Bank of Glenwood - Glenwood, AR

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 24, 1930
Location: Glenwood, Arkansas (34.327, -93.551)

Metadata

Model: gpt-5-mini
Short Digest: b3477c62

Response Measures

None

Description

Contemporary reports (Nov 24-26, 1930) state the Bank of Glenwood suspended payments for five days amid a wave of Arkansas bank failures triggered by the American Exchange Trust Company collapse. The articles do not explicitly state Glenwood permanently closed or was placed in receivership; the suspensions mentioned are largely the statutory five-day suspensions and many banks reopened. I therefore classify this as a suspension with likely reopening; if later documentation shows permanent closure, classification would change.

Events (1)

1. November 24, 1930 Suspension

Cause: Local Banks
Cause Details: Part of a wave of Arkansas bank suspensions following the failure/suspension of the American Exchange Trust Company in Little Rock; contagion from other local bank failures and heavy withdrawals prompted five-day suspensions of small institutions including Glenwood. (Articles dated Nov 24-26, 1930 describe the statewide suspension wave.)
Newspaper Excerpt: Those suspending were ... Bank of Glenwood at Glenwood, all small institutions.
Source: newspapers

Newspaper Articles (4)

1. November 24, 1930 Brownsville Herald Brownsville, TX

Article from Brownsville Herald, November 24, 1930

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Article Text

FOUR ARKANSAS BANKS RE-OPEN LITTLE ROCK, Ark., Nov. 24.(P)-Reopening of four banks suspended last week and suspension for five days of three additional banks were reported to the State Banking Department today. Those reopened were the Peoples Bank at Waldo, Bank of Manila at Manila, Bank of Knobel at Knobel and The Citizen's State Bank at Monette. Those suspending were The Bank of Maryland at Maryland; Cross County Bank at Wynne, and Bank of Glenwood at Glenwood, all small institutions. The closing reported today brought to seventy the number which have suspended or closed for liquidation in the past week. Of these, five have reopened, including the four reported today. The other was the Arkansas National Bank at Heber Springs which resumed business last week after closing for two days, The State Banking Department said reports of additional banks reopening were expected later in the day, as several others were known to be prepared to resume business. The unprecedented number of bank closings in the last week followed suspension of the AmericanExchange Trust company of Little Rock. A. B. Banks, president of the American Exchange. or a company of which he is head, A. B. Banks and company. holds an interest in many of the other institutions which have closed.

2. November 25, 1930 The San Francisco Examiner San Francisco, CA

Article from The San Francisco Examiner, November 25, 1930

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Article Text

Five Arkansas Banks Reopen for Business LITTLE ROCK reopening five banks. suspended and the pension for five days three others, reported the State Banking Department today. Those reopened the Peoples Bank Waldo, the Bank of Bank of Knobel. the Citi State Bank Monette. and the Viola State Bank. Those suspended were the Bank Maynard. Cross County Bank Wynne. Bank of Glenwood. small institutions. Today's closings bring to seventy the number which have suspended. closed for liquidation, in Arkan during the last week.

3. November 25, 1930 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, November 25, 1930

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Article Text

SIX MORE ARKANSAS BANKS REOPEN DOORS Financial Situation Is Rapidly Clearing. -Suspension of three small banks today was offset by the reopening of six of those temporarily closed last week and consolidation of two operating institutions, the latter effective immediately Arthur T. Lewis, president of the National Bank of Fayetteville, an. nounced the First National had merged with the Arkansas Nation. al Bank. The new institution has assets of more than 000 exclusive of the First Savings Bank. owned by First National stock. holders. Banks opening today after five day were the Bank of Waldo and the Peoples Bank Waldo, at Waldo: Bank of Manila at Manila Bank of Knobel, at Knobel: Citizens State Bank at Monette, and Viola State Bank at Viola. John V. Hancock, cashier of the Citizens State Bank at Monette in his report to the state banking department said there was "sub. stantial of deposits upon reopening and that deposits today in excess of original withdrawals. Banks suspending for five days The Bank of Maynard. Maynard Cross County Bank, at Wynne, and the Bank of Glenwood. at Glenwood. Last week the Arkansas Nation al Bank at Heber Springs reopened after for two days Addition of the suspending banks today to the number of state institutions closed or suspended the past week The first was the hange Trust at Little Rock which was held responsible for the other Additional reopénings were expected as the legal five day suspension period expired. Many of the banks took advantage of the law to and avoid runs morning Cross County Bank. oldest banking institution in Cross County suspended payment of deposits for five days. Heavy withdrawals during the past 10 days made it necessary to payment in order to conserve the asets. According to statement of D. H. Hamilton, of the bank payment with legal reand the assets on hand should pay the depositors 100 per cent. The officers are R. Block. president: R. Martin, vice president: H. Hamilton, cashier, and C. J. Coffin, assistant cashier.

4. November 26, 1930 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, November 26, 1930

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Article Text

Three Additional for Business Open Reopening Institutions Are Bank of Ozan, Bank of McNeil and Bank Of Stamps Little Nov. additional banks that last today bring to ten the number reopenings among the closed suspended banks during past week. Those reopening today The Bank Ozan, the Bank and the Bank of Stamps. The Little Rock, Nov. banks that suspended payments last week reported to the state Banking Department yesterday and teight 10 more not officially reported to resume operation yesterday or today. General improvement in banking conditions throughout Arkansas was noted. despite the suspension three additional banks yesterday. They are Bank of Maynard Maynard, the Cross County bank Wynne the Bank Glenwood Glenwood, to total capital approximately $9,000. The Cross County bank, the largest the three, was capitalized $60,000. Its deposits of September 24 amounted $560,000. Deposits the Bank Glenwood were said be $168.000 and the Bank of Maynard $85,000. Banks reported by the Banking Department as yesterday included the Bank of Waldo and the Peoples bank Waldo. The Bank Manila, the State Monette and the Viola State bank Deposits amounting to $10,000 were made at the Bank Manila during the first hours of business yesterday morning. Depositors have signed time certificates agreeing to withdraw their funds installments at Intervals of nine, 12 and 15 months. Other banks scheduled to reopen yesterday today were the Grant County bank at Sheridan, the Bradley County bank at Hermitage, the Bank Harrisburg, Citizens bank Bald Knob, the Bank of McNeil, Columbia county. and the Bank of Ozan, Hempstead county. Steps toward reorganization of many closed last week being taken yesterday, additional openings probably will be ported during the week, officials the state Banking Department three small banks that yesterday make total that have stopped payments closed for liquidation the American Trust Company of Little Rock shut its week. majority the banks that have closed affiliated through Banks John chief bank examtner the state Banking Department, yesterday with an inventory collateral held by the Exchange Trust Company R. W. Rightsell, vice president the American Exchange Trust Company and manager the mortgage department announced that perowing interests or principal on notes held by the department are pected to make payments promptly They will receive notes coupons. Persons owning real estate notes held by the mortgage loan department receive payments when collections made. Mr. Rightsell said. The will look after collections, partment and taxes affecting loans carried when the bank suspended, but no loans will be made. MORGAN HONORED Oxford, England, Nov. Morgan received his degree Doctor of Civil Laws, the honor conferred England's oldest university