11056. Mccomb Savings Bank & Trust Company (McComb, MS)

Bank Information

Episode Type
Run → Suspension → Unsure
Bank Type
trust company
Start Date
January 20, 1931
Location
McComb, Mississippi (31.244, -90.453)

Metadata

Model
gpt-5-mini
Short Digest
811c4c11

Response Measures

Accommodated withdrawals, Full suspension

Other: Reopening under depositor pledge/deferred payment agreement.

Description

Articles report that three McComb banks closed on Jan 20, 1931 in anticipation of a run. The Mechanic(s) State Bank reopened about Jan 30 under a deferred-payment agreement; the First National and its affiliated McComb Savings Bank & Trust Company were still completing arrangements under national/federal plans as of Jan 30. There is no article evidence here that the McComb Savings Bank & Trust had reopened or entered receivership by Jan 30, so closure status after Jan 30 is uncertain.

Events (2)
1. January 20, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Depositor demands and anticipation of a run on the banks on Jan. 20; no specific bank-solvency scandal is reported.
Measures
Depositors signed pledges to defer withdrawals; plans to reopen later under national banking arrangements; bank remained closed awaiting federal/national-bank arrangements.
Newspaper Excerpt
the three city banks that closed in anticipation of run on January 20
Source
newspapers
2. January 20, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed in anticipation of a run (deferred withdrawal agreements and federal/national-bank arrangements were being sought prior to reopening).
Newspaper Excerpt
The First National Bank and the McComb Savings Bank and Trust Company ... closed its doors Tuesday, Jan. 20.
Source
newspapers

Newspaper Articles (3)
1. January 30, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, January 30, 1931

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Article Text

STATE BANKERS PLAN TO START M'COMB'S BANK City Without Banking Facilities on Account of Closures. McCOMB, Miss., Jan. Without banking facilities for the past nine days, this city today took new lease on finances. Officers of the Mechanic State Bank, one of the three city banks that closed in anticipation of run on January 20, planned today to reopen the bank under limited agreement for withdrawals. The other two banks, the First National Bank and the McComb Savings Bank and Trust Company, planned to open at later date un the national banking laws. Merchants and business leaders, men and women, in meeting at the city hall agreed to only necessary withdrawals and some promised to open new acec unts deposit. The deferred payment plan on checking and savings accounts which is reported working satisfac. torily in other reoponed institutions was agreed to by the depositors. The reopened bank that it would take care of today semimonthly payroll checks of the IIIInois Central shops, located here.

2. January 30, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, January 30, 1931

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Article Text

McComb Banks Reopen Today (Continued from Page One) several other state banks which reopened within the past two weeks. The re-opening the bank Fricomes at an opportune time take care the payroll checks of the Illinois CenSystem shops here, to be given Friday morning. Merchants and other business leaders of the city have their appreciation of the bank's forts effecting quick opening and have stated that they will open new accounts at the institution Friday. number business men and women at the city hall Saturnight and plan was suggested whereby deposits would under agreement to prevent run bank upon reopening. This plan met with hearty approval, and number of the depositors themselves have been working with bank officials getting pledges signed by the deThe First National bank and its affiliated McComb Savings Bank Trust company depositors themselves have been working the bank officials in getting pledges signed the depositors. The First National Bank and its affiliated McComb Savings Bank and Trust will be little company longer in completing arrangements, is said, since they under control of federal plan formulated the National Bank approved by the National bank authorities the federal government.

3. January 30, 1931 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, January 30, 1931

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Article Text

BANKS IN MISSISSIPPI HOLD HEADS UP AGAIN (Continued From Page One) stitutions will bear out earlier statements of their sound condition and the fact that they closed solely because of demands of cited depositors," Mr. Love pointed Comb will again have banking facilities Friday, it was announced here late today by officials of the Mechanic's State Bank which with the First National Bank and its affiliated McComb Savings Bank and Trust Company. closed its doors Tuesday, Jan. 20. The institution closed in anticipation of run. leaving the city without banks for eight days. The reopening of the Mechanics Bank, which was declared solvent upon its closing. has been about by plan signed by the major portion of depositors, in which it was agreed to accept deferred payment plan on deposits, 10 cent being paid on checking counts above $50 upon reopening of the bank and the remainder in three yearly payments with two per cent interest. The reopening of the bank Friday comes in time to take care of the semimonthly pay roll checks of the Illinois Central shops here. which are given out Friday morn- Merchants and other business leaders of the city have expressed their appreciation of the bank's forts in quick reopening and have stated that they will open new accounts at the institution Friday. A number of business men and women met at the city hall Saturday night a plan was suggested whereby the deposits would be kept under an agreement to prevent run on the bank upon its plan met with hearty approval and number of the depositors themselves have been working with the ban kofficials in getting pledges signed by the The First National Bank and Its affiliated McComb Savings Bank and Trust Company will be longer in completing reopening arcontrol of federal regulations. Any plan formulated the First National Bank be proved by the national bank authorities of the federal government PIONEER PLANE DOWN. ST. JOHN'S N. F. Jan. the first plane carrying mail to the northern settlements, reported after forced landing about miles from Kings Point. about miles from Westport. The plane took off this morning from Quidi Vidi about 8,000 letters. URGE CASH BONUS PLAN. Jan. With only one dissenting vote, the Ohio Senate decided today to Congress to adopt leg. islation for immediate cash retirement of World War veterans' adjusted service certificates. The res. olution now awaits a vote of the House.