302. Merchants & Planters Bank (Camden, AR)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 30, 1931
Location
Camden, Arkansas (33.585, -92.834)

Metadata

Model
gpt-5-mini
Short Digest
b1e84af3

Response Measures

Full suspension

Other: Bank placed in liquidation following suspension

Description

Newspaper accounts report a heavy run culminating in directors invoking the five-day suspension (Jan 30–31, 1931) and stating the bank will be placed in liquidation. Articles describe 'wild and unfounded rumors' as the trigger; no reopening is described and liquidation is announced, so classified as suspension leading to closure.

Events (3)
1. January 30, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Officials said the run was caused 'by wild and unfounded rumors' though they asserted the bank was solvent.
Measures
Bank officers responded by closing doors and invoking the five-day suspension (following heavy withdrawals).
Newspaper Excerpt
Following heavy run on the Merchants and Planters bank, second oldest bank in Camden, early Friday
Source
newspapers
2. January 30, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Steady withdrawals after wild and unfounded rumors led directors to close under the five-day suspension law; officials called the run unfounded and said the bank was 'absolutely solvent.'
Newspaper Excerpt
officials and directors ordered doors closed under the five-day suspension
Source
newspapers
3. January 31, 1931 Other
Newspaper Excerpt
It announced that the Merchants & Planters would probably be placed in liquidation. 'We will proceed at once to some form of liquidation which will assure the depositors the payment of their money as quickly as possible,' the official statement read.
Source
newspapers

Newspaper Articles (3)
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. January 31, 1931 The Times Shreveport, LA
Article from The Times, January 31, 1931

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Article Text

CAMDEN BANK IS SUSPENDED Directors Say Wild. Unfounded Rumors Caused Action; Will Liquidate Camden, Ark., Jan. 30 (Special). Following heavy run on the Merchants and Planters bank, second oldest bank in Camden, early Friday, officials and directors ordered doors closed under the five-day suspension Steady withdrawals of funds for past few days caused the action. Officials in written statement said the run was caused "by wild and unfounded rumors" and that the bank "is absolutely solvent." in their opinion. The bank opened for business the usual hour and when depositors jammed the lobby officers decided to close the The bank was founded in 1900 and was capitalized at $1,000,000. The last statement $819,094.65 deposits and total of $1,049.840.87 Leo Berg president and cashier. It was the second bank closing in the history of Camden. The Ouachita Valley bank closed in March, 1928. and depositors have received 57 per cent of their deposits to date will proceed at once to some form of liquidation which will assure the depositors the payment of their money as quickly as possible," the official statement read. DESCENDANT OF GREENE DIES. Memphis, Tenn., Jan. 30 Helen Ross Graves, 78 years old. greatof General Nathaniel Greene, hero, died at her home here Thursday afternoon. dered at both services. Sunday School at 9:30 o'clock, to which you will be welcome. Epworth Leagues at 6:30 o'clock for the young people. The musical program for Sunday follows: Organ prelude "Andante," from Symphony in B flat (Schubert-Gleason); tenor solo, Prof. Andrew Quatcon (Gleason). organ postlude, "Postlude in F" (Gade). Evening service: Organ prelude, "Oriental Sketch" (Foote). "Castalia's Fountain" (Kraft): duet. "Hold Thou My Hand" (Brigge), Miss Edythe Crowder Mrs. Edwards; offertory, organ, "Andante in F" (Wely): organ postlude, "March in Flat" (Silas). PRESBYTERIAN CHURCHES. Westminster. Regular services: Sunday School at o'clock, Wagner, superintendent. Preaching o'clock by the pastor. Subject, "The Marks of Christian. Young People's cleties 6:30 o'clock. Preaching again at 7:30 o'clock. Subject. "The Measure of Service Church located at corner of Missouri and Hardy streets. All are welcomed. Dunlap Memorial. "Why Ought to Be Christian" the subject of the Rev. Charles Power's sermon for the morning and "Why Christian Should Be Church Member" topic for 7:30 The following musical numbers been announced: Morning service: Prelude. "By Still Waters" (Horspool): offertory, "Traumeret" solo. "Come Unto Me" (Ernest Powell), Mr. Dattson. Evening "A Pictures" (Weddle). Christian Endeavor society meeting at 6:30 e'clock: subject, "Old and New The leader Bob

3. February 4, 1931 The Guardian-Journal Homer, LA
Article from The Guardian-Journal, February 4, 1931

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Article Text

Camden, Ark., Bank Suspended Last Week Following heavy run on the Merchants and Planters Bank, second oldest bank in Camden, early Friday, officials and directors ordered doors closed under the five-day suspension law. Steady wIthdrawals of funds for past few days caused the action. Officials in written statement said the run was caused "by wild and unfounded rumors" and that the bank "is absolutely solvent," in their opinion. The bank opened for business at the usual hour and when depositors jammed the lobby officers decided to close the doors. The bank was founded in 1900 and was capitalized at $1,000,000. The last statement showed $819,094.65 deposits and total resources of $1,049,840.87. Leo Berg is president and P. Hilderbrand, cashier. It was the second bank closing in the history of Camden. The Ouachita Valley Bank closed in March, 1928, and depositors have received 57 per cent of their deposits to date. "We will proceed at once to some form of liquidation which will assure the depositors the payment of their money as quickly as possible," the official statement read.