10999. Greenwood State Bank (Greenwood, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 25, 1914
Location
Greenwood, Mississippi (33.512, -90.199)

Metadata

Model
gpt-5-mini
Short Digest
af50b9da

Response Measures

None

Description

Cashier Jo G. (Jo J.) Green was arrested for embezzlement/defalcation and the State Bank Examiner closed the Greenwood State Bank on July 25, 1914; the bank was placed in liquidation by the State Board of Examiners. No run is reported in the articles; the bank was closed and placed in liquidation (permanent closure).

Events (2)
1. July 25, 1914 Receivership
Newspaper Excerpt
Cashier Gone Wrong-Bank President Assigns Residence and Business... Charged with the defalcation of $12,000. ... at the same time the bank closed its doors and its affairs will be liquidated by the State Board of Examiners.
Source
newspapers
2. July 25, 1914 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Discovery of large defalcations/embezzlement by cashier Joe (Jo J.) G. Green (shortage of approximately $10,000) led the State Bank Examiner to close the bank and place it in liquidation.
Newspaper Excerpt
This, the Greenwood State Bank, is in the hands of Board of Bank Examiners of the State of Mississippi, pending liquidation. July 25th, 1914, Board of Bank Examiners, by S. S. Harris, State Bank Examiner.
Source
newspapers

Newspaper Articles (4)
1. July 29, 1914 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, July 29, 1914

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Article Text

Cashier Gone Wrong-Bank President Assigns Residence and Business. Greenwood, Miss., July 25.Charged with the defalcation of $12,000. Joe G. Green, cashier of the Greenwood State Bank, was arrested today and placed in the county jail. At the same time the bank closed its doors and its affairs will be liquidated by the State Board of Examiners. It is alleged that Cashier Green "kited" drafts and in this manner prevented disclosures of his traosactions until the State bank examiners had made the detection. A week ago State Bank Examiner Harris was here, and went over the affairs of the institution. He informed the directors that a shortage existed in the accounts of Cashier Green. The examiner also said that several notes past due remained unpaid, and there were other irregularities in the books of Cashier Green. H. G. Kitchell, president of the bank, has assigned over his residence and machine foundry to the institution to guarantee a $10,000 note and interest which he had indorsed with Mr. Green in the purchase of timber lands in Holmes county. President Kitchell stated that the securities of the bank are in good shape, and that after liquidation by the State Board cf Examiners, he felt sure the depositors and other creditors would be paid in full. The officers of the Greenwood State Bank are: H. G. Kitchell, president; Vassar W. Dacus, vice president; Joe G. Green, cashier. Directors-H. G. Kitchell, V. W. Dacus, J. G. Green, J. F. Cortner, M. Fatheree, S. M. Willsford and G. W. Stanley. The bank was organized in June, 1912, with a capital of $35,000.

2. July 31, 1914 The Commonwealth Greenwood, MS
Article from The Commonwealth, July 31, 1914

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Article Text

THE GREENWOOD STATE BANK CLOSED BY BANK EXAMINER. The Greenwood State Bank was closed last Saturday morning by the State Bank Examiner, the following notice being posted on the front door: "This, the Greenwood State Bank, is in the hands of Board of Bank Examiners of the State of Mississippi, pending liquidation. July 25th, 1914, Board of Bank Examiners, by S. S. Harris, State Bank Examiner." Late Friday evening Cashier Jo J. Green was served with a warrant and immediately incarcerated in the county jail, charged with defalcations to the amount of around $10,000. The Greenwood State Bank was organized in June, 1912, with a capital stock of $35,000, and was opened under promising auspices, and was understood to be in splendid shape. However, when State Bank Examiner S. S. Harris of Tupelo, paid the bank a visit on July 17, for an inspection, he recommended an investigation by the bank's directors of the overdrafts and shortage in the cashier's account. A committee selected from the directorate immediately began an investigation and reported that Cashier Green was from $5,000 to $10,000 short in the cashier's account and had committed other defalcations. using the secretive method of "kiting," which had not been discovered untilsthe inspection of the state bank examiner. Mr. Green had about $5,000 stock in the bank and has been cashier since its organization, over two years ago. He came to Greenwood from his home in Franklin, Tenn., assistingin the organization of the new bank. He made many friends, was a deacon in the Presbyterian Church and a member of all the social clubs in the city. His arrest elicited much surprise. The other officers of the bank are: H. G. Kitchell, president; Vassar W. Dacus, vice-president, and the directors are H G Kitchell, J J Green, V W Dacus, J F Cortner, M Fatheree, S M Wilsford and G W Stanley. President Kitchell says the depositors and other creditors of the bank will be paid dollar for dollar, but he is unable as yet to say what the stockholders will receive. President Kitchell has assigned over his home and machine works to the bank to cover a $10,000 indebtedness which he had indorsed with Cashier Green in their purchase of some land I in Holmes county. The securities I which the bank holds for its loans are t declared to all be of worth, and that . the liquidation by the state bank exI aminer will give full relief to the depositors and creditors, and some to the a stockholders, is the opinion of the t other officers of the bank. I Cashier Green stated that he did b not care to make any statement at P this time. t At a preliminary hearing given Mr. o Green yesterday morning he waived I examination and was allowed bail in a the sum of $10,000 by Justice H. W. t Cooley, which was made this morning t. and Mr. Green released from custody. A We hope everything will soon be arranged to satisfy all concerned in this t unfortunate bank trouble. a

3. February 7, 1917 The Daily Commonwealth Greenwood, MS
Article from The Daily Commonwealth, February 7, 1917

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Article Text

GREENE CASE BEING TRIED Arguments Will Be Completed This Afternoon-Should Go to Jury Before Night.. At noon today the case of Mr. Jo J. Greene, charged with embezzlement in connection with the failure of the Greenwood State Bank in 1914, of which institution he was cashier, had been partly argued and had the appearance of reaching the jury sometime this afternoon. Two attorneys had spoken at noon and several others were to speak. The case was called yesterday afternoon at one thirty o'clock, the state completing its testimony before night. The jury was locked up until this morning when the defense presented its testimony. Argument in the case began about eleven o'clock. The jury should have the case before night. Other court matters have suspended pending outcome of this trial, only a few trival matters were taken up yesterday morning prior to the calling of the Greene case. Several cases against negroes by the City of Greenwood were ordered continued. The case of Dr. S. F. Love, charged with murder, will be tried Friday. The Sheriff is busy summoning a special venire of 100 men to serve as jurors in the case.

4. February 7, 1917 The Commonwealth Greenwood, MS
Article from The Commonwealth, February 7, 1917

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Article Text

JO. J. GREENE FOUND GUILTY Verdict Returned Late Wednesday Afternoon-Sentence Deferred Until Later By Judge. After being out forty five minutes the jury in the case of Jo J. Greene, charged with embazzlement in connection with the failure of the Greenwood State Bank in this city in 1914, of which institution he was cashier, brought in a verdict of "Guilty as charged'.' Sentence was not passed by Judge Everett but was deferred until later. The case was called yesterday afternoon at one thirty o'clock, the state completing its testimony before night. The jury was locked up until this morning when the defense presented its testimony. Argument in the case began about eleven o'clock. The jury should have the case before night. Other court matters have suspended pending outcome of this trial, only a few trival. matters were taken up yesterday morning prior to the calling of the Greene case. Several cases against negroes by the City of Greenwood were ordered continued. The case of Dr. S. F. Love, charged with murder, will be tried Friday. The Sheriff is busy summoning a special venire of 100 men to serve as jurors in the case.