First National Bank (Toccoa, GA)

View Charter #6687 on SPMC View balance sheet

Episode Information

Episode UID
668701391
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
66870 national
Charter Number
6687
Start Date
November 8, 1915
Location
Toccoa, Georgia (34.577, -83.332)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
dc02ba41045a3462

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
100.0%
Date receivership started
1915-11-22
Date receivership terminated
1918-06-30
OCC cause of failure
Excessive lending
Share of assets assessed as good
47.9%
Share of assets assessed as doubtful
37.8%
Share of assets assessed as worthless
14.3%

Events (5)
1. March 25, 1903 Chartered
Source
historical_nic
2. November 8, 1915 Run
Cause
Bank Specific Adverse Info
Cause Details
Mismanagement and excessive loans to officers and directors.
Measures
Placed in the hands of the controller of the currency.
Newspaper Excerpt
heavy demands of creditors had caused its business to be placed in the hands of the controller of the currency
Source
newspapers
3. November 8, 1915 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Mismanagement, tying up capital in loans to officers, and violations of the national bank act.
Newspaper Excerpt
First National Bank of Toccoa, which suspended business yesterday
Source
newspapers
4. November 22, 1915 Receivership
Source
historical_nic
5. November 22, 1915 Receivership
Newspaper Excerpt
Wm. L. Wilson, of Washington, D. C., has been appointed by the Comptroller of the Currency as Receiver
Source
newspapers

Newspaper Articles (2)
1. November 9, 1915 Evening Star Washington, DC
Article from Evening Star, November 9, 1915

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Article Text

OFFICERS BORROWED FUNDS. Controller Williams Gives Reasons for Failure of Toccoa, Ga., Bank. Mismanagement and loans to officers were given as reasons contributing to the closing of the First National Bank of Toccoa, Ga., in a statement today by John Skelton Williams, controller of the currency. "Its failure," said the statement, "is due to continued mismanagement, the tying up of its capital and deposits in loans to its president, vice president, cashier and other directors and enterprises in which these officers and directors are interested. Other irregularities include excessive borrowings, unlawful real estate loans and other violations of the national bank act, against which the bank has been repeatedly warned by this office." TOCCOA, Ga., November 9.-National bank examiners were here today to investigate the affairs of the First National Bank of Toccoa, which suspended business yesterday with an announcement that poor collections and heavy demands of creditors had caused its business to be placed in the hands of the controller of the currency.

2. December 8, 1915 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, December 8, 1915

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Article Text

Receiver for Toccoa Bank. (Toccoa, Ga.. Record, 3d.) Wm. L. Wilson, of Washington, D. C., has been appointed by the Comptroller of the Currency as Receiver for the First National Bank of Toccoa, which institution closed its doors on November 8th. Mr. Wilson announces that he IS ready for the making of collections that are due, and urges every one to make settlement at the earliest possible date. This is the third banking institution that Mr. Wilson has been put in charge of during the present year, and he informs us that both of the former institutions have been reorganized. During the past eight or ten years, he says, most depositors have been paid every dollar which they had on deposit with a national bank that failed, and he hopes that the case of the First National Bank of Toccoa will prove no exception.