First National Bank (Springfield, MO)

View Charter #1701 on SPMC View balance sheet

Episode Information

Episode UID
170101539
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
17010 national
Charter Number
1701
Start Date
March 14, 1928
Location
Springfield, Missouri (37.215, -93.298)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
ac1baa85eca7e12f

Response Measures

Capital injected, Full suspension, Books examined

Description

Bank closed voluntarily by directors and placed in receivership; later receiver changes and dividend payments noted.

Events (7)
1. August 18, 1870 Chartered
Source
historical_nic
2. July 6, 1893 Voluntary Liquidation
Source
historical_nic
3. March 14, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Quiet but consistent run accelerated after publication of bank statement and Friday afternoon rumors triggered withdrawals
Measures
Directors voluntarily closed the bank to protect creditors and shareholders and to conserve assets
Newspaper Excerpt
With the publication of this statement began quiet but consistent run which led the directors to close the bank
Source
newspapers
4. March 17, 1928 Receivership
Newspaper Excerpt
Hal Woodside, national bank examiner ... assumed charge of the bank's affairs Saturday upon orders from the comptroller of the currency at Washington.
Source
newspapers
5. March 17, 1928 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Continuous drain on deposits and heavy liabilities following published statement showing low cash prompted directors to close the bank
Newspaper Excerpt
The doors of the First National Bank of Springfield were closed Saturday by order of the board of directors.
Source
newspapers
6. February 5, 1930 Receivership
Newspaper Excerpt
S. Pottorff has been appointed receiver of the First National bank, following the resignation of Cahill from that office.
Source
newspapers
7. February 6, 1930 Other
Newspaper Excerpt
The closed new First National Bank of Springfield soon will pay another 10 per cent dividend of approximately $40,350 to its depositors
Source
newspapers

Newspaper Articles (11)
1. March 18, 1928 The Springfield News-Leader Springfield, MO
Article from The Springfield News-Leader, March 18, 1928

Click image to open full size in new tab

Article Text

PLANS ARE MADE OF FIRST NATIONAL Officers Believe Institution Will Be Reopened Within Month; City's Financial Condition Unusually Sound RELIEF that the New First National bank would reopen within a month was expressed by the bank's officers yesterday following its voluntary closing at 9 o'clock in the morning. Definite plans for a reorganization, under contemplation for the past six months, were the verge of working when the Dank closed, it was explained. and its present condition will not alter president. These plans call for the investment of between $300,000 and $500,000 new capital from both within and outside Springfield, he said. LONG SLOW RUN Closing of the bank followed continuous drain on deposits which had reduced them $150,000 in two months, which reached a climax with the publication of the bank's statement on Wednesday March 14. This statement showed that of resources of the bank valued at $809,013.24. $710,183.98 was loans $4653.67 unsecured overdrafts and $24,723.37 cash in the vault. money due from other banks, and clearing house exchanges. or this considerably less than half was cash on hand. The lawful with the Federal Reserve bank was reported as $363.97 HEAVY LIABILITIES The bank's liabilities included capital stock of $125,000: amounts due to other banks, and certified and cashier's checks outstanding. $41,274.01: and bills payable. including borrowed. $156,100. With the publication of this statement began quiet but consistent run which led the directors to close the bank in order "to proLect the Interests of all Its creditors and shareholders, and conserve Its SEE NO. SIX ON PAGE FIVE-B

2. March 22, 1928 The Journal-Gazette West Plains, MO
Article from The Journal-Gazette, March 22, 1928

Click image to open full size in new tab

Article Text

FIRST NATIONAL BANK SPRINGFIELD HAS FAILED The doors of the First National Bank of Springfield were closed Sat urday by order of the board of directors. Announcement was made that the officials of the bank were confident it would be able to pay all of the depositors in full. Hal Woodside, national bank examiner of Southwest Missouri and Northwest Arkansas, assumed charge of the bank's affairs Saturday upon orders from the comptroller of the currency at Washington. The First National Bank was organized in April 1925. with C. Peightel as president. Its deposits the first of this year amounted to approximately but since then more than $150.000 has been withdrawn. A small run started on the bank Friday afternoon as sult of rumors and the decision to close was made at a meeting of the directors Friday night. Officials of the bank say they will perfect an organization that they will reorganize and open the bank soon

3. February 5, 1930 Springfield Leader and Press Springfield, MO
Article from Springfield Leader and Press, February 5, 1930

Click image to open full size in new tab

Article Text

Rename College Street? Suggestion is Protested Councilmen Doubt Proposal Ever Will Be Voted Upon; Sentimental and Legal Objections Are Cited and Adverse Petitions Threatened jangled all City hall telephones morning today with loud and emphatic protests against the proposal to change the advanced yesterday name of College street to "Fulbright" street. and this afternoon appeared likely that the question never will be brought to vote before the city council. Business men, old timers and property owners who for sentimental or business reasons want the street to retain its present name kept telephones busy in city offices today. It seemed certain that no change will be made. Will Draft Ordinance The proposal to change the name of the street was made yesterday the city council by Mrs. Harry Bissett who asked that the name be made "Fulbright" street. When the city was incorporated the street was known as "College" because of small educational institution upon it. Before that time. however, Mrs. Bissett said, it had been called "Fulbright road." E. A. Barbour, Jr., city attorney. said this morning that he will draft the ordinance providing for the change in name as he was instructed yesterday by the city council. Even he made that announce- ment he was interrupted twice by telephone remonstrating against the change. Two council members predicted the question never will be brought to vote. Legal Difficulties Mr. Barbour said that he had had numerous protests against the change in the name. He said that he opposes the change because would involve numerous legal difficulties. The street has been known as "College" so long, he said, that deeds and other legal papers for many decades include that name. change would make It necessary to specify "Formerly College" each time the new name was used, he said, and if in some future time (Continued on Page Two) FIND EXCHANGE SHORTAGE ST. LOUIS, Feb. Merchants' Exchange of St. Louis investigating discrepancy of between $3000 and $5000 disclosed the annual audit of its accounts, officials revealed today. No prosecution contemplated pending completion of the auditors' report. NEW BANK RECEIVER S. Pottorff has been appointed receiver of the First National bank. following the resignation of Cahill from that office, according to notice filed with the county recorder today.

4. February 6, 1930 The Butler Times-Press Butler, MO
Article from The Butler Times-Press, February 6, 1930

Click image to open full size in new tab

Article Text

MISSOURI NOTES The Nevada Herald says that Highway No. 54 is to be paved with concrete from St. Louis to Nevada. This route lies through some of the most beautiful country in Missouri. Otis Pennington, 19-year-old son of Mr. and Mrs. Purl Pennington of Carthage, died Thursday following injuries received in coasting accident. The victim crashed into another sled, the runner penetrating his eye: Meningitis developed following removal of the optic. The closed new First National Bank of Springfield soon will pay another 10 per cent dividend of approximately $40350 to its depositors it became known upon the event of transfer of the receivership's affairs from J. E. Cahill of Springfield to S. O. Pottorff, a national bank receiver. The State Bank of Piggott, Ark., the only bank in the city, was closed Friday after a slow run. Bank officials said a large sum of money had been withdrawn quietly by depositors in the last few weeks. It was learned that move is on foot to organize a new bank. Fire, starting from defective wiring, destroyed one room and part of the roof of the Gamma Phi Beta Sorority house at Columbia Saturday night. The damage was estimated at $10,000. The clothing of the occupants of the destroyed room, Mary Frances Welsh of Lees Summit, Mo., and Ruth Hellman of Idagrove, Ia., was ruined.

5. February 6, 1930 The Elmo Register Elmo, MO
Article from The Elmo Register, February 6, 1930

Click image to open full size in new tab

Article Text

MISSOURI News Nuggets LATE STATE EVENTS CONDENSED FOR THE BUSY READER youths, who were being held for trial in the County Jail at Huntsville, sawed their way through two sets of hars. stole an automobile and escaped, Sheriff WHI Irons reported. The fugitive trie are Charles Brown. Moberiy, held grand larceny charge: Roy Micheal, 19. of Huntsville. held for burgiary and lareeny, and AuClark. who term on bad check charge. term would have expired Monday, but county officers said they understood federal officer had planned come here Monday to take him to Illinois to face charge of stealing an automobile at Rockford, III. The three their way out of their cells, reached the bull pen of the jall and then sawed their way out of Sheriff Irons declared the job could not have been done without help from the out- closed new First National Bank soon will pay another 10 cent dividend of approximately $40.350 its depositors, it became known the event of transfer the affairs from E. Cahill of Springfield to Pottorff, national bank receiver Potterff arrived in Springfield from Oklahoma to take charge of the closed bank's affairs and complete the receivership. The new First National receivership now has on hand $36,342.83 almost enough to pay per cent dividend The amount required pay the bank's last dividend Merchant Minute Men's Organization of Mexico, composed of many retail merchants and some professional men. was formed here meet "problems of chain store competition.' Fred Morris an independent grorer and past national treasurer of the Elks' Lodge, was elected president. officers Joe department store owner. first vice-president: Jack Paul grocer. second dent H. Richards furniture store er. secretary. and Ralph Coatsworth, lumberman, treasurer. St let for construethe in Missouri last year totaled $208.loss per cent from the the Dodge Corporation. New contracts let in December reached $6,834.300 against November and 06 per cent less than December. 1928. During the last year construction was divided for residential buildings $62,032,000 for public works and utilities for Industrial plants and for commercial Mexico Nineteen of concrete payment are Mexico paving program for 1930 outlined report to Mayor Lane by special council committee The program Includes the proposed repay. square The outlined program for the year includes the paving of six blocks Jackson street four on the Court house square, each on Robinson. Olive High and North streets, and one block on Craig street. Lebanon Buster Wright. son of of Competition. twenty five miles east of here. badly burned when be tried light fire with kerosene. died last week. He had been married only few months. can of kerosene exploded and burned the house. His wife was away from home. friend with him was only slightly Canton Seventeen contests are scheduled for the debating team of Culver-Stockton College, besides the debates to be held at the national convention of Kappa Delta. The schedule of the Wildcats Includes the following schools Central Wesleyan, Simpson College Carthage College Central College, Iowa Wesleyan, Drake University McKendree College, Illinois Wesleyan University. Westminster College. Missouri Valley, Colorado Agriculture Rolla Times Demo eratic organ, which has been published in Rolla for several years, has suspended and the office equipment has been sold to William Jones of Salem. who will start Democratic paper in Dent County. Jones was formerly the newspaper business, but for several years has been druggist. Pennington, old son of Mr. and Mrs. Part Penning ton of Carthage, died following injurtes received in coasting accident, The victim crashed into another sted. the runner penetrating his eye. Meningitis developed following removal of the optic. I. Heizer. 77. lifelong Audrain County resident, died at his home near His wife and children. eight and four Galnesville the brakes of Spring Creek. ten miles east Oregon County, Deputy State Game Warden Walter Endecott found female been killed and partly recently stroyed the Trimble Chevrolet estimated cars the

6. February 13, 1930 Wayne County Journal-Banner Piedmont, MO
Article from Wayne County Journal-Banner, February 13, 1930

Click image to open full size in new tab

Article Text

MISSOURI News Nuggets LATE STATE EVENTS CONDENSED FOR THE BUSY READER youths, who were being held for trial in the County Jail at sawed their way through two sets of bars. stole an automobile and Sheriff Will Irons reported The fugitive trio are Charles Brown, 20, of Moberly held grand larceny charge: Roy Micheal, 19. of Huntsville, held for burglary and larceny and Aubrey Fox of Chark who serving thirty day jail term on bad check charge. term would expired Monday, but county officers said they understood federal officer had planned to come here Monday to take him to Illinois to face charge of stealing an -nutomobile at Rockford. III The three sawed their way out of their cells, reached the bull pen of the jall and then sawed way out of it. Sheriff Irons declared the job could not have been done without help from the out- Springfield. The closed new First National Bank soon will pay another 10 per cent of approximately $40.350 to its depositors. it became known upon the eyent of transfer of the reaffairs from E. Cahill of Springfield to S. Pottorff national bank receiver Pottorff arrived in Springfield from Oklahoma to take charge of the closed bank's affairs and complete the receivership. The new National receivership now has on hand $36,342.83 almost enough to pay 10 cent The amount required the bank's last dividend Mexico The Merchant Minute Men's Organization Mexico. composed of many retail merchants and some professional formed here to meet of chain store competition." national treasurer the elected president departowner first vice-president Paul grocer second vice-prestH. furniture ownand Ralph Contsworth Contracts let for construeMissouri last year totaled 8208, of per cent from the total. according to Corporation. New contracts let in December $6,834 $0,785,000 for November and than in December, 1928. the last year new divided for residential buildings $62,032,000 for public works utilities for Industrial and for commercial Nineteen of concrete included in the Mexico for 1930 in Mayor 11 Lane by council committee The program includes proposed repay the Audrain County Courthouse The outlined the the paying of six blocks street. four Courtsquare, each on Robinson High and North Western streets and one block on Crate street Lebanon Buster Wright son of of 'ompetition twenty five here bully burned when tried to light fire with kerosene, few months gallon exploded and burned the from home. friend with him only slightly burned Canton Seventeen contests are for the the Simpson University Missouri Valley Agrient been published has been of a Democratic paper in Dent County formerly business but for several and Mrs Part Penningin The crashed runner penetrating his Meningitis following removal the and ten children, and four In the brukes of Spring County Deputy State Game found female that had been killed and partly devoured by Thayer Fire recently virtually destroyed the building occupied by the Trimble Motor Co., with estimated $12,000 All cars and the equipment were saved. The second story of the building was by several families, who lost most of their personal property.

7. February 13, 1930 The New Haven Leader New Haven, MO
Article from The New Haven Leader, February 13, 1930

Click image to open full size in new tab

Article Text

MISSOURI News Nuggets LATE STATE EVENTS CONDENSED FOR THE BUSY READER Three being held for Trial in the County Jull at Huntsvitie their through and The fugilive trio Charles Brown 20. of Moberty grand lareeny brey Fox who was serving charge. would have expired Monday, but county officers said they understood federal had planned to come here Monday to take him to Illinois charge stealing an automobile at Rockford, III. The three sawed their way out of their cells. reached the bull pen of the jull and then sawed of it. Sheriff Irons declared the Job could not have been done without help from the out side. Springfield. The closed. new First National Bank soon will pay another 10 350 to Its it became known upon the event of transfer of the receivership affairs from Cahill of bank Pottorff arrived in Springfield from Oklahoma to take charge the closed bank's affairs and complete The new First now hand almost enough 10 pay required Day the bank's last Mexico The Merchant Minute Men's of Mexico, composed of many retail merchants and some professional was formed here to meet problems of chain store competition." Col. Fred Morris, an independe por and past national treasurer of the Elks' Lodge, was elected president ment owner. first president dent H. Richards. furniture store St. Louise Contracts let for construes 731.200 less of per cent from the the F. W Corporation. tracts let in December $0,834.GG cent less than in December, 1928 During the last year new construction was divided $73,880 for residential buildings: $62,032,000 for public works and utilities for industrial plants and $22,880,800 for commercial Mexico. Nineteen blocks of concrete prevement are included in the Mexico paying program for 1930. outlined in report made to Mayor J. 11. Lane by special city council The program includes the proposed repaying of the Andrain County Courthouse square. The outlined program for the year includes the paying of SIX blocks Jackson street, four on the Court house square. on Robinson Olive. High and North streets and one block on Craig street. Lebanon. Buster Wright son of Wright of Competition. twenty five miles of here. badly hurned when he fried to Hght fire with kerosene, died last week. He had been married only a few months. \ five-gallon can of kerosene exploded and burned the house. His wife was away from home friend with him was only slightly Canton Seventeen contests are scheduled for the debating team Culver Stockton College, besides the debates to be held at the national convention of PI Kappa Delta. The schedute of the Wildeats includes the fol lowing schools: Central Wesleyan. Simpson College tral College, Iowa Wesleyan, Drake Wesleyan University. Westminster Col legs Missouri Valley Colorado AgriculCollege. organ, which has been published ed and the office equipment has been to William J. Jones Salem, who County, Jones formerly in the but for several died Injuries numer penetrating eye Meningitis County died at home near here. III- and ten children, eight and four In the brakes of Spring Oregon County, Deputy State Game found full grown female deer that had been killed and partly devoured by Thayer Fire recently virtually detroyed the building occupied by the Trimble Chevrolet Motor Co., with loss estimated at $12,000. All cars and come of the equipment were saved. The second story of the building was pled by several families, who lost most of their personal property.

8. February 26, 1930 St. Charles Weekly Cosmos-Monitor St. Charles, MO
Article from St. Charles Weekly Cosmos-Monitor, February 26, 1930

Click image to open full size in new tab

Article Text

MISSOURI News Nuggets LATE STATE EVENTS CONDENSED FOR BUSY READER youths, who being held for trial the County Jail at sawed their way through sets of bars, stole automobile Sheriff Irons reported. The fugitive trio are Charles Brown, of held grand larceny Roy of Huntsville, held for burgiary and lareeny, and brey jail term bad check charge. term would expired Monday, but county officers said they federal officer had planned come here Monday to take him to Illinois face charge of stealing an automobile Rockford, III. The three sawed their way out of their reached the bull pen of the jail and then sawed their of Sheriff Irons declared the job could not have been done without help from the outside. closed new First National will pay another dividend of $40,to depositors, became upon the transfer the ceivership's affairs from Cahill of Springfield Pottorff, national bank receiver. Pottorff arrived Springfield from Oklahoma take charge of the closed bank's affairs and complete the receivership. The First National receivership has on hand almost enough to pay 10 cent dividend. The amount required pay the bank's last Merchant Minute Men's Organization Mexico, composed many retail merchants and some professional formed here to meet "problems of chain store Morris. independent and past national treasurer the Elks' Lodge, was elected president. Other officers Joe department owner, first vice-president Jack Paul. grocer, second dent: Richards, furniture store secretary, and Ralph Coatsworth, lumberman, treasurer. for construeNon in Missouri last year totaled $208, loss cent from the tracts December reached $6,834,against November and less than in December, 1928. the last year new $73,889,400 residential buildings: $62,032,000 for public works and utilities: $30,125,200 for industrial plants and for commercial projects. blocks of concrete pavement included in the Mexico for 1930, outlined program report made to Mayor Lane by special city council committee. The includes the proposed repaying of the Audrain County Courthouse square. The outlined for the year the of street, four on the Courthouse square, two each Robinson, High and North Western streets, and one block Craig street. Wright. Wright of Competition, east here. badly burned when tried light fire with kerosene, died last week. He had been married few months. can kerosene exploded and burned the house. His away from home. friend with him was only slightly burned. Canton. Seventeen contests are scheduled the debating team College, besides the debates be held at the national Kappa Delta. The schedthe Wildeats includes the fol lowing schools: Central College. Carthage College College, Iowa Wesleyan, Drake Wesleyan University, Westminster lege, Missouri Valley, Colorado AgriculCollege. Rolla Times, Demo cratic organ, which has been published in Rolla several years, has suspend and the office equipment has been sold William Jones of Salem, who start Democratic paper Dent County. Jones was formerly in the newspaper business, but for several has been druggist. Pennington, Mr. and Mrs. Purl Penning Carthage, died following Injuries received in coasting accident. crashed into another sted. penetrating his eye. following removal the Heizer, lifelong Audrain County died his home near His wife and ten children. eight and four him. the brakes Spring Creek, east Oregon County, Deputy State Warden Walter found female been killed and partly recently virtually stroyed building occupied by Trimble Chevrolet Motor $12,000. second story the building pied several families, their personal

9. June 28, 1930 The Springfield Press Springfield, MO
Article from The Springfield Press, June 28, 1930

Click image to open full size in new tab

Article Text

Interviews Folks About Town Plummer, contractor: certainly on the climate in New Mexico. felt better in my life than did while there. We were in Taos and while the mercury rose wasn't hot That's certainly fine place Pottorff, bank receiver: Cahill splendid work ceiver First National bank. resigned from the bank because many state banks failing and program include this Baxter: sensation celved when making parachute jump something similar to that received from riding in plane. The important thing jump too to the plane and get tangled with the propellor. You fall about feet second until you pull your parachute The part the jump landing for blown along by the force of the wind." Harriett M. Horine, Springfield library: travel and guide books are the most popular literature in this of the year as many people planning trips and vacations and wish become familiar either with places which they tend visit to decide from such study where they should like to travel. reading aside from this type of books much lighter character than in cooler months."

10. September 13, 1931 Springfield Leader and Press Springfield, MO

Article Text

Receiver Closes Bank Protecting His False Teeth of the First National bank here nothing short of R personal ca. to Paul Boland inspector His false teeth locked in safety deposit vault It's tragic situation." Boland today Twenty years dentist made me some false teeth At the same time he made some xtra ones so that if ever broke in mouth they could be replaced by others of the same and color put the extra ones in deposit box for safe keeping Boland's regular set of teeth broke after the bank closed His pleas failed to have the bank Teto un his box Dentists can't repair the broken set with the proper color

11. April 10, 1932 Springfield Leader and Press Springfield, MO

Article Text

CLOSED BANK RECEIVER NEW STATEMENT ISSUES The News Leader W. Hanna receiver of the affairs of the closed First National bank of this city, which is now in its third year of liquidation, has issued new statement showing that the receiver now has on hand the total sum of which is more than $4000 above the amount on hand January To increase its forest area, the Irish Free State has voted subsidy to persons who reforest five or more acres of land. Detroit lays claim to being the city where typewriters were first manufactured.