420. Bank of Jonesboro (Jonesboro, AR)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: December 17, 1931
Location: Jonesboro, Arkansas (35.842, -90.704)

Metadata

Model: gpt-5-mini
Short Digest: 9f571c55

Response Measures

None

Description

The Bank of Jonesboro closed in December 1931; examiner filed inventory (Dec 17, 1931) and recommended appointment of a receiver and liquidation. Articles describe the bank as defunct and a receiver being named—no contemporaneous run (heavy withdrawals) is described in the provided items. Failures of correspondent/related institutions and large real-estate/other asset problems appear in the inventory and text, indicating insolvency. I corrected obvious OCR oddities (e.g., defunct and dates) but did not invent additional details.

Events (3)

1. December 17, 1931 Receivership

Newspaper Excerpt: It is learned that Herbert Parker... is among those most prominently mentioned at present for the post of receiver... After the report from Little Rock reached the city that an outside man... would be appointed receiver of the Bank, about twenty citizens... met... to endorse Herbert Parker. Bank Examiner Jarrett... recommended that a receiver at once was the best course and acted accordingly. Inventory filed it with Circuit clerk Spurgeon Clark this morning.
Source: newspapers

2. December 17, 1931 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Examiner found the bank insolvent; inventory shows large other real estate and amounts due from banks/firms now insolvent (e.g., Due from Am. Exchange Co (now insolvent); Due from Nat. bank B. (now insolvent)), prompting recommendation for a receiver and liquidation.
Newspaper Excerpt: A receiver for the defunct Bank of Jonesboro will be named in the next few days... Bank Examiner J.W. Jarrett completed the inventory filed it with Circuit clerk Spurgeon Clark this morning. He recommended to the banking department the appointment of a receiver and regular liquidation of the bank.
Source: newspapers

3. April 15, 1932 Other

Newspaper Excerpt: Ellis, president of the defunct Bank of Jonesboro... were indicted today by circuit court grand jury on charges of receiving deposits after the bank was insolvent. The Bank of Jonesboro closed last December. Its failure has been the subject of investigation by the grand jury this week.
Source: newspapers

Newspaper Articles (7)

1. December 17, 1931 Jonesboro Daily Tribune Jonesboro, AR

Article from Jonesboro Daily Tribune, December 17, 1931

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APPOINTMENT ENDORSED BY LOCAL FIRMS Business Men cide Today INVENTORY OVER Filed With Circuit Clerk By Men Rumors that an out-of-town receiver would be appointed for the Bank of Jonesboro, last week, caused committee local business men meet and endorse Herbert Parker, well known Jonesboro druggist, ceiver. Reports were circulated in the city that receiver from south. west Arkansas would be appointed. However business firms in the city indicated that they would rather have Jonesboro man and will support Parker. The Citizens committee, composed of committees from the Lions club, Rotary club, and chamber of commerce, met yesterday afternoon for discussion on the banking situation in Jonesboro. Elijah White field was appointed The group decided that It was best wait for while and adjourned subject to call. The inventory of the defunct Bank of Jonesboro was filed today at the office of the circuit clerk and is as follows: Loans Judgments 349.50 Court costs and adv. 131.55 Cotton acct Overdrafts 98.50 U. Bonds 8,900.00 Other bonds Stock fed res 9,000.00 Furn. and fix Bank house Other real estate 59,821.00 Due from banks Cash and cash items Items in transit Due from Am. Exchange CO (now insolvent) 11,440.00 Due from Nat. bank B. (now insolvent) Revenue stamps Total Liabilities Capital stock Surplus Profits Savings Dep. Postal Savings Christmas savings Individual dep. Certificate of Due to banks Cashier checks Total Bonds borrowed Overdraft fed reserve Reserve for bond depreciation Total It was reported today that the Bank of ville had closed down, it was learned that Bank of Batesville, Min. not the bank of Balesville, Ark. will arrive in Jonesboro morning to look over banking situation, friends ed today W. Jarrett. state bank official, who has been helping inventory of the Bank will return to Little was announced today. Bank Carson Marked Tree where they over the inventory of bank of that city.

2. December 17, 1931 The Sun Jonesboro, AR

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H. PARKER IS MENTIONED FOR APPOINTMENT Local Man May Get PostInventory Filed Today By Examiner Jarrett. A receiver for the defunct Bank of Jonesboro will be named in the next few days, probably Saturday or Monday. Bank Examiner J.W. Jarrett completed the inventory filed it with Circuit clerk Spurgeon Clark this morning. He recommended to the banking department the appointment of a receiver and regular liquidation of the bank. It is learned that Herbert Parker of Jonesboro and Finis Miller of Fayetteville are among those most prommently mentioned at present for the post of receiver. It is reported that a number of Parker's friends here are urging his appointment. Previous plans had been that Jarrett remain in charge of the bank for more than a month to give plans for a new organization that might take over the liquidation of the old bank a. chance to develope. Organization plans have come to an apparent standstill and after making the inventory Jarrett determined that a receiver at once was the best course and acted accordingly." After the report from Little Rock reached the city that an outside man from western Arkansas was most likely to be appointed receiver of the Bank, about twenty citizens, mostly depositors and those who have interest in the bank, met this morning over the American Trust Company and discussed the question of the appointment of Herbert Parker, who is at present receiver of the Osceola and Monette banks. Mr. Jarrett was present and stated that Mr. Parker had made good in liquidating the other banks and would be able to handle the liquidation of the Bank of Jonesboro. The idea advanced at the meeting was that it would be better to have a local man in charge than some one who was a total stranger to the city, That a local man would understand conditions better and would be acquainted with the cotton farmer and man from across the state would know but little about land values where cotton was the principal crop. It was the unanimous opinion those present that Mr. Parker should be endorsed by all interested in the bank for liquidating agent. Committees of the Chamber of Commerce, Rotary and Lions clubs met yesterday afternoon in the interest of possible organization of a new bank. Local conditions were discussed and it was the concensus of opinion of the committee members velopments and take no action at this time. was the opinion that will be more in position for a new bank after a period time, that the next few weeks will give ample opportunity for the peo* ple to decide what they want. Alex Berger of St. Louis, former Jonesboro banker, will be here Friday to make his own investigations of the field with view of the possible organizing of a bank. His friends are urging him to take favorable action. Bank Examiner Jarrett, mentioned as a prospect to head a new bank here, continues, to refuse to comment on his attitude toward the proposal. The Commercial Appeal carried a story this morning that proposal widely discussed this week was the possibility that the Bank of Bono may be moved into Jonesboro. It is known that there has been considerable street talk about this but so far officials of the bank have issued no statement.

3. December 22, 1931 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, December 22, 1931

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B. H. BERGER WILL DIRECT NEW BANK Jonesboro Citizens Asked to Subscribe $50,000, Half of Stock. new bank will be open and doing business here next month, according to Alex Berger. St. Louis financier. who has plans for establishing new bank with capital of $100,000 Subscription of stock for the new bank was started here Monday. Berger and his associates in St. Louis plan subscribe half the stock and to obtain from boro residents for the $50.000. Berger said he expected no trouble the funds. He has been the state banking department that he be granted charter for the new If his plans are successful the new bank be the second that Berger has established Jonesboro. More than 20 years ago he the now defunct American Trust Comprospered under his per sonal for 17 years. years ago he sold his interests in the bank to St. Louis the American Trust Compa ny failed slightly more than year ago Berger made an offer to over institution and later started plans for organizing new bank. He was refused a charter at that time. The failure of the Bank of Jones boro two weeks ago Jonesboro without bank and Berger returned here and plans for or. ganizing He expects the new bank to be known as "The Mercantile Bank' and has said that probably be located at Main and Washington, the old American Trust er of the will be dent: Judge Charles D. Frierson vice president. and R. E. Townsend. formerly associated with the American Trust Company Arkansas Supreme Court to Reconvene After Holidays on January 4. LITTLE ROCK, Ark., Dec. The supreme court started the Christmas holiday season today by adjourning until Jan Other officials and employes of state deaprtments will suspend work Wednesday until Monday Parnell will spend the holidays quietly with his family here Justice T. H. Humphreys of the supreme court expects to visit his mother at Fort Smith, while Justice Turrier Butler will visit his former home at Hamburg Other members of the court will remain here. The took its recess today after handing 17 opinions in civil and criminal cases, the larg eat number for the season. The court paid official tribute to the late James Harry Campbell, clerk of the court for 44 years, who died last Friday Ashton G. Sadler of Van Buren day was appointed as Mr. Campbell's Successor Can't Be Sued. A corporation cannot be sued for back taxes owed by Its predecessor even though both were owned by the same stockholders, the supreme court held in an opinion from which three justices dissented. The court decided that the Paepcke' ment of property Phillips and Mississippi could not be made the basis suit against successor, the Chicago Mill and Lumber The latter company. can be for back for the since 1929, when under laws of to take over properties of the Paepcke Com pany Justices Humphrey, Mehaffy and Butler the majority opinion, written by Chief Justice Hart Atty. Gen. Hal Norwood brought suit in Phillips against both corporations. and the supreme court sustained the lower tribunal's act in quashing the service on the Paepcke corporation on the ground it withdrawn from Arkansas. The Paepcke the property alleg edly in 1928, and there can be no recovery back taxes for that year, the court held. Banker Must Serve. Charles E. Crawford former president of the defunct Bank of Petti grew, in Madison County lost an ef fort to reverse verdict of guilty of his bank to be The bank closed in December, 1930.

4. December 22, 1931 The Commercial Appeal Memphis, TN

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RECORD COTTON CARGO River Steamer Carries 7,000 Bales to New Orleans. Seven bales, the largest single this season the of the steamer Mary Francis that was in and out of port yesterday route to New Orleans from Caruthersville. The cotton was sold through Boeving Cotton Company McFadden Oates, of Memphis, and Frierson Brothers of New Orleans, 2,000 bales to one and 5,000 bales the other. The sale involved approximately $215,000 with the cargo insured by the buy ers. The cotton was standard com pressed, strict middling inch staple, grown principally in Southeast Missouri. The express boat Mobile of the Barge Line was in port over the week end bound for St. from the under Capt. E. N Smith The Gulfport of the in command of Capt. G. Menard, arrived yesterday afternoon from the north with good tow general The steamer Her bert George master, 18 expected today from the north with seven pieces of miscel laneous The steamer Minne sota, under Capt. Leek. will arrive with seven pieces bound for Cairo from New Orleans. The towboat Shepard of the Amer ican Barge up from New Or leans with 2,000,000 gallons of gaso line, discharged 500,000 gallons at the Gulf Refining Company's and departed north for Pittsburgh last night. The maining was the Refining Company Capt. Alien Wood was in command Herbert W Parker local druggist and leader, taken affairs of the Bank of Jonesboro for The American Barge Liner Berry liquidation. He has resigned similar was Saturday positons at Osceola Monette, burgh. with five barges steel ap which he had held for several proximately 2,500 tons, of which were consigned the local port. The steamer the line, un SLUMP SEEN AS BLESSING der Capt. Chess Wilcox, is due from Firestone Expects Prosperity As New Orleans with seven barges steel and general cargo. Soon As Nation Readjusts Itself.

5. February 20, 1932 Jonesboro Daily Tribune Jonesboro, AR

Article from Jonesboro Daily Tribune, February 20, 1932

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RECEIVERS TAKE HOLIDAY Bank receivers Parker of the Bank Jonesboro and Knox American nounce that their closed Monday in honor birthday The of license fees the deputy lection office the Bank Jonesboro will also closed that There is evidence,

6. April 8, 1932 The Sun Jonesboro, AR

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PAYMENT CRIMINAL COURT FULL URGED CIRCUIT COURT BONUS POST OPENS MONDAY BY LOCAL Sent National Telegram Commender Stating Views, Deploring His Stand. The Jonesboro Legion Post, Pickett Post No. 21, sent telegram to National Commander Henry L. Stevens, stating that the post favored the enactment of legislation for full payment of the bonus and taking issue with him for his stand against the bonus payment. Henry Stevens, National Commander of the American Legion On Feb. 24th Pickett Post No. 21 the American Legion unanimously passed resolution requesting the payment in cash immediately the adjusted service certificates issued to the veterans of the world war. Since the passage of this resolution the demand for the action requested therein has increased rather than diminished. The action taken at the National Convention of the AmeriLegion at Detroit did not reflect the sentiment of the members of the Pickett Post at Jonesboro, Ark., and in our opinion the department Arkansas. Prior to the action taken by the national convention there had been no referendum this subject among the members of the American Legion and the vote of the national convention the subject, our opinion reflected only their opinions and not the opinions of the members of their departments. is our opinion that the delegates to the convention were misled by political propaganda as to the ability of the treasury of the United States to these certificates in cash. The falsity of this propaganda has been reflected by subsequent is the of opinion of this the the Congress of post that if United States can appropriate 000,000,000 to a Correlief to the large poration to give interests the nation, financial which action has resulted in no relief to the rank and file of the country, it can likewise discharge the recognized indebtedness of the nation certithe adjusted service and pay cash or in negotiable ficates bonds of the country, which action would be of immediate benefit to the less wealthy of the nation. As an individual member of the legion protest the critical and dictatorial statement concerning the present policy the American Legion towards the disabled contained in the wire from the commander and adjutant of Willard Straight Post 842 New York City and assure you that it does not reflect the Sentiment the members of Pickett Post Jonesboro, Ark., and furthermore why let the sentiments of one post influence you to make such stand against your fellow comrades who fought to make this country safe for democracy and who are now honest asking of just and for debt, payment with which to feed and clothe their families. RANKIN, Adjutant of the Pickett Post 21 Jonesboro, Ark. Neil Killough Will Judge Docket To Be Up For Disposition. Circuit court for the trial of criminal cases of the Western District of Craighead County will convene Monday morning. Judge Neil Killough will preside. The docket for this term is large. Prosecuting Attorney S. L. Gladish will represent the state. The grand jury will investigate the Bono bank robbery cases and the recent safeblowings in Jonesboro. number of cases in which indictments were returned by the last will be tried. jury Rumors are that grand jury investigation of the failure of the Bank of Jonesboro is pending. The following compose the juries for the term: Freeze, Patton, HowW. M. ard Stuck, G. Pitts, R. Dupree, Hovey Houghton, Jonesboro Township; M. Gibson, Cash: B. McMasters, Taylor; Cothern, Powell; Tom Dennis, Herndon; man, Greenfield; W. Grady, NetB. Womack, Bay; Abe tleton; Clarence Cook, Darr, Bono; M. Self, Brookland. List of alternate grand jurom: R. Lidley, W. N. Murphy, Coleman, Garland Gregson, Arrignton, Raymond Vinson, Jonesboro Township. Alternate Petit Jurors: H. H. Holt, Summers, Fred Cald Bay; L. well, Leroy Hollingsworth, B. C. Hartin, Frank Thorpe, Jonesboro Township. The list of petit jurors is as follows: K. Blankenship, F. Cosby, S. Monroe, R. B. Jacobs, Aden Johnson, R. Ferrel, M. Butler, M. Dickson, Jonesboro Bennett, W. Johnson, J. Township; Texas; H. Reed, TayCureton, lor; Allen Morris, Powell; B. M. Gambill, Herndon; Roy Fuller, Greenfield; M. A. Turman, Nettleton, A. A. Gartman, Nettleton: Bert Moon, Bay; Edgar Isaacs, Bay; H. M. Lawson, Gilkerson; H. Jinks, Brookland; Raymond Patton, Bono; E. BradBono; Howard Smith, Jonesboro. ley,

7. April 15, 1932 Daily American Republic Poplar Bluff, MO

Article from Daily American Republic, April 15, 1932

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BANKERS By The Associated Press. Jonesboro, Ark., April Ellis, president of the defunct Bank of Jonesboro, and E. McKee and James E. Parr, vice presidents, were indicted today by circuit court grand jury on charges of receiving deposits after the bank was insolvent. The Bank of Jonesboro closed last December. Its failure has been the subject of investigation by the grand jury this week. The grand jury also indicted Brooks, former manager of the Young Men's Building and sociation, on two counts charging misapplication of the association's funds.