First National Bank (Midland City, AL)

View Charter #8458 on SPMC View balance sheet

Episode Information

Episode UID
845801581
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
84580 national
Charter Number
8458
Start Date
September 19, 1931
Location
Midland City, Alabama (31.319, -85.494)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
0112d4ab7e16b377

Response Measures

Full suspension, Books examined

Receivership Details

Depositor recovery rate
34.5%
Date receivership started
1931-09-28
Date receivership terminated
1936-08-14
Share of assets assessed as good
21.3%
Share of assets assessed as doubtful
50.0%
Share of assets assessed as worthless
28.6%

Description

Known receivership date (1931-09-28) implies permanent closure after the Sept. 19 suspension.

Events (5)
1. December 6, 1906 Chartered
Source
historical_nic
2. September 19, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Articles cite an unexplained run that began soon after opening; president declined to disclose what started it.
Measures
Bank closed before 10 a.m. to protect depositors.
Newspaper Excerpt
The First National Bank was closed this morning following run, which started shortly after the bank opened for business early today.
Source
newspapers
3. September 19, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure/suspension was a direct response to the run that began that morning.
Newspaper Excerpt
The bank was closed before 10 today to protect the depositors, as the run showed no signs of diminishing.
Source
newspapers
4. September 28, 1931 Receivership
Source
historical_nic
5. September 28, 1931 Receivership
Source
newspapers

Newspaper Articles (3)
1. September 19, 1931 The Dothan Eagle Dothan, AL

Article Text

Midland City Bank Closes After Run; Only Bank In Town MIDLAND The First National Bank was closed morning following which started shortly after the bank opened for business early Closing the financial institution leaves Midland City without bank. The bank closed before 10 today protect the positors, the run showed no signs diminishing. E. president of the bank. said today he did not believe the depositors would monByrnes, bank examiner, had been at the bank Thursday and pronounced the Institution ent. Mr. Stuckey said the bank had frozen but didn't attribute the closing of the bank to He said he had opinion what started the run on the but refused to disclose what his opinion the matter. The president of the bank said he went Echo early this and that when returned the bank had been closed and that he did how much money had been withdrawn during the run Asked the bank would be Stuckey also said did not know The bank the second Dale county to close within the last few weeks, bank having closed Ozark recently.

2. September 23, 1931 Southern Star Newton, AL

Article Text

City Bank Closes After Run Saturday Morning MIDLAND CITY, First National Bank here, capitaliz$35,000, was closed this mornfollowing run, which started shortly after the bank opened for business early today. Closing the financial institution leaves City without bank. The bank closed before m. today to protect the depositors, the showed signs of diminishing. Stuckey, president the bank, said today did not believe the would lose any money Byrnes, bank examiner, had the bank Thursday and pronounced the institution solvent. Mr. Stuckey said the bank had frozen assets, but didn't attribute the closing the bank to that. He said he had an opinion what started the run on the bank, but fused to disclose what his opinion matter. The president of the bank said he went to Echo early this mornand that when he returned m. the bank had been closed and that he did not know how much money had been withdrawn during the Asked if the bank would be opened, Mr. Stuckey also said he know.

3. September 24, 1931 Abbeville Herald Abbeville, AL

Article Text

BANK IS CLOSED MIDLAND CITY; IS DECLARED SOLVENT Midland City, Ala., Sept. 19. The First National Bank here, capitalized at $35,000, was closed this morning following run, which started shortly after the bank opened for business early today. Closing of the financial institution leaves Midland City without bank. The bank was closed before 10 today to protect the depositors, as the run showed no signs of diminishing. J. E. Stuckey, president of the bank, said today he did not believe the depositors would lose any money, as J. J. Byrnes, bank examiner, had been at the bank Thursday and pronounced the institution solvent. Mr. Stuckey said the bank had some frozen assets, but didn't attribute the elosing of the bank to that. He said he had an opinion what started the run on the bank, but refused to disclose what his opinion was in the matter. The president of the bank said he went to Echo early this morning and that when he returned at 10 a.m. the bank had been closed and that he did not know how much money had been withdrawn during the run. Asked if the bank would be reopened, Mr. Stuckey also said he did not know. The bank is the second in Dale county to close within the last few weeks, bank having closed at Ozark recently.