Peoples Bank - Caruthersville, MO

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: July 8, 1915
Location: Caruthersville, Missouri (36.193, -89.656)

Metadata

Model: gpt-5-mini
Short Digest: b4c1edea

Response Measures

None

Description

The People's (Peoples) Bank of Caruthersville suspended after discovery of a ~$22,000 shortage attributed to assistant cashier C.F. Scroggin. No run is reported. Article describes plans to reorganize as a national bank to take over business and make depositors whole.

Events (2)

1. July 8, 1915 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Discovery of a shortage of about $22,000 attributed to assistant cashier C.F. Scroggin (alleged embezzlement).
Newspaper Excerpt: The People's Bank of Caruthersville, which recently suspended operations after the discovery of a shortage of about $22,000,
Source: newspapers

2. July 16, 1915 Other

Newspaper Excerpt: The People's Bank ... will probably be succeeded by a national bank. The organization of the institution is being formed, and the promoters ... intend the new bank shall take over the business of the old one and make solvent with its depositors.
Source: newspapers

Newspaper Articles (1)

1. July 16, 1915 The Weekly Tribune and the Cape County Herald Cape Girardeau, MO

Article from The Weekly Tribune and the Cape County Herald, July 16, 1915

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Article Text

CARUTHERSVILLE BANK WILL BE U.S.INSTITUTION Plans Formulated to Reopen Bank and Shortage Will be Wiped Out. ACCUSED MAN SAYS LOSS IS EXAGGERATED C.F. Scroggin Tells Officials He Had no AccompliceBond $5,000. Caruthersville, Mo., July 8-The People's Bank of Caruthersville, which recently suspended operations after the discovery of a shortage of about $22,000, will probably be succeeded by a national bank. The organization of the institution is being formed, and the promoters of the enterprise are receiving many promises of co-operation. It is intended that the new bank shall take over the business of the old one and make solvent with its depositors. C.F. Scroggin, the assistant cashier, who is said to be responsible for the reverses encountered by the People's Bank, is in jail, having waived his preliminary hearing. His bond was fixed at $5,000, but he has made no effort to secure his liberty. He denies that his shortage is as great as claimed by the bank officials, and insists that he has none of the money of which he is accused of taking. He says that he had no accomplice in the matter, but his statement in this regard is not generally accepted. An expert accountant was set to work on the books yesterday, and upon his report will be determined what action will be taken as to reopening the bank. But little excitement was created as a result of the bank's closing and the business of the other banks has apparently not been affected.