Dermott Bank & Trust Company

Bank Information

Episode Type: Suspension → Closure
Bank Type: trust
Start Date: November 26, 1930
Location: Dermott, Arkansas (33.525, -91.436)

Metadata

Model: gpt-5-mini
Short Digest: 0dc66c58e6575650

Response Measures

None

Description

Article (Nov 26, 1930) states the Dermott Bank & Trust Company petitioned for a receiver, alleging A. B. Banks & Company failed to purchase $144,000 of its stock 'as agreed, causing the bank to suspend.' No reopening is mentioned; a receivership petition indicates permanent closure is likely.

Events (1)

1. November 26, 1930 Suspension

Cause: Bank Specific Adverse Info
Cause Details: A. B. Banks & Company allegedly failed to purchase $144,000 of the bank's stock as agreed, which the bank says caused it to suspend.
Newspaper Excerpt: The Dermott bank alleged that the Banks company failed to purchase $144,000 of its stock as agreed, causing the bank to suspend.
Source: newspapers

Newspaper Articles (1)

1. November 26, 1930 The Daily World Helena, AR

Article from The Daily World, November 26, 1930

Click image to open full size in new tab

Article Text

BANKS COMPANY IS RESTRAINED BY CHANCELLOR OFFICIALS FORBIDDEN TO DISPOSE OF ANY ASSETS PENDING A HEARING Little Rock, Ark., Nov. 26.-(AP) Chancellor Frank H. Dodge today issued an order temporarily restraining officials of A. B. Banks & Company from disposing of any of its assets until hearing on the petition of he Dermott Bank and Trust Company for a receiver is held Saturday Attorneys for the Banks Company opposed the order, and appointment of a received, contending it would seriously impair activities of the concern and reflect upon the Home Life Insurance Company, of which Mr. Banks also is president. The Home Fire and Home Accident Companies were placed in receivership last Monday, but no action was taken toward the Home Life Company The Dermott bank alleged that the Banks company failed to purchase $144,000 of its stock as agreed, causing the bank to suspend. H. T. Harrison, attorney for the Banks company, said the company was merely an insurance agency and not a holding company for bank stocks, although it owned some bank stocks. The restraining order permits the Banks company to continue normal business activities, but restrains it from paying any past due obligations.