Demeter, president of the First Bank and Trust Company, he made the statement relative to the local banking situation: will be recalled that on March 15 when state national banking moratorium ended, that this bank licensed to reopen restricted bank. The bank was authorized to receive new deposits from customers, same held trust fund which might be deposited in some designated approved national or state banking depository loaned only amply secured by United States Government State of Missouri Bonds. These decheck and payposits are ment on demand in full at any time. "There having been no examination of the bank made by the finance since fall of 1931, department since the Security Trust and Company Macon and the College Mound Bank of College Mound having been taken over, this bank the having been consummated October, 1932, advisable by the and examination be made at the that an earliest possible moment the requested of the departsame was ment; and that pending this examination, public statement the bank. This examination made by made some few weeks was of the department has the report just been received. this report, of course, is and must held confidential tween the department and the institution, now deemed by the and officers to give customers and the the depositors, public generally, information bank and its future gard the policy. October of last year, when the bank reopened subsequent to its rehad borrowed capitalization, of This money in excess borrowed meet represented money the demands of depositors, the major of which demands occurred portion June, July and part during which demands August, the bank. amounted run on who withdrew their Many depositors borrowers the funds were then while withdrew their bank and they their notes still remain accounts, That continues to unpaid. to the present time. degree up is to that since gratifying say last October this of has been reduced approxmoney and this the imately last October the the that since States has the United and crisis greatest banking history. Property below the October values much resulted in the president level which the country for all banks closing While this reducnearly weeks. money is gratilytion borrowed time must still at the same much more could have that in this regard been accomplished taken into considthe bank not of the times eration the extremity that great hardthe further fact worked on its ship would have insisted and encustomers had policy of forced more rigorous tall and winduring last the policy of other last fall and was the bank the benefit of let live, for live and and the community its customers has the and this prevented generally, amount of this the entire payment borrowed money. instances the "While many has been bank's attitude policy is to anappreciated, greater numnounce that perhaps indebted and ber who were and are retire or substanable to entirely their obligations, made tially reduce view of past effort to do no has been therefore, experience, directors and by the this bank that vigorous officers of adopted and of collection be policy those who are inand that followed retire here be required debted make substantial their or trust those reductions them. will us full indebted the bank When this and hearty can assure the feel that done, that the of this people the removal obstacle in way main have been of all restrictions overcome.'