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collapsed on 14 February 1983. It was the fourth-largest bank failure in U.S. history up to that time. Seven other
Butcher-controlled banks and the Southern Industrial Banking Corporation, a state licensed loan and thrift company run by C.H. Butcher, also became insolvent during the rest of 1983, and an additional three banks in 1984. The FDIC estimated that its losses in connection with the failed Butcher brother banks totaled approximately $ 382.6 million. Later that year, it was learned that Butcher was also insolvent; his assets were listed at $ 11.9 million and his liabilities at $ 32.5 million.
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simultaneously raided all of the
Butcher brothers' 29 bank branches and offices, thereby preventing transfers of funds to cover their tracks. Bank records ultimately led investigators on a paper trail of illegal loans, forged documents, and various other forms of fraud. The United American Bank
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Having worked at their father's bank during their youth, Butcher and his younger brother C.H. Butcher Jr. began buying stock in numerous
Tennessee banks starting in 1968. By 1974, the Butcher brothers owned or controlled eight banks, and Jake Butcher's United American Bank controlled 39% of the
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opened in
Knoxville, which Butcher and a group of fellow Knoxville business leaders had helped to attract. The fair was considered a success and brought in more than 11 million people over its six-month run. The World's Fair site is still in use today as a municipal park in downtown Knoxville.
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banking reserves in
Knoxville, Tennessee. By 1982, UAB was responsible for over 50% of Knoxville's business loans, and Butcher's personal net worth was declared to be about $ 34 million. In the late 1970s, United American Bank built its 27-story headquarters, the
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Also in 1982, there were rumors about
Butcher's banking practices. Knoxville federal and state bank investigators had long suspected that Butcher was engaged in unlawful banking practices. On November 1, 1982, 180 federal bank regulators from the
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Adjacent to the main campus of the
University of Tennessee, some of the World's Fair attractions are still standing and have been rehabilitated.
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Butcher pleaded guilty to federal charges of bank fraud in 1985 and was given a 20-year prison term. He was paroled in 1992, and resided in the
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His brother C.H. Butcher Jr., who also was sent to state prison for state securities fraud, was paroled in 1993 and died in 2002.
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Rumors circulated that
Butcher would make another run for the governorship in 1982. However, he supported Knoxville Mayor
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Greater
Knoxville Chamber of Commerce, East Tennessee Heart Association, Holston Conference of the United Methodist Church
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222:. His father, Cecil H. Butcher Sr., was a general store manager and bank president in Union County. After attending the
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By the early 1970s, Jake
Butcher became a topic of discussion in Tennessee political circles. In 1974, he sought the
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190:(May 8, 1936 – July 19, 2017) was an American banker and politician. He built a financial empire in
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582:"Jake Butcher's Wife Fights To Keep Florida Home - tribunedigital-orlandosentinel"
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603:"Jacob Butcher Obituary (1936 - 2017) - Canton, GA - Knoxville News Sentinel"
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for the Democratic nomination. Governor Alexander won re-election handily.
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Josh Flory, "City's Tallest Building Sold for Tall Price to N. Y. Group,"
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274:. Butcher lost the general election later that year to Republican
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Managing the Crisis: The FDIC and RTC Experience, Chapter 6: 1983
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nomination for governor of Tennessee, but he lost to
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Bill Brewer, "Riverview Tower Sold to Lawler-Wood,"
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521:. Archived from the original on November 14, 2006
340:Butcher died on July 19, 2017, at the age of 81.
538:: CS1 maint: bot: original URL status unknown (
16:American businessman and politician (1936-2017)
730:Candidates in the 1974 United States elections
715:Candidates in the 1978 United States elections
375:Tennessee Encyclopedia of History and Culture
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472:Butcher: Bank collapse after fair hurt city
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202:. He was also the primary promoter of the
119:United American Bank, bank fraud scandal,
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580:United Press International (1986-02-22).
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496:Federal Deposit Insurance Corporation,
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218:Butcher was born in the rural town of
680:Politicians from Knoxville, Tennessee
303:Federal Deposit Insurance Corporation
198:nominee for governor of Tennessee in
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720:20th-century American businesspeople
675:People from Maynardville, Tennessee
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725:20th-century American politicians
685:Military personnel from Tennessee
337:in 1962. They had four children.
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735:University of Tennessee alumni
584:. Articles.orlandosentinel.com
507:. Retrieved: 14 February 2013.
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695:Businesspeople from Tennessee
371:Jacob Franklin "Jake" Butcher
285:, who defeated State Senator
230:, Jake Butcher served in the
214:Early life and banking career
333:Butcher married the actress
710:People from Canton, Georgia
457:magazine, February 28, 1983
292:During that same year, the
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287:Anna Belle Clement O'Brien
232:United States Marine Corps
89:Horace Maynard High School
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35:Jake Butcher, left, with
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616:Party political offices
181:Cecil Hilque Butcher Sr.
740:Hiwassee College alumni
484:Knoxville News Sentinel
436:Knoxville News-Sentinel
423:Knoxville News-Sentinel
410:Knoxville News-Sentinel
329:Personal life and death
224:University of Tennessee
220:Maynardville, Tennessee
98:University of Tennessee
59:Maynardville, Tennessee
188:Jacob Franklin Butcher
52:Jacob Franklin Butcher
635:Governor of Tennessee
111:Banker and politician
548:magazine, July 2006.
208:Knoxville, Tennessee
137:Board member of
39:, right, during the
705:American fraudsters
690:Tennessee Democrats
519:"Vestige of Empire"
310:Criminal conviction
503:2009-05-13 at the
477:2007-09-18 at the
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644:Succeeded by
438:, 3 January 2001.
412:, 28 August 1997.
294:1982 World's Fair
204:1982 World's Fair
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41:1982 World's Fair
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162: 1962)
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559:"IN MEMORIAL"
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633:nominee for
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194:and was the
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72:(2017-07-19)
23:Jake Butcher
670:2017 deaths
665:1936 births
647:Randy Tyree
624:Ray Blanton
389:"SPOTLIGHT"
335:Sonya Wilde
283:Randy Tyree
272:Bob Clement
260:Ray Blanton
250:Public life
240:Plaza Tower
151:Sonya Wilde
55:May 8, 1936
659:Categories
631:Democratic
588:2017-06-05
546:BusinessTN
525:2009-04-27
451:Tapped Out
394:24 October
344:References
318:suburb of
131:Democratic
86:Education
534:cite web
501:Archived
475:Archived
170:Children
565:20 July
377:, 2009.
316:Atlanta
264:primary
262:in the
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78:Atlanta
178:Parent
145:Spouse
61:, U.S.
158:(
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640:1978
567:2017
540:link
455:Time
396:2018
226:and
200:1978
67:Died
48:Born
206:in
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