Initial run described as caused by unfounded rumors; court-appointed receiver then placed the bank in receivership and it did not reopen.
Events (4)
1.August 3, 1906Run
Cause
Rumor Or Misinformation
Cause Details
Unfounded rumors about the bank's stability triggered heavy 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
same day
2.August 3, 1906Suspension
Cause
Government Action
Cause Details
Chancery court appointed a receiver after depositors' suit, placing the bank in receivership.
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
+6 days
3.August 9, 1906Receivership
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
+2.4 years
4.January 6, 1909Other
Newspaper Excerpt
Receiver A. L. Staples, of the Scranton State bank, sold today under order of the chancery court the property in this city, together with the banking house belonging to the defunct institution.
Source
newspapers
Newspaper Articles (11)
1.August 3, 1906Greene County HeraldLeakesville, MS
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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.
2.August 3, 1906Greene County HeraldLeakesville, MS
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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.
3.August 9, 1906Oxford EagleOxford, MS
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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.
4.August 10, 1906The CommonwealthGreenwood, MS
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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.
5.August 10, 1906The Tupelo JournalTupelo, MS
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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.
6.August 11, 1906Macon BeaconMacon, MS
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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.
7.April 19, 1907Greene County HeraldLeakesville, MS
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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.
BANK PROPERTY SOLD BY ORDER OF RECEIVER Scranton. Miss., Jan. 6.-Receiver A. L. Staples, of the Scranton State bank, sold today under order of the chancery court the property in this city, together with the banking house belonging to the defunct institution. The sale, took place in front of the couty court house and a large crowd was present. The bidding, however, was slow and the property was finally knocked down to Walter Gaulter, of West Pascagoula, for $10,005. This is one of the most desirable properties in the county, the banking-house being a two-story brick and stone building. The price paid is regarded as fair and the sum realized will add materially to the next dividend to be ordered by the court in March.
9.March 19, 1909The Pascagoula Democrat-StarPascagoula, MS
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Article Text
New Notice to Depositors and CredItors of Seranton State Bank. W. H. WESTFALL, ET AL. YN. SCRANTON STATE BANK All depositors or other creditors of the Scranton State Bank who have not hereto form registered or probated their claims in the office of the Clerk of the Chancery Court of Jackson County, Mississippi. are hereby notified to register or probate the same in the office of the Clerk of the Chancery Court of said County. within sixty (60) days from the date hereof. or they will be debarred from participating in the distribution of the assets of said bank in the hands of the receiver. The above notice Is given pursuant to an order of the Chancery Court of fackson County, Mississippi, entered in the case of W. H. Westfall, et al., vs. Scranton State Bank. on March 17. 1909 Witness my hard this the 18th day of March, A. D. 1909, I. P. DELMAS, Clerk. March 19, 1909. 7-8t
10.March 23, 1910The Hattiesburg NewsHattiesburg, MS
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Article Text
STEWART ON TRIAL IN SCRANTON BANK CASE Gulfport, Miss., March 23. - When the case of the State of Mississippi VS. J. W. Stewart, of Moss Point, charged with accepting deposits for the Scranton State Bank while acting as cashier of the Moss Point branch, knowing that said bank was insolvent, was resumed yesterday morning. J. I. Ford and P. K. Mayers, who were directors of the bank, identified the minutes and charter. Mr Mayers testified that he knew nothing of the bank's condition at the time of the failure. A. L. Staples, receiver of the bank, then took the stand and went over the details of the condition of the bank when he took charge and stated what he did to recover the losses sustained by the bank, which at the time of the failure amounted to $125,000, on loans to four concerns on notes without any endorsement or collateral. At the noon hour court adjourned with Staples still on the stand.
11.November 24, 1911The Pascagoula Democrat-StarPascagoula, MS
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Article Text
Order your Wood and Coal from BLACKWELL. Thursday morning Manager Blethen announced an entirely new departure for bis popular photo-play house. Complete dramatic presentations will be given, the entire evening being devoted to them. His schedule, as so far arranged, includes the following: "Vitagraph Monthly," Dec. 1; "Foul Play," Dec. 4; "Two Orpbans," Dec. 19; "Colleen Bawn." Dec. 25; "Auld Lang Syne," Dec. 28. According to a statement made by a prominent business man of the port territory during the past week, an official is quoted as having said that the Frieco system has decided not to take over the Pascagoula Northern railroad, at present. Whether this official has been correctly quoted or not has not been ascertained, but it is believed that early in the coming year something definite will result. Let us make that new Fall Suit and you will be satisfied. Cowgill. A. L. Staples. trust officer for the City Bank and Trust Company of Mobile, receiver for the old Scranton State Bank, was in the city on Wedneeday on business. Mr. Staples said that he would be ready to make his final report as receiver at the term of chancery court opening in this city ou Friday. He expressed the opinion that there way be another small divIdend to be paid to the stockholders of the old bank. The floral tributes placed upon the bier and grave of Joseph Alexander Mitchell last Wednesday were numerous and beautiful. Among the especially touching tributes was the large wreath on no uptight kiven by the members of the two base ball teams of the city, of which the deceased bad been a member. The large wreath was crossed with a beautiful band of silk on which appeared "P. L. W. 2. H. W. Regrets." The pall beaters were members of the two teams.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
