First National Bank - Cotton Plant, AR

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 10723
Charter Number: 10723
Start Date: March 13, 1922
Location: Cotton Plant, Arkansas (35.008, -91.251)

Metadata

Model: gpt-5-mini
Short Digest: 4a88d76e

Response Measures

None

Receivership Details

Depositor recovery rate: 100.0%
Date receivership started: 1922-04-07
Date receivership terminated: 1924-02-29
OCC cause of failure: Losses
Share of assets assessed as good: 28.9%
Share of assets assessed as doubtful: 66.7%
Share of assets assessed as worthless: 4.4%

Description

Article (Omaha Daily Bee, 1922-03-14) reports First National Bank of Cotton Plant closed its doors on March 13, 1922 due to inability to collect extensive notes (bad loans/asset quality). No run is mentioned; closure appears permanent in this brief notice. Bank organized 1920, capitalized $50,000 (included in snippet).

Events (3)

1. April 9, 1915 Chartered

Source: historical_nic

2. March 13, 1922 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to collect extensive notes (poor loan/asset quality)
Newspaper Excerpt: The First National bank of Cotton Plant closed its doors today. Inability to collect extensive notes was given as the cause for the suspension.
Source: newspapers

3. April 7, 1922 Receivership

Source: historical_nic

Newspaper Articles (1)

1. March 14, 1922 Omaha Daily Bee Omaha, NE

Article from Omaha Daily Bee, March 14, 1922

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Article Text

Arkansas Bank Closed Cotton Plant, Ark., March 13.The First National bank of Cotton Plant closed its doors today. Inability to collect extensive notes was given as the cause for the suspension. The bank was organized in 1920 and capitalized at $50,000,