11034. Southern Bank (Jackson, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 22, 1915
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini
Short Digest
c217ad3d

Response Measures

None

Description

Articles (Feb 1915) state Southern Bank of Jackson was placed in receivership 'some time ago' and has since 'settled in full with creditors' by officers mortgaging personal property; liquidation handled by Jackson State National Bank. No run or depositor panic is described. Thus this is a suspension/receivership that ended in closure/liquidation with full settlement.

Events (3)
1. February 22, 1915 Other
Newspaper Excerpt
BANK TO PAY ALL. ... The Southern Bank, a negro financial institution of this city, which was placed in the hands of a receiver some time ago, has settled in full with creditors. In order to accomplish this three officers ... sacrificed their personal property, which was in no way involved in the bank's affairs.
Source
newspapers
2. February 24, 1915 Other
Newspaper Excerpt
HEADS OF JACKSON NEGRO BANK PAY ALL DEPOSITORS IN FULL ... They ... mortgaged their own property in order to raise funds and make it possible to pay all creditors in full. The liquidation work was handled by the Jackson State National Bank, and checks have been sent to all creditors in full settlement of their claims.
Source
newspapers
3. * Receivership
Newspaper Excerpt
The Southern Bank ... which was placed in the hands of a receiver some time ago, has settled in full with creditors.
Source
newspapers

Newspaper Articles (2)
1. February 22, 1915 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, February 22, 1915

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Article Text

BANK TO PAY ALL. Jackson, Miss., Feb. 22.-The Southern Bank, a negro financial institution of this city, which was placed in the hands of a receiver some time ago, has settled in full with creditors. In order to accomplish this three officers of the bank, President L. K. Atwood, Vice President C. N. Miller, and Cashier S. A. McKissick, sacrificed their personal property, which was in no way involved in the bank's affairs.

2. February 24, 1915 The Semi-Weekly Leader Brookhaven, MS
Article from The Semi-Weekly Leader, February 24, 1915

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Article Text

HEADS OF JACKSON NEGRO BANK PAY ALL DEPOSITORS IN FULL The Southern Bank, a negro financial institution of this city, which was placed in the hands of a receiver some time since, has named settlement in full with its creditors. In order to accomplish this three officers of the bank, President L. K. Atwood, Vice-President C. N Miller and Cashier S. A. McKissick, sacrificed their personal property, which was in no way involved in the bank's affairs. They felt, however, that they owed it as a duty to the depositors that there be no losses sustained by members of their race who had placed money in their institution, and accordingly they mortgaged their own property in order to raise funds and make it possible to pay all creditors in full. The liquidation work was handled by the Jackson State National Bank, and checks have been sent to all creditors in full settlement of their claims.-Jackson Daily News.