351. First National Bank (Harrison, AR)

View Charter #10801 on SPMC

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
10801
Charter Number
10801
Start Date
December 17, 1930
Location
Harrison, Arkansas (36.230, -93.108)

Metadata

Model
gpt-5-mini
Short Digest
9560484816da266d

Response Measures

Capital injected, Partial suspension, Full suspension, Books examined

Receivership Details

Date receivership started
1930-12-30
Date receivership terminated
1931-02-20
OCC cause of failure
Other

Description

Articles report heavy/gradual withdrawals (a run) forcing the First National Bank of Harrison to fail to open / suspend on Dec 17, 1930. The bank was later merged with the Peoples Savings Bank and reopened March 5, 1931; a receiver had been involved to halt liquidation. Cause of the run/suspension is linked to the collapse/withdrawals associated with the Hudspeth banking group and related bank failures (distress among local/regional banks). OCR errors in articles corrected (e.g., 'Harrisont' → Harrison).

Events (8)
1. November 13, 1915 Chartered
Source
historical_nic
2. December 17, 1930 Receivership
Newspaper Excerpt
halted liquidation on the First National bank by a receiver ... consolidation marks resumption of business by the ... banks which closed on the same day last December (receiver had been handling liquidation prior to merger).
Source
newspapers
3. December 17, 1930 Run
Cause
Local Banks
Cause Details
Heavy/gradual withdrawals driven by collapse and difficulties of the Hudspeth/American Exchange bank group and related bank failures in the region.
Newspaper Excerpt
gradual withdrawals for several days forced the closing
Source
newspapers
4. December 17, 1930 Suspension
Cause
Local Banks
Cause Details
Bank did not open (suspended) following heavy withdrawals tied to the Hudspeth chain and regional bank failures; national bank examiners became involved according to reports.
Newspaper Excerpt
failed to open this morning ... forced the closing
Source
newspapers
5. December 30, 1930 Receivership
Source
historical_nic
6. February 20, 1931 Restored To Solvency
Source
historical_nic
7. March 5, 1931 Reopening
Newspaper Excerpt
Merger ... completed and the consolidated institution opened for business this morning ... under the name of the Peoples Savings bank. The merger plan halted liquidation on the First National bank by a receiver.
Source
newspapers
8. January 10, 1935 Receivership
Source
historical_nic

Newspaper Articles (5)
1. December 17, 1930 The Courier News Blytheville, AR
Article from The Courier News, December 17, 1930

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Article Text

TWELVE Bank and Trust of Harrisont and Affiliated Institutions Close. LITTLE Dec. iccked by the closing of more than four score state and national banks month ago. felt the strain of second upthrust when group banks, whose affairs were closeinterwoven. closed their doors today. The institutions suspending iness today included some of largest in the northwestern section. The group was headed by owns shares in all the affected institutions. The of the group is the Citizens Bank and Trust company Harrison, of which Hudspeth rice-president. The bank was capiInlized at $100,000. and deposits gregated more than $1,000,000 was generally conceded in banking circles here today the collapse was directly attributable the November crash. which carried the Banks group, consisting of more than 40 banks and headed by the American Exchange Trust company of Litle Rotck. reported that Hudspell: held large block of stock In the Little Rock bank. The closed banks declined make any statement other than say the suspension caused by heavy withdrawals of the past two weeks. resulting from the failure Caldwell and company. Nashville, banking house, and difficulties encountered by the Banks group. Two national banks were among those closed today. They the First National Bank of Harrison and the First National Bank of reka Listed among the banks closed today The Citizens St. Joseph: Citizens Bank and Trust company. Harrison; First National Bank, First National Bank, Eureka Springs: Bank of A1Alpena Pass: Bank of North Arkantas, Everton: Bank of Lead Hill. Lead Hill: American Exchange Bank, First State Marshall: Citizens Bank. Yellville: Bank Filippin. Bank of Tyatt. the last two of which are brauches of the Citizens Bank Mississippi Bank Closes ABERDEEN Miss.. Dec. 17. (UP) On an order of the board of directors the Commercial Bank and Trust company. one of three banks here, failed to open today. and affairs were turned over to the state tanking for liquidation Capital of the bank was with $15,000 sinking fund. The bank statement Issued 1930 showed deposits of $118,000 with savings accounts deposited totaling

2. December 17, 1930 The Boston Daily Globe Boston, MA
Article from The Boston Daily Globe, December 17, 1930

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Article Text

GRADUAL WITHDRAWALS FORCE BANK TO CLOSE HARRISON Ark, Dec 17 (A The Citizens' Bank and Trust Company and the First National Bank here failed to open this leaving only one banking institution in the city Officials said gradual withdrawals for several days forced the closing.

3. December 18, 1930 The Courier News Blytheville, AR
Article from The Courier News, December 18, 1930

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Article Text

Institutions at and Green Forest Doors Today. LITTLE ROCK Two northwest banks were swept the state's already extended list defunct nancial institutions today the closing of the Peoples Bank of Berryville and the Farmers and Merchants bank of Green Forest. Both members of the twelve of which shut their doors yesterday. The Berryville bank was capitalized with deposits $177,835. and the Green Forrest institution had capital stock of with deposits aggregating $158.- The state banking took immediate action to nince the two banks the hands of department examiners. check complet this merning by Taylor banking commissioner. devosits of the Hudsoeth stitutions to anproximately with canital and surplus gregating action the two banks pending business today attributed heavy withdrawals of The three weeks developing from unrest depositors. Two of the banks closed the Marion County bank of and the Bank of Pyatt. DOYSESS charters and as the Citizens Bank of Yellville. but under senarate names the remaining nine pending yesterday. the First National hank of Harrison and the First National bank of Eureka Springs operate under national banking charters and have been placed in national bank examiner from the office of the The banks closing vesterday and today did no' attempt to take vantage the five day provision provided by state banking laws reorganization of affairs but closed outright. No plans for reprganization have been announced and believed the aftairs of the various will be the First National bank and the Scctland County Savings bank of Laurinburg were closed today. approximately In deposits.

4. December 25, 1930 The Star Progress Berryville, AR
Article from The Star Progress, December 25, 1930

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Article Text

Closing of Hudspeth Interests North Arkansas Causes Withdrawals on Bank Here. The Peoples Bank here failed to Thursday morning of last it being closed by orders of the board of directors to surpress which had developed caused twelve banks of the Hudspeth chain in Marion, Boone, Carroll and Searcy counties closing on Wednesday. It is said that this bank is vent but that was not in position to withstand run, evidences which had been shown for eral days prior to its closing, due to being member of the Hudspeth interests, and it neces. sary for it to close for the protection of its depositors. While awaiting the re-organization of this bank, has hampered business some extent, however, Berryville has not been without banking facilities at any time the First National Bank has mained open during this period of financial unrest. The closing of the Peoples Bank came as surprise to many citizwho had seen the two Berryville institutions remain open through the period of bank closings over the state, and was believed that the banks of Berryville, and Carroll county would the financial storm felt generally in the state and nation. is understood that persistent and growing tendency toward withdrawals had been reducthe cash in this bank for days. Some depositors had also been reducing their balances in the bank to the point where closing for short time was the only remedy. The situation in this part of Arkansas, differs from closings in other parts of the state, wherein the assets of the bank remained tact through conservative management, and withdrawals alone can be blamed for the situation. Over 90 Arkansas banks have suspended or closed for liquidation since November 17, when the ican Exchange Bank and Trust Company at Little Rock, closed. About have reopened or re-organized. The banks involved in this suspension are: Citizens Trust Co., Harrison. First National Bank, Harrison. American Exchange, Leslie. First National Bank, Eureka Springs. Bank of North Arkansas, Ever- Citizens Bank, Yellville. Citizens Bank, St. Joe. Bank of Lead Hill, Lead Hill. First State Bank, Marshall. Bank of Alpena Pass, Alpena. Marion County Bank, Flippin, Bank of Pyatt, are branches of the Citizens Bank at Yellville. closed when the parent bank suspended. The First National Bank and the Farmers Merchants Bank Green Forest, which were also closed Wednesday, were independently owned, the controlling stocks owned by citizens of this county. Out of the six banks operating Carroll County, only two remain open, the First National here and the Bank of Eureka Springs. understood that the closed institutions will again in open short time.

5. March 5, 1931 Batesville Guard Batesville, AR
Article from Batesville Guard, March 5, 1931

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Article Text

Merged Banks At Harrison Opened Harrison March 5-Mergerger of the Peoples Savings Bank of Harrison and the First National bank, which closed December 17, was completed and the consoldiated institution opened for business this morning, under the name of the Peoples Savings bank, in quarters formerly occupied by the First National bank The consolidation marks resumption of business by the seventh of 13 banks in the À. T. Hudspeth chain which closed on the same day last December Mr. Hudspeth today said that plans for reopening the other six banks are well advanced The merger plan, which halted liquidation on the First National bank by a receiver provided for an increase of $25,000 in the capital stock of the Peoples bank, election of new officers and limited with. drawals for three years of depositors in the First National when it closed Officers or the reorganized Peoples bank are W F. Gordon president: W À Hudspeth, executive vice president J. L. Sims and W.-J. Myers, vice presidents, an C