Crystal Springs Bank - Crystal Springs, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: August 10, 1928
Location: Crystal Springs, Mississippi (31.987, -90.357)

Metadata

Model: gpt-5-mini
Short Digest: 9c43fd09

Response Measures

None

Description

Article states Crystal Springs Bank suspended business on Aug 10, 1928 due to failure of the truck crop (local agricultural shock). Directors met and closed the doors; a representative of the state bank department was put in charge to check accounts. The article gives no indication the bank reopened, so this is classified as a suspension that led to closure/receiver involvement.

Events (1)

1. August 10, 1928 Suspension

Cause: Local Shock
Cause Details: Severe losses to local truck (vegetable/tomato) farmers from frosts/heavy rains/ten-inch rainfall led to widespread farm failures and loan losses, causing the bank to suspend operations.
Newspaper Excerpt: Crystal Springs Bank ... suspended business here this morning. The failure of the Copiah county truck crop ... was given as the cause of the banking institution to fail to open its doors today.
Source: newspapers

Newspaper Articles (1)

1. August 21, 1928 The Picayune Item Picayune, MS

Article from The Picayune Item, August 21, 1928

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Article Text

Old Copiah Bank Closes Its Doors at Crystal Springs Failure of Truck Crop Given Cause of Bank's Suspension of Business Crystal Springs, Miss., Aug. 10. Crystal Springs, Bank, one the oldest financial institutions South Mississippi, headed by Damper, well known financier, suspended business here this morning. The failure of the Copiah countruck entailing great loss crop, the farmers of the county, and consequently upon those who backed them, was given as the cause of the banking institution to fail to open its doors today. While no statement has been made of the bank's affairs representative of the state bank department is in charge checkthe accounts. While rumors had been current for several days that the bank rough waters, there was run by depositors. Several directors' have been held within the last week, and meeting which lasted until midnight last night, it was decided to close the doors. The disastrous year in trucking, the main business of this county, given as the reason for the failure. Due to late frosts, heavy rains which were topped by ten inch rainfall when single the tomato was beginning to crop in and general unseasonable come weather, estimated truckers lost from half million three of million dolquarters lars. Some of the best farmers the have failed in business county this year.