10200. Bank of Flat River (Flat River, MO)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 7, 1933
Location
Flat River, Missouri (37.850, -90.517)

Metadata

Model
gpt-5-mini
Short Digest
8414c760

Response Measures

Full suspension

Other: Bank was turned over to State Finance Department (state takeover / receivership).

Description

Newspapers report steady runs starting Saturday (early Jan 1933) that exhausted the Bank of Flat River's cash; the bank failed to open Monday and its affairs were turned over to the State Finance Department with a 30-day notice. Cause appears to be a local economic shock (closing of local mining/smelting operations) that triggered withdrawals. Reopening is not reported; the bank was placed with the state finance department, indicating closure/receivership.

Events (3)
1. January 7, 1933 Run
Cause
Local Shock
Cause Details
Run triggered by local industrial shutdowns: closing/planned closure of St. Francois mill/mines and cessation of National Co. activities that threw workers out of employment.
Measures
None reported beyond directors meeting to consider moratorium; loans obtained from Reconstruction Finance Corporation noted for liquidity support.
Newspaper Excerpt
Three Lead Belt banks closed their doors Monday following steady runs started Saturday.
Source
newspapers
2. January 9, 1933 Other
Newspaper Excerpt
Officers said the plated closing of the Nationa Co.'s activities in this section caused run on his bank virtually exhausted its cash. Last Friday officers ... said the St. Francois mill mines would be permanently Feb. 28, throwing 600 work[ers].
Source
newspapers
3. January 9, 1933 Suspension
Cause
Government Action
Cause Details
Bank closed after runs and its affairs were turned over to the State Finance Department with a 30-day notice.
Newspaper Excerpt
The Bank of Flat River failed to open for business Monday. The affairs ... were turned over to the State Finance Department. The notices read 'thirty days.'
Source
newspapers

Newspaper Articles (2)
1. January 9, 1933 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, January 9, 1933

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Article Text

Temporarily, Special the FLAT Three banks in the lead their doors today after that started Saturday. and Merchants' Bank River failed to open for this morning. An hour later the Bank of Desloge doors. the Bank of Flat River A notice posted on the the Commercia' Bank read. for 30 days." Officers of of Desloge could not be for any statement. W. Massey, president Miners' and Merchants the directors of the bank meet to decide whether to moratorium or to turn the of the bank over to the nance Department. Massey also said the plated closing of the Nationa Co.'s activities in this section caused run on his bank virtually exhausted its cash. Last Friday officers of Louis Smelting Refinin Works of the National said the St. Francois mill mines would be permanently Feb. 28, throwing 600 work. The Miners' and Bank has resources of statement showed deposits 728. It obtained loan of from the Reconstruction Corporation. The Desloge bank had sources of $374,480 and $264,375. The Commercial Bank posits of $209,660 and $292,811.

2. January 12, 1933 The Perry County Sun Perryville, MO
Article from The Perry County Sun, January 12, 1933

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Article Text

Lead Belt Banks Close After Runs Two Depositories Flat River One in Desloge Turned Over State Finance Department. Three Lead Belt banks closed their doors Monday following steady runs started Saturday. The affairs which the depositories were turned over the State Finance Department, and not known whether the closwill be permanent. The notices ings read thirty days." The combined resources of the banks totaled and their deposits amounted to $1,072,914. and Merchants' Bank The Miners' River, largest of the group, of Flat failed for business Monday to open The Desloge Bank closed morning. for business after remaining open morning, and short time Monday day the Commercial the same Bank of Flat River closed. cashier of the MinMassey, Bank, said that ers' and Merchants' of the Nathe contemplated closing activities the tional Lead run on his lead belt had caused had virtually exhausted bank that This bank had supply of cash. its from the loan of obtained Finance Corporation. Reconstruction