282. Citizens Bank (Bald Knob, AR)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 20, 1930
Location
Bald Knob, Arkansas (35.310, -91.568)

Metadata

Model
gpt-5-mini
Short Digest
1f03b758

Response Measures

None

Description

Articles show Citizens Bank, Bald Knob suspended in Nov 1930 (five-day suspension) after runs in the town, then was listed among banks scheduled to reopen by Nov 26, 1930. A later article (Oct 15, 1931) reports both Bald Knob State Bank and Citizens Bank were taken over by the state commissioner; that is a later closure/receivership event separate from the Nov 1930 suspension/reopening episode. Here I classify the immediate 1930 sequence as run -> suspension -> reopening. The 1931 takeover is included as a receivership event in the timeline.

Events (4)
1. November 20, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals in Bald Knob tied to distress among local banks (Bald Knob State Bank and other nearby suspensions) prompted runs on Citizens Bank.
Measures
Precautionary measures by officers; bank did not open that morning and was placed under five-day suspension.
Newspaper Excerpt
The Bald Knob State bank. The latter bank opened for business this morning but heavy withdrawals during the first two hours business caused officers take precautionary measures.
Source
newspapers
2. November 21, 1930 Suspension
Cause
Local Banks
Cause Details
Placed under the state five-day suspension provision following heavy withdrawals and local bank distress in Bald Knob and surrounding area.
Newspaper Excerpt
The Citizens Bank at Bald Knob did not open this morning, five day suspension.
Source
newspapers
3. November 26, 1930 Reopening
Newspaper Excerpt
Banks scheduled to reopen yesterday today were the ... Citizens bank Bald Knob, the Bank of McNeil ... and the Bank of Ozan, Hempstead county.
Source
newspapers
4. October 15, 1931 Receivership
Newspaper Excerpt
The Bald Knob State Bank and the Citizen's bank of Bald Knob closed Saturday. Both are in the hands of the state bank commissioner.. The Bald Knob State Bank failed to open for business Saturday and this is believed to have caused a run on the Citizen's bank, which closed about 11 a. m.
Source
newspapers

Newspaper Articles (4)
1. November 20, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 20, 1930

Click image to open full size in new tab

Article Text

Three More Small Banks Close But Others Are Likely to Reopen. HEBER SPRINGS, ARK., Nov. Arkansas National bank of Heber Springs resumed business shortly after noon today, after having been closed since Monday. During the first half hour business deposits were made and only normal withdrawals were ported. The bank was one of 58 that closed suspended business Arkansas this week. LITTLE Ark., Nov. 20. report that the ArkanNational bank of Heber Springs, of 58 which suspended clospermanently carlier this week, today was inconce state officials that banking conditions were becoming Others' Doubtful Whether other banks would able to open the end of their suspension period question today which puzzled banking department authorities in the right of extending the suspension period Definite word that the American Exchange Trust company, one. the largest and considered the strongest banks in the state, would not open at the close the five day period was had last night. would force them closed. They did Indicate when business might resumed nor did they say they would ask for tension the five day period. Two banks yesterday notified state authorities they had closed temporarily, and third. of Tyronza in Poinsett county, closed permanently. state banking authorities taking over its operations. Three More Close Three more banks were added to the which have suspended business today. They the Bank of Corning. Corning. Citizens Bank, at Bald Knch. and the Bald Knob State bank. The latter bank opened for business this morning but heavy withdrawals during the first two hours business caused officers take precautionary measures. All three Institutions were suspended under the five days provision. The total closed and suspended since last Monday mounted to with the three banks closed today.

2. November 21, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 21, 1930

Click image to open full size in new tab

Article Text

FINANCES ARE CLEARING UP IN ARKANSAS Opening of Bank at Heber Springs and Reorganization Plans Restore Confidence over Arkansas Following Bank Suspensions LITTLE ROCK, Ark., Nov. Additional encouragement to Arkansas' banking situation was given today by the state banking department, when Walter E. Taylor, commissioner, announced that information coming into his office indicated that more of the 63 suspended institution than he at first anticipated. are working out reorganization and reopening plans. Mr. Taylor said that reports indicated that many of the institutions had progressed with their reorganization plans to the extent of expecting open for business during the later part of this week or carly next week. He expressed the belief that the situation in the state would show great improvement during the coming week. The National Bank of Arkansas of Heber Springs was the first to resume business. This institution reopened its doos yesterday morning after authority had been received from Comptroller of Currency W Pole at Washington. The national bank examiner reported that the institution was in position resume business Directors of the American change Trust Company of Little Rock today continued their conferences to consider reopening plans. Just when and how the local institution can reopen has been determined. Five More Suspend Officials of the American Exchange stated that reorganization requiring the co-operation of the depositors were well under way and it was hoped that the bank could be reopened soon. The bank will be taken over Saturday by the state bank commissioner pending completion of the reorganization Five banks were added to the list of those suspending. The Bank of Corning at Corning suspended Wednesday afternoon. The Citizens Bank at Bald Knob did not open this morning, five day suspension. The Bald Knob State Bank opened, but was subjected to run during the morning and suspended at 11 clock as precautionary measure. The five brought the total banks suspending or closing up to 63, Two small institutions, the Bank of Ozan at Ozan, Hempstead Counand the Bank of Strawberry Strawberry, Lawrence County, both independent banks, announced suspensions for -days. The Bank of Strawberry suspended last Monday, but the first report of the action was not received at the state banking department until this morning. The Bank of McNeil at McNeil suspended for five days Thursday afternoon, and the Bank of Tyronza was taken over by the state bank department. A dispatch from McRae said the Peoples Bank at that place expected to reopen Saturday or Monday, under a proposed agreement that stockholders pay in $12,000, an amount equal to deposit the bank had in the Arkansas Trust Company at Newport when the latter suspended. Depositors also were being asked to agree to maintain 85 per cent of their deposits in the bank for 12 months, or as long as necessary to stabilize the institu-

3. November 26, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 26, 1930

Click image to open full size in new tab

Article Text

Three Additional for Business Open Reopening Institutions Are Bank of Ozan, Bank of McNeil and Bank Of Stamps Little Nov. additional banks that last today bring to ten the number reopenings among the closed suspended banks during past week. Those reopening today The Bank Ozan, the Bank and the Bank of Stamps. The Little Rock, Nov. banks that suspended payments last week reported to the state Banking Department yesterday and teight 10 more not officially reported to resume operation yesterday or today. General improvement in banking conditions throughout Arkansas was noted. despite the suspension three additional banks yesterday. They are Bank of Maynard Maynard, the Cross County bank Wynne the Bank Glenwood Glenwood, to total capital approximately $9,000. The Cross County bank, the largest the three, was capitalized $60,000. Its deposits of September 24 amounted $560,000. Deposits the Bank Glenwood were said be $168.000 and the Bank of Maynard $85,000. Banks reported by the Banking Department as yesterday included the Bank of Waldo and the Peoples bank Waldo. The Bank Manila, the State Monette and the Viola State bank Deposits amounting to $10,000 were made at the Bank Manila during the first hours of business yesterday morning. Depositors have signed time certificates agreeing to withdraw their funds installments at Intervals of nine, 12 and 15 months. Other banks scheduled to reopen yesterday today were the Grant County bank at Sheridan, the Bradley County bank at Hermitage, the Bank Harrisburg, Citizens bank Bald Knob, the Bank of McNeil, Columbia county. and the Bank of Ozan, Hempstead county. Steps toward reorganization of many closed last week being taken yesterday, additional openings probably will be ported during the week, officials the state Banking Department three small banks that yesterday make total that have stopped payments closed for liquidation the American Trust Company of Little Rock shut its week. majority the banks that have closed affiliated through Banks John chief bank examtner the state Banking Department, yesterday with an inventory collateral held by the Exchange Trust Company R. W. Rightsell, vice president the American Exchange Trust Company and manager the mortgage department announced that perowing interests or principal on notes held by the department are pected to make payments promptly They will receive notes coupons. Persons owning real estate notes held by the mortgage loan department receive payments when collections made. Mr. Rightsell said. The will look after collections, partment and taxes affecting loans carried when the bank suspended, but no loans will be made. MORGAN HONORED Oxford, England, Nov. Morgan received his degree Doctor of Civil Laws, the honor conferred England's oldest university

4. October 15, 1931 The Newark Journal Newark, AR
Article from The Newark Journal, October 15, 1931

Click image to open full size in new tab

Article Text

Two Bald Knob Banks Are Taken Over by the State The Bald Knob State Bank and the Citizen's bank of Bald Knob closed Saturday. Both are in the hands of the state bank commissioner.. The Bald Knob State Bank failed to open for business Saturday and this is believed to have caused a run on the Citizen's bank, which closed about 11 a. m. The Bald Knob State Bank was organized 30 years ago by C. M. Eganbright, who afterward moved to Judsonia. T. J. Campbell was president and E. R. Wynn cashier. The Citizens Bank was organized in 1925. Bing Moody was president and John Q. Adams cashier. Deposits in the two banks totaled $200,000.