10953. Planters Trust & Savings Bank (Clarksdale, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
savings bank
Start Date
December 30, 1930
Location
Clarksdale, Mississippi (34.200, -90.571)

Metadata

Model
gpt-5-mini
Short Digest
37211db4

Response Measures

Full suspension, Books examined

Other: Depositors were asked to 'freeze' deposits; surety companies involved in agreements and later state chancery liquidation of state bank and Comptroller receiver for national bank.

Description

Articles report steady withdrawals/incipient run Dec 29-30, 1930 leading managers to close the Planters National Bank and the affiliated Planters Trust & Savings Bank as a protective measure. The Trust & Savings Bank did not reopen: by Mar 6, 1931 it was placed in process of liquidation. The episode therefore is a run that led to suspension and eventual closure/liquidation. Related Planters National Bank entered receivership (comptroller appointed a receiver Jan 27, 1931).

Events (4)
1. December 30, 1930 Run
Cause
Local Banks
Cause Details
Incipient run/steady heavy withdrawals by depositors following problems among affiliated/local banks; withdrawals prompted protective closure.
Measures
Closed doors as a protective measure to protect assets; bank examiners summoned; deposit freezing agreements sought from depositors and surety companies.
Newspaper Excerpt
Bank officials said today the Planters National Bank was closed because of an incipient run, and that had been deemed advisable to close to protect assets; steady withdrawals
Source
newspapers
2. December 30, 1930 Suspension
Cause
Local Banks
Cause Details
Suspended by managers as a protective measure after heavy withdrawals and an incipient run affecting the affiliated Planters National Bank and allied local banks.
Newspaper Excerpt
the Planters Trust and Savings Bank ... suspended business Tuesday morning ... closed today following closure the Planters National Bank and Allied Bank here
Source
newspapers
3. January 27, 1931 Receivership
Newspaper Excerpt
Planters' National Bank Receiver Is Appointed; Comptroller Acts in Case of Institution in This City ... which suspended business on is December 29, 1930, by the comptroller of currency ... a receiver was appointed today for the Planters National Bank here (note: applies to the national bank affiliated with the Trust & Savings Bank).
Source
newspapers
4. March 6, 1931 Other
Newspaper Excerpt
Planters Trust and Savings Bank Placed in Process of Liquidation ... decree by Chancellor R. Jackson ... confirms the appointment of Paul Abel ... as the liquidating agent in charge of the affairs of the Planters Trust and Savings Bank (closed Dec 30, 1930).
Source
newspapers

Newspaper Articles (10)
1. December 30, 1930 The St. Louis Star and Times St. Louis, MO
Article from The St. Louis Star and Times, December 30, 1930

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TWO LARGE BANKS CLOSE DOORS AT INDIANAPOLIS Dec. The Maple Road State Bank institution closed afternoon being the Indianapolis bank suspend today The Citizens Bank with nearly deposits closed doors noon Mississippi Banks Close MISS Dec to Denotice the front doors of two the largest banks Clarksdale today lowing They Planters National Bank Planters Trust and Savings Bank, an affiliated banks also were Mississippi closed today Maj. Franco In Belgium scraps of Maj. Ramon Franco, air who fled from his native land cently attempt arrived here today in search of

2. December 31, 1930 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, December 31, 1930

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THE BANK SITUATION The Clarksdale Register has no desire or intention to minimize the situation resulting from the closure of the Planters National Bank and the Planters Trust and Savings Banks of Clarksdale. Nevertheless we are forced to view the situation with greater poise and evenness of mind in view of the statements of officials of these institutions that the banks are solvent and that depositors will be paid. At this writing it has not been full determined, we learn, as to whether these banks shall be reopened, this depending, according to information, more or less incomplete, on the arrival of national and state bank čxaminers and their complete investigations. The that depositors may be paid, a statement we find in the daily press, is sufficient to reawaken hope in the minds of the people. This means that even if these institutions are unable to weather the storm in as complete a fashion as we would like that the depositors are in a manner protected. Frankly, we feel hopeful ourselves that these institutions will be enabled to open again." We are reflecting, to some extent, the opinions of the people as well as that of the press, since there are coming to the Register from many sources statements that the Planters National Bank and the Planters Bank and Trust Company are fundamentally sound. Mr. E. L. Anderson is president of the Planters National Bank and one of the leading business men of the South. Mr. Anderson is a man of courage and honesty and a business man in whom the people can depend. We may all rest assured that he as well as other officials of the banks, known far and wide as men of sterling integrity and honesty, will do in their power to protect the interests of the bank, the business of Clarksdale and the people generally. It is enough to awaken courage to know that we have such men at the head of the institutions As already presented, the Clarksdale Register has no desire to smooth away the seriousness of the situation and to fly in the face of common sense, but we do feel that unfortunately, people generally, especially those who are involved as the result of the closure, are inclined to give way to pessimism in a crisis of this kind. When conditions resulting from the closure are adjusted, when we have had opportunity to analyze all the facts in the case and decide on the consequences, the Clarksdale Register feels that the blow to business will not prove quite SO serious as indicated and now regarded when business men have not had time to look upon the situation in a philosophic manner. The Clarksdale Register will not today or at any other time endeavor to mislead the people as to this grave crisis. We shall not. even in the most remote degree, endeavor to soften the shock, or minimize the seriousness, in a simple effort to those who are downeast. The larksdale Register will be as accurate in editorial and news columns as is humanly possible. But at the same time, in view of official statements, we can not help but think that undue pessimism is not warranted. It is certainly the better part of both wisdom and valor to "carry as usual and to assist in every way possible to restore financial and trade confidence. to quit ourselves like men. This we shall endeavor to do. when the facts are warranted. We shall keep the people informed from time to time both editorially and in a news way as curately as that be possible. We shall not seek to inflate hope unless this is justified. unless there are reasons for hope and courage. But at the present time, we feel that it not wise to be downhearted because of the bank suspension. We would soften the blow at least to the extent of pointing to the reassuring statements of officials. When conditions have had opportunity to readjust themselves, as they surely will, when there is more definite statement on the protection of depositors, the Clarksdale Register believes that business will return to normal. if business men will take the proper attitude and readjust their business to conditions. Hope, courage and action are surely needed in Clarksdale today as never before. If business conditions in this city and the people generally continue in confidence as heretofore, we feel, even in the face of the present severity of the blow to business, that this optimistic note not foolhardy OF not inaccord with common sense. Business is certain to right itself when confidence is restored.

3. December 31, 1930 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, December 31, 1930

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Article Text

Conference Is Held Here For Banking House (Continued from page 1) manly possible to effect an opening of our banks at an early date,' of ficials of the Planters National Bank and the Planters Trust and Savings Bank said. "It hoped that the depositors in the two banks will not lose single penny of their deposits, the officials added. "The combined deposits in the two banks totaled approximately $800,000. The probable date of the opening of the two local banks can not be determined for several Although officials of the Planters National Bank the Planters Trust and Savings Bank are the same, the assets the two banks are separate and distinct, it was pointed out today by officials of the bank, who declared that no preference would be given the depositors of either bank. The Planters National Bank is a national banking institution operating under the National Banking Act. while the Planters Trust and Savings Bank is a state bank operating under charter granted by the state. The combined capital stock of the two banks totals approximately $500,000. Officials of the bank said that the savings accounts deposits held

4. December 31, 1930 The Greenwood Commonwealth Greenwood, MS
Article from The Greenwood Commonwealth, December 31, 1930

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REOPEN BANKS AT CLARKSDALE President of Planters National Assures Depositors That All Will Be Paid CLARKSDALE, Miss. (AP) Efforts to bring about reopening of the Planters National Bank and the Planters Trust and Savings Bank here and allied banks at Jonestown and Tutwiler which closed yesterday as result of steady withdrawals for Officials of the bank said they could not give definite statement whether reopening would be possible until arrival of national and state bank examin- wish to assure depositors,' said E. Anderson, president of the Planters National and Trust and Savings Bank, "that all banks involved are perfectly solvent and depositors will be in full. to reopening, depends on the outcome visits here by national and state examiners, which will likely be late today. The Peoples Bank at Jonestown and Progressive State Bank Tutwiler closed doors yesterday following closure the Planters National Bank and Allied Bank here. The Jonestown and Tutwiler Banks were controlled by the Planters National Bank and headed by Anderson. Bank officials said today the Planters National Bank was closed because of an incipient run, and that had been deemed advisable to close to protect assets if there had not been heavy withdrawals, the institutions would have remained open.

5. January 1, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, January 1, 1931

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N. O. Police Frustrate Plot to Blow Up Headquarters DEPOSITORS TO MEET SATURDAY TO TAKE STEPS Opening Is Contingent on "Freezing" Deposits of Two Institutions. FULL ATTENDANCE AT MEET REQUIRED Majority Number of Those Interested Required Before Action Taken. Definite steps toward the reopening of both the Planters National Bank and the Planters Trust and Savings Bank, which suspended business Tuesday morning, were made early today at a meeting of the boards of directors of both banks, it was announced at noon by the attorney of the banking concerns. It was decided to hold meeting of all of the depositors of both banks Saturday morning at 10 o'elock in the courtroom at the Coahema County courthouse. All depositors are especially urged to be present as it. will be necessary to majority present before any action can taken toward opening the banks. For the banks to reopen it will be necessary for all of the depositors to agree to freeze the deposits as has been done in Greenwood and in other towns in Mississippi, statement from officials of the bank read, following the meeting. At the meeting Saturday morning, the explanation of present reopen ing plans will be made and it is necessary for every depositor to be present, the bank officials pointed out. "It is the consensus of opinion that both banks can and will be reopened and when reopened will be stre than ever. However, they cannot be reopened without freezing of the deposits,' Edward C. Brewer, attorney for the banking concerns, declared, following the meeting. Both of the banks are now in the hands if examiners from the state banking department and the national banking department. C. T. Johnson, state bank examiner, in a statement this morning declared: "It is now up to the board of directors of the Planters Trust & Savings Bank to effect a reopening of that ecneer. This can be done by getting a signed agreement of all their depositors, agreeing to follow the 'freezing' of deposits i.ver Unless the agreement is signed by practically 100 per cent the depo the state banking department cannot sanetion the re opening of the Planters Trust & Savings Bank, the state examiner said. The Planters Trust & Savings Bank will reopen provided the depositors all sign an agi e+ment to freeze and the agreement is approved by the state banking (Continued on Page 3.) CONVICT SHOT SALISBURG, N. C., Dec. 81. (AP) A man believed to be Otto Wood, notorious escaped convict from the state prison was shot and fatally wounded by police chief R. L. Rankin here today. Roy Carter of Roanoke, Va., the dead man's companion, identified him as the escaped convict.

6. January 1, 1931 Evening Star Washington, DC
Article from Evening Star, January 1, 1931

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SIX MISSISSIPPI BANKS CLOSED BY MANAGERS Some Discontinued as "Protective Measure," Others Due to Runs by Depositors, Is Claim. By the Associated Press. JACKSON, Miss., January 1.-Deposits, totaling about $1,730,103 were involved in six bank closures in Mississippi Tuesday. Some closed as "protective" measure, while others gave runs as the cause. The banks closed, including one national, were: The Planters' National Bank, Clarksdale, and its savings division, the Planters' Trust and Savings Bank, a State bank. The national bank carried deposits of $700,000 and the State institution had savings of $503,103. The Progressive State Bank, Tutwiler, deposits of $200,000, and the People's Bank of Jonestown, deposits $50,000. Both affiliated with the Clarksdale institution. The Bank of Walnut Grove, deposits $100,000, and the Bank of Lena, deposits $75,000, both in Lake County.

7. January 1, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, January 1, 1931

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STOCK EXCHANGE SEAT PURCHASED AT $186,000 NEW Dec. 31 price New Exchange ships dropped on final day the year today, new for the the second new low established for in many day for the at The price for seat this year $480,000 May. Hollandale Bank Open. CLARKSDALE Miss., Dec. Bank officials they were in error when they advised the Press yesterday that Bank of Hollandale closed as result the closing banks Hollandale has closed, but doing usual is prepared to meet demands. The Associated Press is glad to make this correction. Bank Suspensions. CROWLEY. Dec Southern Bank and Trust company, only at Eunice, St. Landry parish, failed doors for the reason for closing During month the bank took over the Eunice State bank since was the banking institution the Affairs were turned over to state bank officials. JACKSON, Miss., Dec. 31 said today reports from Myrtle the closing there the Bank of Myrtle "until further According officials of the instituthe its doors for protection in the face of bank is capitalized at surplus and deposits of approximately $67,000. Dec. 31 of the and Planters Trust and Savings bank. of Clarksdale. yesterday protect depositors after heavy withdrawals, today taken over by Russell E. Memphis, national bank examiner. examiner. said statement to make closed institutions had not been fully investigated.

8. January 9, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, January 9, 1931

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CHICAGO IS TO BREWER THINKS WOODCOCK GETS PRESS CHARGES BANKS WILL BE READY TO MAKE AGAINST 'YEGG' REOPENED HERE NATIONAL TOUR Reports Circulated That Leo V. Brothers Has Confessed as to Crime. CHICAGO, Jan. 9. - (AP) Plans to put Leo V. Brothers, St. Louis gangster, in the electric chair as the slayer of Alfred Lingle, Tribune reporter, were pushed today while reports were circulated that Brothers had confessed the crime. There was no official confirmation of these reports, and State Attorney John A. Swanson said he was not prepared either to confirm or deny them. definite announcement was made, however, by Charles F. Rath bun, special assistant state's attor ney in charge of the Lingle inves tigation, and Patrick Roche, chief investigator for Swanson, that an immediate trial for Brothers will he asked by the state, adding that 'we are now. Authorities said nine witnesses had Identified Brothers as Lingle's slayer. The 'higher-ups'' in the ease the men who had the motive for causing Lingle to be shot to death last June as he walked through tunnel toward suburban railroad station-were being sought. Rumors prevailed that their arrests were expected momentarily. Simultaneously it was learned that at least four men were wanted. There were. reports that these included James Forsythe and Simon Gordon, both reputed racketeers. Forsythe once was named as Lingle 's slayer. Both he and Gordon are also wanted as fugitives from justice under an affirmed sentence of one year for earrying concealed weapons. Brothers was held in custody in a secret hiding place until the in vestigators worked for additional details which, special assistant state's attorney Rathbun sald, would have be withheld from the publie to prevent complications in the investigation. Surety Company Representatives Are to Meet Monday in This City. Representatives of surety companies protecting the funds of levee boards, the county, the city and other similar publie organizations in the Plant. ers National Bank and the Planters Trust and Savings Bank, which suspended business here last week, will probably hold a meeting here Monday to discuss plans of freezing the deposits that they proteet, it was announced today by Edward C. Brewer, attorney of the two banking instituMr. Brewer pointed out that the decision of opening the two banks now lay the hands of the surety companies and that if they did not agree to 'freeze' the deposits they protect, the banks cannot open. The surety companies which will probably have representatives here Monday are the Aetna Insurance Co., 8. Fidelity and Guaranty Co., Hartford rance Co., Indemnity Insurance Co., of North America, Fidelity Co., of Maryland, Fidelity and Casualty Co., of New York, New Amsterdam Casualty Co., Southern Surety Co., and Miss issippi Fire Insurance Co. Mr. Brewer declared that the recent reports to the effect that the banks would not open were false and without foundation. He pointed out that everybody eonneeted with the banks was working barder than ever to effect an opening of the two Institutions. The attorney stated that practieally every individual depositor had signed the "freezing" agreements and that only one or two had actually refused to sign. look for the banks to be open and carrying on with business by the middle of next weels Mr. said, we cannot open the banks unless the surety companies agree to "freeze", along with the individual depositors. Prohibition Officer Plans to Inspect Work of National Dry Agents. By JOHN F. CHESTER WASHINGTON, Jan. 9. (AP) Prohibition Director Woodcock is about to resume his travels, in specting first hand the efforts of his dry agents and the conditions they are meeting. Hurriedly recalled to the capital some weeks ago Ly President Hoov or and Attorney General Mitchell, just as he was about to sall for Honolulu, Woodcock has been helping steer the prohibition appropria. tion measures up to the floor of Congress. As soon ns money matters. are settled. he said today, he plans to (Continued on Page Six)

9. January 27, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, January 27, 1931

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Planters' National Bank Receiver Is Appointed; Comptroller Acts in Case of Institution in This City A receiver was appointed today fice of for the Planters National Bank here, which suspended business on is December 29, 1930, by the comp. troller of currency Washington, D. was revealed this after. noon by telegrams received by local representatives of bonding Beomp- al anies, which protected county, ficials municipal and levee board funds working in the closed bank. Aside from the bare fact that and receiver had been appointed no further information had been received 'clock this afternoon by bonding company tives, officials of the bank and the bank's attorney. The receiver's name, whose in- comes of the itials and address are unknown by the bank officials, Bawlings the The effect on the plans the Planters National Bank by of the receiver at present, Brewer, attorney for the bank, said He pointed out that the appointment might tend towards more bank opposite effect. Rogers drought closed bank, and Chancey Smith, the bank, not uefl, be reached this afternoon for statement. B. Sessions, cashier, had no comment make concerning the appointment receiver. appointment of receiver for the national bank will in way affect the re-opening plans tion by the Planters Trust and Savings Bank, which has the same officials of the national bank and which were closed along with the national bank. ing whose instigation the Using was appointed is known, Mr. mula, said. He said that the tobacco except the officials at the comptroller of thought that further in formation concerning the appoint ment of receiver. will be 'ceived here late today or tomorrow. Patrons of the Planters Bank cooperation with of the bank have been diligently to effect its by getting depositors bonding companies to agree to deposits in the bank. Practically all of the individual depositors have already agreed the proposition has three of companies. The appointment of the receiver surprise to the patrons bank. in the program to open Planters Trust and Savings Bank is anticipated. HAWKS ON FLIGHT 27 New today for where will Cross relief, landed Cleve airport after few minutes stop be off withous disclosing his next NEW Book lovers of Clarksdale will have the of reading some new biographies and stories of fiecalling the local Carnegie Library, as small shipment of such books has been received. They placed on the shelves this afternoon. the extension Hilburn Balden produced pounds sold

10. March 6, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, March 6, 1931

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Planters Trust and Savings Bank Placed in Process of Liquidation decree by Chancellor R. Jackson of Cleveland, placing the of the Planters and Bank, which closed here with the Planters National Bank December 30, 1930, under the jurisdiction of the chancery court was entered in the court records late yes The decree also confirms the pointment of Paul Abel, of Clarks dale, as the liquidating agent charge of the affairs of the Plantera Trust and Savings Bank. In with state banking laws, Mr. Abel will have full charge of liquidation of the Planters Trust and Savings Bank, locally, subject only to the orders of Love, of Jackson, superintendent of the banks, and of Chan cellor Jackson court. Mr. Abel stated yesterday that for the convenience of the public their deposit claims, the office liquidation will be maintained the banking room of the Planters Bank building. All depositors to call are urged the liquidating agent at an early date for the of verifying purpose deposits in the Planters Trust and Savings Bank. The new liquidating agent stated that despite all reports to the con trary the matters of liquidation of the Planters Trust and Savings Bank will be bandled by him subject the superintendent of banks the chancery court. He stated that was way with the matters of the closed Plant Mr. Abel no stranger in the banking business. He Pepresented the Hibernia Bank and Trust New Orienns Here 1920. He later was affiliated in the position trust officer, with the Yazoo Delta Mortgage Co. It is thought by Mr. Abel that the task of liquidating the Planters Trust and Savings Bank will take period of more years.