10180. Bank of Edina (Edina, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 21, 1930
Location
Edina, Missouri (40.168, -92.173)

Metadata

Model
gpt-5-mini
Short Digest
55986add

Response Measures

None

Description

The Bank of Edina (Edina, Knox County, MO) was closed by voluntary action of its board on or about Nov 21, 1930. Articles explicitly state a run was not the cause; the closing followed returned drafts tied to the failure of the State Savings, Loan and Trust Company in Quincy and fear of heavy withdrawals. A state bank examiner was placed in charge and an orderly liquidation/receiver action was expected, so this is a suspension that resulted in closure (no reopening reported).

Events (2)
1. November 21, 1930 Suspension
Cause
Local Banks
Cause Details
Returned drafts connected to the failure of the State Savings, Loan and Trust Company in Quincy plus fear of heavy withdrawals; directors closed voluntarily to protect depositors and prevent further asset depreciation.
Newspaper Excerpt
The Bank of Edina was not opened for business Friday morning by voluntary action taken the night previous by the board of directors.
Source
newspapers
2. November 27, 1930 Receivership
Newspaper Excerpt
F. A. Guiles of Kirksville, state bank examiner, arrived here Friday and is now in charge...it will take a week or two to make an inventory...a special deputy commissioner will be appointed.
Source
newspapers

Newspaper Articles (9)
1. November 21, 1930 The Boonville Daily News Boonville, MO
Article from The Boonville Daily News, November 21, 1930

Click image to open full size in new tab

Article Text

IN WEEK Two More Missouri Institutions Fail To Open This Morning. DEPOSITS WITHDRAWN Heavy Runs Are Blamed By Directors Of Defunct Institutions. Jefferson City, Nov. 21, (UP.) The closing of state banks Missouri today brought the total of failures for the week to nine. according to French, state finance commissioner. The Ripley County Bank of Doniphan notified the finance department today had closed its doors because of heavy withdrawals of deposits The bank had resources $253,224. Bank examiner M. Duncan was sent Doniphan to charge of affairs of the bank. The bank of Edina in Knox Counalso closed its doors today. The failure of two large Quincy, III., banks last week held indirectfor the The bank had loans of of capital stock $20,000, surplus of and deposits of $312,900. Leo Berberet Bank Ouiles was sent to take charge. Six Illinois Banks Close Ind., Nov. 21, Six southern Illinois banks were closed today by voluntary action of the state banking Officials of the said the closings sulted from bank conditions in Louisville, Ky.

2. November 21, 1930 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, November 21, 1930

Click image to open full size in new tab

Article Text

FOUR MISSOURI BANKS CLOSE Examiners in Charge nibal, Oakwood, Doniphan and Edina Depositories. JEFFERSON CITY Closing of the Bank Knox and County Bank of Doniphan, County, reported the Finance Department ing total of nine closed in Missouri this ing of seven of them to the recent closing of in The Bank of Edina of $312,900. loans of total resources of ing to its last report ment. The capital and the surplus had outstanding loans Directors of the Bank which was organized notified Finance E. French the bank opened today, as tecting depositors of heavy last loans resources of payable capital of and undivided profits Dr. A. Proctor dent and E. K. Ponder The Ripley County Bank $25,127 in public funds State deposits Edina Bank showed lic funds At the finance ment, said the Edina Bank to the situation Quincy Two banks in Marion were closed yesterday nibal Trust Co. of Hannibal the first close of and partment said to heavy unsettled conditions cent failures in Quincy ond bank to ers' Bank of wood. near posits of

3. November 21, 1930 New Britain Herald New Britain, CT
Article from New Britain Herald, November 21, 1930

Click image to open full size in new tab

Article Text

MORE BANKING HOUSES CLOSED 11 More Institutions Fail to Meet Obligations to Depositors By the Associated Press. Eleven banks in five states of the south and lower middle west failed to open for business today. Banks in English, Leavenworth, Corydon and Corydon Junction, all small communities in southern Indiana, were taken over by the state banking department on the heels of the failure yesterday of two banks at New Albany, Ind., across the Ohio river from Louisville. Banks at Paris, Tenn., at Donippan and Edina, Mo.; at Crestwood, Louisville suburb, and Madisonville, Ky.: at Asheville, N. C.; and a Negro bank in Nashville, Tenn., were the others to close. Closing of the six Indiana banks was attributed to the recent failure of a group of Louisville banks. The closings in Kentucky today brought the number there to fifteen in a week, seven in Louisville and two in its suburbs. The Asheville closing was the ninth in North Carolina in two days. The Missouri closings were blamed to heavy withdrawals. Governor Horton of Tennessee pledged a "full and complete invesgation" of all state government departments as a result of state financial difficuties which followed the naming of a receivership for Caldwell & Company, investment bankers.

4. November 21, 1930 Imperial Valley Press El Centro, CA
Article from Imperial Valley Press, November 21, 1930

Click image to open full size in new tab

Article Text

ADDITIONAL BANKS REPORT FAILURES INDIANAPOLIS. Ind. Nov. 21. (U.P.)-Six southern Indiana banks were closed today by voluntary action of their directors, the state banking department announced. Officials of the department said the closings resulted from disturbed banking conditions in Louisville, Ky. PARIS. Tenn. Nov. 21. (U.P.)The First State Bank and Trust Co., of Paris, with total resources of $1,000,000 failed to open today. following steady withdrawals of deposits during the last two weeks. JEFFERSON CITY, Mo., Nov. 21. (U.P)-The closing of two state banks in Missouri today brought the total of failures for the week to nine, according to C. E. French. state finance commissioner. The Ripley County Bank of Dociphan. Mo., notified the finance department today it had closed its doors to protect depositors after extremely heavy withdrawals. The banks had resources of $334,571. C. A. Proctor was president of the bank. The Bank of Edina, in Knox county. also closed its doors today. The failure of two large Quincy, 111., banks last week were indirectly responsible for the closing. The bank had loans of $228,770. resources of $364,179.

5. November 21, 1930 The Sedalia Democrat Sedalia, MO
Article from The Sedalia Democrat, November 21, 1930

Click image to open full size in new tab

Article Text

GOUPLE OF BANKS MISSOURI CLOSE Press. CITY, Mo., Nov. 21. Ripley County Bank at Doniwith $334,571 resources and Bank of Edina at Edina, in Knox county with $364,175 sources closed today by their boards of directors, the state finance department was notified. Ripley county bank had $286,932 loans, $25,000 capital stock, $6,000 surplus, $253,224 posits and $45,000 bills payable. Proctor president and Ponder, cashier. Heavy withdrawwere given as the reason for closing. M. Duncan, state bank examiner, has been directed charge the Bank of Edina had $312.291 loans, $10,000 bills payable, $20,000 capital stock and $20,000 surplus. Leo Berberet vice president and Linville cashier. Gayles, state bank examiner will take charge for the department. No reason for the closing was given. The Ripley county bank had $25,127 in public funds, none of which state deposits, however, and the Edina Bank showed $2,881 of public funds. the finance department it said the Edina probably due to the situation in Quincy, III.

6. November 21, 1930 Waukegan News-Sun Waukegan, IL
Article from Waukegan News-Sun, November 21, 1930

Click image to open full size in new tab

Article Text

MORE BANKS CLOSED TODAY Withdrawals On Strength Of Unfounded Rumors Many Closing Orders. drawals, caused in some by unfounded rumors, forced the closing 12 banks in six southern and middle western states today. The total number banks which closed within the last five days was brought 110 result finanin Indiana, Kansas, North Carolina, Missouri, Kentucky and Tennessee. Twenty closings OCyesterday. Dependence larger institutions which failed Little Rock, Ark. Nashville, attributed the cause difficulties for majority the The situation Louisville, Ky. caused four banks southern Indiana close today. False rumors that two Albany, Ind., banks checks, which originated in their refusal to cash vouchers on Louisville caused both suspend yesterday The banks that closed day Crawford County State bank English: State bank; Jackson Township bank Corydon. Junction, and Old Capitol bank and trust company of Corydon. The National bank Asheville, the Citizens bank of Bryson City and the Bank Hazel suspended North today, raising to the total the state all was bereal Failure of Quincy, III., institutions last blamed for eight other closing, was sponsible for Ripley County bank Doniphan, Mo., and the Bank of Edina, Mo., In Kentucky, where eight Louisville others in the are protecting their the Bank Crestwood failed open today. Nine loan tions taken law permitting them require 30 advance notice for withdrawals. The First State Bank and True: company Paris, Tenn., failed open today. The institution, has total resources of $1,000,000. had weathered steady withdrawals over period two weeks previously. (Kans.) bank took similar turned its state department for The bank had The American Exchange Trust company Little suspension precipitated the closing 34 Arkansas banks affiliated with reached stage in its today which indicated it would be reopened new national bank was formed Merchants suspended Monday with deposits of $725,000. FOREIGN EXCHANGES NEW YORK, Nov. eign irregular. DemandBritain France Belgium Germany Holland Norway Sweden 26.8214: Denmark Switzerland Spain 11.24; Greece Austria Tokyo 100.14 Great Britain dollars, other in cents. MERCANTILE EXCHANGE CHICAGO, prices on the Chicago Mercantile exchange: Eggs November refrigerator standard December refrigerator standard Butter: November storage stand29, December storage standard January storage standard CHICAGO CLEARING HOUSE CHICAGO, Nov. (INS) Clearing today: Clearings Balances $5,800,000. NAME MEANT NOTHING SEATTLE name?" asked one policeman other when Frank Hubby, 25, booked charge and of nis family.

7. November 21, 1930 Bartlesville Examiner-Enterprise Bartlesville, OK
Article from Bartlesville Examiner-Enterprise, November 21, 1930

Click image to open full size in new tab

Article Text

NINE NORTH CAROLINA BANKS CLOSED TO DATE The American National at Asheville ville, With Deposits of $2,000,000 Failed to Open This Morning (By the Associated Press) ASHEVILLE, N. C., Nov. 21-The American National bank here failed to open this morning. bringing the total number of banks to close in western North Carolina in two days to nine. The bank had deposits of $2,000,000. Failure of the Central Bank and Trust company of Asheville, fourth largest bank in North Carolina, yesterday, precipitated one financial crisis in this section. More than $4 in city funds and $3,100,000 in county funds was tied up in the closing of the Central company. but officials announced the greater part of the money was covered by collateral. Mayor Gallatin Roberts said arrangements had been made to meet all public payrolls. Teachers in the various schools have voted unanimously to contin whether salaries are paid or not, pending the clearing up of the present difficulties. Total deposits tied up exceed $24,000,000 Two Missouri Banks Closed. (Ry the Associated Press) JEFFERSON CITY, Mo., Nov. 21. The Ripley County Bank and Doniphan with $334,571 resources and the Bank of Edina at Edina in Knox county with $364,175 resources were closed today. Fourteen Kentucky Banks Fail Associated Press) LOUISVILLE. Ky., Nov. 21-The number of banks in Kentucky that have suspended operations during the week was brought to fourteen today with the announcement that recorded. Telephone and telegraph lines were down by the hundreds Trans between Pierre and Huron were despatched last night by short wave retion munication in Leu of regular telegraph faHindreds of automobiles were reported stalled in drifts on highSigney apparently suite more than any other point in western Mebraska. The snow was reported to have drifted as high as the of houses. the Crestwood bank, a small institution in suburb of Louisville would not open this morning. W. A. Dicken, deputy state banking commissioner, said today he believed all Louisville banks not affiliated with the National Bank of Kentucky, first to close, were solvent. Following the closing yesterday of two banks at New Albany, Ind., across the Ohio river from Louisville, other members of the New tion met and pledged aid to each Albany Clearing House associaother should runs develop. A Kansas Bank Fails, (By the Associated Press) TOPEKA. Kan., Nov. 21.-The state bank department was noti fied of the closing of the Cleburne state bank. Cleburne. Negro Bank Fails. NASH Tenn. Nov. The People's Bank and Trust company, operated by negroes, failed to open today.

8. November 21, 1930 The Daily World Helena, AR
Article from The Daily World, November 21, 1930

Click image to open full size in new tab

Article Text

ELEVEN MORE BANKS CLOSE THEIR DOORS INDIANA, TENNESSEE, MISSOURI AND NORTH CAROLINA STATES AFFECTED (By the Associated Press.) Eleven banks in five states of the South and lower Middle West failed to open for business today Banks in English. Leavenworth. Corydon and Coydon Junction, all small communities in southern Indiana, were taken over by the state banking department on the heels of the failure yesterday of two banks as New Albany. Ind. across the Ohio river from Louisville. Banks at Paris, Tenn., at Doniphan and Edina. Mo.: at Crestwood, Louisville suburb. and Mad isonvillee Ky.; at Asheville, N. C., and a negro bank in Nashville Tenn., were the others to elose. Closing of the six Indiana banks was attributed to the recent failure of a group of Louisville banks. The closings in Kentucky today brought the number there to fifteen in week, seven in Louisville and two in its suburbs. The Asheville closing was the ninth in North Carolina in two days. The Missouri closings were blamed to heavy wihdrawals. Governor Horton of Tennessee pledged a "full and complete investigation" of all state government departments as a result of state financial difficulties which folowed the naming of a receivership for Caldwell and Company. investment bankers. Paris, Tenn., Nov. AP) First State Bank and Trust Company did not open today. A posted note said affairs of the bank had been turned over to state bank examiners. The bank was capitalized at $100,000. Iits last report in July showed resources of more than $1,000,000. New York Nov. 21.-(AP)-E. A. St. John, president of the National Surety Co., said today after carefully checking their depository bonds on the recently suspended banks in Arkansas, North Carolina, Kenucky. Tennessee, Indiana, Illinois and Missouri, their net losses thereunder will not exceed $50,000.

9. November 27, 1930 The Edina Sentinel Edina, MO
Article from The Edina Sentinel, November 27, 1930

Click image to open full size in new tab

Article Text

BANK OF EDINA CLOSED Did Not Open Friday by Voluntary Action of Board of DirectorsExpect But Little Loss. The Bank of Edina was not opened for business Friday morning by voluntary action taken the night previous by the board of directors. Events leading to the move culminated during the final hour of business last Thursday afternoon. A run on the bank was not the cause of the bank being closed. The failure of the State Savings, Loan and Trust Company in Quincy the Saturday previous to the action here only partially entered into causes of the local bank to remain closed, according to P. B. Linville, cashier of The Bank of Edina. Certain drafts, which it was thought had cleared there before the Quincy failure, were returned here Wednesday and Thursday of last week, thereby increasing the amount tied up, he said. And heavy withdrawals were feared, word being received about 3:30 o'clock last Thursday afternoon there was to be a certain substantial amount withdrawn. Feeling they faced condition, the officers and directors met following the close of the day's business and decided not to re-open. F. A. Guiles of Kirksville, state bank examiner, arrived here Friday and is now in charge. Mr. Guiles says it will take week or two to make an inventory, which work will be done as expeditely as possible, at which time the bank will be open to the public for such business as is necessary. Persons may at that time call for whatever they may have at the bank for safe keeping, and to receive cancelled checks. When the inventory has been taken special deputy commissioner will be appointed. When interviewed regarding the condition in which the state will find the bank's condition and what depositors may expect, Mr. Linville made the following statement: "In an orderly liquidation we believe there will be little loss, if any." He said it was deemed advisable at the meeting last Thursday night to close the bank before the assets showed further depreciation because of the conditions faced. The Brashear State Bank of which Charles S. Davis, many years ago superintendent of schools at Edina, is cashier, closed Monday. The Rutledge Exchange Bank and the LaBelle Savings Bank were among Northeast Missouri banks which closed last week. They were affected by the Quincy bank closing.