Citizens Bank (Ocilla, GA)

Episode Information

Episode UID
7845903091452
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
784590309 hash
Start Date
December 6, 1920
Location
Ocilla, Georgia (31.594, -83.250)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cfbe9df2d53aea11

Response Measures

None

Events (2)
1. December 6, 1920 Suspension
Cause
Government Action
Cause Details
State bank examiner took charge after shortage of funds caused by heavy loans to the bank president (D. J. Henderson Jr.).
Newspaper Excerpt
The Citizens Bank of Ocilla was closed Monday and is today in charge of the State Bank Examiner because of a shortage of funds.
Source
newspapers
2. April 4, 1922 Receivership
Newspaper Excerpt
The Citizens Bank of Ocilla was in the courts again ... asking that a receiver be appointed for the said defunct bank; the state superintendent of banks had made a levy against said stockholders.
Source
newspapers

Newspaper Articles (2)
1. December 8, 1920 The Leader Enterprise and Press Fitzgerald, GA
Article from The Leader Enterprise and Press, December 8, 1920

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Article Text

CITIZENS BANK OF OCILLA IS CLOSED Heavy Loans to President of Institution Said Responsible STOCKHOLDERS MEET Seek To Merge Citizens Bank with Ocilla First National The Citizens Bank of Ocilla was closed Monday and is today in charge of the State Bank Examiner because of a shortage of funds. The stock holders of the bank went into session at 2:30 yesterday aftrenoon in an effort to find a solution for the difficulty. An officer of the bank stated that an effort would be made to have the First National Bank of Ocilla act as receiver for the bank and liquidate its assets or to merge the Citizens bank with the First National. The difficulties of the Ocilla institution are understood to be due to the fact that D. J. Henderson, Jr., presi1 dent, borrowed more than the bank was able to loan. His obligations to e the bank total about $40,000, it is said. The bank is capitalized at $78,000 S and has deposits of about $100,000. d It operates under a state charter. P The officers of the bank are D. J. Henderson Jr., president, D. R. Henderson, vice president, G. S. Willcox, n vice-president, E. L. Harper, cashier, Moley Puvir assistant cashier. All are Ocilla men except Willcox who recently removed his home and business headquarters to Fitzgerald. The bank had financial difficulties during the business depression of 1914 and was reorganized under its present management in 1915. State S banking laws place no limitation on the amount of money that can be loaned to one individual or corporation.

2. April 4, 1922 Americus Times-Recorder Americus, GA
Article from Americus Times-Recorder, April 4, 1922

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Article Text

BANK OF OCILLA CASE IS ATCHED Involves Question First Raised Here In Commercial City Case TIFTON, April 4. The Citizens Bank of Oeilla was la the courts again yesterday, W. C. Wingate et al, bringing equitable petition in Irwin Superior court asking that a receiver be appointed for the said defunct bank, and that an injunction be granted restraining the state superintendent of banks from enforcing a levy recently made against said stockholders. It will be remembered that the state superintendent of banks made a levy of 100 per cent against the stockholders of the Citizens Bank of Ocilla. They resisted said levy claiming that it was larger than necessary and the levy was withdrawn. Another levy of 65 per cent was made and it is this levy that petitioners resist. However, not all of the stockholders of the bank are parties to the petition. These petitioners alleged that they bought their stock at the solicitation of D. J. Henderson, Jr., then cashier of the Citizens Bank, that he fraudulently represented to them that the bank was solvent when as a matter of fact it was insolvent at that time and Henderson knew it. Therefore petitioners requested that the sale be set aside. Further they claim that even though they should be held liable for the obligations of the bank, they should be liable only for debts incurred after they bought their stock Also, the tangled condition of the affairs was set forth and it was set forth and it was asked that a receiver be appointed in order that its affairs might be adjudicated. The bank officials denied all allegations set forth in the petition. Judge Eve denied the neccessity for a receiver holding that as the bank was already in the hands of the state officials and the state superintendent of banks had not asked for the assistance of the court of equity, that its affairs should remain in the hands of said state superintendent for the present at least. It was further held that the allegations of fraud and their denial set up a question of facts which should be passed upon by a jury at the regular term of court. The state authorities were réstrained from enforcing the collection of the levy until a jury could pass upon the matter in dispute. The Oeilla bank case is being watched closely by Americies attor