Bessemer Trust & Savings Bank (Bessemer, AL)

Episode Information

Episode UID
61006171572
Episode Type
Suspension → Closure
Bank Type
trust
Bank ID
6100617 routing
Routing Number
61-0061
Start Date
December 23, 1930
Location
Bessemer, Alabama (33.402, -86.954)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
61668a8606adb604

Response Measures

None

Description

State superintendent/examiner assumed charge and directors turned affairs to state banking department.

Events (1)
1. December 23, 1930 Suspension
Cause
Government Action
Cause Details
Closing/turnover authorized by State Superintendent of Banks Dent (D.) Green and state examiner assumed charge to protect depositors.
Newspaper Excerpt
The Bessemer Trust and Savings Bank failed to open for business today... affairs of the institution were turned over to the State Banking Department
Source
newspapers

Newspaper Articles (10)
1. December 23, 1930 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, December 23, 1930

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Bessemer, Ala., Suspend; Million Dollar Surplus BESSEMER, Ala., City National Bank and the BesseTrust Savings Bank failed mer open for today and ficials issued statements saying "acting for the best inthey terests of depositors. Officials of the Bessemer Trust and Bank said the closing that state banking by Dent superintendent, who was here yesClosing the national terday. said statement to be bank was result of the other bank suspendpayments. Bessemer Trust and Savings The Bank, according its last published report, had capital surplus $2,000,000 with deposits $442,660. The City National capitalizwith surplus of at 630 shown in the last published and deposits of port

2. December 23, 1930 Tallahassee Democrat Tallahassee, FL
Article from Tallahassee Democrat, December 23, 1930

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MIAMI BEACH BANKING INSTITUTION IS CLOSED Atlantic Hop On January15 Repairs Completed German Seaplane At Lisbon. Berlin, Dec. 23. giant DO-X will be ready to seaplane begin its long-awaited flight across the Atlantic on January announced by Dr. Claude was Dornier, designer of the machine, here today. The huge air liner, according to present plans, will leave Lisbon on that date for the Canary Islands, thence proceeding to Cape Verde, Rio de Janeiro, Havana and New York. It was announced that Clarence Schildhauer, American co-pilot of the DO-X, would return to Lisbon January 10 to be ready for the take-off. The DO-X has been delayed at Lisbon by fire which destroyed one wing. Subsidiary Penney Bank In Miami. Following heavy run on deposits after the closing of the City National Bank of Miami yesterday, the City Bank of Miami Beach, subsidiary of the defunct institution, was also forced to main closed this morning, Ernest Amos, state comptroller, has been informed. The two other subsidiaries of the National bank have not been however, as they do entirely trust business, the comptroller was told. Upon confirmation of the information, Mr. Amos tendered the position as liquidator for the City Bank of Miami Beach to E. Duncan, county liquidator for Dade and Broward counties. The City Bank of Miami Beach was capitalized at $100,000 and was established following the failure of the Miami Beach subsidiary of the defunct Bank of Bay Biscayne in Miami this summer. Investigation Started Miami. Dec. City Bank of Miami Beach was ordered closed today as investigation in an was begun by State's Attorney M. Vernon Hawthorne into the alleged violation of state banking laws the closing vesterday of the Citv National Bank here. The state bank examiner ordered the Miami branch bank be closed. and officials of this stitution said depositors eventualwould be repaid in full. Bessemer Banks Closed Bessemer. Ala., 23. The City National Bank the and Bessemer Trust and Savings Bank (Continued on page five)

3. December 23, 1930 The Huntsville Times Huntsville, AL
Article from The Huntsville Times, December 23, 1930

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BESSEMER BANK FAILS TO OPEN City National Remains Closed for Best Interests Of Depositors BESSEMER, Dec. 23 (AP)-The City National Bank and the Bessemer Trust and Savings Bank failed to open for business today and officials issued statements saying they were "acting for the best interests of Officials of the Bessemer Trust and Savings company said the closing of that institution was authorized by Dent F. Green, state banking superintendent, who was here Closing of the National bank was said in a statement to be result of the other bank suspending payments. G. Foote, state bank examiner, assumed charge of the affairs of the Massemer Trust and Savings bank toMr. Green said the institution solvent and that reorganization /may be attempted. Green said withdrawls by depositors to tide them over periods of unemployment had reduced deposits from more than $500,000 year ago to $270,000 and that the bank was unable to realize on assets to maintain its legal reserve. A statement issued by the City National said that institution had suspended payments temporarily. J. C. R. Gwin, vice president said the action was taken "to protect depositors" and to give all a chance "to fare alike." The Bessemer Trust and Savings bank, according to its last published report, had a capital of $60,000 and surplus of $2,000 with deposits of The City National was capitalized at $100,000 with surplus of $33,630 shown in the last published report and deposits of $800,160 Another at Miami MIAMI, Fla., Dec. 23 (AP)- The City Bank of Miami Beach, which underwent a heavy run yesterday fol. lowing the closing of the City National Bank in Miami did not open this morning C.L. Clements, vice president and cashier ,said the bank closed at the order of state bank examiners to protect its The bank had a capital stock of $100,000 surplus of $50,000 and deposinstof $600,000 at the last call. Two At Hartford NARTFORD Conn., Dec. 23 (AP) wo Hartford banks, the Riverside Trust Company and Palotti Andretta and Company, were suspended today by Bank Commissioner Lester B. Shippe, following runs on both institutions which have been in progress since last July. The state manual for 1930 gave the capital of the Riverside Trust com pany, incorporated in 1907 at $400,000. surplus $600,000, undivided profits 805.23 and commercial deposits $3,-

4. December 23, 1930 The Chattanooga News Chattanooga, TN
Article from The Chattanooga News, December 23, 1930

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MIAMI BEACH BANK FORCED TO CLOSE Fails to Open Tuesday After Heavy Run Monday. City bank of Miami Beach, which unheavy run follow. ing the closing of the City National bank in Miami. did this morning. C. L, Clements, vice-president and cashier, said the bank closed at the order of state examiners to protect its The bank had & capital of $100,000, surplus of $50,000 and deposits $600,000. at the last call, Hartford Banks Suspend. Hartford, Conn., Dec. Two Hartford the Riverside Trust company and Palotti Andrea & Co., were suspended today by Lester E. runs on both which have been in progress since last July, The state manual for 1930 gave the capital the Riverside in 1907, as $400,000, surplus $600,000, undivided profits 8224.deposits Banker Suicides. Baltimore, Dec. president of the banking of Hambleton & Co., was found shot to death nhis home at Luthertoday William P. Butler returned of The body Mr. Hambleton, who was 44 years old, was found Charles his butler, when he went call his employer Bessemer Banks Close. City National and the Trust and Savings bank failed to open for business today and officials issued saying they were acting for the best interests of Officials of the Trust said the closing that was banking who was here Closing of the bank in to be & result of the bank The Bessemer Trust and Savings to its last report, had capital and surplus of deposits The City National was capitalized at $33,630 in the last published report and deposits of 8800,150.

5. December 23, 1930 The Fresno Bee Fresno, CA
Article from The Fresno Bee, December 23, 1930

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State Takes Over Chelsea Bank In New York State Superintendent of Banks Broderick announced to. day he had taken the Chelsea Bank and Trust Company The institution according to the latest figures, had gross of $16,323,000 on December 20th, The bank was closely identified with the motion picture industry in New York and two directors are active figures in the film world. ANOTHER MIAMI CLOSES MIAMI BEACH Dec. 23. The City Bank of Miami Beach was closed to-day to protect depositors, officials announced, after run on the bank yesterday. The city bank had capital stock of $100,000 and of approximately $600,000. The City National Bank of Miami was closed yesterday. CLOSE IN HARTFORD HARTFORD Dec. 23 Hartford banks, the Riverside Trust Company and Pallotti Andretta and Company, were suspended to-day by Bank Commissioner Lester E. Shippee, following runs both institutions. Pallotti Andretta and control the Riverside Trust ComThe state manual for 1930 gave the capital of the Riverside Trust Company as $400,000, surplus $600,000, undivided profits $24,229, savings deposits $643,805 and commercial deposits $3,185,455.10. B7SSEMER (Ala.). Dec. 23 The City National Bank the Bessemer Trust and Savings Bank failed to open to-day. RICHMOND (Va.), Dec 23 The state division of insurance and banking to-day the People's Bank of Gretna, Va., had

6. December 23, 1930 The Macon News Macon, GA
Article from The Macon News, December 23, 1930

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Two Alabama Banks Are Closed Tuesday BESSEMER Ala Dec 23 The City National and Bessemer Trust and Savings to open for business Tuesday and officials issued ing they were for the best of The Savings to its last report, had of and of with deposits of The City National at with surplus shown the last report and deposits of RICHMOND Va., Dec 23. The state banking today that People's Bank of had suspended was

7. December 24, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, December 24, 1930

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CHELSEA BANK Closes In New York. Small Institution Patronized By Theatrical Profession-Two Suspend In Hartford. New York, December 23-(AP)The Chelsea Bank and Trust Company, a small institution patronized mostly by theatrical people, was taken over by State Superintendent of Banks, Joseph Broderick, today following heavy withdrawals. Broderick said he closed the bank to preserve its assets for depositors. The institution operated seven offices. It owned the Chelsea Exchange Safe Deposit Company and the Chelsea Exchange Corporation, securities firm. The developed last night and this morning. Broderick said it was caused by rumors. Officials began an investigation of reports that malicious campaign was under way to injure banks by circulating false rumors. The Bank was a national and state depository, but not member the Federal Reserve or the New York Clearing House. It at $2,500,000. had deapproximately $18,000,000 and total resources of $23,000,000. Hartford Conn., December 23 Hartford banks, the Riv. erside Trust Company and Pallotti, Andretta & Co., suspended today by the Bank Commissioner following runs on both institutions which have been in progress since last July. Pallotti, Andretta & Co. control the Riverside Trust Company. The state manual for 1930 gave the capital of the Riverside Trust Company at $400,000, surplus $600,000, undivided profits $244,229, savings deposits $643,805 and commercial deposits $3,185,455.10. Miami, Fla., December 23-(AP)The City Bank of Miami Beach/ which underwent a heavy run yesterday following closing of the City National Bank in Miami, did not open this morning. The bank had capital stock of $100,000. surplus of $50,000 and deposits of $600,000 at the last call. Bessemer, Ala., December 23-(AP) The City National Bank and the Bessemer Trust & Savings Bank failed to open today. Official said they were "acting for the best interests of depositors.

8. December 24, 1930 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, December 24, 1930

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2 Bessemer Banks Close In One Day The Bessemer Trust and Savings Bank, located at Bessemer, in Jefferson County, and which capital of $60,000, did not reopen for business yester. day morning. Affairs of the institution. was learned, were turned over to the State Banking Department at meeting of the bank's directors Monday night, which was attended by State Superintendent of Banks D. Green. Yesterday, connection with the the and Savings Bank, Mr. Green stated that solvent, that unable to on loans keep up with steady with. going on for stated, were in no sense in the The National Bank of Bessemer failed open Tuesday morning and officials saying they were "acting for the best interests the depositors,' according to the Associated Press. The Bessemer and Savings failed to and closing of the National Bank said result of the other bank suspending payments. The City National was capitalsurplus $33,630 shown in the published report, and deposits of $800,160. statement issued by the City Na. Bank said that the institution payments temporarily. B. Gwin, vice president, said the action to "protect and to give all chance "to fare alike."

9. December 24, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 24, 1930

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are obliged to close our doors to protect The bank was established in 1888. Its deposits are estimated excess $2,000,000, mostly by small merchants in the TWO BANKS CLOSED IN BESSEMER, ALA BESSEMER, Ala, Dec The City National Bank the Bessemer Trust and Savings Bank failed to open today. Officials said they 'acting for the best interests of depositors. Virginia Bank Suspends RICHMOND, Dec 23 (A. P.)The Banking that the Peoples Bank of Gretna, Va, has suspended business. The bank capitalized at $50,000 and had deposits of $474,000.

10. December 24, 1930 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, December 24, 1930

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NEW YORK BANK CLOSES FOLLOWING HEAVY RUNS NEW YORK, Dec. 23 (AP) The Chelsea Bank and Trust company, small institution patronized mostly by theatrical people, was taken over by State perintendent of Banks Joseph Broderick today following heavy withdrawals. Broderick said he closed the bank to preserve its assets for depositors. The institution operated seven offices It owned the Ohelsea Exchange Safe Deposit company and the Chelsea Exchange corpora ation. securities firm. The Chelsea bank was national and state depository but not a member of either the federal reserve or the New York clearing house It was capitalized at $2,500,000, had deposits of approximately $18,000,000 and total resources of $23,000,000. HARTFORD Conn., Dec 23 (AP) Two Hartford banks the Riverside Trust company and Palotti Andrea & Co., were suspended today by Bank Commissioner Lester E. Shippe following runs on both institutions The state manual for 1930 gave the capital of the Riverside Trust company. incorporated in 1907. as $400 000 surplus $600,000. undivided profits $244. 229.61, savings deposits $643.805 23 and commercial deposits $3,185,455 10. MIAMI, Fla Dec. 23 (AP) The City bank, of Miami Beach. which underwent heavy run yesterday following the closing of the City National bank in Miami, did not open this morning The bank had capital stock of $100,000. surplus of $50,000 and deposits of $600,000 at the last call. WASHINGTON Ga., Dec. 23 (AP) A notice the door of the National Bank of Wilkes county here today said the institution had been closed pending a meeting of the board of directors The bank was capitalized at $50,000 and assets were reported at $400,000 BESSEMER Ala. Dec. 23 City National bank and the Bessemer Trust and Savings bank failed to open for business today and officials issued statements saying they were acting for the best interests of depositors The Bessemer Trust according to its last published report had capital of $60,000 and surplus of $2,000. with de. posits of The City National was capitalized at $100.000. with surplus of $33,630 shown in the last published report and deposits of $800,150 JACKSON Miss. Dec. 23 The Bank of McCool. small Attala county institution. closed its doors today The bank. capitalized at $15,000 car. ried deposits of $100.000 with surplus listed by the banking department at