d99950cfFull suspension
Other: Assignment for benefit of creditors (receiver/assignee named).
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Bank Closes Its Doors Magnolia, Miss., June 28.-The Peoples bank closed its doors here this afternoon with the announcement that depositors and stockholders would probably be paid in full upon the liquidation of the bank's affairs. In its explanation of suspension it is stated by the bank: "After the death of two of the officers of the bank depositors became restless and began drawing out their deposits."
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MAGNOLIA BANK MAKES ASSIGNMEMT Bank Was Known To Be In Weak Condition Since Recent Death of Its President and Cashier. Special to The News. Magnolia, Miss., June 29.-The Peoples' Bank of this city made an assignment Tuesday for the benefit of its creditors, Dr. A. D. Felder, the vice president and cashier, being named as assignee. While it has been known that the bank was in difficulties and had been since the death of its cashier, J. E. Wolfe, last November, and of its assistant cashier, Sam Cohn, a month ago, it was thought that it would weather the storm. These deaths, while they in no way affected the solvency of the institution, created a feeling of restlessness, not to say suspicion, among depositors, and induced them to withdraw their money. The extent to which this feeling has existed is indicated by the fact that the deposits have decreased nearly $30,000 in the past six weeks. In his statement made yesterday to the creditors and general public Dr. Felder says: "After the death of two officers of the bank, depositors became restless and drew out their deposits. The bank had made its loans to farmers and others which largely matured in the fall. Depositors demanded their money and the bank paid out all of its cash, and on account of conditions of the money market, funds could not be obtained to carry on its business, and it had to close or jeopardize the interests of creditors. I believe the bank is solvent and feel confident that creditors and depositors will be paid in full, and a surplus left to stockholders." Not the least of depositors who with drew their deposits summarily was the State treasurer. The bank was one of the State depositories and carried $10,000, which the treasurer called for and received about a month ago. The People's Bank was organized in the fall of 1910 and up to this year has had a prosperous career, paying its owners good dividends. It was capitalized at $30,000 and in addition to regular dividends had created a sùrplus arly $13,000.
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Bank Closes Doors MAGNOLIA. Miss., June 28.-The People's bank closed its doors here this afternoon with the announcement that depositors and stockholders would probably be paid in full upon the liquidation of the bank's affairs. In its explanation of suspension, It is stated by the bank: "After the death of two of the officers of the bank, depositors became restless and began drawing out their deposits."