First National Bank - Ackerman, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 9251
Charter Number: 9251
Start Date: November 1, 1926
Location: Ackerman, Mississippi (33.310, -89.173)

Metadata

Model: gpt-5-mini
Short Digest: 1ae0a055

Response Measures

None

Receivership Details

Date receivership started: 1922-01-12
OCC cause of failure: Losses

Description

Article (AP) dated 1926-11-01 states the First National Bank of Ackerman has been closed and its affairs placed in the hands of a Federal bank examiner. No run or depositor panic is mentioned; closure appears driven by unprofitable investments and cotton situation and involved a federal examiner (government action).

Events (6)

1. October 8, 1908 Chartered

Source: historical_nic

2. January 12, 1922 Receivership

Source: historical_nic

3. May 8, 1922 Restored To Solvency

Source: historical_nic

4. November 1, 1926 Receivership

Newspaper Excerpt: has been closed and its affairs placed in the hands of a Federal bank examiner, it was announced yesterday.
Source: newspapers

5. November 1, 1926 Suspension

Cause: Government Action
Cause Details: Bank officers closed the institution citing unprofitable real-estate investments not marketable and the cotton situation; affairs placed with a Federal bank examiner.
Newspaper Excerpt: The First National Bank of Ackerman has been closed and its affairs placed in the hands of a Federal bank examiner.
Source: newspapers

6. November 12, 1926 Receivership

Source: historical_nic

Newspaper Articles (1)

1. November 1, 1926 Evening Star Washington, DC

Article from Evening Star, November 1, 1926

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Article Text

BANK CLOSES DOORS. Unprofitable Investments and Cotton Situation Assigned Cause. ACKERMAN, Miss., November 1. (AP)-The First National Bank of Ackerman has been closed and its affairs placed in the hands of a Federal bank examiner, it was announced yesterday. The bank was capitalized at $25,000 and has deposits of between $50,000 and $60,000. Investment in real estate holdings which are not immediately marketable and the cotton situation caused officers of the bank to close the institution, it was said. W. T. Gaston of Ackerman is president and A. E. Fox. cashier.