11013. Bank of Hickory (Hickory, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 24, 1930
Location
Hickory, Mississippi (32.318, -89.026)

Metadata

Model
gpt-5-mini
Short Digest
ef13e999

Response Measures

None

Description

The January 24, 1930 Clarion-Ledger article states the state banking department closed the Bank of Hickory and took it over for liquidation; no run is mentioned. A follow-up (Apr 1931) article references indictments arising from the banks' failure. Therefore this is a suspension/closure by government action leading to liquidation/receivership.

Events (2)

1. January 24, 1930 Receivership
Newspaper Excerpt
department is working out plan of liquidation. The bank capitalized at ... with surplus of $3,000 There was total $140,000 on deposit. ... plan of liquidation was being worked out by the department and depositors will lose very little, Mr. Love believes. (Clarion-Ledger, 1930-01-24).
Source
newspapers
2. January 24, 1930 Suspension
Cause
Government Action
Cause Details
Closed/taken over by the state banking department and placed into liquidation by the department.
Newspaper Excerpt
HICKORY BANK CLOSES DOORS...was closed by the state banking ... Mr. Love believes. His department is working out plan of liquidation.
Source
newspapers

Newspaper Articles (3)

Article from Clarion-Ledger, January 24, 1930

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Article Text

HICKORY BANK CLOSES DOORS Department Takes Over McClendon's Institution In Newton The Bank of Hickory Newton county, of chairman of the house of representatives' on and banking, president, was closed by the state banking on morning at Mr. McClensilent run the bank over period of three blamed the department for the failure the bank, and shows that officials are victims of Love, state banks, who was asked by Mr. McClendon to take charge. Depositors will lose "very little Mr. Love believes. His partment is working out plan of liquidation. The bank capitalized at with surplus of $3,000 There was total $140,000 on deposit. Mr. McClendon's from the time when the lons are one of the most important banking problems faced in the state explained by this development. Acting for him chairman of the banks and banking Woolfolk Tunica, the bill Thursday to rescind the state banking guaranty law.


Article from The Cincinnati Enquirer, April 4, 1931

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Article Text

destroyed the town site of Piedrecita., by covering all the houses. The historical town of Tipitara, ordinarily populated by 2,000 people, is sheltering 10,000 refugees. Special trains are running between Managua, Granada and Leon. Physicians and nurses are treating the injured in the marine and naval hospitals. two of the few buildings unharmed by the temblor. Operations and amputations are being performed half-hourly, in full sight of the hundreds of injured being housed in the hospitals. Schildt To Fly Serum. Washington, April (UP) marine aviator who has been the hero of several aerial episodes in the conflict with Nicaraguan Insurrectionists was ordered by the navy tonight on quick flight from Philadelphia to the plague-menaced Nicaraguan capital to carry serum and vaccine. The flier, First Lieutenant C. F. Schildt, was expected to leave Philadelphia early tomorrow on fourstop flight in a trimotor transport, in at. attempt to reach Managua by Sunday evening with 7,500 cuble centimeters of anti-typhoid serum. 8,000 cowpox vaccine, and 20,000 tubes of chloride of lime. Rear Admiral Arthur St. Clair Smith, who flew to Managua today, ordered the medical supplies brought at once. Schildt probably will make stops for fuel at Parris Island, N. C., Cuba and Belize. Horduras. conference. They conducted a midnight meeting in Paducah on the Sunday when the National Bank of Kentucky failed and severed their BancoKentucky The consideration in the reopening of the Security Bank was that the Chemical Bank and Trust Company, New York, would be permitted to sell 2,713 shares of Security stock that PancoKentucky had pledged on note apply to BancoKentucky's credit whatever might be eventually realized out of the sale of the stock. it was reported. None of the bank stocks, it was pointed out, were purchased without an audit, except in the case of the People's-Liberty of Covington. If these investments were unprofitable "there is nothing grand jury can do about it," the report said. Los Angeles, April 3-(AP)-Six former officials of the Pacific National Bank were indicted today by Federal Grand Jury charges of misapplication of $528,400 of the bank's funds. The men are Anthony F. Swensen, Thomas Morrissey, Frank W. Shelton, Robert G. Johnson, Arthur P. Adkisson and James M. O'Brien. Federal officials said depositors were and would not be affected by the alleged loss. two defunct banks in Newton County, Mississippi, on charges that include forgery false pretense was disclosed with their arrest today. They are: S. D. Rudsell, Vice President and Director of the Bank of Hickory at Hickory; A. S. McLendon, Vice President and Director of the Bank of Hickory, and Chairman of the State Legislature's Committee on Banks and Banking: W. M. McLendon, Cashier of the Bank of Hickory, and H. N. Brown, Cashier of the Citizens' Bank of Newton. They were released under bonds of $1,000 each. The indictments grew out of the failure of the banks early last year.


Article from The Cincinnati Enquirer, April 4, 1931

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Article Text

destroyed the town site of Piedreci by covering all the The historical town of Tipitara ordinarily populated by 2,000 people is sheltering 10,000 refugees. Special trains are between Managua. Granada and Leon Physicians and are treating the injured in the and hospitals, two of the few buildings unharmed by the temblor Operations and amputation being performed half hourly in full sight of the hun dreds of injured being housed in the Schildt To Fly Serum Washington, April (UP) marine aviator who has been the hero several aerial episodes in the conflict with Nicaraguan Insurrec tionists was ordered by the navy to night quick flight from Phila delphia to the plague menaced Nic raguan capital to carry seruoi and Schildt. was expected to leave Phila on attempt reach Managua by Sunday with 500 centimeters of anti serum 8,000 of chloride of Rear Admiral Arthur St. Clair Smith. who flew to Managua today ordered the medical supplies brought once Schildt probably will make for Parris Island N and Belize Her uras conference They conducted a night meeting in Paducah on the Sunday when the National Bank of Kentucky failed and severed their connection The consideration in the reopening of the Security Bank was that the Chemical Bank and Trust Company New York be 2,713 shares of stock that BancoKentucky had pledged on note and apply to credit might be eventually realized out of the sale of the stock it was reported None of the bank stocks, it pointed out. were purchased without an audit except in the case of the People's of Covington these investments were unprofitable there is nothing a grand jury can do about it. the report said Los Angeles, April 3 (AP) Six former officials the Pacific Na tional Bank were indicted today by Federal misapplication of $528,400 of the The men are Anthony F Swensen Thomas Frank W Shelton, Robert Arthur P. and James M Brien Federal said depositors were and would not be a.f. fected by the alleged loss defunct banks in Newton County Mississippi, on charges that include forgery and false pretense was dis closed with their arrest today. They are D Rudsell Vice President and Director of the Bank of Hickory at Hickory McLendon Vice Pres ident and of the Bank of Hickory and Chairman of the State Committee on Banks and Banking W M McLendon of the Bank of Hickory and N. Cashier the Citizens Bank Newton They released under bonds of The indictments grew out of the failure of the banks early last year.