Wilson Banking Company - Greenwood, MS

Bank Information

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

Metadata

Model: gpt-5-mini
Short Digest: 18846d43

Response Measures

Full suspension, Books examined

Other: State banking department placed bank in charge for liquidation; death of A. Wilson and estate settlement cited as proximate cause.

Description

Newspapers (Dec 20–21, 1930) report runs in Greenwood after the Wilson Banking Company failed to open; directors placed the bank in charge of the State Banking Department for liquidation. This indicates a run precipitating suspension/receivership and permanent closure. Bank charter type not stated.

Events (3)

1. December 20, 1930 Receivership

Newspaper Excerpt: placed in charge of the State banking department ... for liquidation; directors decided to close the bank and place it in the hands of State Banking Department for liquidation
Source: newspapers

2. December 20, 1930 Run

Cause: Bank Specific Adverse Info
Cause Details: Runs began after Wilson Banking Company failed to open following the death/estate settlement of A. Wilson that disrupted credit; depositors started heavy withdrawals
Measures: Bank closed for protection of all depositors alike; directors placed bank in hands of State Banking Department for liquidation
Newspaper Excerpt: the runs on the bank this morning were unjustified... depositors started runs on the banks after the Wilson Banking Company... failed to open Saturday
Source: newspapers

3. December 20, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Directors closed bank and placed it in charge of State Banking Department for liquidation due to unusual situation after death of A. Wilson and resultant estate/credit problems combined with runs by depositors; closure described as protective/for liquidation by state authorities or directors' action
Newspaper Excerpt: Wilson Banking Co. at Greenwood... were closed today and placed in charge of the State banking department
Source: newspapers

Newspaper Articles (6)

1. December 20, 1930 The Greenwood Commonwealth Greenwood, MS

Article from The Greenwood Commonwealth, December 20, 1930

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LOVE DECLARES State of Banks Declares Conditions Fundamentally Sound JACKSON, Miss. (AP) Superintendent Love called for "coolness and deliberation" upon the part of banking public statement Speaking the situation Greenwood, Superintendent Love reason of Mr. Wilson's death, impossible for estate function, continuing protect the bank; and on count state laws, the estate not function for six months. This the closing Wilson Banking Company. banks Greenwood which suspended, were forced close. order to protect their depositors. The condition these banks fundamentally sound, yet few banks are position at this time to stand run, and wise act part of the banks to close, rather than show preferfew excited deposiIt my opinion that the majority of these banks Greenwood can be re-opened, and plans now being put to that end. time when the puband particularly the deposmust not become frightened, but must act with cooland deliberation, must cooperate with those who are trying to stabilize conditions. While we deplore the necessary closing of these banks, yet the condition the banks was solvent, and they could have continued operation with comfort, had the runs not develop- LAS VEGAS, (AP) Why should happy bride guess it's just habit," said Dorothy Sebastian of the screen, explaining the tears when becoming Mrs. William Boyd. The license indicated had been divorced. "The name doesn't matter," she said about her first husband. WASHINGTON -Senator Smoot has an idea: those have meals to eat should eat one meal less week and give the of the meal the poor. When made the suggestion in debate Senator Connally Texas took look and opined that one of Senator Smoot's meals would do the poor very little good.

2. December 20, 1930 The Greenwood Commonwealth Greenwood, MS

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A TIME FOR CAREFUL THINKING This afternoon Greenwood is beginning to recover from an unreasoning financial panic which forced the closing of four of the strongest banks in Mississippi. The runs on the bank this morning were unjustified. The four banks which closed were all solvent, all able to meet their obligations in the usual course of business. Had they been permitted by the excited depositors to meet only the anticipated withdrawls they would have been in excellent financial condition and no financial stringency would have followed the closing of the Wilson Bank. The Wilson closing was not due to insolvency, it was the result of the settlement of an estate which takes time in the courts. As the situation stands now Greenwood has only one bank, but that bank is in position to meet any demands which may be made on It if off every can, necessary pay depositor from funds now available, if it had sufficient foolish depositors to demand it. The bank runs are over. It remains now to determine what can be done with the banks which are closed. That is a matter which depositors only can determine. Had the depositors not been in panic today. these banks would not have closed. Whether these banks re-open will in all probability rest with the depositors. these closed banks can be assured that they will not be subjected to series of wholesale withdrawals, they should be able to open for business. Conservative and careful action by the depositors about of the banks. Continued panic bring a re-opening will these institutions closed. It's up to the depositors. keep

3. December 21, 1930 Evening Star Washington, DC

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.

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

Article from The Atlanta Constitution, December 21, 1930

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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.

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

Article from The Atlanta Journal, December 21, 1930

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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

6. December 22, 1930 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, December 22, 1930

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Other States On Finnish To Some Having Have Perished May Difficulties Banking Three Banks Close and Four Others Suspend in MisIn Associated Jackson, Miss., Dec. banks closed and four others suspended temporarily in Mississippi to- The Wilson Banking company Greenwood failed open, immedlately three others in GreenThe Bank of McClain closed temaudit of the porarily an books after Cashier B. Reed ported discrepancy and asked to jailed The Bank at Drew and the Bank of Pheba also closed. Two in North Carolina Dec. NaGoldsboro, tional Bank of Goldsboro and the Goldsboro and Trust Comnanv, affiliated banks, failed to open today. Oberon Collides With Finnish Arcturus and Saved