Article Text
BANK CLOSED Mo., Dec. two days' which, according to bank officials, started "idle rumor. the Southern Bank of Fulton failed to open to. day.
Southern Bank (Fulton, MO)
Episode Information
- Episode UID
80017071524- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
8001707routing - Routing Number
80-0170- Start Date
- December 3, 1926
- Location
- Fulton, Missouri (38.847, -91.948)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
b664029aff1b60b4
Response Measures
None
Description
Initial hopes to reopen were reported, but later items show liquidation and a receiver in charge.
Events (3)
1.
December 3, 1926
Run
- Cause
- Rumor Or Misinformation
- Cause Details
- Two-day run by depositors attributed to unfounded/wild/idle rumors; small withdrawals escalated into mass withdrawals (about $47,000 over two days).
- Measures
- Directors closed the bank and notified state banking authorities; state examiner took charge.
- Newspaper Excerpt
- After a two-day run which, according to bank officials, was started by idle rumors, the Southern bank of Fulton failed to open this morning.
- Source
- newspapers
2.
December 4, 1926
Suspension
- Cause
- Government Action
- Cause Details
- Directors closed the bank following the run and turned the institution over to the State Banking Department/ examiner to take charge.
- Newspaper Excerpt
- The Southern Bank of Fulton was closed today and directors turned it over to the state banking department.
- Source
- newspapers
3.
June 1, 1927
Receivership
- Newspaper Excerpt
- J. R. Baker is in charge of liquidation. Thursday, June 9 will be the last day for filing claims against the Southern Bank of Fulton, by depositors and others having claims against the institution, according to the Fulton Sun-Gazette.
- Source
- newspapers
Newspaper Articles (16)
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Article Text
BANK CLOSES DOORS FULTON, Dec. which, according bank officials, was started rumor," the Southern Bank of Fulten failed to open morning. State banking authorities advised charge the institution today. The bank sidered of the strongest in midMissouri.
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BANK CLOSES DOORS FULTON, Mo., Dec. 4.-U. P.-Afwhich, according to officials, started by Southern Bank Fulton failed to open authorities advised the The bank is sidered one of the strongest in midMissouri.
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Bank Is Closed (By United Press FULTON, Mo., Dec. 4.-After a two-day "run" which, according to bank officials, was started by "idle rumors,' the Southern bank of Fulton failed to open this morning. State banking authorities have been advised and will take charge of the institution today. The bank is considered one of the strongest in mid-Missouri.
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"RUN" CLOSES BANK Fulton. Mo., "run" by depositors, which officials of the bank said was caused by unfounded rumors, the Southern bank of Fulton was closed today and directors turned over to the state banking depart-
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"Idle Rumor" Ends in Closing Up of Bank United Mo., Dec. days' run, according bank officials, started by "idle rumor," the Southern Bank of Fulton failed to open this morning. State banking authorities have been advised will take charge the institution today. The bank considered one of the strongest
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RUN ON BANK CLOSES DOORS FULTON, Mo., Dec. N. Following a "run" by depositors, which officials of the bank said caused by unfounded "wild" rumors, the Southern Bank of Fulton was closed today and directors turned it over to the state banking department.
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RUN ON BANK CLOSES DOORS Mo., Dec. N. "run" by depositors, which officials of the bank said was caused by unfounded "wild" rumors, the SouthBank of Fulton was closed today and directors turned over to the state banking department.
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PLANS DISCUSSED TO REOPEN FULTON BANK Decision to Close Depository Comes Following Heavy Run on Institution. Fulton, Mo., Dec. 4.-(P)-Tentative plans for reopening the Southern Bank of Fulton, which was closed today following a run, Friday and late Thursday, were being discussed late today by officers and directors of the institution. No definite arrangements have been made, but It is the intention of those connected with the bank, which had total resources of approximately $750,000. to reopen It in the near future. To Prosecute Persons. A statement made public this morning by the board of directors said it had been decided to close the bank because "false and maliclous rumors" have been circulated causing a large number of depositors to withdraw their accounts until the cash reserve was reduced to a point where it is not safe or fair to the remaining depositors and stockholders to permit further withdrawals. It was added by the statement that the state finance commission had been notified to take charge of the Institution until a practical plan could be worked out for the reopening of the bank. Vigorous prosecution of the person- or persons guilty of starting the rumor concerning the bank is expected to result. Officers of the institution and of Callaway county said tonight they know definitely who is responsible and that efforts will be made to assess the full penalty of the law. The Missouri Bankers' Association probably will be asked to assist in the prosecution of the guilty persons. The run on the bank began Inte Thursday afternoon. About $10,000 was withdrawn by depositors Thursday. while approximately $37,000 was taken out of the bank Friday.
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BANK GOSSIPER TO BE RUN DOWN Bank of Fulton Officials to Prosecute Person Who Caused Run by Rumors. FULTON, MO., Dec. 5.-(Special)Tonight, forty-eight hours after the Southern Bank of Fulton was forced to close its doors rumor started a run that threatened to wreck it, leading citizens are determined they will back the bank officials in running down the persons responsible for starting the gossip and bring them to justice. The bank has the community years. When the run started the large depositors not only refused to make demand for their money, but made deposits to their in the bank They are appealing to the frenzied customers of the withdrew their at once and enable the bank to reopen. Await Grand Jury Action. In the the public await ing the action of grand jury the circuit court which will for the first time this and is expected to make rigid inquiry into the causes that started the officials of the bank, through their attorney, State Senator Nick Cave, who member of its directorhave been making investigation. It believed they know where the rumor W. Franc president of the bank, today he confident the bank will reopen soon. He believes all details can be worked out within thirty Bank Examiner in Charge. B. A. Glassen, state bank examiner from Salisbury, here yesterday take charge of the bank's affairs. Russell cer tain will take Glassen less than two weeks go over the books sug. gest way out of the present diffiThe president indicated additional capital may carry the of the state department, but that this will be ing in of the bank's standing in the In the Fulton's business interests are trying to adjust them selves the ing the closing of two banks in nine months. is agreed It will hurt trade here In the holiday Merchants' Funds Tied Up. There is no excitement among the Several business men who were caught up the First National had with the These now to with Home Savings and Callaway banks. the two remaining the city, who not only helped the Southern bank as long as It asked but also are standing by the of the city. No word has come from the First National bank as to when the first dividend payment will be made to depositors. The expiration of time for filing claims by does not in January and hardly payment will be made before
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UNREASONABLE RUN FORCES BANK TO CLOSE ITS DOORS FULTON, Mo., Dec. 6.-Folowing a "run" by depos tors, which officlals of the bank said was caused by unfounded "wild" rumors, the Southern Bank of Fulton was closed to day and deputies turned it over to the State Banking Department.
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GRAND JURY TO INVESTIGATE RUN ON FULTON BANK City Is Aroused Over the Closing of the Southern Institution by Gossip, Dispatch Says. FULTON, Mo., Dec. rumor will be asked to go to bat with the law this week. The people of Fulton are grimly. but not vindictively. determined someone shall be punished for starting the wild gossip that made it necessary for the Southern Bank of this city to close Saturday after 2-day run of its depositors, who were stampeded into withdrawing their money after an insidious attack on the solvency of the institution. The first grand jury of the year for the Callaway county circuit court will begin deliberations today, and the firm belief the body will delve deeply into the bank affair. The bank itself has placed the matter in the hands of State Senator Nick Cave, an atorney who is directer in the instituion.t Officials of the bank who have made investigations declare they know the responsible person. The people here feel they have been made the victims of an attack of an irresponsible person and that the reputa tion of the city itself. as well as the bank, has been badly harmed. They contend bank in existence years and whose solvency was never questioned must be given square deal at all hazards. Fulton is not excited over the matter. It is holding up well, despite the fact this is the second bank to close in this city in the last nine months. It is charged the propaganda was given out because the bank asked payment of an count. Business men have been the hardest hit by the closing of the bank for several were caught in the First National Bank failure and then transferred their accounts to the Southern Bank. The Home Savings and the Callaway bank, the two remaining financial institutions, came to the aid of the Southern Bank and helped it as long as it required help. The Southern Bank at the close of the second day's run still had plenty of cash on hand but the board of directors ruled the depositors remaining loyal had to be protected and the only way it could be accomplished was to stop the run. Business men caught in the last bank closing are being taken care of by the other banks of the city and trade is going on as usual. The faith of the biggest depositors in the South ern Bank was evidenced the day of the run when they came in and made additional deposits. But the damage had been done. The small depositors, on trigger edge because of five bank failures in the county in as many years, had become suspicious. W. Farne Russell, president of the Southern Bank, said today he felt confident his bank would be able to reopen in thirty days. D. Glassen of Salisbury, bank examiner, has taken charge of the bank's affairs. Mr. Russell said he believes it will not require more than ten days to go over the accounts of the bank. Russell said he would be guided by the recommendations of the banking department and indicated that additional capital might be required and would be easily forthcoming when the readjustment is made. He said quite number of those who withdrew their accounts now admit the fallacy of such a move and are ready to put their money back when the bank opens.
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RUN ON BANK CLOSES DOORS Mo., N Following "run" by depositors, which officials of the bank said was caused by unfounded rumors, the Southern Bank of Fulton was closed today and directors turned it over to the state banking department.
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GRAND JURY TO INVESTIGATE RUN ON FULTON BANK FULTON, Mo., Dec. 6.-Idle rumor will be asked to go to bat with the law this week. The people of Fulton are grimly, but not vindictively, determined someone shall be punished for starting the wild gossip that made it necessary for the Southern Bank of this city to close Saturday after a 2-day run of its depositors, who were stampeded into withdrawing their money after an insidious attack on the solvency of the institution. The first grand jury of the year for the Callaway county circuit court will begin deliberations today, and it is the firm belief the body will delvé deeply into the bank affair. The bank itself has placed the mat ter in the hands of State Senator Nick Cave, an atorney who is a directer in the instituion.t Officials of the bank who have made investigations declare they know the responsible person. The people here feel they have been made the victims of an attack of an irresponsible person and that the reputation of the city itself, as well as the bank, has been badly harmed. They contend a bank in existence fifty-five years and whose solvency was never questioned must be given a square deal at all hazards. Fulton is not excited over the matter. It is holding up well, despite the fact this is the second bank to close in this city in the last nine months. It is charged the propaganda was given out because the bank asked payment of an account. Business men have been the hardest hit by the closing of the bank for several were caught in the First National Bank failure and then transferred their accounts to the Southern Bank. The Home Savings Bank and the Cal- laway bank, the two remaining financial institutions, came to the aid of the Southern Bank and helped it as long as it required help. The Southern Bank at the close of the second day's run still had plenty of cash on hand but the board of directors ruled the depositors remaining loyal had to be protected and the only way it could be accomplished was to stop the run. Business men caught in the last bank closing are being taken care of by the other banks of the city and trade is going on as usual. The faith of the biggest depositors in the Southern Bank was evidenced the day of the run when they came in and made additional deposits. But the damage had been done. The small depositors, on trigger edge because of five bank failures in the county in as many years, had become suspicious. W. Farne Russell, president of the Southern Bank, said today he felt confident his bank would be able to reopen in thirty days. D. A. Glassen of Salisbury, a bank examiner, has taken charge of the bank's affairs. Mr. Russell said he believes it will not require more than ten days to go over the accounts of the bank. Russell said he would be guided by the recommendations of the banking department and indicated that additional capital might be required and would be easily forthcoming when the readjustment is made. He said quite a number of those who withdrew their accounts now admit the fallacy of such a move and are ready to put their money back when the bank opens.
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RUN ON FULTON BANK FORCES IT TO CLOSE A run on the Southern Bank of Fulton last Thursday and Friday, during which time $47,000 was withdrawn, forced the institution to be closed by its directors Saturday. The wife of a laborer started the run when she withdrew $5.40 which she had on deposit. Officers say they believe they have discovered the source of rumor which started the run, and that they intend to prosecute the person responsible for it. The bank has served the community fifty years and was a strong institution until the false rumor caused the withdrawal of so much eash that the bank had to be closed. Two other Fulton banks and a St. Louis bank and all depositors were paid as they demanded their money, without question. Bank officials anmounce that they have plans under way for reopening. Let him who never violated any traffic laws cast the first ballot to enact some more.
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Thursday, June 9. will be the last day for filing claims against the Southern Bank of Fulton, by depositors and others having claims against the institution, according to the Fulton Sun-Gazette. J. R. Baker is in charge of liquidation.