Greenwood Savings Bank - Greenwood, MS

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: savings bank
Start Date: December 20, 1930
Location: Greenwood, Mississippi (33.512, -90.199)

Metadata

Model: gpt-5-mini
Short Digest: 971c0e18

Response Measures

Full suspension, Books examined

Other: Depositors were asked to sign multi-year agreements to permit reopening; state auditors/examiners reviewed books.

Description

Multiple Greenwood banks (including Greenwood Savings Bank) experienced depositor runs after the Wilson Banking Company failed to open on Dec 20, 1930. Banks closed 'for the protection of all depositors.' Local reporting on Dec 24, 1930 describes active plans to reopen and efforts by other local banks to facilitate reopening, so classify as run → suspension → reopening.

Events (3)

1. December 20, 1930 Run

Cause: Local Banks
Cause Details: Depositors started runs on Greenwood banks after the larger Wilson Banking Company failed to open, triggering loss of confidence.
Measures: Depositors began heavy withdrawals; notices later posted that banks had closed for 'the protection of all depositors alike.'
Newspaper Excerpt: five of them were located in Greenwood, where depositors started runs on the banks after the Wilson Banking Company, with resources of $1,777,000, failed to open Saturday.
Source: newspapers

2. December 20, 1930 Suspension

Cause Details: Banks (including Greenwood Savings Bank) closed their doors after runs and in the chaotic local situation; Wilson Banking Company had failed to open and state action affected related institutions.
Newspaper Excerpt: Notices were posted on the doors saying the banks had closed for the 'protection of all depositors alike.'
Source: newspapers

3. December 24, 1930 Other

Newspaper Excerpt: Plans for reopening of the Security Bank Trust are almost completed ... 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 Saturday- ... the Greenwood Bank & Trust Company can open. (dec 24 article).
Source: newspapers

Newspaper Articles (3)

1. December 21, 1930 The Atlanta Constitution Atlanta, GA

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.

2. December 21, 1930 The Atlanta Journal Atlanta, GA

Article from The Atlanta Journal, December 21, 1930

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Article Text

8 Mississippi Banks Close Their Doors; 5 Are in Greenwood JACKSON, Dec. Eight banks closed their doors in Mississippi Saturday. Three of the banks were small institutions in scattered parts of the state five of them were located in Greenwood, where depositors started runs on the banks after the Wilson Banking Company, with resources of $1,777,000, failed to open Saturday. Within short time three other banks closed and later another shut its doors, leaving only the Bank of Commerce doing in the city. Notices were posted on the doors saying the banks had closed for the "protection of all depositors alike." Directors of the Wilson Banking Company in statement that decided to close the bank and they place the hands of State Banking Department for liquidation because situation caused by the of A. Wilson, had always arranged credit for the other closed banks, the Greenwood Bank and Trust Security Bank Trust Company, the National Bank Greenwood First and the Greenwood Savings Bank were expected by their officials to reopen soon. Frozen assets and poor collections by the bank aminer for the closing of the Commercial Bank of Drew. in with deposits the Clay with Bank of Pheba, deposits less than He also announced that the State Department had taken over the Bank McLain, closed at that would be the books had audited Reed, cashier, had admitted STATE FOUR BANKS TO TAKE OVER B. state of banks, announced Saturday his department had been to Union Banking affairs of Company Douglas, operating branches at Braxton Nicholls: Bank, Lyons, the Citizens Bank Ray City, Berrien County The Union Banking Company the last call on September 24 listed resources capital of undivided and deposits of no Moses Griffin and R. Yeomans, cashier The bank was established 1899. The Toombs County Bank reported resources capital $30,000, of deposits bills payable W. McNatt was president and W. China. The institution 1906 The Bank of Ray City at the last call showed resources of capital of deposits and no bills payable. H. Swindle was president and John Luke. cashier. The bank was established in 1911. Two Goldsboro Banks Close GOLDSBORO, Goldsboro banks, under the falled to open tions been in the interests of depositors. National Bank of Goldsboro listed deposits and sources in its last statement on September 24. The bank capitalized at and had of on The affiliated institution, had deposits resources and surplus of $19,on the same date. It is capitalized Norwood Is president of both banks. Thomas Norwood John Norwood, his sons, are cashiers the National Goldsboro and the Goldsboro Savings and Trust Arkansas Closing Merchants and Planters Bank here Saturday for five-day James Clark was president the local bank and the Clark Bank Gurdon, which suspended Friday for days. One Closed in Alabama 20. F. Green, supeintendbanks annouced Saturday the Camphill, at its doors. The bank had $50.000 capital stock and $10,000 surplus. Rural Hall Bank Closes RURAL The Rural Hall Bank and Trust Company did not open for business Saturday Kiser president. said the capitalized at had deposits approximately $57,000 and surplus of

3. December 24, 1930 The Greenwood Commonwealth Greenwood, MS

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.