11027. First National Bank (Jackson, MS)

View Charter #3332 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
3332
Charter Number
3332
Start Date
January 17, 1931
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini
Short Digest
1c575684

Response Measures

Full suspension

Other: Directors closed the bank and notified the Comptroller; receiver later distributed partial payments.

Receivership Details

Depositor recovery rate
79.1%
Date receivership started
1931-02-16
Date receivership terminated
1937-07-27
OCC cause of failure
Economic conditions
Share of assets assessed as good
52.6%
Share of assets assessed as doubtful
31.7%
Share of assets assessed as worthless
15.6%

Description

Multiple contemporaneous articles (dated Jan 20, 1931) report that the First National Bank of Jackson experienced gradual withdrawals culminating in a run 'Saturday' and directors closed the bank and advised the Comptroller of the Currency to take it for liquidation. Later items (1931-05 and 1934) reference receivership and distributions, confirming permanent closure/liquidation. OCR errors in articles (missing words/punctuation) corrected when extracting dates and phrases.

Events (5)
1. April 10, 1885 Chartered
Source
historical_nic
2. January 17, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Widespread rumors concerning the bank's condition led depositors to withdraw funds, culminating in a run on Saturday prior to closure.
Measures
Directors closed bank and posted notice; notified Comptroller of the Currency and chief national bank examiner; preserved assets pending federal takeover.
Newspaper Excerpt
culminated in practically run Saturday
Source
newspapers
3. January 20, 1931 Receivership
Newspaper Excerpt
notice posted on the front door stated that the comptroller of currency and the chief national bank examiner had been advised to take the bank for liquidation. officers... charged with duty of keeping intact all assets pending arrival of representative of the federal [comptroller].
Source
newspapers
4. January 20, 1931 Suspension
Cause
Government Action
Cause Details
Board of directors closed the bank and asked the Comptroller of the Currency to take the institution for liquidation after recent withdrawals and runs; bank failed to open Jan 20, 1931.
Newspaper Excerpt
failed to open for business today. notice posted on the front door stated that the comptroller of currency and the chief national bank examiner had been advised to take the bank for liquidation.
Source
newspapers
5. February 16, 1931 Receivership
Source
historical_nic

Newspaper Articles (13)
1. January 20, 1931 The Vicksburg Post Vicksburg, MS
Article from The Vicksburg Post, January 20, 1931

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Article Text

FIRST NATIONAL OF JACKSON IS CLOSED JACKSON, Jan. 20.-The First National Bank of Jackson, carrying deposits of $2,000,000 failed to open for today. notice on the front door stated that the comptroller currency and the national bank had been advised to take the bank for liquidation The bank with of $203,000 as of December 31, Stirling president and H R. Perry, cashier. issued late last night by the board of directors stated that action was taken because of gradual withdrawal and seepage deposits day by day which culminated in practically run Saturday The directors also stated that rumors had been wide-spread concerning the bank's condition, and to open today would only result run on the bank.

2. January 20, 1931 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, January 20, 1931

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Article Text

JACKSON BANK First National at Capital to Liquidate, Declares Press) Jan. First National Bank of Jackson, deposits of failed to open for today. notice posted on the front door stated that the comptroller currency and chief national bank examiner had been advised to take the bank for liquidation. The bank was capitalized $200,with surplus of $203,000 December 31, 1930. Stirling president and Perry cashier. statement issued late by the board of directors stated that the action was taken because of gradual withdrawal and seepage deposits day by day which in practically Saturday. The directors stated that rumors had been wide-spread concerning the bank's condition, and to open today would only result in run on the bank. The state banking department announced that the Peoples Bank Utica, 20 miles southwest of Jackson, had closed its doors after brief period of business this morning. The banking officials said the closure was due inability the bank stem started when institution opened for business today. notice posted on the door statthat the institution was closed order the board of directors. The Peoples was capitalized $17,500, had surplus of $8,500 with deposits approximating $160,Dudley, is president and Davis, cashier. GULFPORT BANKS MERGED First National Bank of Gulfport Monday took over the deposits and assets of the Bank and Trust Company, with the understanding that all checks against Bank and Trust Company balances would be paid by the First National in ordinary course of business. of absorption the Commercial Bank and Trust Monday afternoon form of statement signed by its directors, while both banks were closed in observance of Lee's birthday.

3. January 20, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, January 20, 1931

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Article Text

Directors Decide On Closure, Liquidation Of 1st National Bank The First National bank of Jackhas been closed for liquidation order of its board of directors. News of the action was made known late last night when bank officials took cognizance of the gradual and seepage deposits from day day which culminated run of some extent on the bank last Saturday morning. Since rumors had been widespread Monday, Lee's birthday legal the directors decided that interest of depositors dictated closure of the notice was posted on the bank advising pubthis action bank's president, General Stirling, advising comptroller of curand the chief bank for the sixth district, of Until representative of the federal arrives take bank's affairs, officers of bank charged keeping intact all asthe No other Jackson financial institution affiliated with the First National bank and none affected its closure. the other institutions are fine well shape fortified to stand unmoved with qualification of strength. difficulties of the First National bank began two years ago trusted employe made heavy inroads with defalacation of large money. The business depression had given little portunity for making good this Rumors regarding the bank have in in Jackson for time past and these reports, many them led the of deposits recently steady stream: further rectors last night issued the following there has recently veloped deposits from which on Saturday morning, whereas rumors spirited the bank opened January And deem such course necessary conservation assets of bank the that all and shall be equitably and ratably protected, now thereresolved by the directors of the First National bank of Jackson, that the bank be closed and turned currency States for liquidation and that notice posted on the front door this bank giving tice this action that the comptroller currency chief bank sixth federal district notified by the president the bank of this action. and pending the arrival of and taking over assets bank the comptroller that the officers of the currency, bank charged with duty of keeping intact all preserving the directors meeting show passed mously Following the ficials said the loans good shape and believed bank has sufficient on liquipay depositors in full. The National ranked fourth the city's five banks point of deposits listed when showed total nosits of It was capat $200,000.

4. January 20, 1931 The Greenwood Commonwealth Greenwood, MS
Article from The Greenwood Commonwealth, January 20, 1931

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Article Text

FIRST NATIONAL CLOSED TODAY Gradual Withdrawals and Run Saturday Puts Bank Liquidation JACKSON, Miss. (AP) The First National Bank Jackson, approximately $2,000,000, failed to open for business today. notice posted the front door stated that the comptroller of currency and chief national bank examiner had been advised take over the bank liquidation. Stirling president and H. R. Perry cashier. statement issued late last night by the board of directors stated that the action was taken because of withdrawal and seepage deposits day day which culminated practically run Saturday The directors also stated that rumors had been wide-spread concerning the bank's condition, and to open today would only sult in run on the bank. The state banking department announced that the Peoples Bank Utica, 20 miles southwest Jackson, had closed its doors after brief period of business this merning. The banking ficials said closure due inability the bank to stem started when institution opened for business today. notice posted door stated that institution closed order of the board of directors The Peoples bank was capitalsurplus $8,500 deposits approbimat$160,000. Dudley, Sr., is president and H. Davis, cashier. The bank was capitalized with surplus of $203,000 as of December 31, 1930.

5. January 20, 1931 The Greenwood Commonwealth Greenwood, MS
Article from The Greenwood Commonwealth, January 20, 1931

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Article Text

Jackson Bank Closing Is Not Felt Here Closing of the First National Bank this made no effect the situation in learned None the banks the First National Bank Jackson had with that parties interested the closed Jackson bank any connection with Greenwood financial institutions.

6. January 20, 1931 The Shreveport Journal Shreveport, LA
Article from The Shreveport Journal, January 20, 1931

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Article Text

First National Bank of Jackson Fails to Open Associated JACKSON Miss., Jan. First National bank of Jackson, car rying deposits of failed to open for business today. notice posted on the front door stated that the comptroller cur rency chief national bank examiner had been advised to take for liquidation The capitalized surplus of Stirling president and H Perry cashier issued last night board of directors, that action taken because gradual of deposits day by day which culminated in practically run Saturday The directors also stated that rumors had been widespread concerning condition and today would only result in the bank

7. January 20, 1931 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, January 20, 1931

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Article Text

Bank Fails to Open At Jackson, Miss. JACKSON Miss., Jan. The First National Bank of Jackson, deposits of ly $2,000,000, failed to open for business Tuesday. notice posted on the front door stated that the currency and the chief National Bank examiner had advised to take the bank for liquidation. bank capitalized at $200.000 surplus of $203,000 as of December 31, 1930. statement issues late last night by the board of directors said the tion taken because of gradual withdrawal seepage of deposits day by day which culminated in practically run Saturday directors stated rumors had widespread the bank's condition, and to open Tuesday would only result in run on the bank. Manchester Bank Pays Extra Dividend on Year MANCHESTER, Jan. Stockholders of the Bank Manchester voted an extra dividend of per cent in addition the two per cent dividends paid for 1930. This makes 14 per cent for the entire year. This the net earnings for the year, the additional earnings being passed to undivided profits. The board of directors, with D. H Smith added as director, elected. The the board of M. EuBrown, Cyp H. Edmondson, W. B. Johnson, J.

8. January 21, 1931 Hope Star Hope, AR
Article from Hope Star, January 21, 1931

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Article Text

Mississippi Bank Closes in Capital First National at Jackson, $2,000,000 Suspends Tuesday National Bank of Jackson. carrying deposits of approximately $2,000,000, failed to open for business Tuesday. A notice posted on the front door stated that the comptroller of currency and the chief national bank examiner had been advised to take over the bank for liquidation. The bank was enpitalized at $200.-

9. January 21, 1931 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 21, 1931

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BANKING COMPANIES CLOSE IN MISSISSIPPI JACKSON, Miss., Jan. The First National Bank of Jackson, carrying deposits of approximately $2,000,000, failed to open for business today. notice posted on the front door stated that the of currency and the chief national bank examiner had advised to take over the for The $200,000 surplus of $203,000 as of December 31, 1930. A statement issued late last night by the board of directors said the tion was taken because of gradual withdrawal and seepage of deposits day by which culminated in practically run The also stated that the rumors had ing the bank condition, and to open today would only result in run on the bank. The state banking department announced that the Peoples Bank of Utica. 20 miles southwest of had closed its doors after brief riod of business this The banking officials said the closure was due inability of the to stem a started the institution opened for business notice posted on the door stated that the institution closed "by order the board of directors. Peoples bank was at $17,500. had surplus of $8,500, with deposits approximating $160,000. CITY TRUST COMPANY IS REPORTED SOLD. MIAMI, Fla. Jan. Miami Daily News the City Trust of the suspended City Bank or Miami, was sold today group headed Morgan S. president the Guardian Trust Company of Miami. Associated with Mr. McCormick in the purchase Bush, former official of the City National: Amos Travis, and R. C. Fenters, all of Miami, the paper said. HOMERVILLE BANK FAILS TO OPEN HOMERVILLE Ga., Jan. The Bank of its doors today. The directors stated that the closing was to heavy withdrawals. They further stated that the bank would be in the hands of the state banking department for liquidation, and that they the opinion that able later to obtain 100 per cent of their The president the bank W. Musgrove. Its cashier G. A. Gibbs. Cottonseed Oil. MEMPHIS. MEMPHIS, Tenn., -Cottonseed bids: February June August futures 27.80; August tons. NEW YORK NEW YORK cotton seed exchange lots March for little but firmer the when prices were five was due firmness in including 2,200 exchanges. January March May 7.49; NEW ORLEANS. NEW with little trading. yellow and prime closed at 6.94; May July August 7.21.

10. May 5, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, May 5, 1931

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City Tax Sale Likely To Be Delayed Month The municipal delinquent tax sale, which had been set for the first Monday in June, will in all probability be ordered postponed until July at meeting of the city commission council today order to comply with action taken by the county board of supervisyesterday postponing the county sale until that date. Legal aspects of the matter were being studied by City Attorney Morse last night, and pected that the will ordered at regular meeting of the council today. Mayor Walter Scott stated last night that he was to state definitely whether or not the city sale will be but indicated that if there was no gal bar to such action that the city would delay sale for other month in order to conform with county action. The Hinds county board of pervisors yesterday ordered postponement of the county tax until July believed that an additional extension of thirty days time to delinquent taxpayers will allow many of them make their tax payments without the assessment of twenty-five per cent damages after the property has been sold. It was pointed out to the board that by the sixth of July many of the delinquents will able on deposits which have been tied up since the of the First National Bank. Under which is now being worked out, depositors will be paid fifty cents the dollar on their deposits within the next few weeks. Many truck farmers in the southwestern of the county will part also given chance to market their early of truck and will crop thus be enabled to meet their tax obligations.

11. May 12, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, May 12, 1931

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SUING RECOVER DEPOSIT Bondssmen for First National Bank Named Defendants in Suit to Recover Funds Chancery court proceedings were instituted here yesterday by the state Mississippi against the Union Indemnity company, sureties on the bond the First National bank as state depository, for the of $31,953.30 for funds alrecovery legedly due the state from the when the bank susdepository business on January 20 of pended year. The declaration of the suit, filed in the Hinds county chancery states that there was $99,976.00 of state funds on deposit in the bank when closed its doors. State funds were protected under the surety bond of the Union Indemnity company to the extent of $155,000. However ,restitution was made the state only $68,023.01, to the declaration filed state Two against the general fund of the state treasury payable to the State Insane Hospital are said have figured in the difference, which is now being sued for. The bank is said to have advanced the state hospital approximately on one of the rants, but did not handle the other warrant. which was for but returned to the Insane hospital authorities. The state contends that the bank has no authority deduct the advanced on the state warrant made payable to the hospital Boot Hill cemetery, oldest burying ground in the Texas Panhandle, will be fenced protection against souvenir hunters.

12. December 15, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, December 15, 1931

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STANDARD LIFE Claim of First National Bank Receiver Will Not Be Tried This Term suit charging an allegedly 11the First bank son First National bank St. probably will not trial at the fedcourt, Judge Allen Cox yesterday. Judge convened special adjourned term of court Jackson Monday morning, but understood to have recused himself from hearthe suit involving alleged transfunds from the closed Jackbank. filed against the company of for the First National bank. The charges that the Standard Insurance came preferred creditor as the result transaction closed bank the First National of St. Louis. The receiver contends that few days before the bank closed its doors on January this year, the First National Jackson, loan from First of St. Louis putting $85,000 in securities as The contends that the Jackwas with the some charges that to the credit of Life pany, which amount of the deposit the First National bank Jackson. First bank of Louis, said to have come Jackson arrange the loan, and his been filed Jackson closed bank, president the Insurance company, that time, and contends the the of the closed The together with second seeks allow deposits closed banks, on obligations bank. among the most waiting trial Jackson division court.

13. January 15, 1934 The Montgomery Advertiser Montgomery, AL
Article from The Montgomery Advertiser, January 15, 1934

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Mississippi Bank Receiver To Distribute $118,113 JACKSON, MISS., R. Stevens, receiver of the First National Bank today that distribution of by the institution would be made "about March checks numbering over 4,000 prepared in the office was and will be to for the comptroller's signature. notice will be Stevens said, before actual disThe will represent seven cent was and will be the third of funds since the bank closed Jan. SAGE OF ST. LOUIS LOUIS, Jan. man, says Circuit Judge Granville is one who selects his wife from "the great middle The preponderance divorces he finds among the very and the very The jurist also advises selecting wife for besides her Ruby lips, he says, off at touch, but good disposition lasts lifetime." Rounded roof