288. Bank of Charleston (Charleston, AR)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
March 29, 1930
Location
Charleston, Arkansas (35.297, -94.036)

Metadata

Model
gpt-5-mini
Short Digest
518035996368e99d

Response Measures

None

Description

Multiple contemporaneous articles (Mar 29–30, 1930) report a run of several days (seven-day run) that caused the Bank of Charleston (a state bank) to close its doors and fail to open; state examiners were notified. No reopening is reported; closure appears permanent in these articles.

Events (2)
1. March 29, 1930 Run
Cause
Bank Specific Adverse Info
Cause Details
Prolonged withdrawals (several- to seven-day run) compounded by frozen assets and slow withdrawals that exhausted liquidity.
Measures
Telegram dispatched to the state banking department at Little Rock; awaited inspectors from the department.
Newspaper Excerpt
The Bank of Charleston closed its doors this morning, the direct result of run on the bank which has lasted several days, according to J. S. Smith.
Source
newspapers
2. March 29, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed after run depleted funds and inability to meet withdrawals; referenced frozen assets and insufficient liquidity despite undivided profits and capital stock figures.
Newspaper Excerpt
A telegram was dispatched immediately to the state banking department at Little Rock, Ark. notifying the officials there of the bank's failure to open its doors and Smith said that inspectors from the department are expected soon.
Source
newspapers

Newspaper Articles (3)
1. March 29, 1930 Bartlesville Examiner-Enterprise Bartlesville, OK
Article from Bartlesville Examiner-Enterprise, March 29, 1930

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Article Text

Henry Mason Day Resigns NEW YORK. March Mason Day. vice president of the Sinclair Exploration company, subsidiary of the Sinclair Consolidated Oil corporation, parent organization of the Sinclear Oil enterprises, has resigned to enter other fields. it was announced today Spellers Deeply Concerned the Press) WASHINGTON March Reports that Senator Simeon D. Fess of Ohio, will preside at the congressional hee tonight, would use old fashioned "blue back" speller were causing concern as time for the match drew near. Youthful Slayer Gets Life BUTTE, Mont. March The gates of the state prison at Deerlodge clanged behind Melvin Payette, 18, last night after he pleaded guilty to the murder of Mrs. Christina Wilson, 62, well to do Butte widow and received life sentence earlier in the day. Completes Glider Trip Plan. LOS ANGELES, March tain Frank noted aviator, who proposed pilot glider, towed by an airplane, from San Diego, Cal., New York City, announced today complete plans for the feat. An Arkansas Bank Closed Associated Press) CHARLESTON, Ark., March The Bank of Charleston closed its doors this morning, the direct result of run on the bank which has lasted according to S. Smith, cashier. Correct picture framing Griggs.

2. March 30, 1930 The Enid Morning News Enid, OK
Article from The Enid Morning News, March 30, 1930

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Article Text

BANK FORCED TO DOORS Direct Result of Seven Day Run Felt at Charleston CHARLESTON Ark., March of closed its doors this morning, the direct result of run the bank which has lasted several days, according to J. S. Smith. telegram was dispatched immediately to the state banking department at Little Rock, Ark. notifying the officials there of the banks failure to open its doors and Smith said that inspectors from the department are expected soon. The Bank of Charleston, state bank, is the oldest at Charleston, been organized in 1904 The books show, Smith said, undivided profits approximately $11,048 The capitol stock is $25,000 and surplus, $10,000. Slow Withdrawals Other officers of the bank, besides Smith, are Joe Yunker. president, and D. A. Carroll, vice president. Other directors are Pettigrew, W. A. Tolleson of Eufaula, Okla., Hamp E. Floyd, E. C. McDonald and Allen McDonald. Although the bank has experienced with frozen assets, "it would have made it through if had not been for the slow withdrawals,' Smith said. One other bank, the American State Bank, is located at Charleston NEW YORK Arrested for working as a bootblack in Bryant Park after warning that it was illegal, Lieutenant Knud Von Danish air reserve officer, has received suspended sentence. He said he was hoping to earn enough to finance solo transatlantic flight.

3. March 30, 1930 The Ada Evening News Ada, OK
Article from The Ada Evening News, March 30, 1930

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Article Text

ARKANSAS BANK CLOSED BY RUN CHARLESTON. Aar., Mar. 29. (.P)-The Bank of Charleston closed its dbors this morning. the direct result of run on the bank which has lasted several days, according to J. S. Smith. cashier A telegram was dispatched immediately to the state banking department at Little Rock, Ark. notifying the officials there of the banks failure to open its doors and Smith said that inspectors from the department are expected soon. The Bank of Charleston, a state bank, is the oldest at Charleston. having been organized in 1904. The books show. Smith said. undivided profits of approximately $11,048. The capital stock is $25,000 and surplus, $10,000. Other officers of the bank. besides Smith, are Joe Yunker, president, and D. A Carroll vice president. Other directors are T. A. Pettigrew. W. A. Tolleson of Eufaula, Okla. Hamp E. Flovd. E. C. McDonald and Allen Although the bank has experienced some difficulty with frozen assets, "it would have made it through if it had not been for