2cae6e04b5edbe40None
Click image to open full size in new tab
Three Independent Banks Also Suspend LITTLE ROCK ously with the suspension the Banks banking group, three other suspensions not nected with Mr. Banks nounced Monday by Walter Taylor, state banking commission- These are: People Bank McRae; Bank of Branch; and the State Bank of Fouke. Commissioner Taylor announced Monday that the Merchants Bank of which belongs the Banks group, turned over to him liquidation.
Click image to open full size in new tab
CHAIN SUSPENDS (Continued from Preceding Page.) least half" of the banks will reopen. closing AmeriExchange at Little Rock as mitted under state law, was uted by the directors public hysteria resulting from the placing the Caldwell Co. "The affairs Co. public mind could the this bank, by the American Exchange said. Mr. Banks announced after Caldwell Co. been placed receivership that its the had been by local capitalists. Texarkana, Ark., State bank Fouke, at in here, closed today was placed charge of ern for not partment affiliated with Banks the group, which pended deposits today for period of five days. Deposits of the Fouke bank on the tember 24 were It was capat Allan Winham. Texarkana, vicepresident, and Laxwell, cashier. Suspends Payments. Helena, Planters here, which Banks Little Rock of five The action last by the Little Rock, of which Banks president. signed by officials and placed on the bank's said today that the general unrest existing state, drawn the deposits with of have in cash. bonds and sight exchange which than the legal requirement, but the protection of depositors in that the be equal the was the added. Banks Close. Closing of the National Bank Kentucky today was by five banks up tionary four one the other the city issued statements their solvent respect and affected. The National Bank of of which James Brown was placed the hands Paul Keyes the fice The Louisville banks closed were the bank. which was stated closed purely precauthe Trust which affiliated with the National of and two the Union the First can Standard not members the house clearing through Trust company The Bank and company was Trust the fifth close. Its announcement to the Bank of Its and that its deposwould be full. In Louisville slightly than nornumbers of patrons gathered other but nothing proaching "run" officials issued optimistic statements that the public would become excited. Crowds around the National Bank of and the traffic alightly and special Paducah Banks Merge. City bank today of the First the National Paducah of the Mechanics Trust and Savings bank Paducah. James Utterback, president of the City announced his bank had acquired other two local institutions and guaranteed their National bank which affiliated with the closing the Bank Louisville had affected the First National They added the First of Paducah owed Bancokentucky owed the Paducah? bank business the three local banks will City National bank of Paducah, effective toThe merger said to give the Negotiations for tion were to have been pending for time. Connected With Caldwell. Nov. generally understood that the Bank Kentucky controlled by the teresta which control Banco. banking investment concern similar Caldwell Co. Banco also generally understood to been Caldwell, exchange of ties other Some deal had through whereby quire this later denied. inventory the Bank of Tennessee, Caldwell's bank, which closed recently, assets include $3,325,Banco stock. The inventory also under bills payable $200,000 owed the National Kentucky due demand. sum $400,000 also listed to the Kentucky bank Under the classification of securities held guarantee Bank lists Bango stock no value given. Two Fall In Illinois. Springfield, Nov. Illinois creasing the failures the since Friday five. The Wallace State bank. Clayton, the Timewell State bank, closed State Auditor All the closings were with the failure the State Savings Trust company of Quincy, which the Timewell and Clayton institutions were correspondents. The Timewell had deposits 000 and bank Four in Missouri. Jefferson City, Mo., Nov. banking closed doors today direct the failure last of the State Savings Loan and Trust All the institutions had deposited their surplus funds Illinois and were forced to close their doors to protect Banks closed The Downing
Click image to open full size in new tab
HYSTERIA GIVEN AS CAUSE 32 CLOSINGS ENTIRE STATE AFFECTED BY CLOSING OF AFFILIATED BANKS IN SECTIONS ALL FOR FIVE DAYS Three Largest Close Are Americal Exchange, Little Rock; Merchants and Planters Trust Company, Pine Bluff, and Merchants and Planters at Helena Little Rock, Ark., Nov. affiliated banks in Arkansas ciosed today for five days as a result of what officials described as "public hysteria" over the receivership of Caldwell and Company, Nashville, Tenn., investment bankers. The decision of the board of directors of the Exchange Trust Company, Little Rock, the largest the state, to suspend payments deposits for five-day period allowed by law, was followed by the temporary closing of of 46 others associated with A. Banks and Company. A. B. Banks is president of the American-Exchange Trust Company and of several of the smaller banks which closed One other small bank in the Banks company group was placed in charge of the state banking department liquidation. Four other small independent banks also closed, two for five days and the others for liquidation. Walter Taylor, state bank commissioner, announced after a conference with Attorney General Hal Norwood that under the law he could not take charge of banks taking advantage of the five-day closing provision until the end of the period. The three largest banks in the group are the AmericanExchange, Little Rock; the Merchants and Planters Trust Company, and the Merchants Planters Bank, Helena. These three had combined total deposits of approximately $18,000,000 at the last bank call Sept. 24. The other closed banks are comparatively small: The Merchants and Planters at Humphrey, in the A. B. Banks for liquidation. The State Bank of Fouke, at Fouke, and theBank of Branch, a Branch not in the group, closed for liquidation. closing of the American-Exchange followed heavy withdrawals during the past few days. Other affiliated banks for the most part closed the protection of depositors" because of general unrest resulting from the closing officials
Click image to open full size in new tab
BANK SITUATION OVER THE STATE MORE FAVORABLE Continued From Page One) Clearing House Association including banks in Little Rock and North Little Rock, are excellent condition statement issued last night by officers of the association said. Bank in Greater Little Rock have large cash resource the and the total bills are less than $200 "They are ready and able to take care 01 the banking and credit need the conof the in the sound financial of Arkansas also was excondition Senator Joe Robinson and Gov Parnell Robinson attributed the Senator closing in the to wave of hysteria that followed in the wake financial dif 111 which Caldwell & vestment of became involved information leads me to believe the mind of depositors that connections with Caldwell & had impaired its assets 01 the 43 bank that closed yesterday banks not with the A Banks but majority them were in group institutions In must their have resulted from on deposi The banks included the Bank of at Branch: State bank of Fouke and the Peoples Trust Company which were taken by State Banking Commission Grant County bank Sheridan: Peoples bank. McRae Izard County bank. Guion: Peoples State bank DeValls Bluff the Exchange Bank and Trust Company Dermott and the Arkansas National bank at Heber Springs, which suspended payments for The Merchants & Planters bank at Humphrey affiliated with A B Banks was taken over by the State Banking Commission State banks suspending for fiveday period affiliated with A B Banks were Merchants and Planters bank Pine Bluff American Exchange Trust Company. Little Rock: First State bank Morrilton: First State bank Stuitgart: Benton Bank Trust Co., Benton: Bank of Bauxite Bauxite Cleburne County bank. Heber Springs North Arkansas bank Batesville: Arkansas State bank Carlisle: Arkansas Trust Company Newport Arkunsas Bank and Trust Company. Hope Merchants and Planters bank Helena; Eudora Bank & Trust Co. Eudora: Chicot Trust Company Lake Village Bank of Clarendon Clarendon: Bank of Altheimer Altheimer: Cleveland County bank. Kingsland: Bank of Houston. Houston: Hampton State bank Hampton: First State bank Osceola Bank of Carthage. Carthage Perry State bank Perry Victoria bank Strong Parmers Bank Casa: Leola State bank Loola Merchant and Planters bank Junction City Farmers bank, Darand Citizens bank Thornton and the Bank of Pordyce Pordyce list of the 43 banks that closed vesterday their deposits and capital follows ing Americ an Exchange Trust Company Little Rock State Bank of Fouke depo. $14 579 capital capital People bank deposit $96 capital Bank of deposits capital $25,000 North Arkansas bank Bateaville de have Bank of Bauxite deposits 436 of capital Benton Bank and Trust Company posits cipital 000 Bank of Carthage able Parmer bank deposits 248 capital $10,000 Bank of Clarendon deposits or capital capital $50,000 Endora Bank and Trust Company deposits Hampton $194,318.02 capital 000 State deposits 231 capital Cleburne County bank deposits and bank deposits 000 Bank $99 and Company Hope 49 capital Houston deposits capital Planters bank Hum phrey capital Cleveland bank Company bank Trust Company Newport capital State bank capital $50,000 of Perry State bank deposits People Bank and Trust deposits State Bank $10,000 County
Click image to open full size in new tab
The McElwain McGuiar Bank and Trust company of Franklin, Ky., was the fifth to close. In Louisville slightly more than normal numbers of patrons gathered at the other banks but nothing approaching a "run" was noted. State Bank of Fouke in Commission Hands The State Bank of Fouke, at Fouke, has been placed in the hands of the Arkansas state banking commission at the request of the board of directors and C. R. Simmons, special deputy commissioner, has been sent to Fouke to make an inventory. It was not affiliated with the A. B. Banks and company group, some of which suspended payments on deposits Monday for a period of five days. Deposits of the Fouke bank on September 24, date of the last call, were $14,579.30. It was capitalized at $10,000. Alien Winham was president, L. C. Acrumen vice president and R. E. Maxwell, cashier.