Bank of Ovett - Ovett, MS

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 14, 1912
Location: Ovett, Mississippi (31.485, -89.033)

Metadata

Model: gpt-5-mini
Short Digest: 4a9f0ad1

Response Measures

None

Description

Article (Dec 18, 1912) reports the Bank of Ovett closed after business Friday and did not open Saturday; a receiver (Henry Hilburn) was appointed and grand jury investigation ordered. No run or depositor crowding is mentioned. Cause not specified beyond a failure and complaints about deposits received; classified as bank-specific adverse information.

Events (2)

1. December 14, 1912 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank 'failure' reported; closed after business Friday and did not open Saturday; complaints that deposits were received Friday.
Newspaper Excerpt: the Bank of Ovett, which closed its doors after business Friday and did not open them for business Saturday morning.
Source: newspapers

2. December 18, 1912 Receivership

Newspaper Excerpt: Upon application from Active Vice President Fatheree, Judge Whitman has appointed Henry Hilburn, of Laurel, receiver. Mr. Hilburn has not taken charge of the assets of the institution, but will assume his duties upon the receipt of the formal order of the court, which is expected to be delivered to him shortly. The president of the institution, D. B. Fox, stated that depositors will be paid in full, that about 25 per cent will be available for immediate distribution, and that as soon as the assets of the bank can be converted into cash there will be funds to pay all in full. (Hattiesburg News, 1912-12-18).
Source: newspapers

Newspaper Articles (1)

1. December 18, 1912 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, December 18, 1912

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Article Text

WILL INVESTIGATE OVETT BANK FAILURE JUDGE JOHNSON INSTRUCTS THE GRAND JURY TO PROBE MATTER-BANK CLOSED Ellisville, Miss., Dec. 18.-Judge Paul Johnson has instructed the grand jury to investigate the failure of the Bank of Ovett, which closed its doors after business Friday and did not open them for business Saturday morning. Complaint was made that deposits were received Friday. Upon application from Active Vice President Fatheree, Judge Whitman has appointed Henry Hilburn, of Laurel, receiver. Mr. Hilburn has not taken charge of the assets of the institution, but will assume his duties upon the receipt of the formal order of the court, which is expected to be delivered to him shortly. The bank has been in business for several years. The directors are: D. B. Fox, T. J. Fatheree, C. H. Aughtry and M. G. Walters. J. C. Landrum was cashier. The president of the institution. D. B. Fox, stated that depositors will be paid in full, that about 25 per cent will be available for immediate distribution, and that as soon as the assets of the bank can be converted into cash there will be funds to pay all in full.