10949. Delta Bank & Trust Company (Clarksdale, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust company
Start Date
March 16, 1921
Location
Clarksdale, Mississippi (34.200, -90.571)

Metadata

Model
gpt-5-mini
Short Digest
8f356702

Response Measures

None

Description

Bank temporarily suspended operations on 1921-03-16 citing inability to collect outstanding indebtedness (solvency asserted but cash depleted). Subsequent articles in May 1921 report a hearing on a proposed plan for liquidation of the Delta Bank & Trust Company and that it 'recently closed its doors' — indicating permanent closure and liquidation rather than reopening. No explicit contemporaneous run is described.

Events (2)
1. March 16, 1921 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to collect a large part of its outstanding indebtedness; cash fund greatly depleted and insufficient collateral to satisfy creditors.
Newspaper Excerpt
The Delta Bank & Trust Company of this city this morning presented closed doors to depositors, the business of the institution having, according to bank officials, been temporarily suspended, with the permission of the state bank examiners, owing to the inability of the bank to collect a large part of its outstanding indebtedness.
Source
newspapers
2. May 6, 1921 Other
Newspaper Excerpt
Judge Williams, of the chancery court here, will conduct a hearing on a proposed plan for the liquidation of the Delta Bank and Trust Company, which recently closed its doors. The plan... provides for the liquidation of the affairs of the bank over a period of two years.
Source
newspapers

Newspaper Articles (3)
1. March 17, 1921 Oxford Eagle Oxford, MS
Article from Oxford Eagle, March 17, 1921

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Article Text

CLARKSDALE BANK CLOSES ITS DOORS Delta Bank & Trust Company May Reopen. Clarksdale, Miss., March 16.-The Delta Bank & Trust Company of this city this morning presented closed doors to depositors, the business of the institution having, according to bank officials, been temporarily suspended, with the permission of the state bank examiners, owing to the inability of the bank to collect a large part of its outstanding indebtedness. The bank's cash fund has become greatly depleted and it will be necessary for an increase in its cash assets through some other channel. President R. N. McWilliams, Vice Presidents Gerald FitzGerald and J. W. McNair and Cashier T. C. Coulter went to Memphis to consult officials of corresponding banks, the object of this conference being to secure money to meet the needs of the local institution. J. W. Cutrer, prominent local attorney, is with the bank officials, acting in the capacity of legal adviser. The employes here worked last night until midnight preparing the data and information for submission before today's conference. Assistant Cashier T. C. Johnson, who is in charge of the bank today, said this morning: "The bank officers are today making arrangements to get more money to reopen within a few days, probably by Monday of next week. We have only temporarily suspended business, the suspension being due to our inability to collect outstanding accounts. The directors will consult with officials of corresponding banks today and no difficulty is anticipated in raising necessary money. Our depositors will be paid in full, dollar for dollar, and we will soon resume our regular routine of business." The Delta Bank & Trust Company had $150,000 capital and $130,000 surplus. Deposits a week ago, approximated $1,015,000. After a long conference at the Gayoso Hotel last night with representatives of eight of the largest creditors of the Delta Bank & Trust Company, officials of the bank announced that the creditors would not allow an extension of time in spite of the fact that a million dollars additional collateral had been offered them. Before the conference it was hoped that an agreement could be reached and the bank could open its doors immediately. The predicament was ascribed entirely to a lack of sufficient collateral to satisfy the demands of the creditors. The bank was absolutely solvent, and the creditors fully secured, according to Gerald FitzGerald. He declared that the creditors were in possession of approximately $2,600000 of collateral to cover debts aggregating $1,100,000. Likewise the Memphis correspondent bank is fully secured, according to Mr. FitzGerald. He stated that farmers depending upon the bank for loans to make their 1921 crops would be protected.

2. May 6, 1921 The Aberdeen Weekly Aberdeen, MS
Article from The Aberdeen Weekly, May 6, 1921

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Article Text

# TAKES UP MILK PROBLEM. Public Health Service Man Reports to Jackson Board for Investigation. Jackson. Scientific Assistant H. S. Lucas of the United States public health service has reported to the state board of health for a period of three or more weeks for the purpose of making a study of the milk problem in Mississippi. The objective of his work will be to go over the entire question of the milk supply of the state and its products. It is desirable to have standard regulations relative to the use of milk and its products which will conserve the commercial interests of those who deal in milk and milk products in making shipments to other states. There are certain interstate laws that should be kept in mind in formulating regulations for the state and municipalities, and the purpose of Mr. Lucas' work is to investigate local problems with the view of suggesting any changes that are desirable in the regulations of the board of health relative to the supply of milk and its products to consumers. Natchez. A conference of officials of the Mississippi Central and Missouri Pacific railroads was held here to settle details of a contract for joint facilities at Natchez and between Natchez and Vidalia, La. The parties to the contract are the Mississippi Central, the Missouri Pacific, the Louisiana & Arkansas and the Y. & M. V. railroads. The facilities to be used are those of the Natchez & Southern railroad and the Natchez Transfer Company, subsidiaries of the Missouri Pacific. Brookhaven. A good sized tornado did much property damage in a section three to five miles west and northwest of Brookhaven. There was no loss of life or personal injury due directly to the storm, but the damage to property will run well up into the thousands of dollars. Several residences were completely wrecked while timber, outhouses and fences were carried completely away by the whirlpools of wind, which departed as suddenly as they came. Guntown. Mr. and Mrs. W. H. Green of this place have made a gift of inestimable value to the Guntown high school. A beautiful brick bungalow has been erected by them, on the campus, to be used as a music room. In design it corresponds with the main building and will be known as the Vance Green Memorial, in memory of the beautiful and accomplished daughter, Vance, whose death was a cause of sorrow to the entire community. Jackson. The general opinion is that there will be no special session of the legislature called. Governor Russel, who was petitioned by the insurance interests to call the legislature together, stipulated certain conditions must be met, which the insurance men say are impossible of fulfilling, and express themselves as convinced the governor will refuse the call. Clarksdale. Judge Williams, of the chancery court here, will conduct a hearing on a proposed plan for the liquidation of the Delta Bank and Trust Company, which recently closed its doors. The plan, which is said to have received the approval of the Eastern creditors, provides for the liquidation of the affairs of the bank over a period of two years. Hazlehurst. Lizzie Davis, a small 11-year-old negro girl, while playing in the dirt under the house of the John Hester plantation, found a pot of money, and gave it to her parents. It originally contained about $1,500, but the negroes claim it contained only $250, and turned over $150 to the Hester family, saying they had 'spent the other $100. Tupelo. The cotton committee of the local farm bureau decided to sell about 67 bales of cotton that they have pooled in the warehouse. The cotton brought an average of 11 cents a pound. The committee have on hand about 4,000 bales for sale, but they will not put it on the market at this time. Crystal Springs. G. W. Chambers, president, and W. B. Lockwood, secretary, of the Crystal Springs Ice Company, have been to Jackson to inspect the creamery and ice cream plant there preparatory to installing a creamery and ice cream plant here. Shaw. A cyclone struck the plantation of J. W. Weilenman, two miles east of here and blew his large barn to pieces, killed his son's saddle horse and injured a mule so badly that it may die. Jackson. Attorney General Frank Roberson is in Washington, where he is awaiting in the hope of getting up the anti-gin law for hearing before the vacation of the court. Kilmichael. Dr. J. O. Ringgold, county health officer, made his monthly trip to the city and reports finding things in good condition in every way. Sherman. The home of Dr. N. L. Nash of Belden, three miles south of this town, was entirely destroyed by fire. The blaze was discovered about midnight by Dr. Nash, who was awakened by the smoke, which was almost suffocating him. Hattiesburg. More than 600 people attended the public midnight funeral held for J. M. Brown, at which the

3. May 7, 1921 The Bolivar County Democrat Rosedale, MS
Article from The Bolivar County Democrat, May 7, 1921

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Article Text

O the use of milk resulations relative erests which will of conserve the and commercial its products milk those who deal in inother products in making milk and erstate states. There are shipments certain to mind in laws that should be in the formulating regulations kept in state and municipalities, for vestigate of Mr. Lucas' work is and the local problems with to purpose f suggesting the indesirable any changes view board in the regulations that are ply of of health relative to the of the milk and its products to con- supsummers. of Natches.-.A conference of souri the Mississippi Central and officials railroads was Mis. details of a contract at Natchez and Natchez facilities o settle Pacific held for joint here to the and Vidalia, La. The between contract are the Mississippi parties Central, the Missouri M. & Arkansas and the railroads. The & used Louisiana V. facilities Pacific, to Y. the be are those of the Natchez Southern railroad and the Natchez & Transfer Company, subsidiaries of the Missouri Pacific. did Brookhaven.-A good sized tornado three much property damage in a section of to five miles west and northwest life Brookhaven. There was no loss or personal injury due directly of the storm, but the damage to to run well up into the Several residences pletely will dollars. thousands were property com- of wrecked while and fences were carried away by the whirlpools of pletely houses timber, wind. com- out. came. which departed as suddenly as they Guntown.-Mr. and Mrs. W. H. Green of this place have made a value to the A beautiful brick high of inestimable school. Guntown bunga- gift been erected by to be used as a music it corresponds with the low campus, In design has them, on room, main the and will be known Memorial, in building the Vance beautiful Green memory as the of and accomplished daughter, Vance, whose death was a cause of sorrow to the entire community. general will be no that Jackson.-The there special opinion session is of the legislature called. Governor Russel, who was petitioned by the insurance interests to call the stipulated certain must be met. which the ditions ture together, legisla- insur- conance men say are impossible of fulfilling, and express themselves as convinced the governor will refuse the call. Clarksdale.--Judge Williams, of the chancery court here, will conduct a hearing on a proposed plan for the liquidation of the Delta Bank and Trust Company, which recently closed its doors. The plan, which is said to have received the approval of the Eastern creditors, provides for the liquidation of the affairs of the bank over a period of two years. Hazlehurst.--Lizzie Davis, a small negro girl, while in 11-year-old the dirt playing under the house of the John Hester plantation, found a pot of money, and gave it to her parents. It originally contained about $1,500, the negroes claim it contained turned the Hes- only but $250. and over $150 to er family, saying they had spent the other $100. Tupelo.-The cotton committee of the local farm bureau decided to sell about 67 bales of cotton that they have pooled in the warehouse. The cotton brought an average of 11 cents a pound." The committee have on hand 4,000 bales for sale, but about they will not put it on the market at this time. Crystal Springs. G. W. Chambers, W. B. secetary, of the Ice Compresident, and Crystal Jackson Springs Lockwood, bany, have been to to inspect he creamery and ice cream plant here preparatory to installing a creamery and ice cream plant here. Shaw.-A cyclone struck the plantaion of J. W. Weilenman, two miles east of here and blew his large barn o pieces, killed his son's saddle horse and injured a mule so badly that it may die. Jackson.-Attorney General Frank Roberson is in Washington, where he si awaiting in the hope of getting up he anti-gin law for hearing before the vacation of the court. Kilmichael.-Dr. J. O. Ringgold, county health officer, made his monthy trip to the city and reports finding hings in good condition in every way. home L. Nash of three of Sherman.-The Belden, mines of Dr. south N. his town, was entirely destroyed by convered about