21240. Seaboard State Bank & Trust Company (Port Arthur, TX)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust company
Start Date
July 21, 1928
Location
Port Arthur, Texas (29.899, -93.929)

Metadata

Model
gpt-5-mini
Short Digest
bb941172

Response Measures

Full suspension, Books examined

Description

A depositor run (estimated $30,000–$50,000 withdrawn Saturday) precipitated the bank not opening Monday; board ordered the affairs placed in hands of the State Banking Commission. No articles report a reopening — treated as suspension leading to permanent closure/receivership.

Events (3)
1. July 21, 1928 Run
Cause
Rumor Or Misinformation
Cause Details
Articles state a run Saturday attributed to false rumors circulated about the bank, causing large withdrawals (reported $30,000 to $50,000).
Measures
None reported beyond board action later; heavy withdrawals over Saturday and into closing hour prompted closure.
Newspaper Excerpt
the run resulted in $50,000 deposits being withdrawn
Source
newspapers
2. July 23, 1928 Receivership
Newspaper Excerpt
the affairs of the institution placed in the hands of the state banking commission; state bank examiner arrived from Austin
Source
newspapers
3. July 23, 1928 Suspension
Cause
Rumor Or Misinformation
Cause Details
Board closed the bank after the run triggered by false rumors; affairs placed with the State Banking Commission.
Newspaper Excerpt
the bank was ordered closed by the board of directors and the affairs of the Institution placed in the hands of the state banking commission
Source
newspapers

Newspaper Articles (5)
1. July 23, 1928 The Houston Chronicle Houston, TX
Article from The Houston Chronicle, July 23, 1928

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Article Text

PT. ARTHUR BANK FAILS TO OPEN FOLLOWING "RUN" Port Arthur. July on Saturday by depositors, Seaboard Bank and Trust Company failed Monday. Instead note the front door that the direchad turn the institution to the commissioner of banking for the Monday that bank Saturday some drawn and the bank unable to should reopen in few days," "Should not reopen the lose very little,' Mr. Wistner Some city funds deposit the bank, said The city also liable for bank had advanced the city on the general fund, said.

2. July 23, 1928 Corsicana Daily Sun Corsicana, TX
Article from Corsicana Daily Sun, July 23, 1928

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Article Text

Formal Charge of Murder Against Man Charges murder filed toagainst Paul Reed. draughtsman, him of the of Vernon Plager, Rockman who killed when exploded in his autolast Thursday The filed by States Attorney W. D. Knight fore Police Magistrate Burton Norton signed the charges holding Young Reed for the murcoroner's jury previously Reed be held for action by the county grand BANK FAILS OPEN PORT ARTHUR. July 23. The Seaboard State Bank and Trust company failed to open for business today bank ordered closed by the board of directors and of the institution placed in the hands of state The which failed to open at nine o'clock had not opened Officers of the bank could not be for statement Wistner for H. E. Brinkham. president of bank, statement signed by Wistner, said the bank should open the next few days. The attorney said run bank Saturday which estimated resulted in $50,000 posits being withdrawn, was immediate cause of the closing A large crowd citizens and depositors the bank doors for several hours this morning

3. July 24, 1928 The Galveston Daily News Galveston, TX
Article from The Galveston Daily News, July 24, 1928

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Article Text

PORT ARTHUR BANK IS CLOSED IN FACE OF RUN Port Arthur, Seaboard State Bank and Trust Company failed to open for busing neas this morning. The bank was ordered closed by the board of dlrectors and the affairs of the Institution placed in the hands of the state banking commission. Wistner, attorney for H. E. Brinkman, president of the bank, said the bank should open la the next few days. The attorney said

4. July 24, 1928 Fort Worth Record-Telegram Fort Worth, TX
Article from Fort Worth Record-Telegram, July 24, 1928

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Article Text

Port Arthur Bank Closes Its Door Associated PORT ARTHUR. July the Seaboard Bank and True Company which failed open business said tonight that affairs of the condition and the institution undook edly would few The bank was ordered closed board of directors and affairs institution placed the hands the State Banking Commission state bank examiner arrived from Austin. Officials that a run bank Saturday. which they attribute to false rumors circulated about caused the closing. Wistner. for H. Brinkman. president the bank timated that the run resulted in $50.4 000 in deposits being withdrawn.

5. August 2, 1928 Opelousas News Opelousas, LA
Article from Opelousas News, August 2, 1928

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Article Text

PORT ARTHUR DEPOSITORY SHUT $30,000 'Run' Leads to Bank Going in Hands of State Board The Seaboard State Bank and Trust Company, of Port Arthur, Texas, lected last week as the depository city funds, failed to open for business Monday morning. An announcement was posted that the bank directors had voted to put the affairs in the hands of the State Bank Commission, following with-drawals of $30,000 in that developed Saturday morning and continued until the closing hour. City deposits in the bank totaled including and sinking fund, general funds, water and sewer department and surplus from bond issues. The bank also holds city warrants for $143,200 upon which cash was advanced to the city. Speaking about how about the highways? The hornet is the most impressive of the insect family.