308. Bank of Dumas (Dumas, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 30, 1909
Location
Dumas, Arkansas (33.887, -91.492)

Metadata

Model
gpt-5-mini
Short Digest
78c2338ee013b9b2

Response Measures

None

Description

Directors requested appointment of a receiver and the bank closed in late March/early April 1909. Articles mention heavy withdrawals and an ill-advised investment in a plantation that left affairs involved. The institution was placed in receivership and did not reopen; later settlement paid creditors (1910). No clear standalone run is described, so classified as suspension leading to closure (receivership).

Events (5)
1. March 30, 1909 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals combined with substantial investment of bank funds in a plantation left the bank's affairs involved, prompting directors to request a receiver and close the bank.
Newspaper Excerpt
A meeting of the board of directors of the Bank of Dumas was held this morning ... it was decided to request the chancellor of the district to appoint G. A. Warner receiver, to take charge and liquidate the business
Source
newspapers
2. April 2, 1909 Other
Newspaper Excerpt
Receiver Appointed for Bank at Dumas... G. A. Warner, cashier of that bank, was appointed receiver by Chancellor Wood of Monticello and the institution closed its doors, pending an examination into its financial condition. ... liabilities approximate $21,000, with assets of about $32,000, which are only partially negotiable. The investment of much money in a plantation and the heavy withdrawal of deposits ... necessitated the appointment of a receiver.
Source
newspapers
3. April 17, 1909 Other
Newspaper Excerpt
Creditors Ask For Another Receiver... the defunt Bank of Dumas, which went into the hands of a receiver at that place several days ago. ... petitioned the court to dissolve the corporation and to remove the receiver.
Source
newspapers
4. April 27, 1909 Receivership
Newspaper Excerpt
Judge Z. Wood appointed Bert C. Pickens ... and H. Thane ... co-receivers to take charge of the assets of the defunct Bank of Dumas, and removed G. Warner. ... the court also removed Receiver Warner and appointed Pickens and Thane, co-receivers, with directions that they lease the plantation for this year for the benefit of the creditors.
Source
newspapers
5. April 30, 1910 Other
Newspaper Excerpt
Creditors Receive 81 Per Cent ... Through a settlement ... the creditors received 81 per cent of the amounts due them by the bank. ... The final settlement ends all of the legal troubles through which the officials of the old Bank of Dumas have passed in the past several months.
Source
newspapers

Newspaper Articles (7)
1. March 31, 1909 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, March 31, 1909

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Article Text

BANK OF DUMAS WILL LIQUIDATE Directors of Desha County Institution Ask For the Appointment of a Recelver and G. A. Warner is Named. Dumas. March 30.--A meeting of the board of directors of the Bank of Dumas was held this morning to consider the affairs of the institution. It was decided to request the chancellor of the district to appoint G. A. Warner receiver, to take charge and liquidate the business, which has become somewhat Involved. It is expected that all depositors will be paid in full. A new organization is being perfected ,with Henry Thane at the head, and it is proposed that this company will continue in the wanking business here. H. L. Coulter is president of the Dumas Bank, D. O. Porter, vice president, and George A. Warner, cashier.

2. April 2, 1909 The Forrest City Times Forrest City, AR
Article from The Forrest City Times, April 2, 1909

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Article Text

ASSETS SAID TO BE AMPLE. Receiver Appointed for Bank at Dumas. Dumas.-At the request of the directors of the Bank of Dumas, G. A. Warner, cashier of that bank, was appointed receiver by Chancellor Wood of Monticello and the institution closed its doors, pending an examination into its financial condition. It is said on the authority of one of the leading officials of the bank that the liabilities approximate $21,000, with assets of about $32,000, which are only partially negotiable. The investment of much money in a plantation and the heavy withdrawal of deposits from the bank is said to have placed its affairs in straitened condition and necessitated the appointment of a receiver.

3. April 8, 1909 Woodruff County News McCrory, AR
Article from Woodruff County News, April 8, 1909

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Article Text

bank GETS RECEIVER. Dumas.-A meeting of the board of directors of the Bank of Dumas has been held to consider the affairs of the institution. It was decided to request the chancellor of the district to appoint G. A. Warner receiver to take charge and liquidate the business, which has become somewhat involved. It is expected that all depositors will be paid in full. A new organization is being perfected with Henry Thane at the head, and it is proposed that this company will continue in the banking business here. It is understood that arrangements will be made to meet all immediate demands.

4. April 17, 1909 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, April 17, 1909

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Article Text

CREDITORS ASK FOR ANOTHER RECEIVER : Stockholders and Creditors of the Bank of Dumas Hold Meeting at Dumas to Protect Their Deposits in Defunt Institution. Judge M. A. Austin has returned from Dumas where he appeared as counsel for a number of creditors of the defunt Bank of Dumas, which went into the hands of a receiver at that place séveral days ago. At a meeting held by the stockholders and creditors of the institution Thursday night, it was agreed upon the appointment of another receiver to take the place of G. A. Werner, who was named by Judge Wood when the bank was closed. The stockholders and creditors say that they do not object personally to Mr. Werner, but do not believe that the cashier of the institution should administer the affairs of the Bank. The special committee is composed of A. E. Smith, C. W. McCullom and William Puryear. Judge Wood will be asked to name another receiver at once. The new bank organized there recently refused to assume the liabilities of the defunct institution, thus leaving the depositors of the Bank of Dumas at the mercy of the usual court proceedure in such cases. Many persons are said to have lost heavily in the Dumas bank failure. One depositor is reported to have made a deposit of $1,300 in the Bank, three days before it was closed.

5. April 27, 1909 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, April 27, 1909

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Article Text

RECEIVER WARNER IS REMOVED Judge Wood Grants Prayer of Creditors of Defunct Bank of Dumas. PICKENS AND THANE Are Named President Coulter Can. not Sell Vernon Plantation. Must be Leased. In the Desha chancery court. T. kansas City Saturday Judge Z. Wood appointed Bert C. Pickens. of Walnut Lake, and H. Thane. of ArKansas City, co-receivers to take charge of the assets of the Jefunot A. Bank of Dumas, and removed G Warner. who was named receiver sev-eral weeks ago when the bank made an assignment. The action of the chancery court was taken at the instance of C. W. McCallom and others, who petitioned the court to dissolve the corporation and to remove the receiver. It was alleged that Warner was appointed receiver without the knowledge of the creditors. The petitioners also asked the court to enjoin President H. 1. Coulter, of the defunct institution from disposing of certain property purchased by the bank. known as the Vernon plantation. The plantation is situated on the Arkansas river. near Dumas, and includes about 860 acres of farm land in cultivation. Through their attorneys. Austin and Danaher. of this city. the creditors contended that the conveyance of the property to its creditors was made to the bank without their consideration; that the transfer was void on that account, and, inasmuch as the title to same rested with President Coulter, they asked that he be required to reconvey it to the bank, and. pending a final hearing. that he be enjoined the from selling or encumbering same. This the chancellor did. after hearing argument for two days. The court also removed Receiver Warner and appointed Pickens and Thane, eoreceivers, with directions that they lease the plantation for this year for the benefit of the creditors. Some of the stockholders of the defunct institution urged the court to appoint the new bank at Dumas, to be known as the Merchants' and Farmers' Bank. receiver. The creditors opposed it on the ground that many stockholders of the new institution were members of the defunct bank and therefore might be interested in the sale of the assets. It is the object of the creditors. they say, to make the assets of the old institution bring as much as possible and incidentally prevent any supposed combinations. The Vernon plantation is said to be valued at from $30,000 to $40,000 and together with the other assets of the defunct institution. might. if properly administered, be made to realize the par indebtedness of the bank. There are about 125 depositors and creditors of the defunct bank. Attorneys Young and Rowell. of this city, represented President Coulter at the hearing, and Attorney Jack Bernhardt, of Dumas, appeared for the creditors.

6. April 28, 1909 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, April 28, 1909

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Article Text

BANK OFFICIALS DEAL FAIRLY (Continued From Page One.) was that he would pay $1,000 for the plantation as rental for the year 1909, and asked the court to appoint H. Thane as receiver. provided the new bank, of which Mr. Thane is president, would buy the banking property of the old bank for the sum of $5,000 in cash. This the chancellor did. and are only modification of the proposition made by Mr. Coulter was to add MN Pickens as co-receiver. make this brief statement in bealf of G. E. Buck, D. O. Porter. Gus Waterman and H. L. Coulter, officers and directors of the Bank of Dumas who are doing everything they can to have the bank's affairs administered honestly and faithfully and the creditors paid the largest possible amount. Judge Wood in open court at the time of making the order took occasion to commend the officers and directors of the bank for their frankness and fairness in their dealings with the bank, and exonerated them from any unjust criticisms in the bank's management. Yours very truly, T YOUNG.

7. April 30, 1910 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, April 30, 1910

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Article Text

CREDITORS RECEIVE 81 PER CENT Settlement Reached in the Bank of Dumas Matter-President Coulter Complimented by Judge Wood. Through a settlement, which was effected yesterday at Dumas by Attor A. H. Rowell, representing H. L. Coulter, president of the defunct Bank of Dumas, and Attorneys Austin and Danaher, of this city, and Jack Bernhardt, of Dumas, representing the creditors and receiver of the institution, the creditors received 81 per cent of the amounts due them by the bank. Judge Wood, in the Desha chancery court, made an order in which it was stated that the settlement was in full. He took occasion to compliment President Coulter for his honest efforts to aid every creditor of the bank and for his straightforward conduct since the failure of the Dumas bank. The bank had already paid a dividend of 25 per cent, declared some time ago, but there was still due the creditors and depositors about $21,000. The mortgage on a piece of land purchased by the bank before the failure, was taken over by President Coulter, who paid $25,000 to the receiver. enough to pay all creditors and the attorney's fees, on the 81 cent basis. The final settl? per ment ends all of the legal troubles +nrough which the officials of the old Bank of Dumas have passed in the past several months.