Merchants & Planters Bank

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: state
Start Date: December 1, 1911*
Location: England, Arkansas (34.544, -91.969)

Metadata

Model: gpt-5-mini
Short Digest: b9fde089

Response Measures

Full suspension

Other: Receiver appointed; bank closed and receiver to realize assets.

Description

Articles (Dec 15-19, 1911) report heavy withdrawals preceding the bank's inability to realize on real estate loans; receiver appointed and bank closed. Sequence: withdrawals/run -> closed/suspension -> receiver (permanent closure).

Events (3)

1. December 1, 1911* Run

Cause: Bank Specific Adverse Info
Cause Details: Heavy withdrawals occurred in the wake of the bank's inability to realize on real estate loans (large portion of assets were real estate loans).
Measures: Bank closed its doors; subsequently receiver appointed.
Newspaper Excerpt: There had recently been rather heavy withdrawals of deposits
Source: newspapers

2. December 15, 1911 Receivership

Newspaper Excerpt: Judge George M. Chaplin of Lonoke was appointed receiver, under $25,000 bond. ...The liabilities of the institution amount to about $27,000 of which about $25,000 is deposits. ...It is said that the receiver will be able to realize enough to meet the bank's obligations, dollar for dollar. The bank had a capital stock of $25,000 and had been in business for ten years. There had recently been rather heavy withdrawals of deposits and under the circumstances no other course seemed open except to close the doors. E. L. Eagle, president; ... cashier, W. J. Locke and Frack Barton (officers noted). (Dec. 15-16, 1911) (Additional article Dec. 18-19 notes the president R. E. L. Eagle fled and his mercantile business closed.)
Source: newspapers

3. December 15, 1911 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Inability to realize on real estate loans left the bank insolvent or illiquid, prompting closure and appointment of a receiver by the chancellor.
Newspaper Excerpt: A statement of the bank's condition was made on Friday to Chancellor Martineau, and he appointed Judge George M. Chaplin of Lonoke, receiver
Source: newspapers

Newspaper Articles (3)

1. December 16, 1911 The Prescott Daily News Prescott, AR

Article from The Prescott Daily News, December 16, 1911

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Article Text

FAILED TO REALIZE ON REAL ESTATE LOANS Little Rock, Dec. 16.-Inability to realize on real estate loans which constituted the greater part of its bills receivable caused the failure of the Merchants' and Planters' Rank of England, Lonoke county this week. A statement of the bank's condition was made on Friday to Chancellor Martineau, and he appointed Judge George M. Chaplin of Lonoke, receiver, under $25,000 bond. The bank had a capital stock of $25,000 and had been in business less than ten years. The liabilities of the institution amount to about $27,000 of which about $20,090 is deposits. Its assets consist of about $45,000, a large part of which is real estate loans. There had recently been rather heavy withdrawals of deposits, and under the circumstances, no other course seemed open except

2. December 17, 1911 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, December 17, 1911

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Article Text

JUDGE CHAPLINE APPOINTED REC IVER Bad Real Estate Loans and With drawal of Deposits Caused Failure of Merchants and Planters Bank of England. Little Rock, Ark., Dec. 15.-Inability to realize on real estate loans, which constituted a greater part of its bills receivable, caused the fallure of the Merchants and Plante:s Bank of England, Lonoke county, Thursday. A statement of the bank's condition was made today to Chancellor John E. Martineau and he appointed Judge George M. Chapline, of Lonoke, receiver, under a $25,000 bond. The bank had a capital stock OF $25,000 and had been in business for ten years. The liabilities of the institution amount to about $27,000 of which about $25,000 is deposits. Its assets consist of about $45,000 a large part of which is real estate loans. There had recently been rather heavy withdrawals of deposits and under the circumstances no other course seemed open except to close the doors. It is said that the receiver will be able to realize enough to meet the bank's obligations, dollar for dollar. The officers of the bank are R. E. L. Eagle, president; T. B Goldsby, vice president; R. L. Buffalo, cashier, W. J. Locke and Frack Barton

3. December 19, 1911 Pine Bluff Daily Graphic Pine Bluff, AR

Article from Pine Bluff Daily Graphic, December 19, 1911

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Article Text

EAGLE STORE IS CLOSED BY CREDITORS Pine Bluff Firms Among Them-R. E. L. Eagle, the Proprietor, is Missing. Little Rock, Ark., Dec. 18.-Thirty-nine representatives of prominent business houses of Chicago, St. Louis, Memphis, Little Rock and Pine Bluff held a conference here tonight with a view of reaching a settlement with the mercantile house of P.. E. L. Eagle, of England, Lonoke county. Eagle was president of the Merchants and Planters' Bank of ( England, which closed it Thursday, and on the following day Judge George Chapline of Lonoke was appointed receiver of the bank by Chancellor Martineau. Eagle is also president of the mercantile company. Attorneys interested stated tonight that the liabilities of the mercantile company are $140,000, with available assets considerably less. The company closed its doors yesterday to avert the action of creditors. It was stated tonight that a settlement will probably be reached some time tomorrow. Mr. Eagle left his home at England nearly a week ago, and his whereabouts are unknown to his business associates.