10995. First National Bank (Greenwood, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
7216
Charter Number
7216
Start Date
December 20, 1930
Location
Greenwood, Mississippi (33.512, -90.199)

Metadata

Model
gpt-5-mini
Short Digest
132c9bf0

Response Measures

Full suspension

Other: Bank was placed in charge of state banking department and later had a receiver (Thomas Early) named; lawsuits in May 1931 indicate permanent closure/receivership.

Receivership Details

Depositor recovery rate
75.4%
Date receivership started
1930-12-27
Date receivership terminated
1939-03-11
OCC cause of failure
Economic conditions
Share of assets assessed as good
42.7%
Share of assets assessed as doubtful
48.3%
Share of assets assessed as worthless
8.9%

Description

Depositors in Greenwood began running on local banks after the failure/takeover of the Wilson Banking Company on Dec 20, 1930. The First National Bank of Greenwood temporarily closed Dec 20, 1930 as a protective measure after runs; by May 1931 it is referenced as being in receivership (suits vs 'First National Bank Greenwood, receiver'). Sequence: run → suspension → permanent closure/receivership.

Events (5)

1. April 19, 1904 Chartered
Source
historical_nic
2. December 20, 1930 Run
Cause
Local Banks
Cause Details
Depositors started runs on Greenwood banks after the failure/closure/takeover of the Wilson Banking Company in Greenwood.
Measures
Bank closed temporarily 'for the protection of all depositors alike'; directors called meeting of depositors and auditors checked affairs.
Newspaper Excerpt
but five of them were located in Greenwood where depositors started runs on the banks after the Wilson Banking Company
Source
newspapers
3. December 20, 1930 Suspension
Cause
Local Banks
Cause Details
Temporary suspension/closure announced as a protective measure in reaction to runs triggered by the Wilson Banking Company failure/takeover earlier that day.
Newspaper Excerpt
the First National Bank and the Security Bank & Trust Co., all at Greenwood, had closed temporarily as a protective measure.
Source
newspapers
4. December 27, 1930 Receivership
Source
historical_nic
5. May 8, 1931 Receivership
Newspaper Excerpt
suits ... against Thomas Early, First National Bank Greenwood, for funds on deposit when the Greenwood bank closed its doors on December 20 of year. Suits filed as follows: ... vs. First National Bank Greenwood receiver, ... (Clarion-Ledger, 1931-05-08).
Source
newspapers

Newspaper Articles (5)

Article from The Greenwood Commonwealth, December 20, 1930

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Article Text

OTHER Panic Precipitated Wilson Banking Closes Four Other With but one of its six financiinstitutions afternoon, the worst stringency history. Following the decision directors Wilson Company place the that the hands state banking department, on part brought runs on the other of the city. Within an hour after the of the banks this had grown to such portions as force the the doors of all the banks the city with the exception of Bank of Commerce. The during the morning from the were steady when the vency of banks was threatenthe panic which augmentdirectors made their close for the protection positors alike. The Bank the First National Bank the ings Bank and the Security Bank & Trust in locked their and posted notices for the vention and for the tection of the the stitutions Total assets of the five closed banks the ment close 30, with total deposits national bank Department, their way afternoon over the situa- Stockholders alike debacle of the general feeling banks solvent condition, and that with the sidence panicky should able weather the without any of the losing their money understood this already making whereby interests depositors may business allowed to proceed its usual course. The Bank Commerce doing business usual the day, and noon deposits during the morning had exceeded hundred cent. There had been the usual Saturday withdrawals at this bank. For convenience customers the Bank of Commerce remained open all this beyond the usual Saturday ing hour. Tomorrow afternoon meeting of the depositors closed banks was called sider ways and means the banks might proceed business with fear All the closed regarded among the financial institutions Mississippi. all were solvent. for the panic followed liquidation Banking could carried their business without embarrassment. CREW IS Chile Two United members of the crew States Tanker Ceferin were killed storm raged over the Chilean during night. The Ceferino reached port seriously damaged, Turkey (AP) From Diarbekier the remote eastern provinces comes the amazement of automobile An old curious throng looking touring asked had any children; The chauffer tried plain when along came accompanying left behind them tation for and NEW YORK (AP) stage door the Opera House posted lowing, signed by of stars: undersigned, colleagues merriest Christmas and the happiest New agree not waste energy money sending holiday cards this NEW YORK Some the natty horses of New York's mounted policemen sick from generosity. folks have been buying from unemployed and the animals that Police Dulrooney has put such gifts.


Article from Evening Star, December 21, 1930

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Article Text

THREE BANKS CLOSED Three Others in Mississippi Shut Doors for Safety. JACKSON, Miss., December 20 (P).Three banks in Mississippi were closed today and placed in charge of the State banking department, and three others announced temporary suspension. Those taken over by the banking department are the Wilson Banking Co. at Greenwood, the Commercial Bank at Drew and the Bank of Pheba at Pheba. Simultaneously came announcements that the Greenwood Bank & Trust Co., the First National Bank and the Security Bank & Trust Co., all at Greenwood, had closed temporarily as a pro= tective measure.


Article from The Atlanta Constitution, December 21, 1930

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Article Text

MISSISSIPPI SEES EIGHT BANKS CLOSE JACKSON, Miss.. Dec. 20 Eight banks closed their doors Mississippi today and the city Greenwood was thrown into a financial Three of the banks were small stitutions scattered parts of the but five of them were located in where depositstarted runs on the banks after the Wilson Banking Company. with resources of $1,777,000 failed to open today for business. Within short time three other banks and later another shut its doors, leaving only the Bank Commerce doing in the city Notices were on the saythe banks had closed for the "protection of all depositors alike. mass meeting has been called of depositors of the closed Greenwood banks to discuss plans for reopening. state banks, issued statement saying "it time when the public, and particularly the depositor must not come but must act with coolness and deliberation and must co-operate with those who are trying stabilize Directors of the Wilson Banking Company in that they decided to close the bank and place it in the hands of the state banking for liquidation because the unusual situation caused by death of A. arranged the bank His estate will not available use in procuring credit for months under the state directors said. After every means our command of secredit and having left nothing on keep the bank it that a liquidation The liquidat ing agent will pay depositors rapidly necessary the Mr. ilson intend to contribute liberally in assisting the liquiagent E' paying the deposit- The other closed banks, the Greenwood Bank and the Security Bank and Trust the First National Bank of Greenwood, and the Greenwood Savings bank were expected by their officials to reopen soon. Frozen assets and poor were attributed by the state bank examiner for the closing of the Commercial Bank of Drew. in with of $250,000 and the Bank of Pueba, in Clay county, with leposits of less than He also announced that the state had taken over the Bank of capitalized and that would closed the banks had been audited after Reed. cashier.


Article from The Greenwood Commonwealth, December 24, 1930

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Article Text

SECURITY BANK OPENING NEAR COMPLETION Greenwood Bank & Trust National Openings Soug Greenwood Bank Trust Company Depositors Asked to Sign Agreement With plans for re-opening appearing bright this afternoon as auditors continued checking over the affairs of the bank, deposits Greenwood Bank and Trust Company are being asked to sign proposed agreement which leave their deposits in the bank for period of three years, with ten per cent payable immediately, 20 percent in one year, 30 per cent in two years and 40 per cent in three years. W. Clements has been asked by the officials of the bank take charge the work signing up the more than 2,000 depositors, and will begin work immediately to secure the signatures. The agreement which the depositors will be asked to sign reads as follows: or we, the undersigned depositors in the Greenwood Bank Trust Company, of Greenwood, Mississippi, do hereby event Bank Trust Comreopened for business, another banking organized to domicled at Greenwood, in Leflore county, Mississippi, assume the deposit liability the Greenwood Bank Trust Company, payable 10 per cent cash, and the balance 20 per cent within one year, 30 per cent within two years and 40 per cent within three years, the understanding being that these certificates paid off as much in advance the designated dates as is consistent with sound conservative banking, the said certificates to bear no interest until after maIf the assets of the bank prove be as satisfactory as believed, the re-opening will probably be effected as soon the depositors can be signed up. With the efforts of the Greenwood Bank Trust Company begin business, directors the First National and the Greenwood Savings Bank are working diligently on-plans which have for their object the re-opening those banks which closed Satur- Plans for reopening of the Security Bank Trust are almost completed and the date of re-opening is expected to announced in short time. Cards bearing the agreement of the depositors the Greenwood Bank Trust Co. are ready and the deposors will find them at the following places for signatures, in addition the bank: Roberts Drug Store, Post Office Safe, Barrett's Drug Store, John Quinn's Drug Store, Dyre's Store, O'Reilly's Cash Store, DeBoe's Grocery, Greenwood Drug Speed in signing is urged for quicker cards are signed sooner the Greenwood Bank & Trust Company can open. TACKS LATTIMER FREED COLUMBUS, O. (AP) W. (Tacks) Lattimer, big league baseball received player, Christmas pardon from penitentiary today from Governor Cooper. Lattimer was serving life second degree murder. The was personally presented to Lattimer by the Governor. Lattimer had been cited a hero in break of 13 members of the notorious Company bad boys" Nov. 1926, prison when he seized gun and went to the aid of the guards. WEST POINT BANK PAYS DIVIDENDS WEST POINT At meetof the directors the of West Point, held Monday morning, the regular annudividend per cent was declared. Under the state law, was necessary to add per cent of this surplus, and checks were being to stockholders today for the remaining per cent. Mr. Ivy, chairman of the board, expressed satisfaction with the showing made for the year. The bank doesn't owe penny and faces the new year with confidence. FATHER AND SON DIE CROSSING CRASH RULEVILLE, Miss. Crowder, of Kilmichael, and his son, Willie, 21, were killed afternoon at 1:40 one mile north of here their truck was struck by passenger train. Mr. Crowder and his son, prospective tenants on the Patridge plantation near here, were unfamiliar with the schedule of the train and their visibility was impaired because the truck cab was closed up. They were moving their household furnishings from Kilmichael The truck was demolished. The bodies were taken to undertaking establishment Cleveland. Funeral services will probably be held tomorrow.


Article from Clarion-Ledger, May 8, 1931

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Article Text

Drainage Districts Sue Bank May districts this region of the state have filed suits in the United States district court Clarksdale against Thomas Early, First National Bank Greenwood, for funds on deposit when the Greenwood bank closed its doors on December 20 of year. Suits filed as follows: Drainare district Leflore, Carroll VS. First National Bank Greenwood receiver, Abotuapoota drainage trict Leflore, Holmes Carroll counties bank receiver, lucia drainage district Leflore bank receiver, $284; Teco subdistrict the Big Sand drainage drainage district Leflore Carroll counties, $1,275.