gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3ce2536494a95b05
Response Measures
None
Receivership Details
Depositor recovery rate
70.0%
Date receivership started
1899-03-04
Date receivership terminated
1909-11-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
34.9%
Share of assets assessed as doubtful
32.7%
Share of assets assessed as worthless
32.3%
Description
Articles report the bank closed and a receiver appointed amid a directors' request to liquidate; there was a jurisdictional dispute over the receiver appointment.
Events (4)
1.April 16, 1891Chartered
Source
historical_nic
2.March 4, 1899Receivership
Source
historical_nic
3.March 4, 1899Receivership
Newspaper Excerpt
The controller of the currency appointed a receiver upon the request of the directors. Mr. Burgwin...was appointed temporary receiver.
Source
newspapers
4.March 4, 1899Suspension
Cause
Voluntary Liquidation
Cause Details
Bank had been in liquidation by its management for months and directors requested liquidation following the death of the president.
Newspaper Excerpt
The controller of the currency was notified that the First National Bank of Cordele, Ga., had closed its doors.
Source
newspapers
Newspaper Articles (10)
1.March 5, 1899The Morning NewsSavannah, GA
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Article Text
FIRST NATIONAL OF CORDELE. Receiver Appointed for Proceedings in Liquidation. Cordele, Ga., March 4.-The First National Bank of Cordele, having been in liquidation by its management for some months, the controller of the currency appointed a receiver upon the request of the directors. Mr. Burgwin, national bank examiner, was appointed temporary receiver. The receiver is expected soon next week. The bank has done a large business in Cordele, and on account of the death of its late president, Mr. Joseph E. Bivins, the present management desires to liquidate its affairs. The liabilities of the bank are about $10,000 on money borrowed. The deposits are about $3,000. The assets are about $70,000.
2.March 12, 1899The Morning NewsSavannah, GA
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Article Text
NEW COLONY NEAR PALATKA. Receiver Appointed for Cordele's National Bank. Macon, Ga., March 11.-Maj. Glessner, immigration agent of the Georgia Southern and Florida, has just sold 20,000 acres of land near Palatka, Fla., to a sugar growing colony from Michigan. They will raise cane and manufacture products. Familles are already arriving there, ten thousand acres having been bought up by individual members of the colony. Judge Speer to-day appointed Iverson L. Harris receiver of the First National Bank of Cordele on the petition of Hall and Wimberly and Thompson & Whipple of Cordele. He has gone from Macon to take charge. The capital stock of the bank is $50,000. Insolvency is alleged.
3.March 17, 1899Evening StarWashington, DC
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Article Text
BANK RECEIVERS. Power of the Controller of the Curreney to Be Tested. The question of the powers of the controller of the currency in the appointment of receivers for defunct national banks has been raised by the action of Judge Emory Speer of the United States district court of Georgia. A few days ago the controller of the currency was notified that the First National Bank of Cordele, Ga., had closed its doors. According to law and usage the controller wired W. H. S. Burgwyn to take charge of the bank as receiver. Mr. Burgwyn is the regular bank examiner for that section. He was engaged on an important case at Asheville, N. C., however, and could not go immediately to Cordele. Before his arrival Judge Speer took the matter in hand and appointed a receiver of his own selection. This action is to be fought by the controller's office. The case is said to be the first of the interference of United States courts in similar matters.
4.March 18, 1899The Evening TimesWashington, DC
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Article Text
INVOLVING A CLOSED BANK. Court and Comptroller Disagree as to Jurisdiction. The action of United States District Judge Speer, of Georgia, in appointing a receiver for the First National Bank of Cordele, Ga., which had closed its doors, has precipitated a controversy between this court and the Comptroller of the Currency, as it is claimed the Federal courts have no jurisdiction in such matters. When the failure of the bank was made known to the Treasury Department W. H. S. Burgwyn, who is the bank examiner for that district, was ordered by the Comptroller of the Currency to take charge of the defunct bank. Mr. Burgwyn, however, was engaged in an important matter at Ashville, N. C., and Judge Speer took the matter in his own hands and appointed a receiver. This action will be contested by the Treasury Department.
5.March 21, 1899Evening StarWashington, DC
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Article Text
Controller's Receiver Appointed. Controller Dawes has received word that Judge Speer of the southern district of Georgia has discharged the receiver he appointed for the First National Bank of Cordele, Ga., and appointed the receiver named by Mr. Dawes. This was the case mentioned in The Star, in which the United States court selected a receiver against the law permitting the controller of the currency to do this. The prompt discharge of the court's receiver was a quick victory for the controller.
6.March 22, 1899The Morning NewsSavannah, GA
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Article Text
CORDELE BANK'S RECEIVER. Dawes' Centroller Appointment Will Hold Good. Washington, March 21.-Mr. Dawes, the controller of the currency, has been informed that Judge Speer has discharged the receiver of the First National Bank of Cordele, Ga., appointed by him, and that the effects of the bank have been turned over to the receiver appointed by Mr. Dawes.
7.March 22, 1899The Age-HeraldBirmingham, AL
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Article Text
The Receivers Discharged Washington, March 21.-Mr. - Dawes, the comptroller of the currency, has been informed that Judge Speer has discharged the receivers of the First National bank, of Cordele, Ga., appointed by him, and that the effects of the bank have been turned over to the receiver appointed by Mr. Dawes.
8.March 22, 1899Richmond DispatchRichmond, VA
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Article Text
Change In Bank Receiver, WASHINGTON, March 21.-Mr. Dawes, the Comptroller of the Currency, has been informed that Judge Speer has discharged the receiver of the First National Bank, of Cordele, Ga., appointed by him, and that the effects of the banks have been turned over to the receiver appointed by Mr. Dawes.
9.March 22, 1899Virginian-PilotNorfolk, VA
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Article Text
Bank Receivers Changed. (By Telegraph to Virginia-Pilot.) Washington, March 21.-Mr. Dawes, the comptroller of the currency, has been informed that Judge Speer has discharged the receiver of the First National Bank of Cordele, Ga., appointed by him, and that the effects of the bank have been turned over to the receiver appointed by Mr. Dawes.
10.March 23, 1899Arizona RepublicanPhoenix, AZ
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Article Text
BANK RECEIVERS. Power of the Controller of the Currency to Be Tested in the Courts. Washington, March 22.-The question of the powers of the controller of the currency in the appointment of receivers for defunct national banks has been raised by the action of Judge Emory Speer of the United States district court of Georgia. A few days ago the controller of the currency was notified that the First National Bank of Cordele, Ga., had closed its doors. According to law and usage the controller wired W. H. S. Burgwyn to take charge of the bank as receiver. Mr. Burgwyn is the regular bank examiner for that section. He was engaged on an important case at
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