Macon Savings Bank (Macon, GA)

Episode Information

Episode UID
6956635191599
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
695663519 hash
Start Date
March 4, 1933
Location
Macon, Georgia (32.841, -83.632)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a3ad1af29be78477

Response Measures

None

Events (3)
1. March 4, 1933 Suspension
Cause
Government Action
Cause Details
Statewide banking holiday proclaimed by Governor Talmadge; Macon Savings Bank closed in observance
Newspaper Excerpt
Macon banks closed Friday in observance of banking holiday decreed by Gov. Eugene Talmadge
Source
newspapers
2. June 13, 1933 Receivership
Newspaper Excerpt
suspended and was taken charge of by the superintendent of banks. ... receiver for the Macon Savings bank (later references to receiver E. W. Copeland).
Source
newspapers
3. June 13, 1933 Suspension
Cause
Government Action
Cause Details
Bank suspended and placed in charge of the state superintendent of banks (formal suspension/administrative takeover)
Newspaper Excerpt
On June 13, 1933, the Macon Savings bank suspended and was taken charge of by the superintendent of banks.
Source
newspapers

Newspaper Articles (8)
1. March 4, 1933 The Macon Telegraph Macon, GA

Article Text

IN CALMNESS All Commercial Institutions of City Yield to Gormley's Advice CHECKS BEING ACCEPTED Many Business Firms of City Honor Bank Paper For Purchases or Debts Macon banks closed Friday in observance of banking holiday decreed by Gov. Eugene Talmadge and will not reopen for business until Tuesday morning proclamation placing the moratorium in effect o'clock Friday morning and providing that it extend through Monday issued from the office of the governor at about noon Friday, and banks began closing here soon as news the proclamation was received. Before o'clock the afternoon all had decided to observe the holiday. accepted the banking calmly. Stories on simiaction in other have been appearing in newspapers for several days, apparently Macon people expected the taken They seemed realize that local banks' conditions sound and bankers praised their depositors being extremely wane and sober.' Others in Line News of the moratorium reached Macon about o'clock. Acting on the proclamation, the First National Bank and Trust company in Macon closed its doors shortly afterwards The Citizens Southern National open until o'clock, its regular and the City Bank Trust company until 2 o'clock, when the institution for noon recess. Its officials decided to comply with the proclamation and did not reopen Similar action was taken at the Macon Savings bank. Jesse B. Hart. its president, closed that institution after information had been re of the action. was spread about the city that holiday had been creed and that bank had shut Its number of withdrew their money from the Citizens and Southern bank. Denmark, executive vice president said that those for their cash were small depositors, that the did not single large the City Bank and Trust little learned one bank already had closed of the small, Rad president of the bank, Withdrawals Nominal Marshall president of the First National, said that withpast days had and that his had withstand heavy one had developed statements have shown all banks to in good condition and Governor Talmadge's emphasized the fact that the holiday prevent states already have closed from draining from fact superintendent R. Gormley night in Atlanta ing the Georgia banks in such condition that moratorium

2. November 1, 1933 The Macon Telegraph Macon, GA

Article Text

Continued From Page One ent of that the RFC has agreed assist liquidating closed Georgia banking houses mortgage companies this state buy assets, renders uncertain than ever the status of the Macon Savings bank. Accordir W. Copeland, liquidating the the for large the bank's the assistance of the RFC. As the situation now stands, the bank already owes the RFC the amount borrowed from before the banking holiday. There are Georgia mortgage concerns dertake the financing, even under the thought. conferred with Mr. Monday concerning the of the local bank

3. January 10, 1934 The Macon News Macon, GA

Article Text

BANK TO PAY OFF WITH RFC FUNDS Court Action Not to Prevent Depositors From Getting Dividend, Says Butler In an effort to correct an impression that a temporary order issued by Judge Louis L. Brown of Bibb superior court had prevented or would prevent payment of dividend to depositors of the defunct Macon Savings Bank. Earl W. Butler, special assistant attorney general representing the bank, issued statement on the situation last night. Money from the RFC is awaited to make the payment to dividend. When payment will be made has not been announced. The complete statement follows: "Some people are under the impression that the temporary restraining order signed by Judge Louis L. Brown. in the case of C.ty Bank and Trust company, as guardian, against the Macon Savings bank and R. E. Gormley as superintendent of banks, in charge of the and assets of the Macon Savings bank. has prevented or will prevent the paying of dividend to the of the bank. This on erroneous. "The facts are as follows: Facts Explained "The Macon Savings bank has for many years as trustee administrator. guardian, etc. On June 13. 1933, the Macon Savings bank suspended and was taken charge of by the super.ntendent of banks. At that time there were a number of accounts on the books of the bank in casts where the bank was act ing as guardian trustee, administrator, etc. These accounts approximate about $50,000 The beneficlaries of these accounts contend that the bank was acting in fiduciary capacity with respect to the same and that they upon the assets of the bank which in con templation of law priority claims. that is, superior to the claims of the general depositors. Does Not Hinder Dividend temporary restraining order signed by Judge Brown on Nov. 16. 1933, simply restrains the superintendent of banks from paying out an amount which will be sufficient to pay these so-called trust funds but does not in any way prevent him from paying dividend when he secures the money with which to pay one. Moreover am of the opinion that the banks not have paid out the the order of Judge Brown restrain ing him from so doing. in view of the uncertainty of the law applicable in this case. The order of Judge Brown in no way can be the subject of any just criticism as it does not tend to injure any depositor or creditor the bank impede the orderly liquidation of the bank."

4. January 21, 1934 The Macon Telegraph Macon, GA

Article Text

Brown Dissolves Sale Injunction Avondale Fruit Farm Auction Will Be Allowed by Court Judge Louis L. Brown yesterday dissolved a temporary injunction restraining the sale of the Avondale Fruit farm in Houston county on deed to secure debt held by the Metropolitan Life Insurance company The restraining order had been issued at the request of the receiver for the Macon Savings bank. on the allegation that would be damaged if the sale were carried through The temporary injunction was granted on the day prior to the date of the scheduled sale, and the process of advertising and the sale is expected to follow as soon as possible. The Fitzgerald firm of Jay and Garden represented the insurance company in the case, while the bank receiver was represented by Earl W. Butler and E. W. Maynard. special attorney acting for R. Gormley, state superintendent of banks. WINS MEMBERSHIP PRIZE Ga., Jan. Preston Chaffin. former adjutant of the Leon Martin post of the American Legion of Barnesville, was winner of first prize in the membership contest which the post has recently sponsored. Mr. Chaffin added 30 new members to the roll. Gerdine Lifsey won second prize. KIWANIS TO CELEBRATE JACKSON, Ga., Jan. KIwanis club of Jackson at its meeting Jan. 23 will observe its 14th anniversary. Mark Smith, governor of the Georgia district of Kiwanis, or some speaker designated by him will deliver the address on that date. Kentucky fruit growers protect their young trees from rabbits old newspapers around the trunks.

5. August 7, 1934 The Macon News Macon, GA

Article Text

Realty Company Gets Injunction Two Notes in Hands of Sav ings Bank Are Held Up Judge Malcolm D. Jones of superior court yesterday afternoon injunction to granted temporary the Bibb Realty company restraining the of two notes for $650 in from the RFC for obtaining money bank's dethe closed Macon Savings positors. Named as defendants in the action the bank: R. E. Gormley. and superintendent of banks. state Alf Mack's Pharmacy, Inc.. the lat. ter of which gave the notes. which are in dispute. for back rent owed to the realty company. According to petition, Alf Mack signed notes for total of $900, thinking that the obligations were made to the Bibb Realty company, they in realty were made out in favor of the Macon Savings bank. Jesse B. Hart was president of both instituand he Mr. Mack allegedly made the transaction All the notes but $650 have been paid and the ready to pay that, set forth The suit seeks to recover the $250 already paid in and obtain of the remaining $630 rather than receiver Judge Malcolm D. Jones granted temporary injunction restraining the transfer of the notes to the RFC collateral for loan, or the transfer already has been made restraining the receivers from receiving amount lent the notes. Hearing was set for Aug. 11 before Judge Brown The firm Hall and Bloch rep. resents the plaintiff.

6. May 29, 1935 The Macon News Macon, GA

Article Text

PROPERTY TANGLE BRINGS LITIGATION Temporary Injunction Obtained by Bank Receiver to Halt Scheduled Sale A temporary injunction halting scheduled sale of certain property rights here on the first Tuesday in June was signed yesterday by Judge Malcolm D. Jones, who assigned the petition for hearing on July 1. N. M. Dudley, as receiver for the First National Bank of Reynolds, is plaintiff in the action, while the Macon Savings bank and E. W. Copeland, as receiver, are defendants. It is claimed that the defendants are about to sell one-fourth undivided interests of George H. Goddard and Mrs. Lottie Goddard Marshall, under a deed to secure debt which already has been canceled, and that the plaintiff has a right to the property because of an arrangement with reference to a $2,250 debt. The plaintiff claims that a $4,769.21 debt which the defendants are seeking to collect was made by E. A. Goddard, father of Mr. Goddard and Mrs. Marshall. C. B. Marshall and Gilbert C. Robinson represent the plaintiff.

7. May 29, 1935 The Macon Telegraph Macon, GA

Article Text

INJUNCTION ASKED IN PROPERTY CASE Petition Filed Against Macon Savings Bank and Receiver by N. M. Dudley A petition for injunction to restrain the advertised sale of certain property rights in the city of Macon was filed in superior court yesterday afternoon by N. M. Dudley, as receiver for the First National Bank of Reynolds, against the Macon Savings Bank and E. W. Copeland, as receiver for the latter institution. In the petition, it is claimed that the defendants are planning to sell undivided one-fourth interests of George H. Goddard and Mrs. Lottie Goddard Marshall on Arch street and Forsyth street property under a deed to secure a debt which has been paid. The defendants, the petition shows, are attempting to collect $4,769.21 alleged due from another transaction begun by E. A. Goddard, father of Mr. Goddard and Mrs. Marshall. The plaintiff alleges that Mr. Goddard and Mrs. Marshall are indebted to it for $2,250 and that Mr. Goddard already has assigned his share in the Macon property to the bank receiver. Judge Malcolm D. Jones granted a temporary injunction to halt the sale, scheduled for the first Tuesday in June, and assigned the petition for hearing on July 1. C. B. Marshall and Gilbert C. Robinson represent the plaintiff in the case.

8. December 10, 1935 The Macon Telegraph Macon, GA

Article Text

Happ Purchases Bank Building Lee M. Happ of the Happ Brothers Company here has purchased the Macon Savings Bank building from the bank receiver, it was announced here yesterday, at a cost of about $25,000. It was bought as a personal investment, and he will renovate the building and continue its rental as an office building, it was said. He will obtain possession early in January, after legal formalities are completed. The sale was made by the Willingham Loan and Trust Company.