10971. Bank of Derma (Derma, MS)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
state
Start Date
January 2, 1931
Location
Derma, Mississippi (33.856, -89.285)

Metadata

Model
gpt-5-mini
Short Digest
ffae13c8

Response Measures

Full suspension

Other: Bank of Derma closed its doors after withdrawals by depositors; multiple Mississippi banks closed same day.

Description

Multiple contemporaneous newspaper reports (Jan 2–3, 1931) state that withdrawals by depositors caused five Mississippi banks, including the Bank of Derma (deposits ~$50,000, capital $10,000), to close their doors. The articles report a depositor withdrawal-driven closure but do not state whether the bank later reopened or entered receivership; therefore I classify as run → suspension with outcome unsure. OCR errors in Article 1 (truncated lines) were corrected when extracting the bank name and figures.

Events (2)
1. January 2, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals by depositors (panic/contagion among local banks) led to a run on the Bank of Derma.
Newspaper Excerpt
Withdrawals by depositors today caused five Mississippi banks to close their doors.
Source
newspapers
2. January 2, 1931 Suspension
Cause
Local Banks
Cause Details
Suspension/closure of payments following depositor withdrawals and local banking distress; reported as the bank closed its doors.
Newspaper Excerpt
Withdrawals by depositors today caused five Mississippi banks to close their doors. ... Bank of Derma, with deposits of $50,000 and $10,000 capital.
Source
newspapers

Newspaper Articles (2)
1. January 3, 1931 The Morning Union Springfield, MA
Article from The Morning Union, January 3, 1931

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Article Text

Affairs of New York Bank "Scrambled." NEW Jan. termingled financial affairs corporations of the closed Bank of States today hearing on affairs of the corporations. Carl repres ntative the hearings for Joseph E. Broderick, state banks closed the institution 11. of. fered comment on the after chairman mittee, testified the financial ture the four Singer deall four were solvent. The which. went into last are the of New City Financial the cipal Fanancial Corporation and the Bankus After long involved for the asked Singery man shares he 56 made up of one share Bankus and Bank of United States. that right?' that's right," the witness replied. In to question as to how much had raised for the corporations and then additional been rowed, total of Banks Close Withdrawals by today the for the closing of five taken over by state and The closed the First Na. were Bank of Pontotoc, capital of $125,Bank $534,000 and stock $100,000; Citiat Winona, deposits $260,000 $25,000; Bank of Blue Mountain with deposits and capital Bank Derma deposits of and $10,000 capital. Arkansas Banks Reopen. ROCK Ark., Walter the reopening of Those reopening are: The Eudora Bank the closed dora Bank and Trust Company EuSalem and the Farmers' Bank Alabama Bank Closed. MONTGOMERY Jan. Dent F. banks, announced late today People's Bank had Capital stock was listed at with surplus $3000. Deposits on Nov. 1930, $61,880.

2. January 3, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, January 3, 1931

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Article Text

LOCAL MARKETS Butter, and Ess Co.) candled colored Leghorn colored (up to lbs.) Stags lbs. Roosters Ducks 10c Butter Fruits and Vegetables. Quota Co. 88 Arkansas Blacks. 138 Rome Beauty fancy, bushels bushels Flemish extra fancy 2.75 Beauty, fancy. 110-120-135s extra Oranges. 126 Oranges, bushels Oranges. special Cranberries. Rhubarb. Canadian. 100 Tomatoes. Fla crate Cabbage. per 100 Brown Beauty 100 lbs. 100 round sweet. per bushel Onions. pounds Parsley dozen Lettuce dozen dozen Bank Suspensions. JACKSON. Miss., Jan. 2 (AP) Withdrawals by depositors today caused five Mississippi banks to close their doors. Combined deposits affected in the national bank, approximated The closed were the First National Bank of Pontotoc, deposits of $600,000 and capital stock of $125,000 Bank of Pontotoc, deposits. $534.000 and capital stock, $100,000; zens bank. deposits, $260.000 and capital $25,000; Bank of Blue with deposits of $179,000 and capital, Bank of Derma, with deposits of $50,000 and $10,000 capital. LITTLE ROCK, Ark., Jan. (AP) State Banking Walter E. ylor announce today the reopening of three banks. closing of one and suspension of another Those reopening were the Eudora bank as successor the closed Eudora Bank and Trust company, at Eudora: Bank of Salem. reorganized at Salem, and the Farmers bank, at Closing of the Interstate National bank at and suspension for five days of the Bank of Marvell, at Marvell. left Phillips county without a banking institution. MONTGOMERY, Ala., Jan. 2 (AP) Dent Green, of banks. announc late today that the Peoples bank, of had its doors. Supt. Green was informed by President W. Rudder that bank been today upon approval of the board of directors, asked that state banking department take over the firm's affairs. Capital stock was listed at $15,000, with surplus of Deposits on Nov. 20, 1930, were $61,880. Supt. Green attributed the bank's