Pearl River Bank - Columbia, MS

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: February 13, 1914
Location: Columbia, Mississippi (31.252, -89.838)

Metadata

Model: gpt-5-mini
Short Digest: 765c028e

Response Measures

Full suspension, Books examined

Other: Directors resolved to liquidate the bank; investigation being made.

Description

Articles (Feb 16-17, 1914) report several large depositors withdrew funds late in the prior week, prompting the directors to close the bank, suspend payments and resolve to liquidate. No reopening is reported; bank is being liquidated/under investigation.

Events (2)

1. February 13, 1914 Run

Cause: Bank Specific Adverse Info
Cause Details: Several large depositors withdrew funds in the latter part of the prior week, producing heavy withdrawals/pressure on liquidity.
Measures: Directors met with attorneys; subsequently resolved to liquidate; investigation of affairs announced.
Newspaper Excerpt: One reason given for the suspension is that during the latter part of last week several large depositors withdrew funds from the bank
Source: newspapers

2. February 16, 1914 Suspension

Cause: Voluntary Liquidation
Cause Details: Board ordered closure and suspension of payments and resolved to liquidate the bank after heavy withdrawals; investigation to be made for depositors and creditors.
Newspaper Excerpt: By order of the Board of Directors of Pearl River Bank, its doors are closed and further payments are suspended.
Source: newspapers

Newspaper Articles (3)

1. February 17, 1914 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, February 17, 1914

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Article Text

COLUMBIA BANK WILL LIQUIDATE CLOSED ITS DOORS MONDAY MORNING — WAS CONSIDERED STRONG INSTITUTION. Columbia, Miss., Feb. 17.-The Pearl River Bank of this place, considered one of the strongest of the small banks in this section of the state, closed its doors Monday morning with the simple statement that "By order of the Board of Directors of Pearl River Bank, its doors are closed and further payments are suspended." An investigation of the affairs of the bank is being made and a report to depositors and all other creditors will be made later. The directors of the bank, of which Felix May of Brookhaven is president and J. E. Watts of this place is cashier, have been in session all day with their attorneys. No further statement could be obtained. One reason given for the suspension is that during the latter part of last week several large depositors withdrew funds from the bank, and the fact that this is a depository for state and county funds, the directors, in con-

2. February 18, 1914 The Semi-Weekly Leader Brookhaven, MS

Article from The Semi-Weekly Leader, February 18, 1914

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Article Text

PEARL RIVER BANK AT COLUMBIA CLOSES ITS DOORS Columbia, Miss., Feb. 16. - The Pearl River Bank of this place considered one of the strongest of the small banks in this section of the State, closed its doors this morning with the simple statement that "By order of the Board of Directors of Pearl River Bank, its doors are closed and further payments are suspended." An investigation of the affairs of the bank is being made and a report to depositors and all other creditors will be made later. The directors of the bank, of which Felix May, of Brookhaven, is president and J. E. Watts of this place, is cashier, have been in session all day with their attorneys. No.further statement could be obtained. One reason given for the suspension is that during the latter. part of last week several large depositors withdrew funds from the bank, and the fact that this is a depository for State and county funds, the directors, in consultation Saturday night, resolved to liquidate its affairs at once. Complete confidence is expressed both by depositors and the public generally in the integrity and abil+ ity of the officers of the bank and its intentions to pay every depositor in full. The bank was capitalized about eleven years ago at $30,000 and has $10,000 surplus.

3. February 27, 1914 The Olneyville Times Providence, RI

Article from The Olneyville Times, February 27, 1914

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Article Text

General A slight earthquake was felt at Reno, Nev. The Massachuetts Senate defeated the bill to make Jan. 1 a legal holiday. Business was suspended in Macon, Ga., during the funeral of Senator Bacon. Negro pupils in Kansas City schools cost $1.88 more per pupil for tuition than whites. Mayor Mitchel appointed a committee to arrange for New York City's exhibit at the Panama Pacific fair at San Francisco. Abbott Kinney, founder of Venice, Cal., offered $1,000 a pound for the first grandson born to him. He paid $10,000. The Overlook Shelleck School, at Nyack, N. Y., was destroyed by fire at a loss of $50,000. Suffragists invaded the Philadelphia Stock Exchange and caused a brief suspension of business. The large steel furnace at McKeesport has been relighted, giving employment to 8,000 persons. The New York Park Department distributed a wagon-load of peanuts among park squirrels.. William Baily and Erastus Spencer, woodchoppers, were frozen to death at Haddam, Conn. The Miller's River National Bank annex at Athol, Mass., was destroyed by fire. Loss, $30,000. Representative George J. Kindel announced his candidacy to succeed Senator Thomas of Colorado. Governor Fielder of New Jersey ordered a special election to fill the vacancy caused by the death of Representative Bremner. Pittsburgh is to have "movie" theatres divided into three compartments -for women, men- and women, and men. The first ship through the Panama Canal will carry the peace flag-the g with a border of United States hite. Lather Williams, 14 years old, died at Mobile, Ala., from hydrophobia as a result of being bitten by a cur dog recently. The Navy Department will return the old frigate Constelation to Rhode Island after being exhibited at the Star Spangled Banner celebration at Baltimore. The New York State Assembly passed a bill permitting women to act as watchers at election polls. Mrs. Kate Kontosky died at her home in Collinsville, Conn., aged 103 years. The use of rattlesnake venom for the cure of epilepsy is being tried in the West Virginia Anylum for incur ables. The Pearl River Bank at Columbia Miss., capital $30,000, closed its doors Fire destroyed Medwin Block, at Al bany, N. Y., causing a loss of $100,000 An ear of corn from Minnesota known at exhibitions as "The $1,00 ear," was stolen from National Cori Exposition at Dallas, Texas. The steamboat Queen City sank in eight feet of water in the Ohio Rive at Louisville, Ky. The 110 passenger were rescued. San Domingo is the 13th nation t sign a peace treaty with the Unite States at the instigation of Secretar: Bryan.