The Citizens Bank of Ray City was among the first businesses to advertise in the town’s newspaper, The Ray City News, when it began circulation in 1929.
Ray City News
Ray City, GA
January 3, 1929
Bank Stockholders Hold Annual Meet
The stockholders of the Citizens Bank of Ray City held their annual meeting on December 18th – illegible text –
Examination of the – illegible text – well pleased at the report.
The same officers and directors were elected for the new year.
In 1929, the Citizens Bank of Ray City, was optimistically advertising for new depositors.
When the stock market crashed, the bank managed to remain in business. In fact, in July of 1930, the Atlanta Constitution reported that the banks of Berrien County, including the Ray City bank were financially sound. But by the end of December 1930 the Citizens Bank of Ray City had failed.
MORE BANKS CLOSED IN SOUTHERN STATES
New York Times. Dec 21, 1930.
ATLANTA, Ga., Dec. 20 (AP) – A. B. Mobley, State Superintendent of Banks, announced today his department had been asked to take over the affairs of the Union Banking Company of Douglas, operating branches at Braxton and Nichols, the Toombs County Bank at Lyons and the Citizens Bank of Ray City. Cause of the closings was not stated.
“After that bank failed other banks were opened but they all suffered from the nation’s economic troubles and none were successful. Until, in 1949, H.P. Clements opened a private bank and named it the Bank of Ray City. It was a state chartered bank operated by Mr. Clements and his son-in-law, Lawson Fountain. In later years Mr. Clements was forced to retire due to ill health. ”
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- Bank of Ray City, GA through Optimism and Depression
- Ray City Prosperity Proclaimed Amid 1929 Stock Market Crash
- Ray City Bank Woes ~ 1931
- Sargon Once A Sign of Ray City’s Prosperity
- Ray City Boys in the CCC