11077. Bank of Mound Bayou (Mound Bayou, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 19, 1914
Location
Mound Bayou, Mississippi (33.878, -90.727)

Metadata

Model
gpt-5-mini
Short Digest
35a93ad8

Response Measures

None

Description

Article(s) report the Bank of Mound Bayou was closed by the state banking commissioner on Aug 19, 1914, and a receiver was appointed for liquidation. No run or depositor panic is described; this is a regulatory suspension leading to permanent closure/receivership.

Events (2)
1. August 19, 1914 Receivership
Newspaper Excerpt
the banking commissioner Aug. 19 for liquidation. the receiver, Hon. S. D. McNair, made a speech... he found not even the slightest irregularity in the accounts or management of the office (article describing receiver winding up affairs).
Source
newspapers
2. August 19, 1914 Suspension
Cause
Government Action
Cause Details
Closed by the state banking commissioner and placed in liquidation; receiver appointed for the Masonic Benefit association and bank affairs wound up.
Newspaper Excerpt
closed by the banking commissioner Aug. 19 for liquidation. appointed a receiver
Source
newspapers

Newspaper Articles (3)
1. October 2, 1914 The Twin City Star Minneapolis, MN
Article from The Twin City Star, October 2, 1914

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Article Text

LIFE STRUGGLES AT MOUND BAYOU Little Mississippi Town Will Regain Former Prestige. COURAGE OF CHARLES BANKS Municipality Founded by Isaiah by T. Montgomery and Inhabited Solely Severe Afro-Americans Experiences Blow to Its Business Enterprises. Many Financial Difficulties. Mound Bayou, Miss.-If one should city to Mound Bayou, the queen come Negro progress, in high expectation bitter of finding sorrow or tears or have of words for such evil days that "none gone one would find come But one would find of it; heart, and to move the crops. and ey with the allies sich." plenty lined to and up against spare; everybody hope. Banks mon- and the Hun. Also Charles set be found at home, of the T. Montgomery. planted this in boasting would manship Isaiah the esteem community. fascinating whose sincerely states- philos- and restill full of optimism and good treat. bidding Banks to be of Mound ophy. Of all Mississippi towns word is cheer. is happiest. Here the Bayou the enemy striking at the Bayou Negro that necessarily strikes at Mound first. When the Bank of Mound Bayou and of Charles Banks was cashier which founder. after eleven years of triumph. was weathering every financial storm. closed by the banking commissioner Aug. 19 for liquidation. the but papers not on something out of it. made The citizens of Mound Bayou had much. made nothing of it, for the bank the town, invited the wonderful combuilt industrial development of the the saved to the black owners of fertile munity, lands and added an acreage and had been the accommodat who 30,000 fiscal agent of the believers in ing from every direction to help city came the triumph of the great black all against scorners and scoffers around. The people understood. week later, when the insurance for commissioner A appointed a receiver the Masonic Benefit association. of the pioneer Negro insurance company, which Charles Banks was secretary followand treasurer, the daily papers. fra "information handed them by ruing ternal politicians." printed many calculated to lead toward unfairly of mors Mr. Banks. but the people of judging Mound Bayou and all the people Bolivar county were not disturbed. blow Mound Bayou knew that that not aimed at either Banks Negro or was Banks' town. but rather at the mobilizfraternities of Mississippi-the Lord centers of all Negro efforts. have ing mercy on the hindmost! Bank of Mound Bayou was clos- The The during Mr. Banks' absence. were examiner ed announced that there irregularities in the management not no the institution. but that he was satisfied of with the character of the col- serepresenting the bank's He held that the securities, and Negro lateral. were Negro curities Negro industry covering representing enterprises securities the for the most part that and of the Negro town. and they progress when they were realized upon would be covered by Negro accord- money. Therefore for his purposes and worth ing to his rule they were not while. Since beyond the banking depart- there of the state of Mississippi ment appeal and since the examiner exercises is no rights no man can dispute. to let was no course open save Good there examiner have his way. exthe to him on his travels! The and aminer luck found $40,000 in deposits $9.000 in cash. every dime in its place the the figures. every dollar on to in books and every cent belonging and Many a bank lives on breathes Negroes. easily in the certain security are that kind of margin But they cashof in Negro towns, nor do their affairs lers not fill such big places In the of the state. The Masonic Benefit association was of many years the heart and pride been the for Mississippi Negroes. It has Cont. to page 2, col. 5.

2. October 2, 1914 The Twin City Star Minneapolis, MN
Article from The Twin City Star, October 2, 1914

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Article Text

LIFE STRUGGLES AT MOUND BAYOU Cont. from page I, col. 6. the widow's fortress and the orphan's retreat. Upon the death of Bishop Lampton. the greatest of all masters in his day. the association was placed in the hands of Charles Banks Banks thought he knew his people: he was certain of his ground. After the affairs of the association had been placed in his keeping be found that he had taken over an indebtedness of $250,000. For three years he struggled against tremendous odds. and only when a whole sea of trouble arose to engulf him was he willing to surrender the Masonic Benefit association into the hands of a white receiver. and yet before the fatal day Banks had paid out nearly $300,000 to the widows and orphans and had cut the indebtedness from $250,000 to less than $100,000. He was the only man in Mississippi who could have done that. Master Masons knew it. The new law in the state of Mississippi dealing with the operation of judgments was too much for the Masonic Benefit association. Banks found it impossible to meet the judgments and pay all new claims on assessments collected. and the end came. He had postponed it four years. In due time there will be another bank in Mound Bayou. Already the people are asking Banks to build a new one on the glorious ruins of the old one. The Bank of Mound Bayou is but one among more than 100 in the state of Mississippi that have fallen before the new banking law, and the Bank of Mound Bayou more nearly stood the test of the law than any that fell, and even successful bankers doubt that it should have fallen at all. There will be another Masonic benefit association in the state. The name, of course, will be changed and rules and regulations necessarily altered, but the Masons will care for the wives and children of those fallen on the walls. Charles Banks will lend it the force of his amazing resourcefulness. The Masons will call him to the place he long held against the common foe because of all black men he is the most capable for the task. Upon winding up the affairs of the M. B. A. the receiver, Hon. S. D. McNair, made a speech to the force. He said he found not even the slightest irregularity in the accounts or management of the office, and the office handled approximately $150,000 a year. Mr. Banks, he declared, had done better under the circumstances than anybody else had done and ought to be praised and not blamed. It was Banks who built the $100,000 oil mill. It was Banks who made the $10,000 ice plant a fact. His genius formed the great mercantile company here, in which he is the largest stockholder. The bottling works and steam laundry are children of his brain. and the beautiful Carnegie library that decorates the town is the result of his sleepless activity. As he has brought triumphs, SO he has become the bearer of all the burdens. Critics and fault finders aim their arrows at his head. The mistakes of the community are laid at his door, and the shortcomings of others are added to his great responsibility. Howbeit, he is a big man. wears a smile as deep as the Mississippi river and hates dodging. He knows how to take his medicine.

3. October 3, 1914 The Denver Star Denver, CO
Article from The Denver Star, October 3, 1914

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Article Text

Tious ruins of the old one. The Bank of Mound Bayon is but one among more than 100 in the state of Mississippi that have fallen before the new banking law. and the Bank of Mound Bayou more nearly stood 'the test of the law than any that fell, and even successful bankers. doubt that it should have fallen at all. There will be another Masonic beneat association in the state. The name, of course, will be changed and rules and regulations necessarily altered, but the Masons will care for the wives and children of those fallen on the walls. Charles Banks will lend it the force of his amazing resourcefulness. The Masons will call him to the place be long held against the common foe because of all black men be is the most capable for the task. Upon winding up the affairs of the M. B. A. the receiver. Hon. S. D. McNair, made a speech to the force. He said he found not even the slightest irregularity in the accounts or management of the office, and the office handled approximately $150,000 a year. Mr. Banks, he declared, had done better under the circumstances than anybody else had done and ought to be praised and not blamed. It was Banks who built the $100,000 oil mill. It was Banks who made the $10,000 ice plant a fact. His genius formed the great mercantile company here, in which he is the largest stockholder. The bottling works and steam laundry are children of his brain. and the beautiful Carnegie library that decorates the town is the result of his sleepless activity. As be has brought triumphs, so he has become the bearer of all the burdens. Critics and fault finders aim their arrows at his bead. The mistakes of the community are laid at his door. and the shortcomings of others are added to his great responsibility. Howbeit, be is a big man, wears a smile as deep as the Mississippi river and hates dodging. He knows how to take his medicine.