The LIBRARY

A Story From My Experience
I often mention that my father was a banker during the Great Depression. Several times, when I was with him, passing through the town of Cumberland Gap, Tennessee, he pointed to the old bank building on the corner and told of its demise during the Depression. Dad was about 30 years old and years before he became the President of his bank. That bank in Cumberland Gap had reached out to two neighboring banks because it was on the brink of collapse. My grandfather was in the joint board meeting for the three banks, where the decision was made. As this is written, the auto industry of the United States, including its union, is requesting similar help from our government.

Dad’s memory of that meeting probably came from his father, which means my account is a third generation of the story. Ultimately, the stronger banks decided not to support the failing bank. Dad said they all wanted to save the Cumberland Gap bank. It was the only bank serving that community and its failure would affect many people outside the bank. And, they all seemed to believe they had the capacity needed. At the same time, the stronger banks had to face the facts of the situation – if they supported the Cumberland Gap bank and it ultimately failed, all three banks would fail. From the way I heard the story; I think at least some of them wondered later if they should have saved that bank. Dad’s bank survived and he became its leader. More than twenty years later, and after something as difficult as World War II, he built the branch that served that community until other banks appeared in the 1970s.

Far too often, people worried we would fall into times like those. It simply has not happened. As bad as those times were, they became a part of history, just like the current times will. Even the very good times also become a part of history.

Where Do We Go From Here? Read more.