Dothan National Bank (Dothan, AL)

View Charter #5909 on SPMC View balance sheet

Episode Information

Episode UID
590901561
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
59090 national
Charter Number
5909
Start Date
January 1, 1930*
Location
Dothan, Alabama (31.223, -85.390)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d9577b4ed056a5c3

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension, Books examined

Receivership Details

Depositor recovery rate
58.6%
Date receivership started
1930-01-30
Date receivership terminated
1937-11-30
Share of assets assessed as good
45.1%
Share of assets assessed as doubtful
35.2%
Share of assets assessed as worthless
19.7%

Description

Closure began Jan 29–30, 1930; failure attributed to prolonged withdrawals from idle gossip.

Events (5)
1. July 20, 1901 Chartered
Source
historical_nic
2. January 1, 1930* Run
Cause
Rumor Or Misinformation
Cause Details
Prolonged withdrawals precipitated by idle gossip and nervousness about the bank over several weeks.
Newspaper Excerpt
Crawford ... attributed the cause of the failure of the bank to idle gossip among different persons which caused steady withdrawal of deposits over a period of several weeks.
Source
newspapers
3. January 29, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank closed after heavy withdrawals and gossip; examiner posted notice and took charge pending liquidation.
Newspaper Excerpt
the Dothan National Bank failed to open for business today; National bank examiner ... took charge of the affairs of the Dothan National Bank.
Source
newspapers
4. January 30, 1930 Receivership
Source
historical_nic
5. January 30, 1930 Receivership
Newspaper Excerpt
National bank examiner James J. Byrne today, and immediately took charge of the affairs of the Dothan National Bank. ... receiver Lohm issued statement ... the bank closed its doors due to frozen assets; Albert L. Lohm, receiver.
Source
newspapers

Newspaper Articles (18)
1. January 30, 1930 The Miami News Miami, FL
Article from The Miami News, January 30, 1930

Click image to open full size in new tab

Article Text

FLORIDA MARKETS Mr Mrs. J. H. Moore of arrived for stay at the Floridian hotel. Mr. Mrs. George G. Levitt of Chicago taken suite at the Floridian. Among the other to sell higher Telephone, Public ported of New Gas. GoodRubber. Vanadium Steel. fresh International Howe the Sound. Industrial Alcohol. Fox Film. Surety and Montgomconsignment Foreign exchange opened steady hampers. quoted shade lower at supplies. of buying orders in the stock market overnight. and opening prices today displayed strong undertone. Sears Roebuck showed an initial of 41/2 points the publication house an unusually favorable 1929 earnstandard ings report. Opening gains of point more were recorded by Beatrice Creamery. Johns Manville, Westinghouse Electric, Auto Lite and General American Tank. Union Carbide opened point lower. bushel SECOND ALABAMA yellow BANK IS CLOSED COFFEE Ala., Jan. 30. Coffee Springs National bank. subsidiary of the Dothan Nafair Mr. and Mrs William Siegel of New tional bank. which failed at Dothan York spend the season at the yesterday. failed to open for business Floridian. today. The bank was capitalized are buying $25,000 and listed $11,000 surplus and the Chicago where undivided profits. fresh the "Checkers" Brand" has estabBANK OF FRANCE lished demand the supply the best grade of and LOWERS DISCOUNT While in blasting stumps clear field west of

2. January 30, 1930 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, January 30, 1930

Click image to open full size in new tab

Article Text

BANK DEPOSITS IN CITY BANKS ABOVE NORMAL National Bank Examiner Takes Charge of Affairs of Closed Bank This Morning Deposits at Dothan's three remaining banks, were characterized today by officials of the institutions as be. ing somewhat above normal, whil withdrawls were about the same as usual, No fears were expressed regarding the safety of the city's othGnancial institutions, following the closing Wednesday morning of the Dothan National Bank, the oldest banking house in Dothan In statements published yesterday, the opinion was advanced by leading business and financial men of this etion that the closing of the Dothan ntional would work only a temporary hardship upon depositors, and that all of th m would be paid in full. Crawford, president of the bank, in a statement made yesterday, at. tributed the cause of the failure of the bank to "idle gossip among difterent persons" which caused a st any withdrawal of deposits over a period of several weeks. He also said that the bank was solvent. Knowledge that enough money was on hard at the remaining Dothan banks, to take care of heavy withdrawals, together with the statement issued to the effect that business houses de positing at the defunct bank would be taken care of at the other bank had a bolst effect on the more timid who might otherwise have withdrawn their money. A Carge sum of money was known to have arrived over of the A trains Last night. accompanied by armed guards. further assuring the depositors at the other banks that if they wanted their it was available for them. National bank examiner James 1. Bavn today, and immediately took charge of the afairs of the Dothen N tional Bank. He posted the notice on the door of the bank, under the Comp. troiler of the Currency, is in charge J Bryne, national bank examClosed by resolution of the Loard of directors As the examiner in Le very busy for the few days with the work of the the public is respectfully reted to refrain from interrupting the work of those in charge."

3. January 31, 1930 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, January 31, 1930

Click image to open full size in new tab

Article Text

ALABAMA CHAIN BANK CLOSES Coffee Springs Institution Subsidiary of One That Failed Coffee Spring. Ala., Jan. 30 (/P)The Coffee Springs National Bank. subsidiary of the Dothan National Bank, which failed at Dothan yesterday, failed to open for business today. The bank was one of a chain of several southeast Alabama banks owned or controlled by J. L. Crawford. of Dothan.

4. January 31, 1930 Geneva County Reaper Geneva, AL
Article from Geneva County Reaper, January 31, 1930

Click image to open full size in new tab

Article Text

First New Bank for Samson Bank, Closed Its Doors Wed. Opened Monday at Noon Following closely the failure of the Dothan National Bank on day morning heavy run depositors, the First National Bank of Coffee Springs closed its doors morning shortly after opening for business. It said that the Coffee Springs bank cleared through the Dothan institution and that the latter's failure brought undue pressure on the Coffee Springs bank, thereby forcing them to close. B. Kelly was cashier of the defunct Coffee Springs bank and Crawford president. This makes the fourth bank failure Geneva county in little over months. The Bank of Slocomb closed on November 19, The Farmers Merchants Bank of Samson on December and The First National Bank of Samson on January The Samson Banking Company, State bank, opened its doors at SamMonday at noon, with capital of $25,000 and surplus of $10,000, all paid in. The new bank occupies the building formerly occupied by the defunct Farmers & Merchants Bank, of that city, which closed its doors two months ago. D. Watson, of Hartford, is the president of the new concern, while P. Watson, of Geneva, is vice president, and Henry Crenshaw, of Geneva, is to serve as cashier. Samson has been without bank for the past several weeks, following the failure of the First National Bank on January The Farmers & Merchants Bank was also closed on December first of 1929.

5. February 4, 1930 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, February 4, 1930

Click image to open full size in new tab

Article Text

Mrs. George Garrettson Dies At Cleveland Mrs George Garrettson, formerly of died at her home in Cleveland, Ohio, Sunday following brief illness, relatives here were advised the same day Before her marriage 10 years ago while her husband, then an officer with the Ohio troops who were in training at Camp was with his here, Mrs. Garrettson was Miss Alice Griggs. Her husband, one son. George GarrettJr., and daughter, survive, also her mother, Mrs. Charles G. AberMontgomery; one brother, Wilmer Griggs, of Atlanta, and stepbrother, Charles G. Abercrombie, Montgomery. Her mother had been in Cleveland for several months and was at her daughter's bedside. The funeral and burial place at Cleveland yesterday. Pinckard, suspended yesterday and surrendered their affairs to the State Banking Department, it was announced State Superintendent Banks D. Green. Mr. Green has hopes that the former bank may be reorganized. Making public the action of the directors of the Clio Banking Company turning over the institution to the department, Mr. Green said that the trouble was occasioned by steady and accelerating withdrawal of deposits, aprun, the Dothan Naproaching tional Bank suspended last week. The bank entirely solvent, he stated, have that we will be able to we hopes effect A. Arnold is president, and B. Jackson is cashier of the bank, which is capitalized at $50,000, with undivided profits. As to the Peoples Bank of Pinckard, the head of the Banking Department said the Dothan National Bank, now closed, its bank, and that after the bank at Dothan the Peoples at Pinckard could not con. tinue do The of this bank is M. M. Pippin. C. Pippin is cashier. It has capital of $40,000 with $4,000 surplus. HUGE HOTEL SOLD FORT LAUDERDALE, Feb. Hollywood Beach Hotel property was sold today to the Mercantile Investment and Holding Company for $536,000 at special master's sale here. The sale was ordered to satisfy mortgage held against the property by the Investment Company. The hotel, with 750 rooms, was constructed in 1925 and 1926 by Joseph W. Young, and developer of Hollywood at cost of $2,500,000.

6. February 13, 1930 The Union-Banner Clanton, AL
Article from The Union-Banner, February 13, 1930

Click image to open full size in new tab

Article Text

STATE NEWS PARAGRAPHED A Resume of the More Important Events of Interest Condensed To An Epitomized Form The Samson Banking Company, Samson's new state bank, has opened its doors. Fayette's 12-room newly equipped brick grammar school building was destroyed by fire. Only 6 per cent of the children of Lafayette schools have both sound and clean teeth, the annual dental survey reveals. The Harmon Scout Scholarship awards for 1929 include Lloyd Mitchell, Florence, according to news from Washington. Passenger and express airplane service will be inaugurated between Atlanta and Birmingham February 15 by the Davis Airlines. A faculty chorus has been organized at Alabama College to be under direction of Miss Katherine Farrah, of the voice department. The Birmingham Press Club, composed of members of the three daily newspapers in Birmingham, was or ganized at a meeting held at the Bankhead Hotel. The Alabama Power Company has begun construction of a 44,000 volt line from Gadsden to Collinsville, where it will tie in with the Fort Payne system. Poultry work at the Alabama Polytecnic Institute, Auburn, is being further expanded to meet demands made by one of the state's most rapidly growing industries. Trial of Jimmie Davis, gambler, on charges of murder in connection with the slaying, Dec. 5 of A. M. Searcy, has been set for March 24 in Jefferson County Criminal Court. Gov. Graves has announced the appointment of J. B. Barnett, Monroeville, Ala., banker, to succeed Sam C. King, of Ensley, who resigned as a member of the state banking board. Gov. Roland H. Hartley, Washington, has honored extradition papers presented by Alabama authorities for the return to this state of Leeman H. Grif fifth, wanted on charges of murder. The Dothan National Bank failed to open for business. A sign placed om the doors said the action was taken by the board of directors pending the arrival of a national bank examiner. W. M. Wyatt of The Union-Banner is in Birmingham this week taking treatment for a stomach ailment from Dr. McLester. Late word from him says that he is doing fine and is feeling better every day.

7. March 1, 1930 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, March 1, 1930

Click image to open full size in new tab

Article Text

STATEMENT GIVEN BY BANK RECEIVER Committee Keeps Busy On Plans For Reorganization Of Dothan National DOTHAN, ALA., Feb. 28 .-(Special) -Dothan National Bank depositors will be paid 100 per cent on their deposits, provided the entire assets of the bank are liquidated and provided the notes and real estate, now held by the institution, bring par values, according to statement issued by Albert L. Lohm, receiver. Collections on notes and other debts owed the bank are being made by ReLohm, it is said. The reorganization committee said they were still making every effort to obtain working capital and that provided this was done before final collections notes and other debts are started the bank would be reopened. Receiver Lohm, however, issued statement asking all depositors and those wishing to enter claims against the bank, which closed its doors due to frozen assets, to file those claims within the next three months with him at the bank. The claims are to be handled free of charge provided those having them call at the bank.

8. March 15, 1930 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, March 15, 1930

Click image to open full size in new tab

Article Text

Batchelor's Buttons (Grown by W. C. Batchelor) Inspiration ever comes a ead come trouble on to get up early and go to 1. the sublimest word in have to exclude diseaso that can be cur careful selection of one's f thing: More of the county board of revenue in their day had almost large following of bunk swallow politicians now have. church has failed it's because has tried to be nearly everything The the world hurch Idn't be. Ben D than has recently had two great calamities both of them being the faillong are to reopen the Dothan National And and The fi herman who says if the acting at which The tivities the fish hog are not curcon-tantly shooting tailed there will be no fish, is one The 21 totruthful rman that he will have it running in about nt The Engl invited TRUE large numb Alabama The Luverne Journal There will never be any farm relief, help celebrate the occasion until the farmer mak up his mind to Ben it. The produce is not th well known and justly going to buy farm products. either Queen City of the Wiregrass, corn, cotton any other farm and when The product Neither will congress moves th event will slate against the gambling stock marnot be implete without them THE AMPAIGN OF MR. THOMPSON In date for United Stat Senator Honorabl Fr derick 1. Th mpson jus. tified by stating that did believe Mr Bankhead should receive th D nominati in by fault And apparently t1 Editor of Mr Thompson'. Alabama Journal has assigned the task of preparing the minds the pie for the Thompson campaign. Mr. Stanley bas the he b. the faults Mr. Bank rather than ans merits of Mr Strange times in Alabama when any openly bids for right repres its people. his claim upon the faults of opp rather than his own mer its

9. March 15, 1930 The Dothan Eagle Dothan, AL
Article from The Dothan Eagle, March 15, 1930

Click image to open full size in new tab

Article Text

Bank Receiver Should Be Local Man, Judge J.J. Speight Believes Judge J. J. Speight. candidate for today furthered his attacks on the national banking laws, which according the would-be congressman should be change pract evgiven The Eagle today by Judge Speight follows: should also be reform the method of liquidating National banks. If the assets of closed bank sufficient to justify it, be lieve is true of the Dothan National Bank and probably of other banks then the bank shoul not be closer up tight and treated as di nd or moribund institution and the progress and welfare the entire community stag nated. but the affairs of the bank should be place in the of competent business man, with full operation and assistance of the Fed ral Reserve Bank believe the Fed. eral Reserve Bank should in prop cases, make some reasonable advances, especially to farmers, to enable them to make crop. The liquidating

10. June 6, 1930 Geneva County Reaper Geneva, AL
Article from Geneva County Reaper, June 6, 1930

Click image to open full size in new tab

Article Text

Defunct Dothan National School Faculty Announced To Dividend For The 1930-31 Term Pay 30% Dothan, Ala., May all persons whose debts claims have been allowed, will receive 30 per cent dividend from the defunct Dothan National Bank, which closed its doors January 29 due to frozen assets, according to Albert L. Lohm, receiver. The total amount to be paid out by the received to depositors and other creditors on Saturday is said to be $210,404.07. Paying of the claims is expected to begin m. and continue throughout the day. It was stated that only those claims accepted and approved before May 15 would be paid as making preparations to pay the dividend has taken considerable time, rendering it impossible to pay the accounts up to date. Claims filed to date total $701,362.12. Approximately 1,000 persons are said to have made claims that will cause them to be benefited by the first dividend to be paid since the bank went into the hands of the receivers. Claims from one to 1,696 inclusive, have been approved for the initial dividend, Mr. Lohm said. The receiver that a reserve fund was being held so to pay the first dividend on all other claims as they are filed and allowed. This, he stated, would aid materially in the quick liquidation of the assets and the clearing up of the bank's business. It is said that the bank is collecting debts much faster than was at first thought possible and that dividends will be paid every four months until all the assets have been liquidated. Following list of the teachfor the Geneva City School given to Reaper representative the first of this week by Prof. H. Johnson: Superintendent-J. H. Johnson. B. Hitchcock. Mrs. Berta Brabham. Miss Gladys Martin. Miss Dixie Stewart. Mrs. Leila Adair. Mrs. Annie Noblin. Miss Virginia Lee. GRAMMAR SCHOOL Miss Lillie Tiller, Principal. Miss Mary Dell Ard. Miss Adrin Morris. Mrs. Mary Frances Holland. Miss Mary Frances Clark. Miss Lucille Vaughan. Miss Mary Leigh Vaughan. Mrs. Ida Matthews. Miss Elizabeth Carroll. Miss Annie D. Davis. Miss Marie Chapman. Mrs. R. L. Martin, Music. Baptist W. M. S. The regular monthly meeting of the Baptist W. M. was held at the church on Tuesday afternoon with twenty-two members present. The program was rendered by Circle No. with the chairman, Mrs. Wm. Holloway, as leader. Mrs. Wilkinson conducted the Scripture study. "How Help the Negro," was the theme for the missionary lesson and those contributing to the program were Mrs. M. Strickland, Mrs. Phillips, Mrs. M. Gilchrist, Mrs. T. B. Faulk and Mrs. J. Bush. short business session followed the program and at this time the society decided to pay for the care of the church grounds which will include mowing the lawn, cultivating and watering the shrubbery. Eacr circle will contribute month for this pense.

11. April 21, 1931 The Dothan Eagle Dothan, AL

Article Text

BANK RECEIVER MAKES REPORT OF CONDITION (Continued from Page One) Total all assets received "by Receiver to date $2,149,095.94 Remaining assets uncollected: Bills receivable 968,298.04 Other assets 170,193.27 Additional assets ac3,863.33 Stock assessment 276,758.37 Total uncollected assets $1,419,113.01 Liabilities: Total claims proven 884,232.30 Total claims unproven.. 16,428.82 General Information: Dividends to date, 30 cent $264,790.18 per Re-discounts paid in full, with interest 306,965.29 Cash on hand 66,132.44 Liabilities eliminated by offset assets 72,685.86 ALBERT L. LOHM, Receiver. The Dothan National Bank, Insolvent, Dothan, Alabama.

12. October 15, 1931 The Dothan Eagle Dothan, AL

Article Text

GIVEN STATEMENT LOCAL CLOSED CONDITION BANK'S Cash On Hand, Dothan National Bank ReAnnounced Today ceiver assets of the Uncollected bank, which than National 1930, totalled closed in January. and cash on hand totalled $11,750.70. at the close of 30, according business September to statement issued today by Albert Lohm, receiver. Two dividends, totalling 40 per have been cent of deposits, paid to depositors since the closing of the financial institution. The divdiend totals $333,cent per 769.48 Re-discounts paid in full with interest total $306,965.29 and all asthe receiver to sets received by date total according to the statement of Mr. Lohm. Total suspension of the assets at the bank were $1,739,326.81 Following is the detailed statement on the condition of the insolvent bank Issued by Mr. Lohm: Assets at ceivable, $1,464,413.80; cash on hand, $21,278.00; Items other than the foregoing. $253,635.01; total asat suspension, $1,739,326.81; sets $11.additional assets 842.55; stock assessment, 100 per cent, $400,000; total, all assets, celved by receiver to date, $2,151,169.36. Remaining Assets UncollectedBills receivable, $925,571.21; other assets, additional assets stock assessacquired. ment, $270,688.83; total, uncollected assets $1,369,759.15 claims proven, $888,283.52; total claims General paid to date, 40 per cent, 48; Re-discounts paid in full. with interest, $306,965.29; cash on hand, liabilities eliminated by offset assets, $72,282.61

13. October 18, 1931 The Montgomery Advertiser Montgomery, AL

Article Text

John R. Vann Named Dothan Bank Receiver DOTHAN, Oct. John has been appointed receiver for the National which closed Oct Mr. has for the East Alabama National Bank Eufaula and the Henry National Bank Abbeville since they closed 1929. will move Dothan and the receivership an early and will remain charge the and Abbeville Examiner Reed Dolan his assistants will charge the Dothan until Mr. Vann the duties. Vann been the Federal business years. Mr. Vann said that he would issue the bank very earliest possible and would coopevery way possible in liquidating the bank.

14. March 22, 1932 The Dothan Eagle Dothan, AL

Article Text

the of defense counsel. protest RECEIVER Dothan National Bank Lohm, receiver. was another government witness who testified yesterday afternoon. The bank receiver produced records by which government attorneys sought to connect Crawford with the alleged conspirconnection with acy defraud seed loan deals. Jeffries, who was freed today. tax collector of Housformerly was and Jones, likewise acton Houston county plantquitted, still faces several other Jeffries in connection with indictments seed loan deals. LEGAL BATTLE The greatest array of legal talent assembled Dothan took ever the seed loan trials, which part in March 14. Besides As. started sistant Attorney General Barger, the was assisted by government Chilton, district Arthur Middleton. of the torney, of Agriculture. and Louis partment DeNette, the Jacksonville, Justice office, who Departemnt Dothan since the seed has been were started loan investigations fall. the attornAmong for the defendants were: Blbb former governor; Mike Sollie Mike Sollie, of Ozark; Byrd Farmer. Dothan. state Hubert Farmer, Street, of Birmingsenator; national commitham, Republican of Dothan; Osteeman; Lee, Geneva; Lewcar of Dothan city attorney. John Anderson Chief Justice Bricken, who and Judge Charles Alabama Court over the presides the charwere among Appeals, who testified acter the trials,

15. April 8, 1932 The Dothan Eagle Dothan, AL

Article Text

BEEN COLLECTED BY CLOSED BANK Cash On Hand, Receiver of Dothan National Bank Says In Report Uncollected assets of the closed Dothan National bank totaled $1,at the close of business March according to statement of the condition of the bank issued today by Albert Lohm, receiver. All assets received total $2,151. and the bank now has $20,cash hand, according to the report of the receiver. Forty per cent. dividends, totaling $355, have been paid to depositors of the insolvent financial Institution. Following is the detailed statement of the condition of the bank of the close of business March Date of suspension, ASSETS Bills receivable $1 464 Cash on hand Items other than the foregoing Total assets at suspension Total Total. uncollected assets LIABILITIES Total claims proven 889 Total claims unproven GENERAL INFORMATION Dividends paid to 40 per cent. Rediscounts paid in full, with interest Cash on hand Liabilities eliminated by offset assets Additional assets acquired Stock assessment, 100 per cent. Total, all assets, recelved by receiver to date REMAINING ASSETS UNCOLLECTED Bills receivable Other assets Additional assets acquired Stock assessment

16. July 12, 1933 The Dothan Eagle Dothan, AL

Article Text

NAT'L DOTHAN Are Receive Depositors bursements Tomorrow; Total More Than BANK BUSINESS THREE YEARS Will Be Distributed Checks Same Manner Several Other Dividends National bank will The Dothan dividend tomorrow, ofanother pay of liquidating the ficials in charge defunct financial The dividend will nounced today. than $35,000, and is four total more cent. bank suspended business The account of January 29, on Since that time "frozen have been paid. At eral dividends bank is being liquidatpresent, the Murray, successor to Lohm, the first receiver. Albert the dividends were Checks to pay employes of the being prepared for distribution tomorbank today distributed in the They will be the other dividend manner checks.

17. March 2, 1935 The Dothan Eagle Dothan, AL

Article Text

DOTHAN NATIONAL BANK DIVIDEND IS DECLARED Another dividend—five per cent—for creditors of the Dothan National bank has been declared payable beginning Monday, M. E. Murray, receiver, said today. This will bring the total dividend since the bank closed in January, 1930 to 49 per cent. Creditors may get checks by calling at the bank, said Receiver Murray.

18. May 14, 1937 The Key West Citizen Key West, FL
Article from The Key West Citizen, May 14, 1937

Click image to open full size in new tab

Article Text

Orders Seizure Of Railroad Property TALLAHASSEE, May 14 road to a company being organiz(FNS).-Stepping in ahead of a ed to buy and operate the sailroad. reported sale of the Alabama, The state's claim is for licenses Florida and Gulf Railroad, Compwhich the receiver for the defunct troller J. M. Lee yesterday delivbank has refused to pay, claiming ered a warrant to Sheriff Walter that the national banks' exempWatford, of Jackson County, to tion from licenses extended to levy on and seize the Florida ten any business that the bank might miles of the right-of-way and operate on the side. track of the railroad which operComptroller Lee, who has been ates from Greenwood, in Jackson negotiating to collect these licensCounty, to Dothan, Alabama, for es, was forced to act suddenly and delinquent occupational license in levy on the property in order to the amount of $639.20. protect the state's interest in the Several days ago, the Interstate claim, which since it covers liCommerce Commission approved, censes, could not be held against subject to certain conditions, the the purchaser as would be the case sale of this railroad by the Fedwere the ad valorem taxes delineral receiver for the Dothan National Bank which owned the railquent.