11107. Okolona Banking Company (Okolona, MS)

Bank Information

Episode Type: Run → Suspension → Unsure
Bank Type: state
Start Date: October 18, 1930
Location: Okolona, Mississippi (34.002, -88.755)

Metadata

Model: gpt-5-mini
Short Digest: fbcf430a

Response Measures

Full suspension, Books examined

Other: Companion Commercial Bank closed 'in sympathy' after Okolona Banking Company suspended; state banking department took charge.

Description

Articles (dated Oct 20-21, 1930) report a heavy run that forced the Okolona Banking Company to suspend business (Saturday prior to Oct 20, i.e., Oct 18, 1930). The Commercial Bank and Trust Co. closed 'in sympathy.' Both banks were placed in charge of the state banking department. No reopening or receivership is reported in these articles, so outcome is unclear.

Events (3)

1. October 18, 1930 Other

Newspaper Excerpt: Sympathetic closure of the Commercial Bank and Trust Company at Okolona ... The board of directors of the Commercial bank was said to have acted merely to keep their assets intact, heavy run having forced the Okolona Banking Company to close its doors and go into the state banking department hands. (Commercial closed 'in sympathy')
Source: newspapers

2. October 18, 1930 Run

Cause: Rumor Or Misinformation
Cause Details: Newspaper reports state rumors were blamed for the closing; a heavy run followed these rumors.
Measures: Bank suspended business and turned operations into the hands of the State Banking Department; board of directors reportedly acted to keep assets intact.
Newspaper Excerpt: heavy run having forced the Okolona Banking Company to close its doors
Source: newspapers

3. October 18, 1930 Suspension

Cause: Rumor Or Misinformation
Cause Details: Suspension occurred after a heavy run attributed by officials to circulating rumors; state banking department took charge of the institution.
Newspaper Excerpt: the suspension of business Saturday by the Okolona Banking Company ... Both banks are in charge of representatives of the state banking department.
Source: newspapers

Newspaper Articles (6)

1. October 20, 1930 Hattiesburg American Hattiesburg, MS

Article from Hattiesburg American, October 20, 1930

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Article Text

Sympathetic Closure Bank At Okolona Announced By Love Associated Press) JACKSON, Oct. thetic closure" the Commercial Bank Trust at Okolona wake of business Saturday by the Okolona Banking company, announced today by Love, superintendent banks. The board of directors the Commercial Bank were to have acted keep their assets intact, having forced Banking company close doors go into the state banking department hands. According Love, movement is under way in Okolona launch financial stitution there, taking over both of the closed temporarily. The Commercial Bank talized $25,000, with surplus of $5,000. with about in total deposits. Total resources listJagoe president of the Commercial and Rowe cashier.

2. October 20, 1930 The Greenwood Commonwealth Greenwood, MS

Article from The Greenwood Commonwealth, October 20, 1930

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Article Text

OKOLONA CLOSED Oct. Closure" of Comemrcial Bank and Trust pany. at in the wake of business Saturday the Okolona Banking Company, announced today superintendent State Banks. The board of directors of the Commerce Bank are said to have acted merely to keep their assets intact. heavy run having forced the Okolona Banking Company to close doors go into the State Banking department hands. According to Superintendent Love, under Okolona to launch nancial institution there, taking over both of the banks now closed temporarily. The Comemrcial bank was capitalized with surplus with about $500,000 total deposits. Total resources listed $590,000. Jagoe is president of the Commercial, and Rowe cashier.

3. October 20, 1930 Sun Herald Biloxi, MS

Article from Sun Herald, October 20, 1930

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Article Text

Jagoe's Bank at Okolona Is Closed Jackson, Miss., Oct. Closure the Commercial Bank and Trust Company Okolona business Saturday the Okolona Banking today Love, state banks. The board the Commercial Bank said to acted merely keep their intact. heavy having forced the OkoloBanking Company close its doors and into the state banking department According Superintendent Love. under way Okolona launch there, taking over both of the banks The Commercial bank was capitalized $25,000. with surplus $5,000, with about $500,000 in total deposits. Total resources were listed $590,000. Jagoe president the and Rowe cashier.

4. October 21, 1930 Clarion-Ledger Jackson, MS

Article from Clarion-Ledger, October 21, 1930

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Article Text

LOVE LEAVES FOR CLOSURE INQUIRY Okolona Financial Institutions in Hands of State Department State Superintendent of Banking J. S. Love, left yesterday for Okolona to investigates closure of the Okolona Banking company and the Commercial Bank and Trust company there, Saturday. The Commercial bank is reported to have closed its doors in sympathy with the heavy run which forced its ocmpanion institution to suspend business. Both banks are in charge of representatives of the state banking department. The Commercial bank was capitalized at $25,000, and its total resources were carried as $590,000. The Okolona bank's resources were listed as $446,000. "Rumors" were blamed for the closing of the latter institution. Superintendent Love will return late today, following the investigation.

5. October 21, 1930 The Times Shreveport, LA

Article from The Times, October 21, 1930

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Article Text

Mississippi Banks Are Shut Planning Sales Jackson, Miss., Oct. 20 pathetic closure" Commercial Bank and Trust company Okolona the wake business Saturday by the Okolona Banking announced Love, superintendent of state banks The biard of directors of the Commercial acted merely keep their intact. heavy run having forced the Okolona Banking company to close its doors into the state bank department hands. According to Superintendent Love, under Okolona to launch nancial there. both the banks now closed temporarily The Commercial bank was capitalized at surplus $500,000 total Total resources were listed at $590,000.

6. October 21, 1930 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, October 21, 1930

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Article Text

'SYMPATHETIC CLOSURE' OF BANK ANNOUNCED JACKSON, Miss., Oct. 20. (AP) "Sympathetic closure' of the Commercial Bank and Trust Company at Okolona, in the suspension of business Saturday by the Okolona Banking Company, was today by J. S. Love, superintendent of state banks. The board of directors of the Commercial bank was have acted merely to keep assets in tact, heavy run having the Okolona Banking Company to close its doors and go into the state banking department hands. Superintendent Love said that movement is way in Okolona to launch financial institution there, taking over both of the banks now closed temporarily. The Commercial bank was capitalized at $25,000, with surplus 000 and about $500,000 in total deTotal resources were listed at $590,000. Jagoe is president of the Commercial, and A. C. Rowe cashier. Dividends. NEW Oct. of the Company today stock dividend regular quarterly 15 stock of record (in $1,000). High Close. 871 Vienna years