280. First National Bank (Camden, AR)

View Charter #4066 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
4066
Charter Number
4066
Start Date
January 1, 1931*
Location
Camden, Arkansas (33.585, -92.834)

Metadata

Model
gpt-5-mini
Short Digest
d80568a0bb706399

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected

Receivership Details

Depositor recovery rate
89.6%
Date receivership started
1934-04-16
Date receivership terminated
1939-10-14
Share of assets assessed as good
44.8%
Share of assets assessed as doubtful
50.0%
Share of assets assessed as worthless
5.3%

Description

Articles describe a heavy run on First National Bank in Camden in January 1931 tied to the closing of other local Berg banks (local contagion). Later, in April 1934 the Comptroller appointed a receiver after a period with a conservator and a reorganization in which Citizens National assumed most deposit liabilities. The record does not give an explicit suspension date, but the conservatorship/reorganization and eventual receivership indicates the bank ultimately closed — consistent with a run leading, within a few years, to suspension/closure. Cause of the 1931 run is local bank failures; 1934 closure was by federal appointment of a receiver.

Events (6)
1. July 2, 1889 Chartered
Source
historical_nic
2. January 1, 1931* Other
Newspaper Excerpt
The Merchants & Planters suspended at 9:15 Friday morning...An extra edition the Camden News...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.
Source
newspapers
3. January 31, 1931 Run
Cause
Local Banks
Cause Details
Run followed closing of Merchants & Planters (a Berg Brothers' bank) and other local bank failures, which spooked depositors.
Measures
Other banks and New York banks pledged to stand behind First National; pledges of personal guarantees by Berg brothers; public reassurances, which helped calm depositors.
Newspaper Excerpt
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.
Source
newspapers
4. January 1, 1934* Other
Newspaper Excerpt
A conservator was in the First National bank for the past several months and when the Citizens National Bank of Camden took over 60 per cent of the deposit liabilities of the First National Bank and the reorganization was completed, receiver was necessary for the latter bank to liquidate the remaining assets.
Source
newspapers
5. April 16, 1934 Receivership
Source
historical_nic
6. April 17, 1934 Receivership
Newspaper Excerpt
Mayor G. R. Haynie...has been appointed receiver for the First National Bank by the Comptroller of Currency. Mayor Haynie began his new duties immediately at the bank.
Source
newspapers

Newspaper Articles (2)
1. 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.

2. April 17, 1934 The Camden News Camden, AR
Article from The Camden News, April 17, 1934

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Article Text

R HAYNIE IS BANK RECEIVER Local Mayor Receives Appointment From Comptroller Mayor G. R. Haynie, well known local attorney, has been appointed receiver for the First National Bank by the Comptroller of Currency, it was announced here today. Mayor Haynie began his new duties immediately at the bank. F. 1.. Branson, conservator of the bank for the past several months has not announced his future plans. When the Citizens National Bank of Camden took over 60 per cent of the deposit liablities of the First National Bank and the reorganization was completed, receiver was necessary for the latter bank to liquidate the remaining assets. Prior to the reorganization a conservator Was in The First National bank will continue in its present building with the receiver in charge. A staff will be maintained. Judge Haynie is well known throughout Arkansas having been campaign manager for A. B. Priddy in the 1932 gubernatori race and in 1920 made the race for governor himself. He has been in Canden for the past twelve years. Prior to that he was circuit judge and also prosecuting aftorney of the eighth judicial district in Arkansas. He is serving his sec. and term RS mayor of Canuten.