First National Bank - Camden, AR

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 4066
Charter Number: 4066
Start Date: January 31, 1931
Location: Camden, Arkansas (33.585, -92.834)

Metadata

Model: gpt-5-mini
Short Digest: e31cd0ef

Response Measures

Accommodated withdrawals, Public signal of financial health

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

Article (1931-01-31) describes a heavy run on First National linked to the closing of the Merchants & Planters (another local Berg bank). The bank stopped the run in 1931, but by 1934 it was under a conservator and then a receiver after a reorganization in which Citizens National assumed 60% of deposits — indicating suspension/closure and receivership. Dates drawn from article publication dates; conservator had been in place 'for the past several months' before the 1934 receiver appointment.

Events (5)

1. July 2, 1889 Chartered

Source: historical_nic

2. January 31, 1931 Run

Cause: Local Banks
Cause Details: Run followed closing of the Merchants & Planters (another Berg Brothers bank) and reports about that failure; pledges from other banks sought to calm depositors.
Measures: Pledges of support from other Arkansas and New York banks and assurances that personal fortunes of the Berg brothers would guarantee the bank; public statements in extra edition to 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. ... The bank had undergone heavy run for the last week.
Source: newspapers

3. April 16, 1934 Receivership

Source: historical_nic

4. April 17, 1934 Receivership

Newspaper Excerpt: Mayor G. R. Haynie ... 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.
Source: newspapers

5. April 17, 1934 Suspension

Cause: Government Action
Cause Details: Conservator had been in charge for several months; after reorganization Citizens National assumed most deposits and the Comptroller of the Currency appointed a receiver to liquidate remaining assets.
Newspaper Excerpt: 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

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.