95. First National Bank (Coffee Springs, AL)

View Charter #11259 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
11259
Charter Number
11259
Start Date
January 30, 1930
Location
Coffee Springs, Alabama (31.165, -85.909)

Metadata

Model
gpt-5-mini
Short Digest
2f1bd97c3dd7306d

Response Measures

Full suspension

Receivership Details

Depositor recovery rate
85.2%
Date receivership started
1930-03-13
Date receivership terminated
1936-01-14
OCC cause of failure
Economic conditions
Share of assets assessed as good
40.3%
Share of assets assessed as doubtful
47.8%
Share of assets assessed as worthless
11.9%

Description

The Coffee Springs National (First National Bank of Coffee Springs) failed to open for business on Jan 30, 1930 following the failure of the Dothan National Bank. Newspapers report a heavy run of depositors and that the Dothan failure brought undue pressure, forcing Coffee Springs to close; the closure is described as permanent/defunct in local reporting.

Events (4)
1. November 2, 1918 Chartered
Source
historical_nic
2. January 30, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by the failure of the Dothan National Bank (a correspondent/related bank in the same chain), causing depositors to withdraw from Coffee Springs.
Measures
Closed doors shortly after opening; placed itself in the hands of state banking officials (reported for related banks).
Newspaper Excerpt
Following closely the failure of the Dothan National Bank on day morning heavy run depositors, the First National Bank of Coffee Springs closed its doors morning shortly after opening for business.
Source
newspapers
3. January 30, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension/closure directly following and attributed to pressure from the failure of the Dothan National Bank in the same chain; described as forced to close and later referred to as defunct in local papers.
Newspaper Excerpt
Coffee Springs National bank... failed to open for business today. The bank was one of a chain of several southeast Alabama banks owned or controlled by J. L. Crawford.
Source
newspapers
4. March 13, 1930 Receivership
Source
historical_nic

Newspaper Articles (4)
1. January 30, 1930 News-Press Fort Myers, FL
Article from News-Press, January 30, 1930

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Article Text

TAKEN FAILS; Depository Closed AUGUSTINE, Commercial Bank Augustine, which had been in existence for about years, failed to open doors for business today. notice posted the door and by President Gilbert stated that the bank suspended for the protection of all depositors alike, and has placed itself in the hands the state banking Officials of the other two banking institutions here stated that they adequately prepared meet any withdrawals by depositors. Lamar, president of the St. Augustine National Bank, that his institution had funds hand amounting to approximately and that additional quarter of million dollars here today from Jacksonville to meet any withdrawals. statement for the commercial bank December last, ed capital stock of $30,000; plus and liabilities and SPRINGS, Ala., Coffee Springs National Bank, subsidiary of the Dothan National Bank which failed at Dothan yesterday, failed to for open business today. The bank capitalized at $25,000 and listed surplus and undivided The Coffee Springs bank one of chain several southeast Alabama banks controllby Crawford who served both institutions president. cashier fee Springs bank, ment the cause of closings. Coffee Springs Geneva county. DOTHAN, Byrne, national bank examinarrived today and took charge affairs of the Dothan National Bank which closed yesterday. Crawford, president of the bank atrributed the closing of the institution to "idle gossip" concerning its financial status and asserted that the bank solvent and able to meet its abligations,' Dothan has three banks. other

2. January 30, 1930 The Miami News Miami, FL
Article from The Miami News, January 30, 1930

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Article Text

FLORIDA MARKETS Mr Mrs. J. H. Moore of arrived for stay at the Floridian hotel. Mr. Mrs. George G. Levitt of Chicago taken suite at the Floridian. Among the other to sell higher Telephone, Public ported of New Gas. GoodRubber. Vanadium Steel. fresh International Howe the Sound. Industrial Alcohol. Fox Film. Surety and Montgomconsignment Foreign exchange opened steady hampers. quoted shade lower at supplies. of buying orders in the stock market overnight. and opening prices today displayed strong undertone. Sears Roebuck showed an initial of 41/2 points the publication house an unusually favorable 1929 earnstandard ings report. Opening gains of point more were recorded by Beatrice Creamery. Johns Manville, Westinghouse Electric, Auto Lite and General American Tank. Union Carbide opened point lower. bushel SECOND ALABAMA yellow BANK IS CLOSED COFFEE Ala., Jan. 30. Coffee Springs National bank. subsidiary of the Dothan Nafair Mr. and Mrs William Siegel of New tional bank. which failed at Dothan York spend the season at the yesterday. failed to open for business Floridian. today. The bank was capitalized are buying $25,000 and listed $11,000 surplus and the Chicago where undivided profits. fresh the "Checkers" Brand" has estabBANK OF FRANCE lished demand the supply the best grade of and LOWERS DISCOUNT While in blasting stumps clear field west of

3. January 31, 1930 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, January 31, 1930

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Article Text

ALABAMA CHAIN BANK CLOSES Coffee Springs Institution Subsidiary of One That Failed Coffee Spring. Ala., Jan. 30 (/P)The Coffee Springs National Bank. subsidiary of the Dothan National Bank, which failed at Dothan yesterday, failed to open for business today. The bank was one of a chain of several southeast Alabama banks owned or controlled by J. L. Crawford. of Dothan.

4. January 31, 1930 Geneva County Reaper Geneva, AL
Article from Geneva County Reaper, January 31, 1930

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Article Text

First New Bank for Samson Bank, Closed Its Doors Wed. Opened Monday at Noon Following closely the failure of the Dothan National Bank on day morning heavy run depositors, the First National Bank of Coffee Springs closed its doors morning shortly after opening for business. It said that the Coffee Springs bank cleared through the Dothan institution and that the latter's failure brought undue pressure on the Coffee Springs bank, thereby forcing them to close. B. Kelly was cashier of the defunct Coffee Springs bank and Crawford president. This makes the fourth bank failure Geneva county in little over months. The Bank of Slocomb closed on November 19, The Farmers Merchants Bank of Samson on December and The First National Bank of Samson on January The Samson Banking Company, State bank, opened its doors at SamMonday at noon, with capital of $25,000 and surplus of $10,000, all paid in. The new bank occupies the building formerly occupied by the defunct Farmers & Merchants Bank, of that city, which closed its doors two months ago. D. Watson, of Hartford, is the president of the new concern, while P. Watson, of Geneva, is vice president, and Henry Crenshaw, of Geneva, is to serve as cashier. Samson has been without bank for the past several weeks, following the failure of the First National Bank on January The Farmers & Merchants Bank was also closed on December first of 1929.