11004. Merchants Bank (Grenada, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 1, 1903*
Location
Grenada, Mississippi (33.769, -89.808)

Metadata

Model
gpt-5-mini
Short Digest
85bb8945

Response Measures

None

Description

The Merchants Bank of Grenada was assigned and placed in the hands of an assignee/receiver (assignment noted in Feb 1903 press). Subsequent chancery court proceedings, dividend to depositors, receiver's sale (Nov 1903) and sheriff's sale (Feb 1904) indicate the bank was suspended and liquidated/closed rather than reopening. No article describes a depositor run prior to suspension.

Events (4)
1. January 1, 1903* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was assigned to an assignee/receiver (insolvency or failure leading to assignment as reported in Feb 1903).
Newspaper Excerpt
The Merchants' Bank, of Grenada, assigned last week.
Source
newspapers
2. April 25, 1903 Other
Newspaper Excerpt
The matter of assignment of the Merchants Bank consumed much of the time of the court, and several matters of great importance to depositors and creditors were disposed of. Among other things a dividend of 25 per cent. was ordered to be paid at once by the Receiver to depositors.
Source
newspapers
3. November 21, 1903 Receivership
Newspaper Excerpt
By virtue of a Decree of the Chancery Court of Grenada County, rendered at the October term, 1903, the undersigned Assignee and Receiver will on SATURDAY, NOVEMBER, 21ST, sell at public outcry... the property situated in the city of Grenada known as The Merchants Bank Building... B. C. DUNCAN, Assignee and Receiver.
Source
newspapers
4. February 1, 1904 Other
Newspaper Excerpt
Notice is hereby given that by virtue of a certain writ of fi fa... in the suit of B. C. Duncan, assignee and receiver of The Merchants Bank... the following described lands... will be sold... Monday, February 1, 1904.
Source
newspapers

Newspaper Articles (7)
1. February 4, 1903 The Leader Brookhaven, MS
Article from The Leader, February 4, 1903

Click image to open full size in new tab

Article Text

MISSISSIPPI NEWS. A Short-Hand Chronicle of Current Happenings. Quitman has asked for a new depot. Negro thugs and thieves are infesting Yazoo City. The Merchants' Bank, of Grenada, assigned last week. Ellisville has a new social club. The capital stock is $1,000. A large retail grocery firm has been incorporated at Laurel. A sleeper will shortly be put on between Chicago and Gulfport. Greenville's street car system is to be lengthened and improved. Mormon missionaries are distributing literature throughout the State. Gloster's Business League has undertaken the building of a brick factory. Oktibbeha county has put into operation the contract system for working roads. Rev. Z. T. Leavell, of Jackson, has completed a history of the Baptists of the State. R. A. Powell lost his residenee by fire at Lexington on the 28th. The insurance was light. Hon. C. V. Ratcliff has announced for State Senator from Pike and Franklin counties. L. L. Kearney, a member of one of Mississippi's oldest families, died at Flora on the 24th. Hon. W. P. Tackett succeeds Hon. W. S. Hill as District Attorney for the Fifth Judicial District. Many bones of old soldiers were unearthed at Vicksburg last week in a field which was being plowed. The Hazlehurst Lumber Co. lost several thousand feet of lumber by fire last week. The loss is heavy. Ben H. Akinson, fo Columbus, committed suicide on the 30th at Decatur, Ill. He leaves a wife and one child. The grand jury of Hinds scored certain city officers of Jackson, who are now busy finding out where they' at. Pick-pockets relieved a number of gentlemen of money and jewelry at the canal celebration at Vicksburg on last Thursday. Eugene Flowers shot and mortally wounded George Jones at Gallman, in a quarrel over 25 cents. Flowers escaped. Bishop and Mrs. C. B. Galloway reached San Francisco on the 27th and arrived at their home in Jackson on Monday. The Water Valley Concert Band has been engaged to furnish the music for the Mardi Gras carnival at Natchez Feb. 23rd and 25th inclusive. Dr. Jesse R. Jones, of Jackson, has patented improvements in cultivators, which he thinks will revolutionize the present mode of farming. The McCcmb cotton mills have

2. April 25, 1903 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, April 25, 1903

Click image to open full size in new tab

Article Text

Court. Chancery Court convened in Grenada on last Monday, with Judge J. C. Longstreet presiding. Some Important cases were tried, and some very Interesting questions discussed. The matter of assignment of the Merchants Bank consumed much of the time of the court, and several matters of great importance to depositors and creditors were disposed of. Among other things a dividend of 25 per cent. was ordered to be paid at once by the Receiver to depositors. The court adjourned yesterday. Judge Longstreet makes a model Chancellor and has few equals and no superior in the state. Try Armour & Co.'s Star Hams if you want the best. You will find them peerless. For sale by JAS. CUFF & SON.

3. October 31, 1903 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, October 31, 1903

Click image to open full size in new tab

Article Text

Receiver's Sale. By virtue of a Decree of the Chancery Court of Grenada County, rendered at the October term, 1903, the undersigned Assignee and Receiver will on SATURDAY, NOVEMBER, 21sT, sell at public outcry, for cash, to the highest bidder, the property situated in the city of Grenada known as The Merchants Bank Building, together with the Furniture and Fixtures therein; Furniture and Fixtures therein consisting of Bank Safe, Bank Vault and Bank Furniture. The Building is a Two Story Brick Building in good repair. This is a handsome piece of property, and especially 60 for the Banking Business. I will also sell at the same time and place, one Underwood Tipewriter and one Adding Machine; also Three Roll Top Desks. Will alse sell, at the same time and place, One Hundred and Twenty (120) Acres of Land, known as the Joe Williams Property, and situated about two miles west of, Grenada, and described as follows:-Southeast 1 of Southeast 1 and West 1 of Southeast 1, Section 14, Township 22, Range 4 East. B. C. DUNCAN, O-31-3 Assignee and Receiver.

4. November 7, 1903 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, November 7, 1903

Click image to open full size in new tab

Article Text

Receiver's Sale. By virtue of a Decree of the Chancery Court of Grenada County, rendered at the October term, 1903, the undersigned Assignee and Receiver will on SATURDAY, NOVEMBER, 21sT, sell at public outcry, for cash, to the highest bidder, the property situated in the city of Grenada known as The Merchants Bank Building, together with the Furniture and Fixtures therein; Furniture and Fixtures therein consisting of Bank Safe, Bank Vault and Bank Furniture. The Building is a Two Story Brick Building in good repair. This is a handsome piece of property, and especially so for the Banking Business. I will also sell at the same time and place, one Underwood Tipewriter and one Adding Machine; also Three Roll Top Desks. Will alse sell, at the same time and place, One Hundred and Twenty (120) Acres of Land, known as the Joe WIIliams Property, and situated about two miles west of Grenada, and described as follows:-Southeast 1 of Southeast t and West 1 of Southeast 4. Section 14, Township 22, Range 4 B. C. DUNCAN, East. 0-31-3 Assignee and Receiver.

5. November 14, 1903 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, November 14, 1903

Click image to open full size in new tab

Article Text

SATURDAY, NOVEMBER, 21ST, sell at public outcry, for cash, to the highest bidder, the property situated in the city of Grenada known as The Merchants Bank Building, together with the Furniture and Fixtures therein: Furniture and Fixtures therein consisting of Bank Safe, Bank Vault and Bank Furniture. The Building is a Two Story Brick Building in good repair. This is a handsome piece of property, and especially so for the Banking Business. I will also sell at the same time and place, one Underwood Tipewriter and one Adding Machine; also Three Roll Top Desks. Will alse sell; at the same time and place, One Hundred and Twenty (120) Acres of Land, known as the Joe Williams Property, and situated about two miles west of Grenada, and described as follows:-Southeast 1 of Southeast 1/4 and West 1 of Southeast t, Section 14, Township 22, Range 4 East. B. C. DUNCAN, O-31-3 Assignee and Receiver.

6. January 9, 1904 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, January 9, 1904

Click image to open full size in new tab

Article Text

# Sheriff's Sale. Notice is hereby given that by virtue of a certain writ of fi fa, issued by the Circuit Court of Grenada County, Mississippi, in the suit of B. C. Duncan, assignee and receiver of The Merchants Bank, vs S.D. Rayburn, the following described lands in said Grenada County, were levied upon, and the same will be sold to satisfy said writ on Monday, February 1, 1904, within legal hours, for cash, in front of the Court House door of said county, to-wit: Southeast ¼ of northeast ¼, Section 1, Township 22, Range 6, East; Lots 2 to 6 inclusive; 11 to 32 inclusive, and North ½ Lot 33 and Lots 34 to 47 inclusive, and Lots 50 to 108 inclusive, and Lots 110 and 123, South Ward, Graysport; Lots 35, 36, 39 and 40, North Ward Graysport. J-9-4t W. H. CROWDER, Sheriff Grenada Co., Miss.

7. February 13, 1904 The Grenada Sentinel Grenada, MS
Article from The Grenada Sentinel, February 13, 1904

Click image to open full size in new tab

Article Text

Receiver's Sale. By virtue of the decree of the Chancery Court of Grenada County, Mississippi, the undersigned, Assignee and Receiver of the Merchants Bank, will on MONDAY, the 15 day of February, 1904, in front of the court house door, of Grenada County, Mississippi, sell to the highest bidder, for cash, at public outcry, Ninety-nine (99) Shares of the Capital Stock of the Leigh-Underwood Company. B. C. DUNCAN, F-6-04 Assignee and Receiver.