Merchants & Planters Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 17, 1930
Location: Humphrey, Arkansas (34.422, -91.706)

Metadata

Model: gpt-5-mini
Short Digest: 804399d3

Response Measures

None

Description

The bank (Merchants & Planters Bank, Humphrey) was among 32–43 Arkansas banks affiliated with A. B. Banks that 'suspended business' for the five-day period allowed by state law on Nov 17, 1930 to 'protect depositors' after panic following the receivership of Caldwell & Company. OCR shows variant spellings (Humphreys/Humphrey); dates taken from newspapers (Nov 17–18, 1930). No article describes a depositor run specifically on the Humphrey bank; the action is a coordinated temporary suspension intended to reopen after five days.

Events (1)

1. November 17, 1930 Suspension

Cause: Macro News
Cause Details: Temporary suspension ordered as part of a group of banks affiliated with A. B. Banks after public 'hysteria' and panic following the receivership of Caldwell & Company (investment bankers). The suspension was the five-day protective closing permitted by Arkansas law rather than a failure of the bank itself.
Newspaper Excerpt: Merchants and Planters Bank, Humphreys ... closed today for five days ... to protect depositors
Source: newspapers

Newspaper Articles (5)

1. November 17, 1930 Jonesboro Daily Tribune Jonesboro, AR

Article from Jonesboro Daily Tribune, November 17, 1930

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Article Text

BANKS CLOSED TEMPORARILY STATE CITIES Number of Banks Chain Suspend Business Today In Order to Protect Interest of Depositors. Will Open in Five Days After Precautionary Steps Taken. Thirty-two banks in which B. Banks, Arkansas financier, is interested, temporarily suspended business this morning, with announcements being made to the effect that they would reopen for-business after five days. Capitalists viewed the closing of the banks with little alarm, expressing the belief that the banks are all absolutely solvent and that their temporary closing is for the protection of depositors and to avoid runs that might have resulted from the present panicky condition of the state, Fortunately, no Jonesboro banking interests were in any way connected with any of the banks that closed. according to statements made this morning. The following United Press dis patch tells of the temporary closing of the banks: LITTLE ROCK, Ark., Nov. 17.The following banks in which A. B. Banks company is interested suspended business temporarily this morning: Bank of Altheimer. Altheimer; North Arkansas Bank, Batesville: Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton: Arkansas State Bank, Carlisle: Bank of Carthage, Carthage; Farmers Bank, Casa; Bank of Clarendon; Farmers Bank, Dardanelle; Eudora Bank and Trust Company, Eudora: Hampton State Bank, Hampton: Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Henlena; Arkansas Bank and Trust Company, Hope; Bank of Houston, Houston Merchants and Planters Bank, Humphreys, First National Bank, Junction City: Merchants and Farmers Bank, Junction City: Cleveland County Bank; Kingsland, Chicot Trust Company, Lake Village; American Exchange and Trust Company, Little Rock; First State Bank, Osceola: Bank of Pangburn, Pangburn; Perry State Bank, Perry: Merchants and Planters Bank and Trust Company, Pine Bluff: Victoria Bank, Strong: First State Bank, Thornton, Bank of Wabsseka, Wabaseka: Grant County Bank, Sheridan; Exchange Bank and Trust Company, Dermott, Bank of Fordyce, Fordyce; Exchange Bank of Dermott. and Sheridan, clased at noon, due to heavy runs this morning.

2. November 17, 1930 New Britain Herald New Britain, CT

Article from New Britain Herald, November 17, 1930

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Article Text

THIRTY ARKANSAS BANKS CLOSED 5 DAYS BY ORDERS (Continued From First Page) could have forced the closing of this strong bank." Soon after Caldwell & Company was placed in receivership, Mr. Banks anounced the Caldwell & Company's interest in the American Exchange Trust Company had been bought by Little Rock capitalists. The Pine Bluff bank was the second largest in the group and the Helena institution the third largest Banks was a director and a former president of the bank. The American Exchange Trust Company in Little Rock had deposits of approximately $15,000,000 OD September 24, the date of the last bank call. The Pine Bluff bank on September 24 had deposits of approximately $2,638,000 and the Helena bank at the close of business Saturday had deposits of $726,000. officials said. List of Institutions The banks in which Mr. Banks and assistants are interested and which suspended business today for five days were announced by the company as follows: The bank of Altheimer, Altheimer: North Arkansas Bank. Batesville; Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton: Arkansas State Bank, Carlisle; Bank of Carthage, Carthage; Farmers Bank, Casa: Bank of Clarendon, Clarendon: Farmers Bank, Dardanelle: Hampton State Bank, Hamnton: Cleburne County Bank. Heber Springs: Merchants and Planters Bank, Helena; Bank of Houston, Houston: Merchants and Planters Bank, Hunphrey: Cleveland County Bank. Kingsland; Chicot Trust Company, Lake Village: AmericanExchange Trust Company, Little Rock: First State Bank, Morrilton: Arkansas Trust Company, Newport: Bank of Pangburn. Pangburn: Perry State Bank, Perry: Merchants and Planters Bank and Trust Company, Pine Bluff: Bank of Star City, Star City: Victoria Bank, Strong: First State Bank. Stuttgart: Citizens Bank Thornton. and Bank of Wabbaseka Wabbaseka; The Arkansas Bank and Trust Co., Hope: Peoples Bank McRea: and the Endora Bank and Trust Co., Endora. The following banks affiliated with the A. B. Banks and Company remained open for business, the company announced: The Bank of Fordyce and the First National Bank, Fordyce; Bank of Harrisburg, Harrisburg: First National Bank, Mineral Springs: Bank of Stephens, Stephens, and Bank of Waldo, Waldo. Efforts were being made at Junction City to merge the first National Bank and the Merchants and Farmers Bank. and open one of them today, officials said.

3. November 17, 1930 News-Record Neenah, WI

Article from News-Record, November 17, 1930

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Article Text

PROTECT DEPOSITORS Kentucky, Arkansas Affected United Paul Keyes receiver to date the affairs of the national Bank of Kentucky at Louisville today by Comptrolof the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted turn its affairs comptroller of the Keyes veteran member of the comptroller's staff. Louisivlle, Louisville Security bank and the American Mutual Savings bank, the latter negro-owned operated, closed today after the National Bank of Kentucky and the Louisville Trust company failed to open for business. The Security bank was affiliated with the National bank which was taken over by the federal comptroller of currency. The negro bank was affiliated with the Trust company which was placed in the hands of the state banking commissioner. The four banks combined aggregatin All of the institutions were declarsolvent, but that sary to close them conserve the and protect cerditors, positors and all others concerned. Jefferson City, northMissouri banking closed their doors today rect result failure last the State Savings Loan Trust company of Quincy, Ill. All the institutions had deposittheir surplus funds the nois bank, and were forced to close their doors to protect depositors. Little Rock, AmeriExchange Trust company Little Rock, of which Banks president, and 15 banks affiliated with the Banks company, closed today, the state banking partment announced today. The action was taken, plained, under an Arkansas permitting bank to close rarily for period of five days, after which it must be reopened placed the hands of the state banking department. Springfield, Illinois banks the number of failures in the state since Friday to five. The Bartlett and Wallace State bank, Clayton, and the Timewell State bank, Timewell, were closed today, State Auditor Oscar Nelson announced. All the closings were in tion with the failure of the State Savings Loan and Trust company, Quincy, of which the Timewell and Clayton institutions respondents. The Timewell bank deposits of $150,000 and the Clayton bank $500,000. Pine Bluff, Merchants Bank and Trust comPine Bluffs, and Smaller banking institutions in southeastern Arkansas, failed open their doors today. The smaller instituions Bank of Star City, Bank of Altheimer, Eudora Bank Trust company, the Bank of Wabbaseka, First State bank of Stuttgart, ChiTrust company of Lake Village, and the Merchants and Planters bank of Humphreys. Helena, Merchants Planters bank of Helena, closed today. Officials announced they regarded the institution solvent but closing to protect itors. Louisville, national bank Kentucky, capitalized and affiliated bank, the Louisville Trust Company, failed today and the taken by national bank examiner. notice posted by the board directors and signed Russell Mooney, national bank examiner, said national bank solvent that had been closed

4. November 17, 1930 The Daily World Helena, AR

Article from The Daily World, November 17, 1930

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Article Text

HYSTERIA GIVEN AS CAUSE 32 CLOSINGS ENTIRE STATE AFFECTED BY CLOSING OF AFFILIATED BANKS IN SECTIONS ALL FOR FIVE DAYS Three Largest Close Are Americal Exchange, Little Rock; Merchants and Planters Trust Company, Pine Bluff, and Merchants and Planters at Helena Little Rock, Ark., Nov. affiliated banks in Arkansas ciosed today for five days as a result of what officials described as "public hysteria" over the receivership of Caldwell and Company, Nashville, Tenn., investment bankers. The decision of the board of directors of the Exchange Trust Company, Little Rock, the largest the state, to suspend payments deposits for five-day period allowed by law, was followed by the temporary closing of of 46 others associated with A. Banks and Company. A. B. Banks is president of the American-Exchange Trust Company and of several of the smaller banks which closed One other small bank in the Banks company group was placed in charge of the state banking department liquidation. Four other small independent banks also closed, two for five days and the others for liquidation. Walter Taylor, state bank commissioner, announced after a conference with Attorney General Hal Norwood that under the law he could not take charge of banks taking advantage of the five-day closing provision until the end of the period. The three largest banks in the group are the AmericanExchange, Little Rock; the Merchants and Planters Trust Company, and the Merchants Planters Bank, Helena. These three had combined total deposits of approximately $18,000,000 at the last bank call Sept. 24. The other closed banks are comparatively small: The Merchants and Planters at Humphrey, in the A. B. Banks for liquidation. The State Bank of Fouke, at Fouke, and theBank of Branch, a Branch not in the group, closed for liquidation. closing of the American-Exchange followed heavy withdrawals during the past few days. Other affiliated banks for the most part closed the protection of depositors" because of general unrest resulting from the closing officials

5. November 18, 1930 Paragould Daily Press Paragould, AR

Article from Paragould Daily Press, November 18, 1930

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Article Text

BANK SITUATION OVER THE STATE MORE FAVORABLE Continued From Page One) Clearing House Association including banks in Little Rock and North Little Rock, are excellent condition statement issued last night by officers of the association said. Bank in Greater Little Rock have large cash resource the and the total bills are less than $200 "They are ready and able to take care 01 the banking and credit need the conof the in the sound financial of Arkansas also was excondition Senator Joe Robinson and Gov Parnell Robinson attributed the Senator closing in the to wave of hysteria that followed in the wake financial dif 111 which Caldwell & vestment of became involved information leads me to believe the mind of depositors that connections with Caldwell & had impaired its assets 01 the 43 bank that closed yesterday banks not with the A Banks but majority them were in group institutions In must their have resulted from on deposi The banks included the Bank of at Branch: State bank of Fouke and the Peoples Trust Company which were taken by State Banking Commission Grant County bank Sheridan: Peoples bank. McRae Izard County bank. Guion: Peoples State bank DeValls Bluff the Exchange Bank and Trust Company Dermott and the Arkansas National bank at Heber Springs, which suspended payments for The Merchants & Planters bank at Humphrey affiliated with A B Banks was taken over by the State Banking Commission State banks suspending for fiveday period affiliated with A B Banks were Merchants and Planters bank Pine Bluff American Exchange Trust Company. Little Rock: First State bank Morrilton: First State bank Stuitgart: Benton Bank Trust Co., Benton: Bank of Bauxite Bauxite Cleburne County bank. Heber Springs North Arkansas bank Batesville: Arkansas State bank Carlisle: Arkansas Trust Company Newport Arkunsas Bank and Trust Company. Hope Merchants and Planters bank Helena; Eudora Bank & Trust Co. Eudora: Chicot Trust Company Lake Village Bank of Clarendon Clarendon: Bank of Altheimer Altheimer: Cleveland County bank. Kingsland: Bank of Houston. Houston: Hampton State bank Hampton: First State bank Osceola Bank of Carthage. Carthage Perry State bank Perry Victoria bank Strong Parmers Bank Casa: Leola State bank Loola Merchant and Planters bank Junction City Farmers bank, Darand Citizens bank Thornton and the Bank of Pordyce Pordyce list of the 43 banks that closed vesterday their deposits and capital follows ing Americ an Exchange Trust Company Little Rock State Bank of Fouke depo. $14 579 capital capital People bank deposit $96 capital Bank of deposits capital $25,000 North Arkansas bank Bateaville de have Bank of Bauxite deposits 436 of capital Benton Bank and Trust Company posits cipital 000 Bank of Carthage able Parmer bank deposits 248 capital $10,000 Bank of Clarendon deposits or capital capital $50,000 Endora Bank and Trust Company deposits Hampton $194,318.02 capital 000 State deposits 231 capital Cleburne County bank deposits and bank deposits 000 Bank $99 and Company Hope 49 capital Houston deposits capital Planters bank Hum phrey capital Cleveland bank Company bank Trust Company Newport capital State bank capital $50,000 of Perry State bank deposits People Bank and Trust deposits State Bank $10,000 County