First National Bank - Green Forest, AR

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 10422
Charter Number: 10422
Start Date: December 17, 1930
Location: Green Forest, Arkansas (36.335, -93.436)

Metadata

Model: gpt-5-mini
Short Digest: e1627b21

Response Measures

Full suspension, Books examined

Other: Closings tied to Hudspeth interests; state examiner mentioned (federal bank examiner visiting).

Receivership Details

Date receivership started: 1931-01-21
Date receivership terminated: 1931-05-02
OCC cause of failure: Other

Description

Articles (Dec 25 and Dec 26, 1930) report heavy withdrawals tied to A.T. Hudspeth interests and that the First National Bank, Green Forest, suspended business on Dec 17 and closed shortly thereafter. Cause attributed to association with a chain of failing banks (runs triggered by failures/connection), and no reopening is reported — classification therefore: run leading to suspension and closure. Corrected/clarified dates per article text (suspension reported Dec 17, 1930).

Events (6)

1. July 14, 1913 Chartered

Source: historical_nic

2. December 17, 1930 Run

Cause: Local Banks
Cause Details: Withdrawals and runs triggered by the Hudspeth interests and the closing/distress of a chain of banks tied to financier A. T. Hudspeth.
Measures: Bank closed/suspended operations to protect depositors; board ordered closure to suppress withdrawals.
Newspaper Excerpt: Mr. Cliff Wood ... was in Berryville ... was in charge of the First National Bank, which suspended business, December 17.
Source: newspapers

3. December 17, 1930 Suspension

Cause: Local Banks
Cause Details: Suspension followed heavy withdrawals due to the bank's association with Hudspeth interests and the wave of failures among related banks in northwest Arkansas.
Newspaper Excerpt: The First National Bank... which suspended business, December 17.
Source: newspapers

4. December 18, 1930 Other

Newspaper Excerpt: TWELVE BANKS GO BROKE WEDN'SDAY ... The Peoples Bank at Berryville and the Farmers and Merchants Bank and the First National Bank at Green Forest closed today. ... State banking department officials said his connection with the institutions caused the runs on the banks closing yesterday and today.
Source: newspapers

5. January 21, 1931 Receivership

Source: historical_nic

6. June 23, 1931 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (3)

1. 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.

2. December 25, 1930 The Star Progress Berryville, AR

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Article Text

Miss Cecil Stockberger of Huntsville was guest over the week-end of her cousin, Mrs. Avilla Johnson. Frank Hilburn of Oklahoma, spent Christmas here with his mother, Mrs. Laura Hilburn. Mr. and Mrs. Adis Patton of Oklahoma City, visited first of the week with Berryville relatives. The Misses Louise and Francis Fisher of Joplin, spent their holiday vacation here with their Brad Champlin. Whiteley who has been suffering from an attack of the flu for the past several days, has sufficiently recovered to be up. Mr. and Mrs. Ellis of Pittsburg, Kansas, spent Christmas here with their son, Ray Ellis and family. Mr. and Mrs. Albert Price and family of Springdale, were holiday guests of Berryvile relatives and friends. and Mrs. Neil Macey and litspent from Saturday unti! Monday with his mother, Mrs. Macy and his brother, Nile Macy at Yardell, Arkansas Mr. and Mrs. R. G. Daniel and little daughter, Naomi Hope and Mrs. Daniel's mother, Mrs. Naomi Denney, moved recently to Berryville from their farm near here. Roy Thompson of Tulsa, Okla., was called here last week on account of the death of his father, Thompson, mention of which is made in another column. Mr. and Mrs. Irvin Weaver and two children of Riverdále, Kansas, visited at the home of Mr. Weaver's sister, Mrs. N. Weaver last week. Mr. and Mrs. William B. Lackey of Linn Creek, Mo., arrived Sunday night for an indefinite stay with his grandfather, B. F. Murrow of Berryville. Larry Kent, little son of Mr. and Mrs. Clay Newman, who has been quite ill with pneumonia for the past several days, is reported much improved. Miss Byrd Freeman of Little Rock is guest this week of Mr. Mrs. Lem Kendall and Mr. and Mrs. Klute Braswell. Henry Wilson, sheriff elect, and family are moving this week to Berryville from Green Forest, and Mr. and Mrs. Jack Walker are moving to their farm west of town. Mr. and Mrs. Fred Boyer and two children, Lee Hill and Louise, left last Wednesday night for Hartman, for a week's visit with relatives. Mr. and Mrs. W. J. Bunch returned home Sunday from an extended visit with their son-in-law and daughter, Mr. and Mrs. Ike Garner and family at Longmont, Colorado. Dr. and Mrs. D. Roberts and two daughters, Roberta and Jimmy of Fayetteville, were guests Saturday night of Mrs. Robert's sister, Mrs. Deweese and family. Miss Martha Poynor, Chas. and Carl Boatright returned Monday from a visit with relatives and friends in Vinita, Okla. The Messrs. Boatright also visited in other points in Oklahoma and Kansas. Mr. and Mrs. Will Hodges have moved their cafe from the A. Child's buiding to the building on the east side of the square. Their business is now known as the Home Cafe. Rex Perkins and Billie Slusser, Arkansas University students, Fayetteville, are spending a few days vacation here, the former with his parents, Mr. and Mrs. Routh Perkins and the latter as a guest of Eliott Bobo. Mr. and Mrs. Denney and Miss Ruby Thurman, who spent the holidays here with Mrs. Denny and Miss Thurman's mother, Mrs. Thurman and other relatives, turned to their home in Miami, Oklahoma, Saturday. Mr. and Mrs. Kay Lange and lit. tle daughter, Peggy of Little Rock. and Mrs. Lange's sister, Miss Francis Marion Lieb, who is attending college there spent the holiday vacation here with their parents, Mr. and Mrs. C. M. Lieb. Hosea Leathers and family moved here recently from Green Forest and are occupying the Mrs. Martha Champlin place in the north part of town. Mr. Leathers has been appointed deputy prosecuting attorney for Carroll and Madison counties by the newly elected Prosecutor, W. Trihble. Miss Mary Burton George, teacher in the Tulsa, Oklahoma, schools, spent the Christmas vacation here with her brother, Pat George, and her grandmother, Mrs. George. Mrs. Annie George of Springfield, Mo., mother of Miss Mary Burton and Pat, was also guest in the George home here. Cliff Wood, federal bank examiner and formerly connected with the Peoples Bank here, was in Berryville, first of the week, visiting old friends. Mr. Wood has been at Green Forest charge of the First National Bank, which suspended business, December 17.

3. December 26, 1930 The Producers News Plentywood, MT

Article from The Producers News, December 26, 1930

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Article Text

TWELVE BANKS GO BROKE WEDN'SDAY Little Rock, Ark., Dec. 18.-The Peoples Bank at Berryville and the Farmers and Merchants Bank and the First National Bank at Green Forest closed today. A. T. Hudspeth, Little Rock financier, who had interest in 12 other banks in northwest Arkansas which closed yesterday because of heavy withdrawals was a director of the American Exchange Trust Company of Little Rock which closed last month. State banking department officials said his connection with the institutions caused the runs on the banks closing yesterday and today.