11143. Scranton State Bank (Scranton, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
August 3, 1906
Location
Scranton, Mississippi

Metadata

Model
gpt-5-mini
Short Digest
e67f46b7

Response Measures

Full suspension

Other: Receiver appointed; allegations of insolvency and unsafe loans leading to permanent closure.

Description

A run triggered by unfounded rumors led the bank to temporarily close (Aug 3, 1906). Depositors sued and the chancery court appointed a receiver; subsequent reports describe the bank as insolvent with allegations of large unsecured loans, and branches closed. Sequence: run -> suspension/closure with receiver.

Events (3)

1. August 3, 1906 Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors about the bank's stability prompted a rush of withdrawals.
Measures
Temporarily closed its doors to protect depositors; planned to resume operations in a day or two.
Newspaper Excerpt
Unfounded rumors in regard to the stability of the Scranton State Bank caused a run on the Bank, which, in order to protect its depositors, decided to temporarily close its doors.
Source
newspapers
2. August 3, 1906 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Court-appointed receiver following closure after run; later reports allege insolvency and large unsecured loans.
Newspaper Excerpt
Receiver Appointed. The Chancery Court, at the suit of certain depositors, appointed Alfred L. Staples receiver of the Scranton State Bank, which has closed its doors
Source
newspapers
3. August 9, 1906 Receivership
Newspaper Excerpt
The Scranton State Bank closed its doors and was placed in the hands of a receiver. The Scranton bank, in its fall, also brought down with it the banks at Moss Point and Ocean Springs, which were branches of the Scranton institution.
Source
newspapers

Newspaper Articles (8)

Article from Greene County Herald, August 3, 1906

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Article Text

Start Run on the Bank. Unfounded rumors in regard to the stability of the Scranton State Bank caused a run on the Bank, which, in order to protect its depositors, decided to temporarily close its doors. The Bank's assets, which are unquestionably sound, far exceed its liabilities. As is the case with all country banks, no large amount of money was kept on hand, and in this instance the Bank's supply of cash was not sufficient to meet the rush of timid depositors. No one doubts the solvency of this institution, which will in a day or two resume operations.


Article from Greene County Herald, August 3, 1906

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Article Text

Receiver Appointed. The Chancery Court, at the suit of certain depositors, appointed Alfred L. Staples receiver of the Scranton State Bank, which has closed its doors The condition of the bank is not definitely known and can not be determined until is complete inventory is made of its affairs. Depositors are evincing more or less anxiety.


Article from Oxford Eagle, August 9, 1906

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Article Text

Three Banks Close. The Scranton State Bank closed its loors and was placed in the hands of a receiver. The Scranton bank, in its fall, also brought down with it the banks at Moss Point and Ocean Springs, which were branches of the Scranton institution.


Article from Greene County Herald, August 10, 1906

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Article Text

Charges Against Bank Officials. Sensational charges against the mail agement of the Seranton State Bank, which has become insolvent, were made in a petition filed in court. The bank has been thrown into the hands of a receiver. It is alleged that of $200,000 of deposits, most of the amount has been loaned out on unsecured paper, or paper secured with collateral that is practically worthless.


Article from The Commonwealth, August 10, 1906

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Article Text

Three Banks Close. The Scranton State Bank closed its doors and was placed in the hands of a receiver. The Scranton bank, in its fall, also brought down with it the banks at Moss Point and Ocean Springs, which were branches of the Scranton institution.


Article from The Tupelo Journal, August 10, 1906

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Article Text

Three Banks Close. The Scranton State Bank closed its doors and was placed in the hands of a receiver. The Scranton bank, in its fall, also brought down with it the banks at Moss Point and Ocean Springs, which were branches of the Scranton institution.


Article from Macon Beacon, August 11, 1906

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Article Text

Three Banks Close. The Scranton State Bank closed its doors and was placed in the hands of a receiver. The Scranton bank, in its fall, also brought down with it the banks at Moss Point and Ocean Springs, which were branches of the Scranton institution.


Article from Greene County Herald, April 19, 1907

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Article Text

Bill Dismissed. Chancellor Thad A. Wood handed down his decision in the case of Mrs. Annie L. Benjamin versus A. L. Staples, receiver of the Scranton State Bank, dismissing the bill of complainant. The bill sought to establish a preference claim against the assets of the bank in favor of Mrs. Benjamin and Mrs. M. L. Holcomb, whose claims aggregated $15,000, virtue of an attachment on the banking house and other assets of the defunct bank.