Bartlett Savings Bank & Trust Company

Episode Information

Episode UID: 87063771485
Episode Type: Suspension → Reopening
Bank Type: trust
Bank ID: 8706377 routing
Routing Number: 87-0637
Start Date: September 14, 1923
Location: Bartlett, Tennessee (35.205, -89.874)

Metadata

Model: gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest: fa496b1ee8f8c2b6

Response Measures

None

Description

Closure followed discovery of a $10,000 shortage and arrest of the cashier.

Events (2)

1. September 14, 1923 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of a $10,000 shortage in the bank's accounts; former cashier M. L. Kilpatrick arrested on grand larceny charges.
Newspaper Excerpt: The bank was closed on Sept. 14 following the discovery of a shortage of $10,000 in its accounts by S. S. McConnell, state bank superintendent.
Source: newspapers

2. October 20, 1923 Reopening

Newspaper Excerpt: The bank reopened yesterday morning. No Money Withdrawn; First Day's Business $5,000.
Source: newspapers

Newspaper Articles (1)

1. October 21, 1923 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, October 21, 1923

Click image to open full size in new tab

Article Text

MANY MAKE DEPOSITS WHEN BANK REOPENS No Money Withdrawn; First Day's Business $5,000. More than $5,000 was deposited and not a cent was withdrawn from the Bartlett Savings Bank & Trust Co. during the first day the bank has been open since Sept. 14, according to Charles H. Schwam, president. The bank reopened yesterday morning. It was closed on Sept. 14 following the discovery of a shortage of $10,000 in its accounts by S. S. McConnell, state bank superintendent. M. L. Kilpatrick, former cashier of the bank, was arrested following the discovery. He is being held under a heavy bond on charges of grand larceny. A run on the bank, which was anticipated by some, failed to materialize, and instead all old depositors placed their accounts with the bank anew and expressed their confidence in the strength of the institution, according to Mr. Schwam. All money, papers and assets of the bank were returned to the hands of the officials through an order in chancery court. "The bank is in better condition than ever before," stated Mr. Schwam last night. "We now have more than $40,000 in cash on hand and are able to meet any and all drafts against the bank. A good surplus above the capital stock of $10,000 is on hand. Many new depositors have opened accounts with us today and expressed their confidence in our bank." The new cashier, R. P. Pierson, was on duty yesterday. Mr. Pierson was formerly with the state banking commission and acted as receiver for the bank during the time it was closed. More than $25,000 in personal funds was advanced by the board of directors of the bank with which all worthless and even doubtful paper was taken up, Mr. Schwam stated. Two new members were elected to the board of directors to fill the places formerly held by Kilpatrick and A. R. Appling. Their names are E. J. Hood and Squire J. J. Sledge. The personnel of the board of directors is as follows: Charles H. Schwam, president; L. J. Falls, vice president; E. J. Hood, second vice president; L. H. Rayburn, B. P. Herring, A. G. Warner, W. T. Neafter, Squire J. J. Sledge, S. E. Johnson, directors.