Bank of Lexington - Lexington, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: February 21, 1929
Location: Lexington, Mississippi (33.113, -90.053)

Metadata

Model: gpt-5-mini
Short Digest: b28f9f11

Response Measures

None

Description

Article (Feb 21, 1929) reports the Bank of Lexington is 'now in process of liquidation' under the State Banking Department and a liquidating agent has been appointed. No run is mentioned. Closure appears permanent with liquidation/receiver supervision.

Events (2)

1. February 21, 1929 Receivership

Newspaper Excerpt: He has been devoting his attention to the initial demands of his new duties ... Work of compiling a list of depositors and writing guaranty certificates for amounts due is going ahead ... by the State Banking Department at Jackson, who have charge of this phase of the matter. Depositors will receive a dividend of 25 per cent ...
Source: newspapers

2. February 21, 1929 Suspension

Cause: Government Action
Cause Details: Placed in liquidation and taken under supervision of the State Banking Department; liquidating agent appointed.
Newspaper Excerpt: McMorrough Assumes Liquidation Duties Bank of Lexington ... appointed as liquidating agent for the Bank of Lexington now in process of liquidation 'er supervision of the State Banking Departmen
Source: newspapers

Newspaper Articles (1)

1. February 21, 1929 The Lexington Advertiser Lexington, MS

Article from The Lexington Advertiser, February 21, 1929

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Article Text

McMorrough Assumes Liquidation Duties Bank of Lexington G. H. McMorrough, who was appointed as liquidating agent for the Bank of Lexington now in process of liquidation 'er supervision of the State Banking Departmen, assumed charge of the affairs of the defunct institution Monday morning, according to announcements made locally. He has been devoting his attention to the initial demands of his new duties, and is being assisted by W. D. Wilson, forrmer assistant cashier of the establishment, but now identified with the Merchants and Farmers Bank and Trust Co. They have assigned his valuable services to the institution in order that his knowledge of affairs of the former bank may aid in the liquidation, it was stated. Office hours adopted by the ones in charge at the Bank of Lexington, have been selected in the morning from 10 to 12 o'clock; afternoons from 2 to 3 o'clock. where all former patrons and custom transict such business as necessary in winding up the affairs of the establishment. Work of compiling a list of depositors and writing guaranty certificates for amounts due is going ahead as rapidly as possible, as verifications are made and checked, by the State Banking Department at Jackson, who have charge of this phase of the matter. Depositors will receive a dividend of 25 per cent as soon as the State Banking Department completes all reports, it was stated.