First Standard Bank (Louisville, KY)

Episode Information

Episode UID
21006171571
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
2100617 routing
Routing Number
21-0061
Start Date
November 17, 1930
Location
Louisville, Kentucky (38.254, -85.759)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
8719ced0c87ea4cd

Response Measures

None

Description

Closed Nov 17, 1930; later merged and reopened, then the merged institution closed and entered liquidation May 4, 1931.

Events (3)
1. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Closed after the National Bank of Kentucky suspended and because they cleared through/relied on Louisville Trust Company, prompting precautionary suspension.
Newspaper Excerpt
Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, cleared through the Louisville Trust Company, later closed.
Source
newspapers
2. January 31, 1931 Reopening
Newspaper Excerpt
After being closed since 17, First Standard and the American Mutual banks merged into the Mutual StandBank threw open the doors. The expected run on the did not end the second day near $10,000 had been received in new deposits. (Merged Banks in Louisville Open).
Source
newspapers
3. May 4, 1931 Receivership
Newspaper Excerpt
The bank resulting from the merger closed May 04 this year and is being liquidated. Liquidating agents have been appointed for the following banks closed since November: ... The Mutual Standard bank ... is being liquidated.
Source
newspapers

Newspaper Articles (12)
1. November 18, 1930 The Daily Progress Charlottesville, VA
Article from The Daily Progress, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS CLOSED Had Resources Totalling More Than SeventyFive Millions MANY WILD RUMORS Receiver in Charge of National Bank of Kentucky Kentucky financial institutions with resources totalling more more than $75,000,000 were closed The largest of these was the today. National Bank of Kentucky Louisville, which was under the Control Receiver Paul Keyes, of the staff of the comptroller the currency at Washington. Its resources $60,000,000. Directors of the National Bank Kentucky said the suspension yesterday was deemed necessary cause of "wild rumors" its condition. with its closing, two affiliated institutions, the Louisville Trust Company and the Security Bank, suspended Their directors said operations. were solvent and that they they closed as precautionary measure. The three are affiliatthrough the holding company. Others Suspend Two small negro banks in Louisville, the American Mutual Savings Bank and the First Standard Bank, cleared through the Louiswhich ville Trust Company, later closed.

2. November 18, 1930 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, November 18, 1930

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Article Text

Doors Closed on 8 Kentucky Banks Louisville, Ky.-(AP) Eight Kentucky financial institutions with resources totalling more than $75,000,000 were closed today. The largest of these was the National Bank of Kentucky at Louisville, which was under the control of a receiver, Paul C. Keyes, of the staff of the comptroller of the currency at Washington. Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the suspension Monday was deemed necessary because of "wild rumors" concerning its condition. Simultaneously with its closing. two affiliated institutions, the Louisville Trust company and the Security bank. suspended operations. The other banks closed were two small negro banks in Louisville, the American Mutual Savings bank and the First Standard bank; the Bank of St. Helens, a Lousiville suburb the McElwain Megular Bank and Trust company at Franklin, Ky., and the First National bank at Horse Cave, Ky.

3. November 18, 1930 The Washington Times Washington, DC
Article from The Washington Times, November 18, 1930

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Article Text

Eight Banks in Kentucky Suspend All Business LOUISVILLE, Nov. 18 (I.N.S.). Business was suspended today at eight Kentucky banks having resources of approximately $70,000,000. Among them was the National Bank of Kentucky, a 96-year-old institution, for which a receiver was named bv the Federal controllers' department. The Louisville Trust Company and the Security Bank closed their doors, as a precautionary measure, according to the directors. Both institutions are solvent, directors said. Other institutions to suspend business were the American Mutual Savings Bank and the First Standard Bank, both clearing through the Louisville Trust Company; the Bank of St. Helens, Louisville suburb; the McElwainMeguiar Bank and Trust Company, of Franklin, Ky., and the First National Bank at Horse Cave.

4. November 18, 1930 Battle Creek Enquirer Battle Creek, MI
Article from Battle Creek Enquirer, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS WERE CLOSED UP TODAY Continued from Page One the Louisville and the Security bank solvent and that the were a precau measure The instiutions are affiliated through the a holding company. Two small Negro banks in Louisville, the American Mutual Savings bank and the First Standard bank which cleared through the Louisville Trust later closed The bank of St Helens R suburb. also suspended as a preTwo banks outside Louisville also closed when it was learned the National bank of Kentucky had suspended They were the Mc-Elwain Negular Bank and Trust company at Franklin K) and the First National bank at Horse Cave Ky The National bank of Kentucky served as for both. Officers of other leading Louisville banks issued statements last night declaring yesterday's deposits greater than withdra reported new accounts were opened during the day. and earlier statements that the institutions were solvent

5. November 18, 1930 The Muscatine Journal Muscatine, IA
Article from The Muscatine Journal, November 18, 1930

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Article Text

Doors Closedign 8 Kentucky Banks Louisville, Eight Kentucky financial institutions with resources totalling more than $75,000,000 were Closed today The largest of these was the National Bank of Kentucky at Louisville, which was Under the control of receiver, Paul C. Keyes, of the staff of She comptroller of the currency at Washington Its resources approximate $60,000,000. Directors of the National Bank of Kentucky said the Suspension Monday was deemed -nucessary because of "wild rumors 4oncerning its condition. Simultaneously with two affiliated institutions, the Louisville Trust company and the Security bank. suspended operations. The other banks diofed were two small negro banks IN Louisville, the American Mutual Savings bank and the First Standard bank; the Bank of St. Helens, a Lousiville suburb the M Elwain Meguiar Bank and Trust company at Franklin, Ky., and First National bank at Horse Cave Ky.

6. November 18, 1930 The Evansville Journal Evansville, IN
Article from The Evansville Journal, November 18, 1930

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Article Text

EIGHT KENTUCKY BANKS CLOSED WILD RUMORS" CAUSE SHUTDOWN OF LOUISVILLE INSTITUTION LOUISVILLE Ky Nov Eight Kentucky financial institutions were closed today The largest of hese was the National Bank of Kenucky at Louisville. which under control of receiver Paul C. Keyes of the staff of the comptroller of the at Washington Directors of the National Bank of Kentucky said the suspension yesterday was deemed necessary because of concerning its condiSimultaneously its closLouisville the Security bank Their said they solvent and that were closed as a premeasure Two small negro banks in Louisthe Mutual Savings bank and the First Standard bank. which cleared through the Louisvill closed The Bank of St Helens Louisville suspended as precau Two banks Louisville als closed when was learned the No tional Bank of Kentucky had sus. pended They were McElwa Megular Bank and company Franklin and First Nation nk at Horse Cave Ky

7. November 19, 1930 The Paducah Sun Paducah, KY
Article from The Paducah Sun, November 19, 1930

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Article Text

AUDITORS TO MAKE REPORT ON BANK Books of Closed Institution Being Checked LOUISVILLE, Nov. 19 statement of the condition the National Bank Kentucky, ceivership, may submitted late today tomorrow, examiners in charge of audit said. The bank closed its doors Monday. Auditors today were working also the books two affiliated institutions, the Louisville Trust Company and the Security Bank, which suspended payments when the National Bank of Kentucky closed. Records of two Negro banks here, the American Mutual Savings Bank and the First Standard Bank, and the Bank of St. Helen's, Louisville suburb, also were being viewed after their suspension. Closing these six financial stitutions was followed by sion of business of banks at FrankHorse Cave, Booneville and Sulphur, making total of ten institutions in the state closed.

8. November 19, 1930 Lexington Herald-Leader Lexington, KY
Article from Lexington Herald-Leader, November 19, 1930

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Article Text

TO MAKE STATEMENT ON BANK'S CONDITION LOUISVILLE, Ky., Nov 19 (P)-A statement the condition of the National Bank of Kentucky, in receivership may be submitted late day or examiners charge the audit said The bank closed its Monday Auditors today were working also on the books two affiliated tutions, Trust Company and the Security Bank, which suspended the National Bank of Kentucky closed. Records of two Negro banks here, the American Mutual Savings bank and the First Standard bank the Bank of St. Helen's Louisville suburb, also being reviewed after their suspension. Closing of these six financial institutions was followed by suspension business of banks at Franklin, Horse Care, and Sulphur, total of 10 institutions in the state closed.

9. January 31, 1931 The Afro-American Baltimore, MD

Article Text

Merged Banks in Louisville Open (Special to the By LEE L. BROWN LOUISVILLE, After being closed since 17, First Standard and the American Mutual banks merged into the Mutual StandBank threw open the doors The expected run on the did not end the second day near$10,000 had been received in new deposits. There were few withW. Spradling was elected as and Joseph Ray and were elected as vice-presidents in charge affairs. Several white banks that closed at same time have not reopened.

10. February 5, 1931 The Northwest Enterprise Seattle, WA

Article Text

Merged Banks Open Doors In Louisville LOUISVILLE, opening of the Mutual Standard Bank this week marked another epoch in the business life of Louisville. November the First Standard and American Mutual Banks closed their doors because their funds were deposited in white institution which closed. Tuesday morning, amidst flowers and potted plants, the doors of new institution, the result of the merged banks, opened for business under the name of the Mutual Standard bank. There was no run on the bank. appeared that every was waiting make deposits. officers were and the clerks went about their business as The white institustill closed. Spradling the president and Ray and Blanton are the vice presidents in charge affairs.

11. February 14, 1931 New Pittsburgh Courier Pittsburgh, PA

Article Text

As Other Races Support Theirs, So We Must Support Ours HILADELPHIA, Feb. 12-Possibly the most encouragabout the banking situation, as it concerns the ownerand management of banks by members of our own race, fact that at least one of the banks which closed has a successful comeback. The two banks in Louisville, an example which is worthy of imitation by all every section of of the American Mutual Savings Bank and the First Standard Bank, have not only succeeded in having their stockholders merge these two banks, but have even merged their own aspirations by demoting themselves to the position of vice presidents, in order that the people may have in their com munity bank owned and controlled by memb of the This is truly an excellent spirit and shows that Negroes can succeed in banking. Frequently a great deal of the dissatisfaction and sometimes immedi ate occasion for trouble, not only in banks but in others of our businesses. is the ambition of men who are willing to destroy their institution rather than submerge their per sonal ambitions The Louisville bankers have shown us the way They deserve the thanks of every man and community which desire strong bank. Letters from both Mr. Blanton and Mr. Ray have unwittingly expressed this most encouragbelieve that in N hville the same thing could happen as has happened in Louisville, Ky., and I sincerely hope that it will happen. A splendid communication pub- lished in the Dunbar News from Mr. P. B Young, editor of the Norfolk Journal and Guide, indicates that there is a strong purpose on the found. part of those responsible for the Metropolitan Bank and Trust Com pany to demonstate that these responsible and influential men and women come to the rescue of Mr. William Rich, the able president of the Metropolitan Bank and Trust Company Mr. Rich was a victim of untoward which affect not only colored banks but white banks throughout the entire country This business depression has dismantied more than 1300 wh ite bar during the year of 1930 and more than 6000 white banks during the past decade. We do not alles this as an excuse for the fullure of 11 of our banks. but we state as a fact. a stubborn fact, which has affected millions of the people of the United States. The unemployment tu which embract more than 7,000,000 people has affected astrously 50 per cent of the wage-earning colored people In the ted States, the thousands of people who are supporting our banks The c.onclusion is not hard to guess. Few people realize the difficulties and the tribulations which must be met by th pioneer men and women who undertake to manage a bank for, our people. I am sure that no class of bankers have had a more difficult task than that which has been undertaken by our race bankers. am glad, however, to state that believe that our people are becoming more and more interested in the success of banks of their own race. They are beginning to realize that we must have banks. It matters not what sacrifices we have to make variety. to have these banks. Here in the city of Philadelphia our people are becoming more and more interested in banking by our race. A few days ago one of the largest white banks. with some 21 offices, closed its doors, tying up the money of thousands of colored people in the city of Philadelphia. The same thing was true when another white bank, not quite so large, but among the largest banks of Philadelphia, followed the example of this strong bank and closed its doors. tying up additional sums of money of colored people who had their deposits in these banks. At first blush

12. August 26, 1931 Messenger-Inquirer Owensboro, KY

Article Text

A Scolding By LARS MORRIS Don't One Across When a Friend Has Six Across ACROSS 1-Scold 6-Fits of temperament 11-Trembling 12-Aims of perfection 14-Sun god 15-Book of psalms 17-Pronoun 18-Salutation 20-Russian rulers 21-American humor- 22-Female horse 24-Before 25-Hint 26-Gazed fixedly 28-Pressure 30-Self (Scot.) 31-Attention 32-Courageous 38-Male deer 39-Greek "E" 41-She (Fr.) 42-Rage 43-Lures 45-That there 46-Public notice 17-Zeppelin SATURDAY'S ANSWER 49-Paid (ab.) 50-Pert. to fasting season 52-Escapes 54-Active ones 55-Repetitions DOWN 2-That man 3-Mischievous child 4-Does (poet.) 5-Removed 6-Ecclesiastical head-dresses 7-Short poems 8-Above (poet.) 9-Daddy 10-Slips 11-Trolley cars 13-Boiled meats 16-Household god 19-Deletion 21-Actively 23-Standing 25-Large container 27-Large deer 29-Golf mound 32-Small bottle 33-Greased 34-Longs for 35-Parent 36-Runs away 37-Tears 40-It is 43-Funeral carriage 44-Grain storehous 47-Took dinner 48-Place 51-Negative 53-Prefix: not Bank of Russellville, Russellville, June 12, 1930 $183,660: Hazel Green bank, Hazel Green, June 30. 1930, $184,054; Elsmere Savings bank, Erlanger, July 3, 1930, $192870; Vine Grove State bank, Vine Grove, $91,464. The banks that have reopened since November of last year include the Security bank Louisville with approximate gross deposit liabilities of $1,996,001. It was able to open for business few days after November 17. Other banks, with their gross deposit liabilities, that have reopened are: McElwain-McGular Bank & Trust Co., Franklin. $373,509; Bank of St. Helens, Shively, $412,824; Peoples bank, Sulphur, $132,950; Bank of Caneyville Caneyville, $318,216; Crestwood State bank, Crestwood, $139,297 Fern Creek bank, Buechel, $151.279; Farmers bank Fulton, $292,638; Bank of Sturgis, Sturgis Two negro banks, the First Standard bank and the American Mutual Savings bank, which closed In Louisville November 17. were later consolidated into the Mutual Standard bank. The bank resulting from the merger closed May 04 this year and is being liquidated Liquidating agents have been appointed for the following banks closed since November: Owsley County bank. Booneville, $100,329: Union Central bank, Louisville, $503,578; Bankers Trust company Louisville $553,279: Hopkins County bank, Madisonville, $717,587 Woodbury Deposit bank, Woodbury $37,693; Citizens Bank & Trust Co., Middlesboro. $495,977; Webster County bank, Clay, $164,676; Bank of Ludlow, Ludlow $636,359; Bank of Hardinsburg & Trust Co., Hardinsburg, $253,381. Liquidating agents have not been appointed for five state banks which have closed since the first of July These banks are: Citizens bank, Drakesboro $81,755: Bank of Barlow, Barlow. $91,910: Butler Deposit bank, Butler, $164,388; Bank of Wayland, Wayland $145,348; Beaver Valley State bank, Weaksbury, $113,269. GREENVILLE NEWS Greenville, Ky., Aug. 26.-M. L. Wickliffe was in Paducah several days last week. Dr. B. W. Smock, Mrs. Smock and daughter, of Louisville, are guests of Mrs. Smock's parents, Mr. and Mrs. C. W. Taylor. Miss Christine Kelley, of Madisonville, was week end guest of Mr. and Mrs. R. D. Brooks. Mrs. Ed Yonts and son, Edward, went to Louisville Monday to be a guest of relatives. Mrs. Town Martin and Miss Dixie Dexter were in Louisville last week. Mrs. Mabel Bruner, Mr. and Mrs. C. H. Chatham were in Louisville last week. Mr. and Mrs. Harry Denny, of Detroit, are guests of Mr. and Mrs. E. A. Denny. Mr. and Mrs. H. Shaver and family, of Bremen, were guests Sunday of Mr. and Mrs. Andrew Wilkins. Mr. and Mrs. R. H. Whitmer, of South Carrollton, were guests of Mr. and Mrs. I. P. Summer Sunday. Mr. and Mrs. F. M. Puryear were hcsts to family dinner Sunday Mr. and Mrs. H. J. Boradile will leave this week for Lake Erie to spend their vacation. Mrs. Bettle Newman, who has been visiting at Graham, returned home the last of the week. Miss Helen Vincent had one of her eyes removed Sunday. She is doing nicely. Mr. and Mrs. W. A. Har erveder and daughter will move to Central City this week. John Jeffries is improving, having been confined to his room two weeks by cut foot. James Brooks, who is attending business college in Bowling Green, was home for the week end. Edward L. Oates has gone to Beaufort, S. C., for two weeks visit to Mr. Hamner McCracken. Mrs. Leona Bailey, of Pueblo, Col., has been a guest of her brother, Mr. A. Y. Craig, and Mrs. Craig. Mr. and Mrs. Bradford Noffsinger, of Graham, was guest Sunday of Mr. and Mrs Luke Wilkins, Mrs. James Nadeau and family. also Mrs. Ed Murphy, of Winedot, Mich., were guests of Mr. and Mrs. A. Yeargan last week. Mr. and Mrs. Charles Blackwell, of Jackson, Miss., are guests of relatives. Mr. and Mrs. Bob Carden, who have been inding school in Lexington, are expected home this week. CALHOUN NEWS Calhoun, Ky., Aug. 26.-Evangelist Burton L. Hoffman, of Hopkinsville, is conducting series of meetings at the Calhoun Christian church and will continue until September 3. Mr. Hoffman is forceful speaker and is delivering fine gospel sermons each evening. Elder Harvey Riggs and family, of Michigan, have returned home after brief visit to his brother, J. L Riggs, and family. Mr. and Mrs. Shelby Riggs, of Orlindo, Tenn., have returned home after spending several days with relatives here. Mrs. Clara Crow and Mise Cora Stroud left today for Lexington to attend the county clerks' convention at Lexington. Miss Laura Franklin has returned to Bowling Green after spendIng several days with her mother, Mrs. Lelia Franklin. Mrs. Louis Key Turner, of New Orleans, is a guest of her parents, Mr. and Mrs. Ed C. Bryant. Mr. and Mrs. Gip Cary and daughter, Mary Jane, and Mrs. Ruth Cary, Miss Mary Cary have returned from a motor trip to historical points in Kentucky. Mr. and Mrs. Forest Leachman, Mr. and Mrs. Homer Puyear and daughter, Mary Elizabeth. left today on motor trip to Florida. They will be guests of relatives at Palmetto and Bradentown. Dr. J. W. Scudder and Mrs. Scudder have returned from Reelfoot lake, where they attended a session of public health workers from Kentucky, Tennessee and Missouri. Misses Katie and Maggie Swint. who have been guests of friends here, have returned to their home in Evansville. Dr. P. D. Moore and Mrs. Moore, of Seattle, Wash., who have been guests of Mr. and Mrs. J. L. Moore and other relatives, have returned to their home. Charles Reid Greenup has gone to Evansville.