The Citizens Bank (Bristol, Tenn.) failed to open March 28, 1911 and was placed in receivership due to large loans to J. H. Bryan/Bryan Lumber Company. No run is described in the articles; receiver appointed and First National later assumed assets/indebtedness, indicating permanent closure and takeover.
Events (3)
1.March 28, 1911Receivership
Newspaper Excerpt
The Citizens' Bank was today placed in the hands of E. K. Bachman as receiver, upon application of R. L. Blevins and others, who filed a bill in chancery court alleging the bank is insolvent.
Source
newspapers
2.March 28, 1911Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank had loaned almost its entire capital to J. H. Bryan / Bryan Lumber Company; loans became unrecoverable after Bryan disappeared.
Newspaper Excerpt
The Citizen Bank of Bristol... failed to open its doors and it was learned that the bank had fallen through during the night and that E. K. Bachman was appointed receiver of the Citizen's Bank early this morning.
Source
newspapers
3.March 30, 1911Other
Newspaper Excerpt
An agreement was reached here last night whereby the First National Bank of this city will assume the indebtedness of the Citizens Bank of Bristol, which now is in the hands of a receiver. The First National bank accepted all the assets of the defunct concern and has given an indemnity bond of $80,000 to protect the institution from loss by reason of assuming the indebtedness of the Citizens' bank.
Source
newspapers
Newspaper Articles (11)
1.March 28, 1911The Richmond VirginianRichmond, VA
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Article Text
BRISTOL BANK IN RECEIVERS HANDS ONE FAILS TO OPEN DOORS AND THE OTHER IN FINANCIAL STRAITS. DEAL FALLS THROUGH. (Special to The Richmond Virginian.) BRISTOL. TENN., March 28.-The Citizen Bank of Bristol. which was yesterday réported to have been merged into the Bank of Bristol, and both sold to an Eastern syndicate this morning failed to open its doors and it was learned that the bank had fallen through during the night and that E. K. Bachman was appointed receiver of the Citizen's Bank early this morning. At the same time directors of the Citizens went into court and attached about fifty thousand dollars of Baltimore money sent here to be used in the deal. It is understood that the contract of sale had been violated. The Citizen's Bank had $400,000 deposits, and was wrecked by loaning atmost its entire capital to J. H. Bryan, a lumberman, who skipped two years ago. The stock was formerly worth $1.38, but the stockholders cannot hope to realize anything.
BANK FAILS. Knoxville, Tenn., March 28.-A special from Bristol, Tenn., says: The Citizens Bank was today placed in the hands of E. K. Bachman, as receiver, upon application of R. L. Blevins and others, who filed a bill in chancery court alleging the bank was insolvent. It is charged that the bank had loaned almost its entire capital stock of $100,000 to a lumber company.
3.March 29, 1911The Sentinel=recordHot Springs, AR
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Article Text
RECEIVER FOR BANK. Knoxville, Tenn., March 28.-A special to the Sentinel-Record from Bristol, Tennessee: "The Citizens Bank was today placed in the hands of E. K. Bachman as receiver, upon application of R. L. Blevins and others, who filed a bill in Chancery court alleging the bank is insolvent. It is charged that the bank had loaned almost its entire capital stock of $100, 000 to J. H. Bryan and the Bryan Lumber Company. Also that Bryan had left Bristol in May 1909 and had not been heard of publicly since.
4.March 29, 1911The Richmond VirginianRichmond, VA
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Article Text
DEFUNCT BANK NOT A VA. INSTITUTION OF BANKING DEPARTMENT STATE CORPORATION COMMISSION SAYS CLOSED BRISTOD BANK WAS TENNESSEE CONCERN. Although it was reported in Richmond that the Citizens Bank of Bristol. which went into the hands of receivers Tuesday morning. was a Virginia institution, this was denied by Secretary Chesterman, of the banking division of the State Corporation Commission at the Capitol Wednesday. Mr. Chesterman stated that the Citizens' Bank was on the Tennessee side of Bristol, was incorporated under the laws of that State, and that the Virginia Corporation Commission had no jurisdiction over 1t.
5.March 29, 1911New-York TribuneNew York, NY
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Article Text
LOANS WIPED OUT CAPITAL Bristol Bank in Trouble-Lent Money to Bryan Lumber Company. [By Telegraph to The Tribune.] Bristol, Tenn., March 28.-The Citizens' Bank to-day was placed in the hands of E. K. Bachman, as receiver, upon application of R. L. Nevins and others, who filed a bill in chancery court alleging the bank is insolvent. It is charged that the bank loaned almost its entire capital stock of $100,000 to J. H. Bryan and the Bryan Lumber Company. Bryan had several prominent promoters arrested in New York in 1909 charged with having stolen $40,000 from him in a timber deal. He came back to Bristol and soon afterward disappeared. The discovery of the loans to Bryan by the Citizens' Bank came about through its proposed merger with another Bristol bank.
6.March 30, 1911Crittenden Record-PressMarion, KY
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Article Text
Tennessee Bank Where It Ought To Be. Knoxville, Tenn., March 28. A special to the Sentinel from Bristol, Tenn., says: "The Citizens' Bank was today placed in the hands of E. K. Bachman as receiver upon application of R. L. Blevins and others, who filed a bill in the Chancery Court alleging the bank is insolvent. "It is charged that the bank had loaned almost its entire capital stock of $100,000 to J. H. Bryan and the Bryan Lumber Company; also that Bryan had left Bristol in May, 1909, and had not been heard of publicly since."
7.March 30, 1911The CometJohnson City, TN
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Article Text
BANK MERGER PREVENTED Charged That Bank Loaned A1most Almost All it Capital to One Concern Bristol, March 28.-The Citizens bank, of Bristol, Tenn., was today put in the hands of a receiver, upon application of R. L. Blevins and others. E. K. Bachman was appointed receiver and has taken charge of the affairs of the bank. The sum of about $50,000, which had been deposited in another bank of Bristol by a Baltimore syndicate, to be used in financing a proposed merger of the Citizens bank and Bank of Bristol, was attached by J. H. McCue, a stockholder and director of the Citizens bank.
8.March 31, 1911The Wilson TimesWilson, NC
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Article Text
Bristol, Tenn., March 30-An agreement was reached here last night whereby the First National Bank of this city will assume the indebtedness of the Citizens Bank of Bristol, which now is in the hands of a receiver.
9.April 4, 1911Atlanta Semi-Weekly JournalAtlanta, GA
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Banks Reach Agreement BRISTOL, Tenn., March 30.-An agreement was reached here whereby the First National bank of this city will assume the indebtedness of the Citizens' bank of Bristol, which now is in the hands of a receiver. The First National bank accepted all the assets of the defunct concern and has given an indemnity bond of $80,000 to protect the institution from loss by reason of assuming the indebtedness of the Citizens' bank.
10.April 6, 1911Crittenden Record-PressMarion, KY
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Article Text
Tennessee Bank Where It Ought To Be. Knoxville, Tenn., March 28. A special to the Sentinel from Bristol, Tenn., says: "The Citizens' Bank was today placed in the hands of E. K. Bachman as receiver upon application of R. L. Blevins and others, who filed a bill in the Chancery Court alleging the bank is insolvent. "It is charged that the bank had loaned almost its entire capital stock of $100,000 to J. H. Bryan and the Bryan Lumber Company; also that Bryan had left Bristol in May, 1909, and had not been heard of publicly since."
11.April 6, 1911The Mathews JournalMathews, VA
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Article Text
= BRISTOL CLOSES ITS DOORS TOL, TENN., March 28.-E. chman was this morning apreceiver for the Citizens' Bank Bilstol, and the institution, which was reported to have been sold to the Bank of Bristol Monday, failed to open 1ts doors. The receiver was ap-
