First Trust Company (Savannah, MO)

Episode Information

Episode UID
4483185591517
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
448318559 hash
Start Date
May 13, 1926
Location
Savannah, Missouri (39.942, -94.830)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dfaaa0a6590f9d0e

Response Measures

None

Description

Closed and placed in state finance department hands for liquidation; receiver/liquidator later referenced in grand jury reports.

Events (3)
1. May 13, 1926 Other
Newspaper Excerpt
Finance Department Deputy L. J. Mulligan has been sent to the Trust Company... the four are now the hands of the State Finance Commissioner. . . . held largely by the Savannah bank ... the business of which was taken over by the First Trust Company, organized soon afterward. . . . they do not believe the depositors will suffer any loss, but that the stockholders may.
Source
newspapers
2. May 13, 1926 Suspension
Cause
Government Action
Cause Details
Directors placed bank in hands of State Finance Department for liquidation after closing; action by state finance officials.
Newspaper Excerpt
the closing of the First Trust Company, Savannah, Mo., caused the directors to place the bank in the hands of the Finance Department for liquidation.
Source
newspapers
3. April 1, 1927 Receivership
Newspaper Excerpt
Beaghler was secretary and cashier of the First Trust Company at Savannah, which failed last year. He is under indictment in Andrew county in connection with that failure. ... Robert Orr, liquidator for the Fidelity, and E. W. Brennan, liquidator for the Security, also testified and presented books and records of the banks to the grand jury.
Source
newspapers

Newspaper Articles (4)
1. May 14, 1926 St. Louis Globe-Democrat St. Louis, MO
Article from St. Louis Globe-Democrat, May 14, 1926

Click image to open full size in new tab

Article Text

State Banks Closed Since First of Year Total Twenty-Six Failure of Savannah Institution Hastened Action at Nodaway. By Associated Press. JEFFERSON CITY. MO., May 13.Official notice of the action of the Board of Directors of the Farmers' Bank, Nodaway, Mo., yesterday, in closing the doors of the institution, was received at the State Financial Department here today. Finance Department officials said that the Farmers Bank was preparing for voluntary liquidation of assets, but the closing of the First Trust Company, Savannah, Mo., caused the directors to place the bank in the hands of the Finance Department for liquidation. $421,000 Resources. Total resources of the Savannah bank was $421,000. No official notice of the reported closing of the Farmers' State Bank, Rea, has been received at the here, was said. The last official statement of the Farmers' Bank, Nodaway, showed resources at $31,917: loans, $25, 45 deposits, $19,173.89: capital, $10,000; undivided profits, $244. The Security State Bank, St. Jo. seph, with of approximately $323,000. was closed yester day by the Board of Directors, and its failure is thought to have hastened the closing of the Andrew County banks. List Grows. The three failures officially reported to the Finance Department, together with the unofficia report the Farmers' State Bank, Rea, brings the total of state banks to close since the first of the year up to twenty-six. Finance Department Deputy L. J. Mulligan has been sent to the Trust Company. C. L. Stout to the Farmers' Bank at and George W. Freund to the Security Bank at St. Joseph. Depositors Not to Lose. By Associated Press. ST. JOSEPH, MO., May 13.-There were no developments in the suspension yesterday of the Security Bank of St. Joseph and the three Andrew County, Mo., state banks, more or less closely connected with the St. Joseph bank. The Andrew County banks are the First Trust Company Savannah: Farmers' State Bank, Rea, and Farmers' Bank, Nodaway, and the four are now the hands of the State Finance Commissioner No statement has been given out, other than the officers of the St. Joseph bank saying the closing was due to frozen assets. held largely by the Savannah bank by it from the First National Bank which suspended year ago and the business of which was taken over by the First Trust Company, organized soon afterward. The say they do not be. lieve the depositors will suffer any loss, but that the stockholders may.

2. December 28, 1926 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, December 28, 1926

Click image to open full size in new tab

Article Text

Bartlett's Reported Affair the ell Telephone Company. developed today that week telephone told numerous the Bartlett Trust Company deposits. Some asked had money that and they the she warned that the bank was not strong. The matter reported to the Southwestern Telephone Company, officials the company said today that they unable trace the calls. One oseph person, Bartlett depositor. received card last week from Colorado, asking the condition Bartlett's, stating that heard their condition strong. LAST BANK TO CLOSE. Security Bank South Park Shut Doors May Last. The last bank to the Security Bank of Park, The day three other banks First Trust Savannah, the Company and the Bank their The closing the bank. was said, partly fallure the First Trust Company of Savannah, bank. REPORT TO JEFFERSON CITY. Bartlett's Missouri Bank Mo., Closing of Bartlett Trust Company Continued on Second Page.

3. April 1, 1927 The Daily Republican Poplar Bluff, MO
Article from The Daily Republican, April 1, 1927

Click image to open full size in new tab

Article Text

Bankers Held In Connection With Bank Crash By Associated Press. St. Joseph, April 1.-J. T. Stewart, president of the Fidelity Trust Company, which closed December 28, and J. Harold Stewart, his son, cashier of the bank, were arraigned in the Buchanan county criminal court today, on indictments returned by the grand jury yesterday. The Stewarts were the first two accused to appear from the list of nine bankers indicted. The father faces nine indictments and the son five in connection with the failure of the Fidelity. The elder Stewart is charged with lending more than $40,000 to himself, with obtaining signatures to notes fraudulently, with embezzling, and with accepting deposits when he knew the bank was failing. The son is charged with accepting deposits when he knew the bank was failing. Dr. Holme is a member of the Missouri State Board of Osteopathy, and formerly was a member of the St. Joseph Literary Board. Beaghler was secretary and cashier of the First Trust Company at Savannah, which failed last year. He is under indictment in Andrew county in connection with that failure. Records to Grand Jury. The grand jury investigation has been under way since February 14, when it was called by Judge W. H. Utz. S. L. Cantley, state finance commissioner, was one of the witnesses, and Robert Orr, liquidator for the Fidelity, and E. W. Brennan, liquidator for the Security, also testified and presented books and records of the banks to the grand jury. The Security Bank was capitalized for $10,000 and deposits were $350,000. When it closed last May officers stated that depression in the agricultural area was responsible, but the belief was expressed that depositors would lose little. So far only 10 cents on the dollar have been paid to depositors, but the liquidator expects to pay another 10 cents next The Fidelity Trust was capitalized for $100,000 and deposits totaled $700,000. About a year ago it absorbed the American Exchange Bank of St. Joseph. Attributed to Fear. The failure of the Fidelity was attributed by its officers to the psychology of fear. The institution was located a few steps from the Bartlett Trust Company, which closey earlier in the day, after a heavy run. When Fidelity depositors saw the run on the Bartlett they began a run on their own institution. The grand jury report, returned yesterday, absolves Bartlett officers of any blame

4. November 13, 1929 St. Joseph News-Press St. Joseph, MO
Article from St. Joseph News-Press, November 13, 1929

Click image to open full size in new tab

Article Text

A SAVANNAH FAILURE Trust Company Closes Its Doors. A Heavy Run Results in Action by 000 Deposits. The Mo., Nov. Trust Company, 42-year-old banking Institution of Andrew County, deposits of $425,000 failed open its doors this Heavy during the culminating heavy for Wells. president the company The decided meeting the directors last night. and until the closing there stream the tellers' windows. Although several depositors that stock slump had for more funds, the run which been circufor several days. Tried to Sell Land. The trust company recently tried sell eighteen farms at met with little success. transfer last week some land from the Corn Belt Realty Company, subsidiary the bank, member indirectly blamed for the withdrawals, was this transfer which started the rumors. Walter Wells, president of the assisted by brothers, William Sam, secretary and trust company grew out of the in the State Bank Savannah, continuing under the same from the office the state expected in late today charge the affairs. Is Third Bank to Close. The Andrew County Bank is the only remaining one deposits more $300,000. Institution is the third bank close doors in three The Exchange Bank Savannah the first close recent It has since 85 to and paid per still the liquidation. The Andrew County Bank grew out the reorganization of this tution. First Trust Company the other bank which failed.