gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
005c09e71077472e
Response Measures
None
Description
Receivership was appointed after attempts at reorganization by creditors failed or were threatened; suspension preceded receivership.
Events (3)
1.April 11, 1867Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended amid substantial liabilities (~$100,000) and loss of depositor confidence suggesting insolvency/financial distress
Newspaper Excerpt
The suspension of the Franklin Insurance and Banking company caused great excitement in financial circles yesterday
Source
newspapers
2.July 19, 1867Other
Newspaper Excerpt
A meeting of the Directors of the Franklin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted: ... reorganizing said company and opening said bank upon the following basis ... each creditor subscribes two-thirds ... certificate of deposit for the other third ... or bankruptcy will be filed by counsel if creditors fail to cooperate . . . J. B. MERCER, Chairman.
Source
newspapers
3.July 30, 1867Receivership
Newspaper Excerpt
the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company ... Debtors of said Companies are notified to call at room No. 4 Bethell Building ... J. K. P. PRITCHARD, Receiver. jy30
Source
newspapers
Newspaper Articles (20)
1.April 12, 1867Public LedgerMemphis, TN
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Article Text
Money Market.
The suspension of the Franklin Insurance and Banking company caused great excitement in financial circles yesterday, and to a great extent produced a feeling of distrust in other banking institutions in the city. Many of our best merchants did business with this bank, and will be temporarily deprived of their money. The liabilities of the bank, we understand, will amount to something near $100,000. The assets, when collected, may be sufficient to cover all losses. We have frequently warned our business men of the dangers resulting from over speculation while there is a general depression in trade. This may be but the beginning of many other suspensions, and it behooves every prudent business man to look well to the future.
City Scrip is dull; brokers pay from 55 to 60c, and sell at 65c. Gold is firmer; buying rates, 135. County warrants, about 90c and dull. Bank of Tennessee continues nominal at 28 to 30c; Bank of Chattanooga, 15; Bank of West Tennessee, 50; Union Bank, 90; Planters' Bank, 90; Bank of Memphis, par; Bank of Middle Tennessee, 90; City Bank of Nashville, 50; Merchants' Bank, 75; Ocoee Bank, 20; Bank of Shelbyville, 80; Traders' Bank, par; Southern Bank, 25
2.July 20, 1867Public LedgerMemphis, TN
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Article Text
A meeting of the Directors of the Frank-lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted:
WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is te be issued for the other third, to be taken up when the Directors are enabled so to do; and, whereas, the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachmens, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bankruptcy and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar:
Be it therefore Resolved by the Board of Directors elected by said Creditors, That notice be given to all creditors, who have not already done so, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company.
Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be instucted to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein settled.
The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street.
J. B. MERCER, Chairman.
3.July 24, 1867Public LedgerMemphis, TN
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Article Text
T a meeting of the Directors of the FrankA lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted: WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do: and, whereas. the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which. if persisted in by them. will defeat the reorganization and ultimately throw the whole matter into bankruptey and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar: Be it therefore Resolved by the Board of Directors elected by said Creditors, That notice be given to all creditors, who have not already done FO to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company. Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be inst ucted to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein set' led. The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street. J. B. MERCER. Chairman. 130
4.July 25, 1867Public LedgerMemphis, TN
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Article Text
# A
A meeting of the Directors of the Frank-lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted:
WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do; and, whereas, the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bankruptcy and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 15 cents to the dollar:
Be it therefore Resolved by the Board of Directors elected by said Creditors, That notice be given to all creditors, who have not already done so, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company.
Be it farther Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be instructed to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein settled.
The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street.
J. B. MERCER, Chairman.
5.July 26, 1867Public LedgerMemphis, TN
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Article Text
T a meeting of the Directors of the Franklin Insurance and Banking Company, held A July 19th, 1867, the following resolution was adopted: WHEREAS, A-portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do: and, whereas. the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed. and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them. will defeat the reorganization and ultimately throw the whole matter into bankruptey and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar: Be it therefore Resolved by the Board of Directors elected by said Creditors, That no tice be given to all creditore, "who have not already done so, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company. Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be inst noted to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein set led. The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street. B. MERCER, Chairman. 130
6.July 29, 1867Public LedgerMemphis, TN
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Article Text
A meeting of the Directers of the Frank-lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted:
WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do; and, whereas, the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have greed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed erders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bankruptcy and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar:
Be it therefore Resolved by the Board of Directors elected by said Creditors, That notice be given to all creditors, who have not already done so, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company.
Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be instructed to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein settled.
The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washingtoff street.
J. B. MERCER, Chalrmap.
7.July 30, 1867Public LedgerMemphis, TN
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Article Text
T a meeting of the Directors of the FrankA lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted: WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do: and, whereas, the beneficiaries under the Trust Deed executed by 8. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bank ruptey and thereby reduce the availa ble assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar: Be it therefore Resolved by the Board of Directors elected by said Creditors, That no tice be given to all creditors, who have not already done so. to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company. Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be inst ucted to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein set led. The stock book will be found at the store Mercy & Tally, No.-194 Main street, corner of Washington street. J. B. MERCER, Chairman. 130
8.July 31, 1867Public LedgerMemphis, TN
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Article Text
A meeting of the Directors of the Frank-lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted:
WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do; and, whereas, the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bankruptcy and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar:
Be it therefore Resolved by the Board of Directors elected by said Creditors, That notice be given to all creditors, who have not already done so, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company.
Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be instructed to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein set led.
The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street.
J. B. MERCER, Chairman.
9.August 2, 1867Public LedgerMemphis, TN
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Article Text
A meeting of the Directors of the Frank-lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted:
WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis, to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third, to be taken up when the Directors are enabled so to do: and, whereas, the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments, and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bankruptcy and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 25 cents to the dollar:
Be it therefore Resolved by the Board of Directors elected by said Creditors, That notice be given to all creditors, who have not already done so, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company.
Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid, counsel be inst acted to proceed at once to file a bill in bankruptcy, that the business of the bank may be therein settled.
The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street.
J. B. MERCER, Chairman.
Chancery Court of Memphis. No. 1807 N. R. D.-John R. Godwin vs. Franklin Insurance and Banking Company et als. OTIC is hereby givea to a 1 parties interN ested, that the undersigned has been appointed Receiver of the Franklin Insurance and Bauking Company,and Franklin Insurance Company, in the above stated cause, la said Court, Debtors of said Companies are notified to call at room No. 4 Betheil Building, corner of Court and Main streets, Memphis, Tenny and settle their indebtedness. J. K. P. PRITCHARD, Receiver. jy30 (tues)lawsw
11.August 6, 1867Public LedgerMemphis, TN
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Article Text
T a meeting of the Directors of the FrankA lin Insurance and Banking Company, held July 19th, 1867, the following resolution was adopted: WHEREAS, A portion of the creditors of the Franklin Insurance and Banking Company have united for the purpose of reorganizing said company and opening said bank upon the following basis. to-wit: Each creditor subscribes two-thirds of his amount in stock to the company, and a certificate of deposit is to be issued for the other third. to be taken up when the Directors are enabled so to do: and, whereas. the beneficiaries under the Trust Deed executed by S. D. McClure at the suspension of said bank have agreed to quit claim their liens under said deed, and many of the attaching creditors have subscribed as aforesaid and filed orders to dismiss their attachments and, whereas, two or three attaching creditors have as yet failed to come forward and co-operate in the effort to reorganize, which, if persisted in by them, will defeat the reorganization and ultimately throw the whole matter into bank ruptcy and thereby reduce the available assets, by reason of expenses, etc., to such an extent that the interest of the creditors will not be worth over 15 cents to the dollar: Be it therefore Resolved by the Board of Directors elected by said Creditors, That no tice be given to all creditors, who have not already done 80, to come forward, on or before the 1st day of August next, and enter their names upon the stock book of the company. Be it further Resolved, That in case any creditor shall fail and refuse so to do within the time aforesaid. counsel be inst noted to proceed at once to file a bill in bankruptcy, that the business of the back may be therein settled. The stock book will be found at the store of Mercy & Tally, No. 194 Main street, corner of Washington street, J.B. MERCER, Chairman. 130
Chancery Court of Memphis. No. 1807 N. R. D.-John R. Godwin vs. Franklin Insurance and Banking Company et als, OTIC is hereby given to a 1 parties interested. that the undersigned has been apN pointed Receiver of the Franklin Insurance and Banking Company,and Franklin Insurance Company, in the above stated cause, in said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle their indebtedness. J. K. P. PRITCHARD, Receiver. jy80 (tues)law4w
Chancery Court of Memphis. No. 1807 N. R. -John R. Godwin vs. Franklin Insurance and Banking Company et als. OTION is hereby given to all parties interested. that the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company, and Franklin Insurance Company, in the above stated cause, in said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settie their indebted less. J. K. P. PRITCHARD, Receiver. jy30 (tues)law4w
Chancery Court of Memphis. No. 1807 N. R. D.-John R. Godwin vs. Franklin Insurance and Banking Company et als. OTICK is hereby given to al parties interN ested, that the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company and Frankin Insurance Company, in the above stated cause, in said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle their indebteduess. J.K.P. PRITCHARD, Receiver. jy30 (tues) lawiw
No. 1807 N. R. D.-John R. Godwin vs. Franklin Insurance and Banking Company et als. OTIC 15 is hereby given to all parties interN tested, that the undersigned has beso appointed Receiver of the Franklin Insurance and Banking Company,and Franklin Insurance Company, in the above stated cause, ful said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle theirindebtedness. J.K.P. PRITCHARD, Receiver. jy30 (tues)lawlw
Chancery Court of Memphis. No. 1807 N. R. D.-John R. Godwin VS Franklin Insurance and Banking Company et als. OTIC is hereby given to a I parties interN ested. that the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company.and Fraukiin Insurance Company, in the above stated cause, in said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle their indebtedness. J. K. P. PRITCHARD, jy30 (tues)law4w Receiver.
No. 1807 N. R. D.-John Ru. Godwin vs. Franklin Insurance and Banking Company et als. T OTIC is hereby given to all parties interN ested, that the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company,and Franklin Insurance Com pany, in the above stated cause, la said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle their indebtedness. J. K. P. PRITCHARD, Receiver. jy30 (tues)law4w
Chancery Court of Memphis. No. 1807 N. R D-John R Godwin vs. Franklin Insoranceand Banking Company el als. TOTICS is hereby given to all parties InterN ested, that the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company,and Franklin Insurance Company, in the above stated cause, in said Court. Debtors of said, Companies are notified to call at room No. 4 Betheil Buliding, corner of Court and Main streets, Memphis, Tenn., and settle their indebtedness. J. K. P. PRITCHARD, y30 (tues) law4w Receiver.
Chancery Court of Memphis. No. 1807 N. R D.-John R. Godwin vs. Franklin Insurance and Banking Company et als. OTIC- is hereby given to a 1 parties interN eated. that the undersigned has been appointed Receiver of the Franklin insurance and Banking Company,and Krankilo Insurance Company, in the above stated cause, is said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle thetrindebtedness. J. K. P. PRITCHARD, jy30 (tues)law4w Receiver.
No. 1807 N. R. D.-John R. Godwin VS. Franklin Insurance and Banking Company et als. T OTICE is hereby given to all parties interN ested. that the undersigned has been appointed Receiver of the Franklin Insurance and Banking Company and Franklin Insurance Com pany, in the above stated cause, la said Court. Debtors of said Companies are notified to call at room No. 4 Bethell Building, corner of Court and Main streets, Memphis, Tenn., and settle their indebtedness. J. K. P. PRITCHARD, jy30 (tues)law4w Receiver.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Franklin Insurance & Banking Company · UID 4535000690808