11154. Peoples Savings Bank (Starkville, MS)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
January 6, 1931
Location
Starkville, Mississippi (33.450, -88.818)

Metadata

Model
gpt-5-mini
Short Digest
2bfee027

Response Measures

None

Description

The bank closed (suspended) in early January 1931 because of a steady drain of withdrawals (largely by out-of-town depositors). Newspapers explicitly state there was no run. The bank planned to reopen and contemporary reports on Feb 2–4, 1931 state it resumed business. I inferred the suspension date as 1931-01-06 (the Tuesday before the Jan 10, 1931 article) and reopening by 1931-02-04 per AP dispatch.

Events (3)
1. January 6, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closed due to a steady drain of withdrawals, mostly by out-of-town depositors unfamiliar with local conditions; bank claimed assets intact and solvency was affirmed by president and examiner.
Newspaper Excerpt
The People's Saving bank of Starkville, which closed its doors Tuesday morning, is expected to reopen within the week.
Source
newspapers
2. February 2, 1931 Other
Newspaper Excerpt
The Peoples Savings Bank of Starkville plans to resume business tomorrow. Opened by Agreement... Under the plan only ten per cent withdrawal is permitted.
Source
newspapers
3. February 4, 1931 Reopening
Newspaper Excerpt
The Peoples Savings Bank at Starkeville, closed for several has reopened.
Source
newspapers

Newspaper Articles (3)
1. January 10, 1931 The Greenwood Commonwealth Greenwood, MS
Article from The Greenwood Commonwealth, January 10, 1931

Click image to open full size in new tab

Article Text

BANK MAY OPEN TUESDAY STARKVILLE, The People's Saving bank of Starkville, which closed its doors Tuesday morning. is expected to reopen within the week According to the of the bank, all assets are intact and depositors will not lose. The closing was brought about by steady drain checking Most of the withdrawals were made by out of town depositors not familiar with the unusually good conditions of the county. Ames Saunders, of Memphis, president of the Peoples Savings bank, arrived Wednesday, and stated that the bank is solvent and would not lose, adding that these facts would be borne out after the bank examiner, working, finished his audit and makes statement. Sanders predicts the bank will reopen within the "next few very unusual aspect the closing that spite the great surprise to the people of Starkville, there was never the slightest murmur of possible runs the remaining two banks. The Security State Merchants' and bank have done business the usual orderly There depositors have greatly outnumbered people drawing money.

2. February 2, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, February 2, 1931

Click image to open full size in new tab

Article Text

few minutes before when the convicts' car tumbled into a ditch. MORE BANKS IN Their lookout, John Creecon, was seized on the spot of their latest crime in Beacon, N. Y. The first three, accompanied by STATE REOPEN; William Rapp of Yonkers, escaped from penitentiary in the midst of holiday festivities last FREEZING PLAN Christmas Eye and fled into snow* carpeted woods near White Plains, week in City Hall Park, Yonkers, Depositors "Freeze" DeYesterday chase started when posits and Get Three Beacon jewelry store was robbed. Shots near the store failed to halt Opened by Agreement. the burglars. An alarm was sent. JACKSON, Miss., Feb. 2. (A) tween Beacon and New York. SpeedThree Mississippi banks ing along at 70 failes an hour, the robbers encountered state motoropened their doors today after sev. eyele policeman in Ossining, N. Y., eral weeks' suspension In th face but beat off his pursuit. of runs, J. S. Love. sup Intendent Roaring through Yonkers, they of banks announced. exchanged fire with another ofThe institutions resuming busi ficer and went off the road near the ness were: Bronx line. Reynolds was bagged Bank of Winona, Winona; the here but the others resumed their Bank of Kilmichael, at Kilmichael, flight in cab. At 242nd Street, and the Bank of Ethel at Ethel. one policeman jumped on their The plan for reopening the banks running-board and another menaced include "freezing" of deposits. them from the middle of the street. Under the plan only ten per cent As the cab ground to a halt, the withdrawal is permitted. desperadoes fired and missed. Both The Peoples Savings Bank of officers emptied their guns into the Starkville plans to résume business tonneau. Sirico rolled out lifeless tomorrow. and Clark died on the way The banks reoponed today are but hospital. several of a lengthy list that the Sirico was identified by tattooing superintendent hopes to have re- reading opened during the week or early Mary" and Clark by the this month. Red Cross nurse

3. February 4, 1931 The Indianapolis News Indianapolis, IN
Article from The Indianapolis News, February 4, 1931

Click image to open full size in new tab

Article Text

VAN SWERINGENS BID Brothers Seek to Add Eastern Road to Rail Empire. Once more the Van Swerseek wider for their ingen empire Comalmost top of the for division eastern into major systems, Vans-M. and left doubt of their to their network into If this invasion the brothers, who entered the field their real will stand at the network from the coast Maine to Rockies Great Salt lake. Their & Ohio, Nickel carry them from the at New York the plains and dustrial cities of the west, the Missouri Pacific takes across the Mississippi to Utah and the Rio Grande, Their determination to acquire the miles of trackage of the Boston Maine railroad for their Nickel O. system were before the Chamber last by William H. Boyd, Cleveland attorney. Mississippi Banks Reopen. JACKSON, Miss., February 4 (A.P.) -Resumption of business by Mississippi banks recently closed goes forward. The first of the larger tutions reopened and others pare follow. The Peoples Savings Bank at Starkeville, closed for several has reopened. The reorganized Greenwood Bank and Trust Company probably will resume Thursday or Friday and the Bank of Blue Mountain and its branch at Ashland probably Wednesday Thursday. Three recently at Winona, Kilmichael and Ethel have reopened. Four Iowa Banks Merge. OTTUMWA, Ia., February 4 (A.P.) -Merger of four Ottumwa banks into the Union Bank and Trust Company announced. The banks involved the Ottumwa Savings, Iowa Ottumwa National and Wapello CounSavings Bank. The merged tutions have resources of more than 000 making it one of the largest banks in southern or northern Missouri.