11020. Tishomingo Banking Company (Iuka, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
January 13, 1912
Location
Iuka, Mississippi (34.812, -88.190)

Metadata

Model
gpt-5-mini
Short Digest
a0fbf8f1

Response Measures

None

Description

Multiple contemporaneous articles (Jan 13–19, 1912) report the Tishomingo Banking Company failed to open, suspended operations and a general assignment/receiver was appointed. No contemporaneous description of a depositor run is given — the depositor violence (shooting of the president) followed the announcement of the suspension/failure. Cause is reported as inability to collect outstanding obligations (bank-specific liquidity/solvency problems). Receiver W. T. Bennett appears in court notices through May–June 1912.

Events (3)
1. January 13, 1912 Other
Newspaper Excerpt
Following the failure of the Tishomingo Banking Company to open its doors... James H. Faircloth, president of the bank, was shot by a depositor (G. T. Jordan).
Source
newspapers
2. January 13, 1912 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank failed to open and directors ordered business suspended because of inability to collect outstanding obligations; general assignment made for benefit of creditors (about $250,000 involved).
Newspaper Excerpt
As a sequel to the suspension today of the Tishomingo Banking Company of Iuka and Belmont, Miss., James H. Faircloth, president of the institution, was shot...
Source
newspapers
3. January 19, 1912 Receivership
Newspaper Excerpt
The Tishomingo Banking Co., of Iuka, closed its doors on Saturday last and was placed in the hands of a receiver. The bank was unable to collect outstanding obligations and was forced to suspend. ... W T Bennett, Receiver (later court notices).
Source
newspapers

Newspaper Articles (13)
1. December 22, 1911 The Commercial Union City, TN
Article from The Commercial, December 22, 1911

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Article Text

Failure of luka Bank. An associated press dispatch from Iuka, Miss., gives the following account of the shooting of Jas. H. Faircloth, former cashier of a bank in this place. It seems Tishomingo Banking Co., of Iuka, had closed its doors and a general assignment had been made for the benefit of the creditors. There are several stockholders here of the bank, and they knew nothing of the assignment until the article below came out in the newspapers: "As a sequel to the suspension today of the Tishomingo Banking Company, of Iuka and Belmont, Miss., James H. Faircloth, president of the institution, was shot and wounded by C. T. Jordan, a cattle buyer of Iuka, one of the depositors. The bullet struck Faircloth in the thigh, and it is not thought that the wound will prove serious. The shooting occured at the apartments of Faircloth in a local hótel. Jordan was arrested but later released under bond. Announcement was made this morning when the local branch of the concern failed to open its doors that a general asignment had been made for the benefit of creditors and despositors, who it is asserted, will be paid in full. About $250,000 is involved. Inability to make collections is declared responsible. B. F. Worsham and I. W. Walker were named as assignees.

2. January 14, 1912 Evening Star Washington, DC
Article from Evening Star, January 14, 1912

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Article Text

SHOOTS BANK PRESIDENT Depositor Uses Gun as Sequel to Suspension of Mississippi Institution. IUKA, Miss., January 13.-As a sequel to the suspension today of the Tishomingo Banking Company of Iuka and Belmont, Miss., James H. vaircloth, president of the institution, was shot and wounded by C. T. Jordan, a cattle buyer of Iuka, one of the depositors. The bullet struck Faircloth in the thigh, and it is not thought the wound will prove serious. The shooting OC: curred at the apartments of Faircloth in a local hotel. Jordan was arrested, but later released under bond. Announcement was made this morning when the local branch of the concern failed to open its doors that a general assignment had been made for the benefit of creditors and depositors who, it is asserted, will be paid in full. About $250,000 is involved. Inability to make collections is declared responsible for the failure.

3. January 14, 1912 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, January 14, 1912

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Article Text

BANK FAILED: DEPOSITOR MAD HE FOUND PRESIDENT OF THE INSTITUTION AND SHOT HIMABOUT $250,000 INVOLVED IN FAILURE. By Associated Press. Iuka, Miss., Jan. 13.-As a sequel to the suspension today of the Tishomingo Banking Company, President James H. Faircloth, of the institution, was shot and wounded in his partments at a hotel by C. T. Jordan, a depositor. Faircloth was shot in the thigh and the wound is not serious. About $250,000 is involved in the failure. Inability to make $ collections is given 1 as the cause.

4. January 14, 1912 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, January 14, 1912

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Article Text

BANK PRESIDENT SHOT BY DEPOSITOR CATTLE DEALER HAD MONEY IN INSTITUTION WHEN IT WENT TO THE WALL. SHOOTING IN HOTEL Wounded Man May Recover-Bank Said to Be Heavily Involved. Iuka, Miss., Jan. 13.-Following the failure of the Tishomingo Banking Company to open its doors for business here this morning, James H. Faireloth, president of the bank, was shot three times by G. T. Jordan, a cattle dealer and a depositor of the bank. The shooting took place in Faircloth's room in the Middle Springs Hotel, shortly after 10 o'clock. The banker was shot in the groin, but his wound is not considered serious. Jordan was at once placed under arrest. but was later released upon $4,000 bond for his appearance at preliminary hearing. When the bank was closed for business yesterday, 1. is understood that a meeting of the directors was called and upon their learning of the financial condition of the bank they at once ordered all further business suspended. This news did not become generally known until the usual hour for the bank to open this morning and when it. failed to do so the news spread over the town like wildfire, creating a profound sensation. Mr. Jordan, who it is said, had about $5,000 on deposit in the bank, went to the hotel where Mr. Faireloth lived. He went to his room and stepping inside, closed the door and locked it behind him no, tails of the dispute which led up to the actual shooting have not been learned, as Jordan and Faircloth decline to discus the matter. Three shots were heard in the room and when the notel people reached the scene Jordan was leaving. Faircloth was shot only once and was found lying on his bed. partly dress ed. The exact amount of Jordan's deposits could not be learned and other officials of the bank refused to make any formal statement in this connection or give any idea of the total amount of deposits. It is said that the bank. is heavily involved, although it has generally been regarded as a sound institution. It is capitalized at $25,000.

5. January 16, 1912 Atlanta Semi-Weekly Journal Atlanta, GA
Article from Atlanta Semi-Weekly Journal, January 16, 1912

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Article Text

BANK PRESIDENT SHOT BY CREDITOR WHO LOST Depositor Had $5,000 in Bank When It Suddenly Went to Wall IUKA, Miss., Jan. 13.-Following the failure of Tishomingo Banking company to open its doors for business here this morning, James H. Faircloth, president of the bank, was shot three times by G. T. Jordan, cattle dealer, and a Uepositor of the bank. The shooting took place in Faircloth's room at the Mineral Springs hotel, shortly after 10 o'clock. The banker was shot in the groin, but his wound is not considered serious. Jordan was at once placed under arrest, but was later released upon $4,000 bond for his appearance at preliminary hearing. When the bank was closed for business Friday it is understood that a meeting of the directors was called and upon their learning of the financial condition of the institution, they at once ordered all further business suspended. This news did not become generally known until the usual hour for the bank to open this morning, and when it failed to do so the news spread ever town like wild fire creating a profound sensation. (Mr. Jordan, who it is said, had about $5,000 on deposit in the bank, went to the hotel where Faircloth lives. He went direct to his room and, stepping inside, closed the door and locked it behind him. Details of the dispute which led up to the actual shooting have not been learned as both Jordan and Faircloth decline to discuss the matter. Three shots were heard in the room and when the hotel people reached the sene Jordan was leaving. Mr. Faircloth was shot only once and was found lying on his back partially dressed. !The exact amount of Jordan's deposit could not be learned as other officials of the bank refuse to make any formal statement in this connection or give any idea of the total amount of deposits.

6. January 19, 1912 The Tupelo Journal Tupelo, MS
Article from The Tupelo Journal, January 19, 1912

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Article Text

luka Bank Fails. The Tishomingo Banking Co., of Iuka, closed its doors on Saturday last and was placed in the hands of a receiver. The bank was unable to collect outstanding obligations and was forced to Mr. Faircloth the suspend. cashier of the bank was one of the contractors on our good roads but the failure of his bank will in no wise prove S loss to the district. The contract provides for the advancement of only 85 per cent of the amount due on the work done during the month and the estimate is made each month by the engineer and approved by the commissioners before an allowance is made. Besides, there is a good and sufficient bond behind the contract which guarantees the completion of the roads as now laid out. The quest on of their completion is now up to the bond company, and while we are not advised in the matter we presume that the bond company will place some one in charge and complete the work as soon as the weather will permit.

7. January 19, 1912 The Commercial Union City, TN
Article from The Commercial, January 19, 1912

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Article Text

Failure of luka Bank. An associated press dispatch from Iuka, Miss., gives the following account of the shooting of Jas. H. Faircloth, former cashier of a bank in this place. It seems Tishomingo Banking Co., of Iuka, had closed its doors and a general assignment had been made for the benefit of the creditors. There are several stockholders here of the bank, and they knew nothing of the assignment until the article below came out in the newspapers: "As a sequel to the suspension today of the Tishomingo Banking Company, of Iuka and Belmont, Miss., James H. Faircloth, president of the institution, was shot and wounded by C. T. Jordan, a cattle buyer of Iuka, one of the depositors. The bullet struck Faircloth in the thigh, and it is not thought that the wound will prove serious. The shooting occured at the apartments of Faircloth in a local hotel. Jordan was arrested but later released under bond. Announcement was made this morning when the local branch of the concern failed to open its doors that a general asignment had been made for the benefit of creditors and despositors, who it is asserted, will be paid in full. About $250,000 is involved. Inability to make collections is declared responsible. B. F. Worsham and 1. W. Walker were named as assignees.

8. January 19, 1912 The Palatka News and Advertiser Palatka, FL
Article from The Palatka News and Advertiser, January 19, 1912

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Article Text

Bank Fails; President Is Shot. Iuka, Miss.-As a sequel to the suspension of the Tishomingo Banking company of Iuka and Belmont, Miss., James H. Faircloth, president of the institution, was shot and wounded by C. T. Jordan, a cattle buyer of Iuka, one of the depositors. It is not now thought the wound will prove serious. A general assignment has been made for the benefit of creditors and depositors. About $250,000 is involved. Inability to make collections is declared responsible.

9. May 23, 1912 The Iuka Vidette Iuka, MS
Article from The Iuka Vidette, May 23, 1912

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Article Text

Number 617. In the Chancery Court of Tishomingo County, Miss., June Term, 1912. In re assignment Tishomingo Banking Company, W T Bennett, Receiver. To J H Holley, Juvinile Missionaary Society: Bettie Duncan, I E Carter, A G Wells, L J McRae, E A Neblett, N J Martin and J D Martin who cannot be found in this county and state after diligent inquiry and whose post office address is unknown: You are commanded to appear before the chancery court of said county, said state on the second Monday of June, 1912 to defend the suit in said court of W T Bennett receiver of Tishomingo Banking Company. wherein you are a party in interest and defendant. This May 11th, 1912. 16-3 T J Storment, Chan Clk

10. May 23, 1912 The Iuka Vidette Iuka, MS
Article from The Iuka Vidette, May 23, 1912

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Article Text

In the Chancery Court of Tishomingo County, Miss. In Vacation, Term 1912. Number 617. In re assignment Tisho- mingo Banking Company, W T Bennett, Receiver. To R S Mayhall, Red Bay, Ala. You are commanded to appear before the Chancery Court of said county on the second Monday of June 1912, to plead, answer or demur to the bill in said cause, wherein you are parties interested and defendants. This the 17th day of May 1012. T J Storment, Chanc'y Clerk.

11. May 30, 1912 The Iuka Vidette Iuka, MS
Article from The Iuka Vidette, May 30, 1912

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Article Text

In the Chancery Court of Tishomingo County, Miss. Vacation Term 1912, Number 617. In re assingnment Tishomingo Banking Company, W. T Bennett, Receiver. To C W Davis, York Music Co.. C G Hopkins, who cannot be found in said state after diligent inquiry and whose post office address is unknown. You are commanded to appear before the Chancery Court of said county on the second Monday in June 1912, to plead, answer or demur in said cause wherein you are parties in interest and defendants. This May 17th, 1912. T J Storment, Chancery Clerk

12. June 20, 1912 The Iuka Vidette Iuka, MS
Article from The Iuka Vidette, June 20, 1912

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Article Text

CHANCERY COURT June Term, 1912 In the matter of Ward Wimbish minor, J. C. Jourdan, guardian. Settlement approved. Same order in regard to Ruby Wimbish, Ouida Wimbish, Annie Wimbish, Clara and Louise, Bertha Wimbish. Amanda Booth, minor, J A Moser guardian. Settlement approved. Same order as to Florence Booth, Mary Eva Booth and Claudie C Booth. Petition of Annie M Gray et als for sale of land granted; Clerk ordered to advertise and sell same. W T Bennett, Receiver vs Tishomingo Banking Company. Continued to be argued in vacation. B F Worsham and I W Walker vs Tishomingo Banking Co. Same order. Ex parte Ben C Pace et als. Sale of land confirmed. The proceeds, $675, to be divided among heirs. Tenn. Valley Fertilizer Co. vs J R Gravette. Defendant required to answer 4omorrow what he did with 60 tons fertilizer and what he did with guano not accounted for by cash or notes; also which and whose notes he had collected; also what he did with proceeds. Fannie Parker and Nora Parker, minors, W B Leatherwood, guardian. Account filed andapproved Ex parte W M Holland ct al. Petition to clear title granted, said title being vested in CC Johnson 3 who pays all cost. Allison Smith lunatic, R W Carter, guardian. First annual re port approved. E A Payne vs N L Phillips. Petition granted and lands ordered to be advertised and sold. Estate N T Honeycutt. Suit for certain personal property by Millie Marlar and said property was awarded her, J A E Pyle being allowed $6 for his services as referee. J L Dean vs Mary Ross et als. Sale of land not confirmed, price $850, not being deemed sufficient Clerk ordered to re-advertise and sell same. T A Clark vs W T Bennett, receiver. Suit withdrawn. W M Barnett, guardian for Wilford Clifford Barnett, minor. Application for annual allowance disallowed because father of said minor is a prosperous business man. W T Bennett, Receiver vs W P Bolding et als. Sixty days granted in which to answer. N C Wallace vs J B Bullard Demurrer overruled, sixty days to answer. Order approving sale of brick building belonging to Tishomingo Banking Company to D A Adams for $751 was entered. B R Warriner vs W T Bennett. Suit for materials and machinery for Mineral Springs Hotel water works. Judgment for plaintiff. Mrs Edna Blakney. guardian for Georgia, Erwin, Alice, William and Bessie Blakney, minors. Guardian's final account approved. Mrs Callie Tumlin vs B T Tumlin, suit for divorce. Divorce granted plaintiff together with custody of child, Colene. W J McDougal vs L C McDougal. Suit for divorce which was granted. Iuka Lumber Co vs Mineral Springs Hotel. Lien for building material. Judgment for plaintiff for $154.93. Susie Carpenter vs Tabitha Wallace. Bill sustained. Clerk ordered to sell land for division. Mrs Annie Gracey Admx. Sixty . ys given in which to file account. M Holder vs M Searcey et als. Bill sustained and Clerk ordered to advertise and sell lands in controversy for division. Est. of C P Seago deceased. The final settlement of AF White-

13. June 27, 1912 The Iuka Vidette Iuka, MS
Article from The Iuka Vidette, June 27, 1912

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State of Mississippi Chancery Court In VaTishomingo cation 1912. County ~~~~~~~~~~~~~~~~~~~~~~~~~ In re Receivership Tishomingo Banking Co. W T Bennett Receiver. To D T Harvey, Aripeka, Fla. You are commanded to appear before said court at Iuka said county and state at 8 o'clock a m July 30th, 1912, at the court house in said town, then and there to present any claim you have or make to right to prior payment of any sum or sums from said Tishomingo Banking Co or said Receiver to you, at which time and place all questions or priority will be heard by said court in vacation. This June 25th. 1912. TJ Storment, 3t Chancery Clerk,