8842. Bank of Ava (Ava, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
*
Location
Ava, Missouri (36.952, -92.660)

Metadata

Model
gpt-5-mini
Short Digest
ca69807c5a7b8741

Response Measures

None

Description

Newspaper articles indicate the Bank of Ava closed (failed) several months before January 1931; state audit revealed large family notes and missing cash, and criminal charges for embezzlement were filed against the president and vice-president. A receiver (Cahill) later administered the bank. There is no mention of a depositor run prior to closure—failure appears driven by adverse bank-specific information and suspected embezzlement. Dates of closing/receivership are not precisely given in the articles.

Events (2)
1. * Receivership
Newspaper Excerpt
Soon after he took charge of the bank's affairs as receiver Mr Cahill pointed out the bank had paid more than should have and received fund.
Source
newspapers
2. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
State audit revealed $221,000 in family notes (loans to officers/relatives) and missing cash; prosecution for embezzlement of officers followed the bank's closing.
Newspaper Excerpt
the now closed Bank of Ava ... state audit showed $221,000 in family notes.
Source
newspapers

Newspaper Articles (4)
1. January 7, 1931 Springfield Leader and Press Springfield, MO
Article from Springfield Leader and Press, January 7, 1931

Click image to open full size in new tab

Article Text

DRAFT CHARGES AFTER FAILURE OF BANK OF AVA Mrs. Adams and Brother Face Prosecution. County Attorney Announces. BasAction Upon Audit's ing Revelations Prosecuting Attorney Fred Stewof Ava this afternoon nounced definitely that he file charges against Mrs Sally Adams president of the Bank vice president in with the bank's closing several months ago announcement came Mr Stewart had studied audit of the bank, completed Saturday and Taylor of Springfield and had communicated this morning by with Attorney General Stratton Shartel Assistant General Ed Robinson and Ray Weightman signed to the case by Mr. Shartel were their Ava this afternoon to confer with Mr. Stewart garding filing of the They and Tom of employed by depositors as special assist Stewart the charges against Mrs and Turner brought to trial Audit' Basis of Charge Mr. Stewart said information tained in the bank audit would be basis of charges filed against Mrs. Adams and Turner Robinson and probably remain afternoon the with surprising charges tomorrow Arthur Curtis for the ship before closed probably charges against the Approximately $35,000 and "cash items' were taken of the bank before closed. and later returned when Mr. Cahill discovered revealed also that the bank $221,000 in "family notes, either by its officers or their relatives. at the time of the closing Bankruptcy Petition A petition involuntary ruptcy was federal Mrs Ava: Mo Hardie Washington D. Johnson ed he $750 personal against Mrs. Adams Mrs. Mrs Adams her $527 and an obligation The addition enumerated 26 upon which claimed Adams

2. January 13, 1931 Hartford Courant Hartford, CT
Article from Hartford Courant, January 13, 1931

Click image to open full size in new tab

Article Text

Bring Charges Against Failed Bank's Heads Ava, Mo., Jan. of assenting deposits in the now closed Bank of Ava, while the bank was ing filed today against Mrs. Sallie president, and her brother. H. Turner, vice-president. state audit showed $221,000 in "family notes." Mrs. Adams charged with embezzlement of and Turner with bezzlement of $12,519 in the last three years.

3. February 6, 1931 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, February 6, 1931

Click image to open full size in new tab

Article Text

AVA BANKERS WIN OF TRIAL Feb the vigorous of the state's Sallie Adams, dent the closed Bank of and her brother Prank Turner. vice president of the bank today continuance February 17 their preliminary hearings on charges embezzlement ceptance deposits while the bank failing. Justice the A. Kice granted the the ground that Craig of Mansone of the defense attorneys. was county the opposed deand joined by assistant state attorneys general to help crowd gathered obviously was disappointed.

4. December 29, 1932 The Springfield News-Leader Springfield, MO
Article from The Springfield News-Leader, December 29, 1932

Click image to open full size in new tab

Article Text

Treasury Allows $3674 Tax Refund For Bank of Ava The $3674 tax refund which the treasury department allowed Cahill for the Bank of Ava was listed among those reported to con. gress yesterday. The Ava item was excess income tax which the bank had paid Soon after he took charge of the bank's affairs as receiver Mr Cahill pointed out the bank had paid more than should have and received fund. The largest refund allowed Missouri was $416,626 to the Lilly Busch estate at Louis. The only refund allowed Springfield residents was $1436 John Yancey and wife.