11119. Bank of Pass Christian (Pass Christian, MS)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 1, 1930*
Location
Pass Christian, Mississippi (30.316, -89.248)

Metadata

Model
gpt-5-mini
Short Digest
24ab7662

Response Measures

None

Description

Articles (Mar 1931) report the Bank of Pass Christian closed its doors and turned its affairs to the state banking department last December and that frozen loans were given as the cause. No run is described; bank suspended/closed and criminal indictments followed. Date of suspension inferred as December 1930 from 'last December' relative to March 1931.

Events (1)
1. December 1, 1930* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Reported frozen loans (bad loans) given as the cause of the bank's suspension; deposits allegedly accepted while bank was insolvent.
Newspaper Excerpt
closed its doors and turned its affairs to the state banking department last December; Frozen loans was given as the cause of the bank's suspension.
Source
newspapers

Newspaper Articles (4)
1. March 12, 1931 The Vicksburg Post Vicksburg, MS
Article from The Vicksburg Post, March 12, 1931

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Article Text

LEE M. RUSSELL SAYS INDICTMENT MISTAKE Press) NEW ORLEANS. Mar. 12-Lee Russell, former Mississippi, upon being advised here that he was among three former officials of the now closed Bank of Pass Christian who were indicted the grand jury Gulfport last week, today described the action as 'mistake technical or politics. "The whole thing ridiculous,' Mr. Russell said, and that goes for the action that has been taken against the other officers of the bank well Mr. now practicing attorney of indictcourt officials yesterday, with Walker. torney of Shaw, Miss. and Donald B. Allen, former Baptist minister, who were officers of the bank at the time closed its doors and turned its affairs to the state banking department last December "Frozen loan" was given as the cause of the bank's suspension. The indictments. said dispatches from Gulfport alleged that deposits were with knowledge the bank was insolvent Russell served of governor Mississippi from 1920 to 1924.

2. March 12, 1931 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, March 12, 1931

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Article Text

LEE RUSSELL Former Governor Declares Accusation in Banking Case 'Ridiculous' Associated Press.) NEW ORLEANS, March 12.-Lee M. Russell, former governor of Mississippi, upon being advised here that he among three former officials of the now closed Bank *of Pass Christian who were indicted by the grand jury at Gulfport last week, today described the action as "mistake, a technical difficulty or politics." "The whole thing is ridiculous," Mr. Russell said, "and that goes for the action that has been taken against the other officers of the bank well." Mr. Russell, now a practicing attorney of Gulfport, was indicted, court officials revealed yesterday, along with C. Walker. attorney of Shaw, Miss., and Donald B. Allen, former Baptist minister, who were officers of the bank at the time it closed its doors and turned its affairs over to the state banking department last December. "Frozen loans" was given as the cause of the bank's suspensioin. The said dispatches from Gulfport, alleged that deposits were accepted with knowledge that the bank was insolvent. Russell served as governor of Mississippi from 1920 to 1924.

3. March 12, 1931 The Daily Advertiser Lafayette, LA
Article from The Daily Advertiser, March 12, 1931

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Article Text

EX-GOVERNOR OF MISS. HAS BEEN INDICTED Lee M. Russell Among Three men Accused In Closing Of Pass Christian Bank (By The Associated Press) NEW ORLEANS, Mar. 12.-Lee M. Russell, former of Mississippi, upon being advised here that he was among former officials of the now closed Bank of Pass Christian who were indicted by the grand jury at Gulfport last week, today described the action as "mistake, a technical difficulty of politics. "The whole thing is ridiculous, Mrs. Russell said, "and that goes for the action that has been taken against the other officers of the bank as well." Mrs. Russell, now practicing attorney of Gulfport, was indicted court officials revealed yesterday, along

4. March 21, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, March 21, 1931

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Article Text

TRIAL OF EX-GOVERNOR DOCKETED FOR JUNE 10 GULFPORT Miss., March 20 Trial former Gov. Lee M. Russell and others indicted with the failure of the Bank of Pass Christian about year was tentatively set for June today when counsel for the one-time Mississippi executive posted $1,000 bond for his appearance in the June term of circuit court. Russell, president of the bank. and D. B. Allen, cashier, and Walker, vice-president, named in an dictment returned by Harrison county grand jury recently, charging that they received deposits in an insolvent bank. Capiases for arrest were not served the after they indicated they would attempt to avoid the processes of court.