Citizens State Bank - Altamont, MO

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: February 11, 1925
Location: Altamont, Missouri (39.889, -94.089)

Metadata

Model: gpt-5-mini
Short Digest: 2606fa10

Response Measures

Full suspension

Other: Affairs turned over to Vern P. Meyer of the State Finance Commission (state receiver).

Description

Article (Jamesport Gazette, 1925-02-12) reports many depositors withdrew funds amid a factional fight, leaving no money on hand; directors turned affairs over to Vern P. Meyer of the State Finance Commission and the bank closed. Thus a depositor run led to suspension/closure and receiver involvement.

Events (3)

1. February 11, 1925 Receivership

Newspaper Excerpt: turned the affairs of the bank over to Vern P. Meyer, who had been ... helping ... checking up the Peoples Exchange Bank. The closing of the Bank at Altamont will make it hard on the business interests of that section, ... The Citizens State Bank at Altamont closed its doors late yesterday afternoon and about 7 o'clock turned the affairs of the bank over to Vern P. Meyer, who had been in Jamesport helping F, A. Guiles in checking up the Peoples Exchange Bank. Mr. Meyer came to this dity on No. 12 and after making his report to Mr. Guiles returned to Altamont on the morning train, From reports there is factional fight on at Altamont and SO many of the depositors drew their money out of the bank that there was no money on hand. In order to settle matters the directors decided to call in the Jefferson City received instructions to stop off at Altamont, The closing of the Bank at Altamont will make it hard on the business interests of that section, and no community is in position to offer sympathy that Jamesport.
Source: newspapers

2. February 11, 1925 Run

Cause: Bank Specific Adverse Info
Cause Details: Factional fight in Altamont led depositors to withdraw funds, leaving the bank without cash.
Newspaper Excerpt: SO many of the depositors drew their money out of the bank that there was no money on hand.
Source: newspapers

3. February 11, 1925 Suspension

Cause: Government Action
Cause Details: Directors closed the bank and turned affairs over to Vern P. Meyer (State Finance Commission officer) following heavy withdrawals.
Newspaper Excerpt: The Citizens State Bank at Altamont closed its doors late yesterday afternoon and about 7 o'clock turned the affairs of the bank over to Vern P. Meyer
Source: newspapers

Newspaper Articles (1)

1. February 12, 1925 The Jamesport Gazette Jamesport, MO

Article from The Jamesport Gazette, February 12, 1925

Click image to open full size in new tab

Article Text

RUN CLOSED A BANK Altamont Institution Now in the Hands of State Finance Commission Officers The Citizens State Bank at Altamont closed its doors late yesterday afternoon and about 7 o'clock turned the affairs of the bank over to Vern P. Meyer, who had been in Jamesport helping F, A. Guiles in checking up the Peoples Exchange Bank. Mr. Meyer came to this dity on No. 12 and after making his report to Mr. Guiles returned to Altamont on the morning train, From reports there is factional fight on at Altamont and SO many of the depositors drew their money out of the bank that there was no money on hand. In order to settle matters the directors decided to call in the Jefferson City received instructions to stop off at Altamont, The closing of the Bank at Altamont will make it hard on the business interests of that section, and no community is in position to offer sympathy that Jamesport.