Bank of Black Oak - Black Oak, AR

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: state
Start Date: June 12, 1926
Location: Black Oak, Arkansas (35.836, -90.368)

Metadata

Model: gpt-5-mini
Short Digest: 8cdc3ff4

Response Measures

Full suspension, Books examined

Other: Directors to be changed; state examiners placed bank in charge and bankers in Jonesboro expected to assist reopening.

Description

Articles (June 13–16, 1926) report a slow run on the Bank of Black Oak following the closing of the First National Bank (Jonesboro), after which Black Oak closed its doors and was placed in charge of the State Banking Department. The examiner expected to reopen the bank within days; directors were to be replaced and Jonesboro bankers were arranging assistance. Cause attributed to runs sparked by another local bank's failure.

Events (3)

1. June 12, 1926 Run

Cause: Local Banks
Cause Details: Run triggered by the closing of the First National Bank of Jonesboro; depositors withdrew funds thereafter (slow run averaging about $1,000 per day).
Measures: State Bank Examiner took charge; plans to change directors; Jonesboro bankers to meet to arrange financial assistance and reopen the bank.
Newspaper Excerpt: slow run on the bank has been in progress ever since the day the First National Bank closed
Source: newspapers

2. June 12, 1926 Suspension

Cause: Local Banks
Cause Details: Bank closed after a slow run precipitated by the First National Bank's closing in Jonesboro; placed in charge of State Banking Department but reported in good shape and expected to reopen soon.
Newspaper Excerpt: BANK OF BLACK OAK HAS CLOSED DOORS / closed its doors last night and today in charge of representative of the State Banking Department
Source: newspapers

3. June 16, 1926 Other

Newspaper Excerpt: State Bank Examiner ... has informed Jonesboro bankers that he expects to re-open the bank Wednesday morning. He reports the affairs in good shape ... The directors will be changed before reopening, replacing the officials ... with the First National Bank of Jonesboro,
Source: newspapers

Newspaper Articles (3)

1. June 13, 1926 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, June 13, 1926

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Article Text

BANK OF BLACK OAK HAS CLOSED DOORS Closing of Jonesboro Institution Started Run. June The the of the of the stated on since day the First National Bank stated First ous Jonesbor and has Bank of surplus when Bank Bank of Black that in a that even though will their that there Bank some plan arranged reopen no necessary bank to reopen on sound statement the band total and hand Officers Bank of Black Oak were cashier and H. Bass, formed the above directors, G. Boyd Pittinger also rectors National closed its doors on June

2. June 16, 1926 Monette Weekly Sun Monette, AR

Article from Monette Weekly Sun, June 16, 1926

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Article Text

State Bank Examiner Jarcharge of Bank of Black Oak, which closed doors Saturday as result of slow. depositors, has informed Jonesboro bankers that he expects to re-open the bank Wednesday morning. He reports the affairs in good shape and was no actual crisis except the slow run with threats of severe run in its wake, The paper held by the bank liquid. The directors will be changed before reopening, replacing the cials who are with the First National Bank of Jonesboro,

3. June 16, 1926 Monette Weekly Sun Monette, AR

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Article Text

DEPOSITORS CAUSES BANK OF BLACK DOORS TODAY Salurday's Daily) of Black Oak, years regarded one of the strongest among the banks of the eastern district of the county, closed its doors last night and today in charge of representative of the State Banking Department. Boyd, president of the bank, informed Sun day that slow run on the bank has been in progress ever since the day the First National Bank closed Boyd stated although there was no connection whatever between the two institulions, yet the effect of the closing the First National resulted serious run on the Black Oak bank, which has suffered an average loss deposits of $1,000 day since the First National closed. The Black Oak bank not keep its Jonesboro account the First and has money involved Ibère. The capital stock of the Bank Black Oak $10,000 surplus the same amount. Deposits when the bank closed last night were Mr. Boyd also informed that State Bank Examiner Jarrett charge of the Bank of Black made complete in solvent condition. officers feel that even though the bank not reopened the depositors will not lose part any money. learned that there move on foot effect immediate reopening of the Bank of Black Oak. The bankers Jonesboro, is understood, will hold meeting tomorrow at which time, some plan expected to arranged to reopen once, great amount of financial assistance will be necessary to permit the bank on sound The official statement bank made April showed total $106,918.17, which loans and discounts were real estate cash hand showed deposits $66,824.59, and Bills Payable $20,000. reported that when closed Bills Payable were $10,000. Officers of the Bank of Black Oak were Boyd, president and these Taylor Dowell and the above directors and Pittinger also the National