9195. First National Bank (Ludlow, MO)

View Charter #7900 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
7900
Charter Number
7900
Start Date
July 20, 1934
Location
Ludlow, Missouri (39.655, -93.702)

Metadata

Model
gpt-5-mini
Short Digest
f52b15e890341b64

Response Measures

None

Receivership Details

Depositor recovery rate
98.1%
Date receivership started
1931-01-09
Date receivership terminated
1936-05-29
OCC cause of failure
Economic conditions
Share of assets assessed as good
64.0%
Share of assets assessed as doubtful
20.8%
Share of assets assessed as worthless
15.2%

Description

Multiple contemporaneous newspaper articles (July 20–27, 1934) report S. A. Browning was appointed receiver for the First National Bank of Ludlow and five other national banks. The pieces describe these as closed national banks with a federal receiver appointed by the acting Comptroller of the Currency, indicating government action and permanent closure rather than a depositor run.

Events (4)
1. September 2, 1905 Chartered
Source
historical_nic
2. January 9, 1931 Receivership
Source
historical_nic
3. July 20, 1934 Suspension
Cause
Government Action
Cause Details
Acting Comptroller of the Currency appointed S. A. Browning as federal receiver for the closed First National Bank of Ludlow (federal intervention/receivership).
Newspaper Excerpt
He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe, First National bank of Ludlow... Browning assumed his new duties as receiver for six national banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency.
Source
newspapers
4. July 21, 1934 Receivership
Newspaper Excerpt
S. A. Browning, of Chillicothe, yesterday assumed his new duties as receiver for six National Banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency. He succeeds E. B. Todd ... First National Bank of Ludlow ... Browning immediately mailed his resignation ... as receiver for four state banks would not be forwarded until completion of dividend disbursements ... His successor as receiver of the state bank will be named by O. H. Moberly, state finance commissioner.
Source
newspapers

Newspaper Articles (3)
1. July 20, 1934 Kansas City Journal Kansas City, MO
Article from Kansas City Journal, July 20, 1934

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Article Text

NAMED BANK RECEIVER Chillicothe Man in Charge of Six. (UP) S. A. Browning of Chillicothe Friday assumed his new duties as receiver for six national banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency He succeeds E. B Todd of Nevada in supervision of the First National bank of Chillicothe, First National bank of Ludlow. First National bank of Brookfield, First National bank of Marceline. First National bank of Brunswick and the First National bank of Sweet Springs Browning mailed his resignation as Livingston county representative in the state legislature to Governor Park. He said his resignation as receiver for four'state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling. Breckinridge and Sampsel. His successor as receiver of the state banks will be named by Q. H. Moberly, state finance commissioner.

2. July 21, 1934 Columbia Missourian Columbia, MO
Article from Columbia Missourian, July 21, 1934

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Article Text

NEW BANK RECEIVER NAMED S A. Browning, of Chillicothe, to Take Over Federal Institutions CHILLICOTHE July 21 A. Browning, of Chillicothe, yesterday assumed his new duties as receiver for six National Banks in this area following his appointment by F. G. Awalt, acting comptroller of the currency. He succeeds E. B. Todd of Nevada, in supervision of the First National Bank of Chillicothe, First National Bank of Ludlow, First National Bank of Brookfield; First National Bank of Marceline, First National Bank of Brunswick, and the First National Bank of Sweet Springs. Browning immediately mailed his resignation as Livingston County representatve in the State Legislature to Gov. Guy B. Park, He said his resignation as receiver for four state banks would not be forwarded until completion of dividend disbursements at state banks in Chillicothe, Wheeling, Breckenridge and Sampsel. His successor as receiver of the state bank will be named by O. H. Moberly, state finance commissioner. the Potashnick truck service operating from southwest Missouri, finding the concern guilty of "deliberately and intentionally. defrauding the state out of fees that should have been paid for the purpose of maintaining the highways of the state." The commission said the truck line's scheme "consisted simply of giving to the truck drivers travel orders which would show authority to operate that particular truck for number of days, while the duplicate travel order which was to be sent to the commission (and was the only means the commission had to determine the amount of fees owned) showed much less amount than was actually due." J. Caskie Collet, commission chairman, said investigation showed that the Potashnick company had failed to pay "between $800 and $900 due the state" in extra carrier fees.

3. July 27, 1934 The Marceline News and the Bucklin Herald Marceline, MO
Article from The Marceline News and the Bucklin Herald, July 27, 1934

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Article Text

NEW RECEIVER AT NATIONAL BANK HERE S. A. Browning, Chillicothe, Succeeds E. B. State Representative. Browning of Chillicothe has been appointed receiver for the First National Bank here and five other national banks in this territory. Mr. Browning succeeds Todd of Nevada, who was appointed several months ago. Besides the bank here, Mr. Browning will have charge of the closed First National Banks at Chillicothe, Brookfield, Ludlow, Brunswick and Sweet Springs. The six banks have total souces of about million dollars and between 5,000 and 6,000 depositors. Mr. Browning has been resentative in the state legislature from Livingston County. Before his as a national appointment bank receiver, he was the receiver for four state banks.