Macon County Bank (Tuskegee, AL)

Episode Information

Episode UID
61012471577
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
6101247 routing
Routing Number
61-0124
Start Date
May 7, 1931
Location
Tuskegee, Alabama (32.424, -85.692)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
5cdd07f0801b1c48

Response Measures

None

Description

Bank was taken over by the State Banking Department after the May 7, 1931 run and later appears in receivership with RFC advances by 1934.

Events (3)
1. May 7, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
A paying teller's attempt to dissuade a Negro veteran from withdrawing his funds sparked word-of-mouth complaints that the bank didn't want him to withdraw, leading to a heavy run.
Measures
Paid out about $5,000 then closed doors; officers telephoned State Banking Department and requested examiners.
Newspaper Excerpt
The State Banking Department today announced that the Macon County Bank at Tuskegee ... had closed its doors following a run.
Source
newspapers
2. May 7, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed following the run and was taken over / placed under the supervision of the State Banking Department; examiners were detailed to audit the bank.
Newspaper Excerpt
The Macon County Bank at Tuskegee closed its doors at about 10 a. m. ... they asked that examiners be sent there to check over the bank's affairs.
Source
newspapers
3. February 1, 1934* Receivership
Newspaper Excerpt
authorized advances ... to the Macon County Bank Tuskegee ... to receivers of institutions are granted capital by government (RFC loans).
Source
newspapers

Newspaper Articles (6)
1. May 7, 1931 The Anniston Star Anniston, AL

Article Text

MARKETS AMERICAN CAN AND U. S. STEEL HIT NEW LOWS NEW YORK, May 7. (UP)—United States Steel and American Can broke to fresh lows on the movement today at 109 7-8, off 2 3-8, and 104 7-8, off 2 7-8, respectively. The whole market went down with these leaders after moving irregularly in early trading. Steel and Can rallied near the close on renewal of short covering. Other issues came back from the lows but the losses were not made up. Genl. Elec 44; Genl. Foods 50 3-8, Genl. Mtrs 42 5-8; Gillette 32 5-8; Gold Dust 35; Goodrich 11 1-2, Goodyear T and R 38 5-8; Houston Oil 39 3-4; Howe Sound 18 5-8; Hudson Mtr 16 3-4; Hupp Motor 8, Indian Rfg 2 1-2; Intl Harv 49 3-8; Intl Nickel 14 1-4; Intl Tel and Tel 27; Johns Manville 48 1-2; Kennecott Cpr. 20 5-8; Kresge 27 1-4, Liggett and Myers B 80 1-2; Loews Inc., 43 7-8, Mathieson Alkali 19 1-2 Mack Trucks 29 3-8, Miami Cpr 7; Mid-Conti. Petr 8 3-4; Mkt. 15 3-8; Mont Ward 18 1-2; Nash Motors 31 3-4; Natl Bis. 72 1-4; Natl Cash Reg A 27; Natl Dairy Prods 41 3-4, Natl Pwr and Lt. 29 1-2; Nevada Cons. Cpr 8 7-8, NYC 98 1-4; NYNH and H 73 7-8, North Amm 69 3-8. Packard Mtr 7 3-4; Pac Gas & Elec 47; Paramount-Publix 27 1-4; Penna R R 52 1-8; Peoples Gas 223 1-4; Phillips Petr 7 1-2; Pierce Petr 1 5-8; Pub Svc N J 83; Pure Oil 6 1-4; RCA 18; RKO A 17 1-8; Reynolds Tob B 51 1-4; Sears Roebuck 53 1-4; Shell Union Oil 5; Simmons Co 12 1-2; Sinclair 8 5-8; Sou Pac 84 1-8; Sou Rwy 39 7-8; Std Gas & Elec 70 7-8; Std Oil Calif 37; Std Oil N J 37 5-8; Std Oil N Y 19 2-8; Stone & Webster 37 7-8; Studebaker 20 1-2; Texas Corpn 21; Texas Gulf 40; Texas Pac Land Trust 10 1-2; Timken 45 1-2; Underwood 49; Union C & C 51 3-8; United Aircraft 29 1-8; United Corpn 22 3-4; United Gas Improv 30 1-4; U S Rubber 14 1-4; U S Steel 111; Util Pwr & Lt A 23 3-4; Vanadium 42 1-2; Warner Bros Pic 7 1-2. TUSKEGEE BANK CLOSES MONTGOMERY, Ala., May 7.—(AP)—The State Banking Department today announced that the Macon County Bank at Tuskegee, capitalized at $65,000, had closed its doors following a run. The bank had a surplus of $25,000 and in its last report showed deposits of $450,000.

2. May 8, 1931 The Montgomery Advertiser Montgomery, AL

Article Text

Macon County Bank Closes Following 'Run' The Macon County Bank at Tuskegee closed its doors about 10 a.m. yesterfollowing heavy which had continued up to that Information to had occurred was officers the the State Banking Stating the would they asked that there check the bank's affairs, was announced. was learned yesterday afternoon that there strong hope reopening Macon County Bank, though no details plans along this line were available Examiners Smith and B. Gay by H. Montgomery to make the Campbell is president of the bank, has of and cashier. Mr. Campbell has been ill for some howvice presihas been in charge, it was stated. PERRY B. STEPHENS ILL Perry Martha Street, seriously III the Hill Hospital.

3. May 13, 1931 The Roanoke Leader Roanoke, AL

Article Text

Macon County Bank Closed Doors May 7 The Macon County Bank at Tuskegee closed its doors at about 10 a. m. yesterday following a heavy "run" which had continued up to that time. Information as to what had occurred was telephoned by officers of the institution to the State Banking Department. Stating the -bank would close, they asked that examiners be sent there to check over the bank's affairs, it was announced. It was learned yesterday afternoon that there is strong hope of reopening the Macon County Bank, though no details of plans along this line were available. Bank Examiners A. J. Smith and B. S. Gay were detailed by Superintendent of Banks H. H. Montgomery to make the audit requested. W. W. Campbell is president of the bank, which has a capital of $65;000, and J. B. Wilkinson is cashier. Mr. Campbell has been ill for some months, however, and E. C. Meredith, vice president, has been in charge, it was stated. Montgomery Advertiser. 8th.

4. May 23, 1931 New Pittsburgh Courier Pittsburgh, PA

Article Text

White Bank (Continued from Page One) The veteran, who is a patient at the U. S. hospital, became angered and demanded all of his money. After receiving his money the veteran returned to the hospital and told his comrades he had had difficulty in getting his money. Immediately a run started. When the bank officials, who are W. W. Campbell, president; C. C. Meredith Jr., vice president, and J. B. Wilkinson, cashier, all white, saw the crowd they became incensed, and after paying out about $5,000 closed the bank. About $75,000 was said to be deposited at the bank from the Veterans' hospital alone. The action of the bank officials caused a hurried call to be sent to Montgomery, about 40 miles away, for the State bank examiner, who took over the closed institution. There is said to be little hope held out for the bank to reopen soon. Many Negroes were stockholders as well as depositors in the bank. When Tuskegee Institute was notified that the bank had closed, as rapidly as its checks which were already drawn on the closed bank failed to clear, new checks were issued on the Bank of Tuskegee, which is on the campus of the institute. The Tuskegee Institute bank is said to be in healthy condition. Dr. R. R. Moton, principal of the institute, is president of the school bank. The institute has now made its own bank its depository. Tuskegee Institute is about a mile from the town of Tuskegee, where the Macon County bank is located. was held last week between Dr. Moton, William H. Carter, treasurer of the institute, and the officials of the closed bank, but no statement was given out after the meeting. Tuskegee Institute handles an nual budget of about $700,000 a. year through its office and most of the money is said to have cleared through the closed bank.

5. May 23, 1931 The New York Age New York, NY

Article Text

Macon County Bank at Tuskegee Closed and In Hands of State Banking Department After Run Run Said to Have Been Started After Paying Teller Tried to Persuade Negro War Veteran From Withdrawing His Money (By Staff Correspondent) Tuskegee Ala.-The Macon County Bank, for years a depository for Tuskegee Institute funds, and largely patronized by Negroes, closed its doors on Thursday, May 7, and was taken over by the State Banking Department, followng a run on the bank caused, it is said, by the attitude of a paying teller who tried to persuade a Negro war veteran from withdrawing his money from the bank. According to the report, the veteran, patient of the U. Veteran's Hospital went to the bank to close out his account of $1,200. When he presented withdrawal slip for the total amount of his account, said that, southern-like, and not relishing the idea of Negro drawing all of his money, the paying teller suggested giving him the rest draft. war eran angered and demanded that all of his money be paid him. Told Other Patients Then, after receiving his money, the veteran returned to the pital and said have told his buddies that the bank did not want him draw out his money and that they tried to give him only part it. Immediately run was starton the bank persons who heard of experience, and who had heard that the bank was short of money, About $75,000 was said to have been deposited from the hospital alone. When the bank officials saw the crowd coming the bank, after about $5,000 had been is said they became so provoked by the insistence of the Negroes that they be their that they closed the doors of the bank. This action on the part of the bank caused the State of Banks to called immediately to the scene from Montgomery. School Changes Depository Tuskegee it is said, had some checks drawn on the bank at the time. but as soon they were notified the checks had failed they forwarded checks on the stitute bank. which healthy financial condition. The Bank Tuskegee is now the Institute's depository. According to those qualified to express the matter. there little likelihood of the bank reopening conference held with Dr. Robert R. principal, and Wm. H. Carter, treasurer Tuskegee Institute, the white bankers Tuskegee but what the result will be to the reopening of the County Bank is not known. Quite few Negroes stockholders of the closed bank

6. May 10, 1934 The Birmingham Post Birmingham, AL

Article Text

ALABAMA BANKS GET RFC LOANS Receivers Of Institutions Are Granted Capital By Government By Herbert Little WASHINGTON, May Reconstruction Finance Corp. today announced authorization of loans during February of $367,000 to receivers of six subscription of $300,000 preferred stock in Selma and Birmingham banks, and $25,000 loan to the Morris Plan Bank of Birmingham, on the stock of the Industrial Savings Bank of Birmingham. largest $250,000 for five per cent ferred stock of the Selma Savings Trust Co. subscription made the Savings Bank Birmingham. These were authorized but not actually withdrawn the February The to bank carrying five per cent cluded the Farmers Bank Trust $98,000 the Tuskegee, and to the Macon County Bank Tuskegee. The total authorized advances of for the month reduced slightly cancellations previous authorizations amounting $415,000.