382. Bank of Helena (Helena, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 24, 1913
Location
Helena, Arkansas (34.530, -90.592)

Metadata

Model
gpt-5-mini
Short Digest
42aa0b7f

Response Measures

None

Description

The Bank of Helena closed/suspended in April 1913 and a receiver was appointed; assets reportedly exceeded liabilities and the bank went into liquidation/receivership. There is no mention of a depositor run; later articles describe payment plans and partial payments under receivership, not a resumption of normal banking operations.

Events (3)
1. April 24, 1913 Suspension
Cause
Correspondent
Cause Details
Could not renew outstanding paper with Eastern banks because of general tightness in the money market, failures in Memphis, and high water; inability to obtain renewals forced closing.
Newspaper Excerpt
The Bank of Helena ... closed its doors this morning after the Board of Directors had adopted a resolution to liquidate the affairs of the bank.
Source
newspapers
2. April 30, 1913 Receivership
Newspaper Excerpt
Col. E. S. Ready, who was appointed receiver for the Bank of Helena by Chancellor Robertson, with a corps of accountants has assumed the task of adjusting the varied affairs of the bank.
Source
newspapers
3. December 22, 1913 Other
Newspaper Excerpt
The Bank of Helena ... suspended business last April, today began paying the claims of depositors who had on deposit the sum of $100 or less at the time of suspension. Officials of the bank announce the intention to continue payment until all small depositors have been reimbursed.
Source
newspapers

Newspaper Articles (5)
1. April 26, 1913 Newport Daily Independent Newport, AR
Article from Newport Daily Independent, April 26, 1913

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Article Text

BANK OF HELENA CLOSES ITS DOORS Assets Are Said to Be Nearly a Million Dollars Above Liabilities. Helena, April 25.-The Bank of Helena, the oldest and supposedly one of the strongest banks in eastern Arkansas, with a capital and surplus of half a million dollars, closed its doors this morning after the Board of Directors had adopted a resolution to liquidate the affairs of the bank. The assets are said to be nearly a million dollars more than the liabilities. E. C. Horner, president of the bank, assures the depositors of payment, dollar for dollar. The cause of the closing of its doors as far as could be ascertained is outstanding paper which could not be realized on. It was stated that while there is more than sufficient amount of collateral outstanding to meet the bank's obligations, an effort to get renewals from Eastern banks recently was unsuccessful. This, it is said, was brought about from a general tightness in the money market, failures ir Memphis and the high water situation here. The other banks of this city came forward and, it is said, offered Mr. Horner and the directors a half million dollars. This offer was declined. Mr. Horner declared that he would not involve the entire community in this difficulty. The closing of the Bank H-. ena was one of the greatest surprises that ever occurred here in financial circles. The bank was headed by men who have the absolute confidence of the people. No other business concerns are involved. W. R. Satterfield, attorney, left this afternoon for Wynne to ask Chancedllor Robertson to appoint a receiver to wind up the affairs of the bank.

2. May 1, 1913 Newport Daily Independent Newport, AR
Article from Newport Daily Independent, May 1, 1913

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Article Text

Depositors Will Not Lose. Helena, April 30.-Col. E. S. Ready, who was appointed receiver for the Bank of Helena by Chancellor Robertson, with a corps of accountants has assumed the task of adjusting the varied affairs of the bank. This is one of the most important and largest receiverships in Eastern Arkansas for years, on account of the vast business done by the bank. The receiver expects to pay the depositors every cent due them. The assets of the bank exceed the liabilities by about $1,000,000, and the greater part of the assets is excellent collateral. The Hornors, with characteristic gameness, have placed at the disposal of the receiver all of their property and have said that they will hold nothing back until every depositor is paid.

3. September 25, 1913 Newport Daily Independent Newport, AR
Article from Newport Daily Independent, September 25, 1913

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Article Text

NUMBER 151. Bank Plans Adjustment. Helena, Sept. 24-The first effort of the Bank of Helena of this city, which closed its doors April 24, will be to undertake the liquidation of its claims in the near future, the arrangement at present, outlining the complete payment of all smaller claims and a satisfactory adjustment of the accounts of the larger depositors. Prominent representatives of the bank state that arrangements of the following nature would in all probability will provide for the payment of be proposed and acted upon. The plan under consideration all claims of depositors amounting to $100 or less, these to be disposed of by the receiver as presented. Accounts involving greater amounts than $100 or amounts held by depositors in sums greater than the limit outlined above, are proposed for deposition by a cash payment of 20 per cent upon the whole total, the remaining 80 per cent of such amount to be paid in stock, bearing interest at the rate of 6 per cent and composed of the corporations known as the West Helena Land Company and the Helena and West Helena Interurban Railway Company. Proofs of claims, which are to be filled out and sworn to by depositors or others having funds in the insolvent institution have been mailed to all of the latter. While the plan already named will in all probability be acted upon, the date upon which the matter may be undertaken has not yet been divulged.

4. December 23, 1913 Newport Daily Independent Newport, AR
Article from Newport Daily Independent, December 23, 1913

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Article Text

Helena Bank Paying Off Helena, Dec. 22-The Bank of Helena, formerly one of the oldest banks in the state and which suspended business last April, today began paying the claims of depositors who had on deposit the sum of $100 or less at the time of suspension. Officials of the bank announce the intention to continue payment until all small depositors have been reimbursed. Plans for reorganization of the bank are under way.

5. January 29, 1914 Newport Daily Independent Newport, AR
Article from Newport Daily Independent, January 29, 1914

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Article Text

Pay Bank Depositors. Helena, Jan. 28.-When articles of incorporation of the West Helena Consolidated Company were filed in Little Rock today the action started one of the most important steps yet taken to pay off the depositors of the Bank of Helena, which suspended business last April. The consolidation means the merging of the Interurban Railway Company, operating a street railway between Helena and West Helena. The authoried capital stock of the West Helena Consolidated Company is $50,000 of common stock and $600,000 of preferred stock. The preferred stock will be used to pay off the depositors of the Bank of Helena. The plan is to pay 20 per cent in cash and 80 per cent in preferred stock to each depositor who had $100 or more on deposit with the bank at the time of its suspension. More than 97 per cent of the depositors have accepted a settlement on this basis. E.C. and J. S. Hornor, former officers of the bank and principal owners of the bank and principal owners of the West Helena company and the Interurban company, are practically sure of settling all indebtedness under this plan.