Atwood Banking Company (Atwood, TN)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
January 8, 1927
Location
Atwood, Tennessee (35.973, -88.678)
Bank Type
state
Routing Number
87-0318
Alt. names
Citizens Bank & Trust Company

Metadata

Episode ID
Bank ID
City ID
471275974
Model
gpt-5-mini
Short Digest

Notes

A later (1928) article attributes ill feeling to a firecracker incident that led to the cashier's non-reelection and withdrawals.

Events (3)
1. January 8, 1927 Run
Cause
Bank Specific Adverse Info
Cause Details
Ill feeling after directors failed to re-elect the cashier (resignation/non-reelection) prompted depositors to withdraw funds.
Measures
Closed and locked doors; state bank examiner called; investigation begun.
Newspaper Excerpt
failed to open for business Saturday morning due to run on the bank by its depositors late Friday.
Source
newspapers
2. January 8, 1927 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Run and resulting inability to open for business after rapid withdrawals following directors' election dispute.
Newspaper Excerpt
failed to open for business Saturday morning due to run on the bank
Source
newspapers
3. January 18, 1927 Receivership
Newspaper Excerpt
ATWOOD BANK IN RECEIVER'S HANDS
Source
newspapers

Newspaper Articles (4)
1. January 10, 1927 The Tennessean Nashville, TN
Article from The Tennessean, January 10, 1927

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Article Text

DEPOSITORS' RUN FORCES ATWOOD BANK TO CLOSE Feeling Against Officers Said to Cause Run. Trezevant, Tenn., Jan 8-The Atwood Banking Company. the only bank in the little city of Atwood. this county, failed to open for business Saturday morning due to run on the bank by its depositors late Friday. At the annual stockholdof the officers for the year did not please some friends thought that this feeling caused who for years has been the election McNatt of Maury county. In its last published in the affairs the bank was shown be good bank examiner in charge is believed by friends the that will reopen business in condition time week.

2. January 11, 1927 The Tennessean Nashville, TN
Article from The Tennessean, January 11, 1927

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Article Text

CASHIER OUT, BANK CUSTOMERS FORCE CLOSURE Second Run on Carroll Institutions Hits Atwood. (Special The Huntingdon, Tenn., Jan. Failure the Atwood Banking Company board of directors to elect Smith cashier for 1937 last week credited with causing run the bank which forced to close Saturday morning. according to President Leech of the Institution. Reuben McNabb counSmith the of the and friends of former who had the bank years, began their funds rapidly that to preInterests the the officers closed and locked doors called state bank examiner. xaminer started his vestigation today. believed the affairs of the company straightened out without according Mr. Leech. The Atwood the second eleven the county close The first the Bank Yuma, the the state past week. which the filed court today appointed. During Mr. Smith's terms cashier. Sam Barger, who has since assistant cashier bank at was assistant cashier. The run, to Mr. Smith, the Mr. by failure to elect Mr.

3. January 18, 1927 Nashville Banner Nashville, TN
Article from Nashville Banner, January 18, 1927

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Article Text

ATWOOD BANK IN RECEIVER'S HANDS of week, he nual of taken the

4. November 25, 1928 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, November 25, 1928

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Article Text

CLOSED ATWOOD BANK PAYS ALL CREDITORS Failure of Bank Caused by Shooting Firecracker. NASHVILLE Tenn., Nov. The bank that failed because of the innocent shooting of Christmas firecracker. the Atwood Banking Company of Atwood, Tenn. Saturday paid and cred. itors 100 cents on the dollar, and expects to pay interest on and have substantial fund remaining for stockholders, H. Grigsby state superintendent of banks, announced here Saturday. The firecracker explosion that caused the bank's failure is one of the unique cases the state's banking history and almost two years receivership has been necessary because of the Christmas celebration of youth. Atwood had an ordinance against shooting firecrackers, and as the result, the son of the bank's cash ter was for exploding big "cracker" during Christ mas holidays The youth was tried before magistrate and the father of the boy put up bitter fight in the magistrate's court, the case causing ill feeling among persons connected with the bank This ill feeling in the directors' meeting and the cashier was not re-elected. In resentment. friends of the cashier withdrew deposits. causing run that closed the doors. This 100 per payment marks the third refund from banks in the hands of the State Department within the month and the third in the history of the banking department. The bank falled on Jan. S. 1927. shortly after the firing of that costly firecracker in innocent holiday fun.