279. Merchants & Planters Bank (Arkadelphia, AR)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
December 20, 1930
Location
Arkadelphia, Arkansas (34.121, -93.054)

Metadata

Model
gpt-5-mini
Short Digest
9366eb2e

Response Measures

None

Description

The Arkadelphia Merchants & Planters suspended on Dec 20, 1930 for five days due to uneasiness after the Clark County Bank at Gurdon suspended (local_banks contagion). Articles later report the bank reopened Jan 31, 1931 after reorganization under a gradual-withdrawal agreement. There is mention of a heavy run in a Merchants & Planters in Camden in one article, but the Arkadelphia suspension was explicitly attributed to uneasiness from the Gurdon suspension rather than a direct depositor run on this bank.

Events (2)
1. December 20, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension decided because of uneasiness caused by the Clark County Bank at Gurdon suspension; precautionary five-day halt.
Newspaper Excerpt
The Merchants and Planters bank here suspended today for a five-day period. ... Officers of the bank said suspension was decided upon because of uneasiness caused by the Gurdon bank suspension.
Source
newspapers
2. January 31, 1931 Reopening
Newspaper Excerpt
Arkadelphia Bank Re-Opens Merchants Planters Bank of Arkadelphia which suspended payment in December, reopened for business Saturday morning. ... Both banks are operating under gradual withdrawal agreement signed by depositors.
Source
newspapers

Newspaper Articles (6)
1. December 21, 1930 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, December 21, 1930

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Article Text

Local Bank Clearings -Other Quotations Saturday Same day last year Decrease $ Same day last week For week 46,916,086.03 Same week last year Decrease Previous week Products, Market Basis. meal com. rate 24.00@24.50 Atlanta. first clean mill run 011@ Suit Thrown Out. Circuit Judge Lafon Allen today threw out of court the $25,000,000 resuit for alleged and ince instituted against officers and directors of the Bancokentucky Company, Louisville Trust National Bank of Kentucky and Louisville National Bank & Trust had admitted a "discrepancy. Cashier had himself locked up in the Hattiesburg jail until the audit had been completed, although no charges have been filed against him. GOLDSBORO, N. BANKS FAIL TO OPEN GOLDSBORO, N. C., Dec. 20. Two Goldsboro banks. both under same management, failed to open today. Notices said the institutions been closed in the interests of depositors. The National Bank of Goldsboro listed deposits 30 and resources of $623,663.74 in its last state ment on September 24. The bank is capitalized at $100.000 and had sur of 46 on September 24. The Goldsboro Say tings Trust Company, an affiliated institution, had deposits $226, 413.53, resources 491 and surplus of $19,078. the same date. It is capitalized $41,000. Norwood is president of both Thomas H. Norwood and John Norwood, his sons, are cashiers National Bank of Goldsboro and Goldsboro vings & Trust Company, respectively RURAL HALL N. C., Dec. The Rural Hall Bank Trust Company did not open for business today. E. L. Kiser is president. O. M. Kiser is eashier and said the institution, capitalized at $10,000. had posits of approximately $57,000 and surplus of $3,800. ANOTHER BANK CLOSES IN ARKANSAS ARKADELPHIA, Ark., Dec. 20. The Merchants and Planters bank here suspended today for a fiveday period. James G. Clark was president of the local bank and of the Clark County bank Gurdon, which suspended yes terday for five days. Officers of the bank said suspension was decided upon because of uneasiness caused by the Gurdon bank suspension. The Merchants and Planters bank had deposits of bout $750,000, with capital and surplus of $90,000. SMALL ALABAMA BANK CLOSES DOORS MONTGOMERY, Ala., Dec. 20. (AP) Dent Green, state superintendof banks, announced today that the Bank of Camphill, at Camphill, had closed its doors today. Mr Green said closing of the bank was due to frozen assets, largely caused by poor crops and the extended drouth of last summer. The bank had $50,000 capital stock and $10,000 surplus. DEFUNCT BANK TO PAY DIVIDEND JACKSONVILLE, Fla., Dec. 20 presents, in the form a per cent are to be given all creditors of the defunct Brotherhood State bank here, who are entitled of to participate in the distribution its assets. Joseph M. Glickstein, receiver, said today the dividend. the second since the institution failed last would mailed to depositors next Tuesday in time for Christmas. GEORGIA BANKS NAMED IN REQUEST BY ASSOCIATED PRESS State Superintendent of Banks A. B. Mobley Saturday inced that department had been asked to take over the Union Banking Company of which also branches at Braxton and Nicholls, the County Bank at Lyons, the Citizens' Bank of Ray City, in Berrien The last bank call, Septembed 24, showed the Union Banking Company to have resources of capi of of surplus, $23,000, undivided profits, $94,108, and deposits, No bills were payable at that according to the call. The County Bank on September 24 had resources of 471.38, capital, surplus, $6,000, deposits, $163,000 and bills $20,000. pay September 24 call shows the The Citizens' of Ray as ing of capital, and no bills Inspectors will placed in of the banks, Mr

2. December 22, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, December 22, 1930

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Article Text

Arkadelphia Bank Business Suspends The Uneasiness Following Suspension of Clark County Bank at Gurdon is Cause Dec. The MerArkadelphia, chants and Planters bank today for five days due pended caused by the easiness, officials the Clark County bank suspension Gurdon yesterday Clark of Arkadelphia James president both institutions The the Arkadelphia deposits bank are about

3. December 25, 1930 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, December 25, 1930

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Article Text

GRENADA BANKS PAY $35,000 IN DIVIDENDS Declare 14 Per Cent On Stock During Year. Miss., Dec. capitalization of the Grenada banking carrying in towns besides the main bank at Grenada, just paid seven cent dividends to a total of 14 per cent. $35,000, paid out in dividends to these stockholders dur ing the year. The branch banks are in AckerBelzoni, Calhoun EupoLouisville, Shaw and Summer. The Grenada system. of which Thomas of this is president, paid seven per cent to its in ran to A similar amount paid early in materially aided in swelling sales volume the territory involved. find everywhere that buying is the Mr. Thomas. our territory farmers are enthusiastically for the crop rearranging their planting system to prevent any recurrence of failure that usually attributed to a worst of the unemployment evidently is over and we are hopeful that the volume of trading be increased at an early date.' LITTLE ROCK. Ark., Dec. state banks which recently closed were reopened today the state banking department announced. They are the Clark County Bank at Gurdon and the Citizens Bank. formerly the Arkansas State Bank, Carlisle. The Gurdon bank suspended last week for five days and is one of the few of the many closed in the last few weeks which reopened within the five-day suspension period. The closing of the Gurdon bank was followed the next day by the suspension of the Merchants and Planters Bank at Arkadelphia, in the same county. whose president. James G. Clark, also is president of the Gurdon bank. After meeting demands thro gh the day the Bank of Ethel in Attala County, was forced to close its doors last night as protective step in behalf of depositors Love, state superintendent of announced small on the bank developed from the closing yesterday of Bank of was reported to the The Bank of was capital ized with surplus of Total deposits were estimated to be $150,000. LITTLE ROCK. Ark., Dec. Little Rock North Little Rock and several concerns paid bonuses to employes day. Some of the banks paid $20 to with blaze was discovered Its occu- were in Dyersburg at the time of one year or more service and $10 to those with less pants, Mr. and Mrs. Willie Allen, the fire. time. One North Little Rock bank gave all of its employes $25, and another $10 each. One concern gave each of women employes a fur choker and each man signet ring. MRS. PARHAM, 71, BURIED. UNION CITY, Tenn., Dec. Mrs. Caroline Parham, 71. died at the home of her Mrs. John Robinson, of Harris community. services were held yesterafternoon at the Primitive Bap. tist Church, conducted by the Rev. Stallings, of Greenfield, followed by interment in East View Cemetery Surviving Mrs. Parham are her Mrs. Robinson with she has made her home for the past 11 years; daughter. Mrs. John Gwynn, of Paragould, Ark. nephew, H. F. Jones, of this city: other nieces and nephews and seven grandchildren. Two other children died in infancy She was member of the Primitive Baptist Church. RESIDENCE DETROYED. Fire destroyed large country residence on the Bernard Tarrant es. tate, few miles north of burg. The large two-story built of fine yellow popular timber lumber throughout. practically destroyed before the

4. January 31, 1931 Hope Star Hope, AR
Article from Hope Star, January 31, 1931

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Article Text

Small-Sized Panic First National Stops Run-Merchants & Planters Closed for Liquidation Bank crowded the streets front of the First National Bank Saturday morning but were apparently convinced the institution was able to pay off. despite the closing of one the two Berg Brothers' banks. the Merchants here Friday. The & Planters suspended at 9:15 Friday morning. Leo Berg president the Merchants Planters. brother. Henry Berg. is president the First National. An extra edition the Camden News 4:30 Saturday morning carried the pledges of other banks in Arkansas and New York City to stand behind First National. and the statement that the personal fortunes of the Berg brothers would also guarantee the bank. It announced that the Merchants & Planters would probably be placed in liquidation. The bank had undergon heavy run for the last week. The cashier. Hildebrandt, was reported to have resigned 10 days The bank was capitalized nt $100,000. with deposits of $819,000. There were three banks in Camden. The other Berg institution. the First National. and smoller Citizens Bank & Trust Co., new institution organized year ago, show strong statements. It was regarded as unlikely that depositors would lose anything in the closed Merchants & Planters, but also probable that the Camden banking field will be permanently redueed to two institutions. the First National and the Citizens. Arkadelphia Bank Re-Opens Merchants Planters Bank of Arkadelphia which suspended payment in December, reopened for business Saturday morning. James G. Clark, former president. remains on the board. but the new president is Roy R. Golden. Mr. Clark. who was also president of the Clark County Bank at Gurdon, which closed the day before the Arkadelphia bank. reopened the Gurdon institution the same month in which it closed. Both banks are operating under gradual withdrawal agreement signed by depositors.

5. February 1, 1931 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, February 1, 1931

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Article Text

THREE ARKANSAS BANKS REOPENED LITTLE ROCK Ark., Jan. banks in Arkansas today bringing to 47 the number which have resumed since last November 17. State Banking Commissioner Walter E. Taylor said today The Merchan & Planters bank at Arkadelphia, reorganized by electing Roy Golden president and reopened after been closed since De cember 20. The Bank of Oxford in Izard county closed since November 17, also reopened. The Bank of which pended several weeks ago, reopened today under an agreement of depositors to "freeze" their accounts over a period of months. S. L. is president, and J. B. Swift executive vice president. U. AID IS SOUGHT IN PROBE OF BANK LITTLE ROCK. Jan. Prosecuting Attorney Carl E. Bailey has disclosed that he has sought intervention of federal authorities in an investigation of the affairs of the closed Exchange Trust Company, of Little Rock. He has been in with the department of justice and other government agencies, he said, and though he declined to make public nature. he said he had received couraging responses. NEW BANK TO OPEN Fla., Jan. 31. (AP) Amos today officially approved the opening of new Merchants & Farmers bank, of next Monday. The new bank capitalized at $25,000 and has surplus of $7,500 undivided profits of and serve D. is president, and J. Vickers, cashier. SEEK TO REORGANIZE BANK AT KNOXVILLE KNOXV Tenn., Jan. Mitchell Long, Knoxville attorney, said today that negotiations are under way for the organization of new national bank in 'Negotiations have been held between local persons and group headed by R. Preston. of Chattanooga, with view to organizing a new national he said. "However, the organization is only the preliminary stages and no definite announcement can be made this PLANS MADE TO REOPEN BANK IN TENNESSEE E. Leach, chairman of the depositors' committee of the First State Bank & Trust Co., here, said today plans were being made to reopen the bank ruary 10. The bank suspended business several weeks ago. oHTo AND CAROLINA BANKS FAIL TO OPEN Jan. The Planters bank of Sharon failed to its doors today, completion of an audit the state ing The bank listed deposits of $127,000 NEW Jan. State bank here, capitalized at and with of failed to open its doors this morning.

6. February 1, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, February 1, 1931

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THREE ARKANSAS BANKS REOPEN; 47 SINCE CRASH LITTLE ROCK. Ark., Jan. 31 (P).Three banks reopened in Arkansas today. bringing to forty-seven the number which have resumed since last Nov 1, State Banking Commissioner Walter Taylor said today. The Merchants and Planters bank, at Arkadelphia, reorganized by electing Roy Golden, president, and reopened after having been closed since Dec. 20. The Bank of Oxford, in Izard county, closed since Nov. 17, also reopened. The Bank of Marvell, which suspended several weeks ago, reopened today an agreement of depositors to "freeze" their accounts over a period of months S. Cook is president and J. B. Swift executive vice-president. Rice. NEW ORLEANS none: