20638. First National Bank (Etowah, TN)

View Charter #9162 on SPMC

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
9162
Charter Number
9162
Start Date
July 1, 1932*
Location
Etowah, Tennessee (35.323, -84.525)

Metadata

Model
gpt-5-mini
Short Digest
247d5df2

Response Measures

None

Receivership Details

Depositor recovery rate
35.0%
Date receivership started
1932-06-21
Date receivership terminated
1938-10-20
Share of assets assessed as good
45.2%
Share of assets assessed as doubtful
45.7%
Share of assets assessed as worthless
9.1%

Description

The First National Bank of Etowah closed (suspended) in July 1932 and a receiver (Frank E. Powell) was appointed by the U.S. Treasury in early August 1932. No article describes a depositor run; the bank was closed and placed in receivership (government action).

Events (4)
1. June 5, 1908 Chartered
Source
historical_nic
2. June 21, 1932 Receivership
Source
historical_nic
3. July 1, 1932* Suspension
Cause
Government Action
Cause Details
Bank closed in July 1932 and subsequently placed in receivership by federal authorities.
Newspaper Excerpt
First National Bank, Etowah, Tenn., which closed last month.
Source
newspapers
4. August 3, 1932 Receivership
Newspaper Excerpt
FRANK POWELL APPOINTED ETOWAH BANK RECEIVER ... appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. Frank E. Powell of Chattanooga has been appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. (Note: repeated OCR artifacts retained.)
Source
newspapers

Newspaper Articles (2)
1. August 3, 1932 The Commonwealth Somerset, KY
Article from The Commonwealth, August 3, 1932

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Article Text

FRANK POWELL APPOINTED ETOWAH BANK RECEIVER Mr. Frank E. Powell of Chattanooga has been appointed by the United States Treasury Department as receiver for the First National Bank, Etowah, Tenn., which closed last month. Mr. Powell, who has visited here on several occasions, was formerly in the service of the government in the attorney general's department. Mrs. Powell will be remembered here as Miss Lena Trimble.

2. March 2, 1933 The Chattanooga News Chattanooga, TN
Article from The Chattanooga News, March 2, 1933

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Article Text

Etowah Bank Has More Cash Than Deposit Liability Cantrell Banking company State bank here, probably the most liquid bank in the United States, according to issued Wednesday by following of State Banking Superintendent Robertson to Gov. McAlister's six-day bank hollday. The statement showed that the actual amount of cash its vault at the close Tuesday's was per cent greater than its total deposit liability This bank was organized by the W. Cantrell estate relieve the financial stress brought on by the closing of the First National last June. Its entire board directors is confined to members of that family.