11062. Bank of McLain (McLain, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 20, 1930
Location
McLain, Mississippi (31.109, -88.827)

Metadata

Model
gpt-5-mini
Short Digest
da11d1ba

Response Measures

None

Description

Newspaper accounts (Dec 20–21, 1930) report the State Banking Department taking charge of the Bank of McLain and that the institution was closed/taken over. No article describes a depositor run; closure appears to be by state action (taken over) and thus permanent/receivership rather than a temporary protective suspension.

Events (4)

1. December 20, 1930 Other
Newspaper Excerpt
The two institutions whose affairs were taken over by the State Banking Department ... Thomas was sent to McLain Saturday by Superintendent Love ... the cashier, O. B. Reed. discrepancy in his books and requested an audit ... was held. request. the Forrest County Jail, at The Bank of McLain is capitalized at $25,000.
Source
newspapers
2. December 20, 1930 Receivership
Newspaper Excerpt
The two institutions whose affairs were taken over by the State Banking Department are the Commercial Drew and the Bank of Phe08, Pheba ... The two institutions whose affairs were taken over by the State Banking Department ... The Bank of McLain ... affairs were taken over by the State Banking Department.
Source
newspapers
3. December 20, 1930 Suspension
Cause
Government Action
Cause Details
State Banking Department took charge and suspended operations; auditors were sent after discrepancies noted and cashier issues were reported; closure to protect depositors.
Newspaper Excerpt
Closing of two banks and an order for an of third suspended announced Saturday by superintendent of state banks ... The Bank of McLain is capitalized at $25,000.
Source
newspapers
4. December 21, 1930 Other
Newspaper Excerpt
State Takes Charge to Protect Patrons. ... the Greenwood Bank and the National bank and the Security Bank and Trust all at Greenwood, closed protective The bank closing the bank of McLain at McLain A of the state banking department sent there to make an audit after Willie the bank's president that B. Reed, the cashier, admitted his asked to be said the was closed because of recent death of G. Wilson Sr., chairman of the board.
Source
newspapers

Newspaper Articles (2)

Article from The Atlanta Journal, December 20, 1930

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Article Text

Closing New York Curb Market Prices NOTE of bonds are terms of $1,000 with the finsi ciphers, omitted Sales curb stock are terms 01 100 shares the two ciphers, "00. pmitted. except in case Standard On Issues sales of which are full amount By the Associated Press NEW Dec. the official YORK, transactions the New Curb giving all stocks and bonds traded: STOCKS JACKSON Miss. Dec. Closing of two banks and an order for an of third sus pended announced Saturday by superintendent of state banks The two institutions whose affairs were taken over by the State Bank ing Department are the Commercial Drew and the Bank of Phe08, Pheba of the in state Thomas was sent to McLain Saturday by Superintendent Love check Bank McLain, president, Willie Griffis, institution temporarily when he said the cashier, O. B. Reed. discrepancy in his books and requested an audit bank the father of eight children. was held. request. the Forrest County Jail, at The Bank of McLain is capitalized at $25,000. The Commercial Bank at was capitalized at $30,000. with surplus. posits were estimated $250,000 Bank Phcba in Clay Coun500 the Banking Department total resources under $50,000. W Wafford president of the Bank is head of the small Pheba institution Two Goldsboro Banks Close under the management, to open institutions had been osed in the interests depositors The National of Goldsboro and resources in last stat on 24. The capitalized had on 24 Trust an had and surplus of $19 078 date capiNorwood is president of both Thomas cashiers National and the Savings and Trust Three Close Temporarily Dec. 20. The closed its Saturday, and three other banking institutions suspended temporarily as a protective measure, conditions brought about by the closing of the Wilson banks tem the Bank and Trust the First Bank Bank and Company The statement of the Wilson Banking Company under date tober showed and deposits of $840,000 Defunct Bank Pays JACKSONVILLE Dec. presents. the form per dividend. are to of the Defunct Brotherhood State Bank entitled participate the Joseph M Glickstein, receiver said Saturday dividend the second authorized since failed last year. would be mailed to depositors Tuesday time for Christmas dividend of 15 per cent was paid last Sales. High Low Close Sup Russian 18 Elec Indus Total today shares stock sales year Mch bond sales today xMch bond May High Low Close Sales. Prod Saxet Seaboard Util See Corp Gen Indust High Low Close Sel Ind Sales. Acetol Prod Sentry Saf Con Affiliated Prod Shenandoah Cty pfd Mills Southlnd Royalty Dairy Co Am Mot Am Stand Ind 2 Banks Are Closed Bov Capital Ohio pfd Corp Cosmetics And Third Suspended Strauss Starrett For Mississippi Audit Equities Mch war Founders Thatcher Invest Corp Am Inv Appalach Tobacco Gas Gas war pfd Mach Sec pfd Blumenthal Watch Pow Tube Pack Min Sta Low DOMESTIC Harris Empire Employ Avia Corp pfd Sachs Knitbac Helena pfd Pow Weekly Review of Irving Dry Goods Market NEW YORK Dec. Trage has been seasonally quiet in cotton Co goods period whose uncertaintie. have creased the depression of the year Gas The holding down production demands pursued Ltd Mayfl by and the Mem Nat Gas and Ch continue curtailment of Stores Mex ers in buying be given that full on Mount Prod basis. and that the Co tempt to regulate output to the Nat of Gas Prices for print cloths eased off Invest from some for delivery in the Nauheim Rad quarter next year at Nauh Phar week the buying has Neisner pfd filling-in with Newberry Newberry pfd by converters of Bradford the spring season 1931 pfd Sheets and some of bleached become regular declines in printed Scripps goods offered for the new spring Cotton yarns off from to pound. sales light Bem The following Nipissing the primary markets Print cloths Mines 64x60s brown sheetings, southern standards, 9*c; 8-oz. staples, denprints, dress Northwest Eng and staple ginghams, 8c. Outboard Overseas Sec Trading in Molasses Ser Util On Exchange Approved Paramount Pennroad NEW YORK, Dec. 20 -(P)-The board managers of the New York Pitney Coffee and Sugar Exchange has adopted resolution, subject proval the members the Pratt by-laws to permit trading in molasses Whitely Prod futures contracts. Prudential The resolution provides that tradPub Util ing molasses contracts begin MonJanuary 19. and that transacnw pfd tions made the delivery Canada months March 1931 and thereB after by Mfg ballot will be taken Thursday, JanReliance uary 15. Candy Invest USE the most efficient busiAnt Cop ness method to supply your Field Hamb Safewy Want-and that method is St Regis Pap 12% Hun Ital a Journal Want Ad.


Article from Chicago Tribune, December 21, 1930

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Article Text

3 MISSISSIPPI BANKS CLOSE; 4 MORE SUSPEND State Takes Charge to Protect Patrons. Dec. Mississippi were today in of over by the the Commerand of at came that the Greenwood Bank and the National bank and the Security Bank and Trust all at Greenwood, closed protective The bank closing the bank of McLain at McLain A of the state banking department sent there to make an audit after Willie the bank's president that B. Reed, the cashier, admitted his asked to be said the was closed because of recent death of G. Wilson Sr., chairman of the board. Macedonia Bank Closed. ing of bank of Macedonia in Hamilton nounced by the state auditor this Withdrawals Cause Closing. Cairo, collect fast enough to caused the closing the Farmers and Merchants State bank at Cypressen, Johnston county, D. C. Casper, president, stated. Georgia Bank Suspensions. Mobley, state of announced today his department had been asked to take over the affairs the Union Banking company of branches at Braxand the Toombs at Lyons, and the Citizens bank of Ray City. Allied Banks Suspend. Dec. Two Goldsboro banks, both under the failed to open Notices said the institutions been closed in the interests of deNational bank of Goldsboro and sources of italized at The Goldsboro and Trust company, an had of $226, 413 and of at G. Norwood of both banks and sons cashiers. Another Carolina Bank Closes. Rural Hall, N. Dec. The Rural Hall Bank and Trust com pany did not open for business E. L. Kiser is president.