First National Bank - Ashdown, AR

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 10486
Charter Number: 10486
Start Date: December 1, 1930*
Location: Ashdown, Arkansas (33.674, -94.131)

Metadata

Model: gpt-5-mini
Short Digest: 75d0ed61

Response Measures

Full suspension, Books examined

Other: Bank notified state bank commissioner to send examiners; liquidation planned.

Description

Article reports heavy withdrawals ($78,000 over 60 days) and 'general hysteria' leading the bank to close Dec 30, 1930 and notify the Arkansas state bank commissioner to send examiners to take charge. The bank is described as having failed and likely to liquidate, so closure appears permanent.

Events (5)

1. February 14, 1914 Chartered

Source: historical_nic

2. December 1, 1930* Run

Cause: Rumor Or Misinformation
Cause Details: Large withdrawals over prior 60 days attributed to 'business conditions and general hysteria' (panic among depositors).
Measures: None specific beyond notifying state bank commissioner; no liquidity measures detailed.
Newspaper Excerpt: Withdrawal of $78,000 in deposits within the past 60 days was asserted to be the cause of the bank's failure.
Source: newspapers

3. December 30, 1930 Suspension

Cause: Rumor Or Misinformation
Cause Details: Bank closed after run/withdrawals and 'general hysteria'; examiners from state banking department were requested to take charge.
Newspaper Excerpt: The First National Bank of Ashdown, closed its doors at 2 p. m., Tuesday and notified the Arkansas state bank commissioner to send examiners to take charge.
Source: newspapers

4. May 19, 1931 Voluntary Liquidation

Source: historical_nic

5. * Other

Newspaper Excerpt: I think some plan of reorganization will be worked out, C. E. May, president, stated. Liquidation for the benefit of remaining stockholders probably would be very slow...the bank's paper was declared to be in excellent shape...it was predicted that liquidation eventually would protect all depositors.
Source: newspapers

Newspaper Articles (1)

1. December 31, 1930 McCurtain Gazette Idabel, OK

Article from McCurtain Gazette, December 31, 1930

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Article Text

ASHDOWN'S ONLY BANK SUSPENDED Bank Commissioner Notified To Take Charge-Bank of Stephens Also Was Closed Ashdown, Ark., Dec. 30.-The First National Bank of Ashdown, closed its doors at 2 p. m., Tuesday and notified the Arkansas state bank commissioner to send examiners to take charge. Withdrawal of $78,000 in deposits within the past 60 days was asserted to be the cause of the bank's failure. "I think some plan of reorganization will be worked out," C. E. May, president, stated. "Liquidation for the benefit of remaining stockholders probably would be very slow, though our collection of paper has not been unduly difficult. "Part of the withdrawals were natural outgo, but deposits have been scant, and believe that business conditions and general hysteria accounted largely for the run." The president said he had been ill for the past week and was not in sufficient touch Tuesday to estimate the probable recovery by depositors. Hiram G. Sanderson and N. C. McCrary are vice presidents, and J. Miller Johnson, cashier. The failure leaves this city without bank. Two years ago the First National merged with the old Arkansas State Bank, retaining the former name. The First National succeeeded the Little River County Bank about 18 years ago. Its present capital stock is $50,000. Stock was distributed among about 15 or 20 owners. There was said to be a division of opinion among the latter Tuesday as to whether an attempt at reorganization would be feasible. The bank's paper was declared to be in excellent shape, having borne close serutiny by the board of directors; and it: was predicted that liquidation eventually would protect all depositors. Two Arkansas Banks Suspend Little Rock, Dec. 30.-Two banks Tuesday notified the state banking department of closing for liquidation and two others suspended for five days. The suspended banks are the Citizens Bank and Trust company, of England, and the Bank of Chidester, at Chidester. (First Published Dec. 31-Out Jan. 31, 1931) State of Oklahoma, McCurtain County, SS. IN DISTRICT COURT Maggie Loman Austin, guardian of Wilson Loman and Frank Lomon, Minors, plaintiff, W. L. Gragg, Loma Gragg and Geo. T. Arnett, defendants. NOTICE OF SHERIFF'S SALE No. 7342 Notice is hereby given that in pursuance of an Order of Sale issued out of the District Court of McCurtain County, Oklahoma, on the 31st day of December, 1930, in an action wherein Maggie Loman Austin, guardian of Wilson Loman and Frank Loman, minors, was plaintiff, and W. L. Gragg, Loma Gragg, and Geo. T. Arnett, were defendants, directed to me, the undersigned sheriff of McCurtain county, commanding me to levy upon and sell without appraisement the following described property. S½ of SW% section 7, Twp. 8 S, Range 25 East, situated in McCurtain County, Oklahoma to satisfy a judgement and decree of foreclosure in favor of said plaintiff and against said defendants, obtained and made in said court on the 21st day of March, 1930, for the sum of $1122.00 with interest thereon at per cent per annum from the 21st day of March, 1930; $90.00 attorney's fees, costs $50.00, and costs accruing. will on the 31st day of January, 1931, at the hour of 10 o'clock a. m., on said date at the front door of the court house in the city of Idabel, in said county and state, offer for sale and sell to the highest bidder for cash, the said property above described, or so much thereof as will satisfy the judgment with interest and costs. Witness my hand this the 31st day of December, 1930. CHAS. R. HOLMAN. Sheriff of McCurtain County, Oklahoma. By D. P. Willingham, Deputy. Tom Finney, Attorney. tor's prescription called Thoxin which works on an entirely differer principle from ordinary medicine It has a quick double action, it re lieves the irritation and goes dired to the internal cause. Thoxine contains no harmful drug is pleasant tasting and safe for th whole family. Guaranteed to giv better and quicker relief for cough or sore throats than anything yo have ever tried or you can have you money back. 35c, 60c, and $1.00 bo tles. Sold by Rexall Store, and other good drug stores.