11164. Peoples Bank (Utica, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 20, 1931
Location
Utica, Mississippi (32.110, -90.623)

Metadata

Model
gpt-5-mini
Short Digest
b8b43229

Response Measures

Full suspension

Other: Closure ordered by board of directors after a run; state banking department reported the closure in the press.

Description

Newspapers (Jan 20–21, 1931) report Peoples Bank of Utica 'closed its doors after brief period of business' because it was 'unable to stem the run started when the institution opened for business today.' The closure was by order of the board of directors; no reopening is mentioned. The contemporaneous failure of the First National Bank of Jackson is reported in the same articles and may have contributed, so I mention possible contagion but do not infer additional facts.

Events (2)
1. January 20, 1931 Run
Cause Details
Heavy withdrawals (a run) that began when the bank opened for business; newspapers note widespread rumors in the region and contemporaneous failure of First National Bank of Jackson which may have exacerbated withdrawals.
Measures
Notice posted on the door stating the institution was closed 'by order of the board of directors.' No emergency liquidity measures or partial-payment rules described.
Newspaper Excerpt
the state banking department announced that the Peoples Bank of Utica ... had closed its doors after brief period of business this morning. The banking officials said the closure was due inability the bank stem started when institution opened for business today.
Source
newspapers
2. January 20, 1931 Suspension
Cause Details
Board-ordered closure following inability to stop heavy withdrawals (run) that began when the bank opened; described as a closure for liquidation/handling by banking department in context of runs elsewhere. No government-ordered suspension is specified.
Newspaper Excerpt
notice posted on the door stated that the institution was closed 'by order of the board of directors.' The Peoples Bank was capitalized at $17,500, had surplus of $8,500 with deposits approximating $160,000.
Source
newspapers

Newspaper Articles (4)
1. January 20, 1931 Hattiesburg American Hattiesburg, MS
Article from Hattiesburg American, January 20, 1931

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Article Text

JACKSON BANK First National at Capital to Liquidate, Declares Press) Jan. First National Bank of Jackson, deposits of failed to open for today. notice posted on the front door stated that the comptroller currency and chief national bank examiner had been advised to take the bank for liquidation. The bank was capitalized $200,with surplus of $203,000 December 31, 1930. Stirling president and Perry cashier. statement issued late by the board of directors stated that the action was taken because of gradual withdrawal and seepage deposits day by day which in practically Saturday. The directors stated that rumors had been wide-spread concerning the bank's condition, and to open today would only result in run on the bank. The state banking department announced that the Peoples Bank Utica, 20 miles southwest of Jackson, had closed its doors after brief period of business this morning. The banking officials said the closure was due inability the bank stem started when institution opened for business today. notice posted on the door statthat the institution was closed order the board of directors. The Peoples was capitalized $17,500, had surplus of $8,500 with deposits approximating $160,Dudley, is president and Davis, cashier. GULFPORT BANKS MERGED First National Bank of Gulfport Monday took over the deposits and assets of the Bank and Trust Company, with the understanding that all checks against Bank and Trust Company balances would be paid by the First National in ordinary course of business. of absorption the Commercial Bank and Trust Monday afternoon form of statement signed by its directors, while both banks were closed in observance of Lee's birthday.

2. January 20, 1931 The Clarksdale Press Register Clarksdale, MS
Article from The Clarksdale Press Register, January 20, 1931

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Article Text

National Bank Closed, Unable to Make Grade (Continued from Page One) ing the bank's condition, and to open today would only result in a run on the bank. The state banking department announced that the Peoples Bank of Utica, 20 miles southwest of Jack son, had closed its doors niter a brief period of business this morn ing. The banking officials said the closure was due to inability of the bank to stem run started when the institution opened for business today. notice posted on the door stated that the institution was clos ed "by order of the board of directors. The Peoples Bank was capitalized at $17,500, had surplus of $8,500 with deposits approximating $160,J. B. Dudley, Sr., is president and H. H. Davis eashier.

3. January 20, 1931 The Greenwood Commonwealth Greenwood, MS
Article from The Greenwood Commonwealth, January 20, 1931

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Article Text

FIRST NATIONAL CLOSED TODAY Gradual Withdrawals and Run Saturday Puts Bank Liquidation JACKSON, Miss. (AP) The First National Bank Jackson, approximately $2,000,000, failed to open for business today. notice posted the front door stated that the comptroller of currency and chief national bank examiner had been advised take over the bank liquidation. Stirling president and H. R. Perry cashier. statement issued late last night by the board of directors stated that the action was taken because of withdrawal and seepage deposits day day which culminated practically run Saturday The directors also stated that rumors had been wide-spread concerning the bank's condition, and to open today would only sult in run on the bank. The state banking department announced that the Peoples Bank Utica, 20 miles southwest Jackson, had closed its doors after brief period of business this merning. The banking ficials said closure due inability the bank to stem started when institution opened for business today. notice posted door stated that institution closed order of the board of directors The Peoples bank was capitalsurplus $8,500 deposits approbimat$160,000. Dudley, Sr., is president and H. Davis, cashier. The bank was capitalized with surplus of $203,000 as of December 31, 1930.

4. January 21, 1931 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 21, 1931

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Article Text

BANKING COMPANIES CLOSE IN MISSISSIPPI JACKSON, Miss., Jan. The First National Bank of Jackson, carrying deposits of approximately $2,000,000, failed to open for business today. notice posted on the front door stated that the of currency and the chief national bank examiner had advised to take over the for The $200,000 surplus of $203,000 as of December 31, 1930. A statement issued late last night by the board of directors said the tion was taken because of gradual withdrawal and seepage of deposits day by which culminated in practically run The also stated that the rumors had ing the bank condition, and to open today would only result in run on the bank. The state banking department announced that the Peoples Bank of Utica. 20 miles southwest of had closed its doors after brief riod of business this The banking officials said the closure was due inability of the to stem a started the institution opened for business notice posted on the door stated that the institution closed "by order the board of directors. Peoples bank was at $17,500. had surplus of $8,500, with deposits approximating $160,000. CITY TRUST COMPANY IS REPORTED SOLD. MIAMI, Fla. Jan. Miami Daily News the City Trust of the suspended City Bank or Miami, was sold today group headed Morgan S. president the Guardian Trust Company of Miami. Associated with Mr. McCormick in the purchase Bush, former official of the City National: Amos Travis, and R. C. Fenters, all of Miami, the paper said. HOMERVILLE BANK FAILS TO OPEN HOMERVILLE Ga., Jan. The Bank of its doors today. The directors stated that the closing was to heavy withdrawals. They further stated that the bank would be in the hands of the state banking department for liquidation, and that they the opinion that able later to obtain 100 per cent of their The president the bank W. Musgrove. Its cashier G. A. Gibbs. Cottonseed Oil. MEMPHIS. MEMPHIS, Tenn., -Cottonseed bids: February June August futures 27.80; August tons. NEW YORK NEW YORK cotton seed exchange lots March for little but firmer the when prices were five was due firmness in including 2,200 exchanges. January March May 7.49; NEW ORLEANS. NEW with little trading. yellow and prime closed at 6.94; May July August 7.21.