Mechanics Bank - McComb, MS

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: January 20, 1931
Location: McComb, Mississippi (31.244, -90.453)

Metadata

Model: gpt-5-mini
Short Digest: 5185d998

Response Measures

None

Description

The bank closed its doors Jan. 20 in anticipation of run (voluntary suspension) and reopened about eight days later with a deferred-payment plan for deposits. No explicit depositor run described in the article, so classified as suspension with reopening.

Events (2)

1. January 20, 1931 Suspension

Cause: Rumor Or Misinformation
Cause Details: Closed Jan. 20 in anticipation of run and because of demands of cited depositors; voluntary closure to head off withdrawals.
Newspaper Excerpt: 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.
Source: newspapers

2. January 30, 1931 Reopening

Newspaper Excerpt: Comb will again have banking facilities Friday, it was announced here late today by officials of the Mechanic's State Bank ... 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 ... 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.
Source: newspapers

Newspaper Articles (1)

1. 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.