434. Bank of Leachville (Leachville, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
November 17, 1930
Location
Leachville, Arkansas (35.936, -90.258)

Metadata

Model
gpt-5-mini
Short Digest
8133e9b2

Response Measures

None

Description

The Bank of Leachville closed doors Nov 17, 1930 amid statewide bank unrest triggered by the failure of the American Exchange Trust Co. It was taken over by the State Banking Department for liquidation (articles list it among banks taken over). A receiver was appointed March 16, 1931. There is discussion of plans to reopen, but the bank was taken over and later in liquidation, so this is a suspension followed by permanent closure/receivership. Bank type not explicitly given in the texts.

Events (2)
1. November 17, 1930 Suspension
Cause
Macro News
Cause Details
Closed during statewide wave of suspensions and panic following the closing of the American Exchange Trust Company and related failures (financial hysteria); later taken over by the State Banking Department for liquidation.
Newspaper Excerpt
The bank closed its doors on November 17, 1930, when unrest resulted ... Arkansas banks suspending business, Including three other Mississippi county Institutions.
Source
newspapers
2. March 16, 1931 Receivership
Newspaper Excerpt
Nelson ... officially appointed receiver for the Bank of Leachville this morning ... The bank closed its doors on November 17, 1930 ... The first dividend was paid depositors in the bank last week. The dividend checks were for cent of deposits.
Source
newspapers

Newspaper Articles (8)
1. November 19, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 19, 1930

Click image to open full size in new tab

Article Text

Nearby Banks Fail Open Business Doors, Citizens' State Bank of Monette and Bank of Leachville The are Latest (From Tuesday's Daily Press) local banker announced this that he had received telemorning phone that the Citizens' State Bank Monette the Bank of Leachville Monette and Leachville failed open their doors for business this morning. Finch president and Handcock cashier the John Monette Roderick, is president and Roderick, is cashier of the Leachville bank. Our informant stated that both inwere small ones, each stitutions capital stock of $15,000. having The also are reported to deposits small.

2. November 19, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 19, 1930

Click image to open full size in new tab

Article Text

MANY ARE NEAR HERE Financial Leaders of Arkansas Strike Optimistic Plans The Press Little Rock. Nov. nancial leaders struck an timistic note today as negotiations went forward for the re-opening of most of the 52 banks in the state which have closed or have suspended business during the past Nine additional small stitutions closed under the five-day suspension law or were taken over by the State department today, one of these being in the so-called B. Banks group. Banks Makes Statement Although the institutions are known the Banks group and Mr Banks stockholder in most of them, he explained that they were separate units and unaffiliated with American Company here. Mr. Banks is conferring as rapidly possible with the various other bank boards with the view to reopening within the five-day period or reorganizing. or reopening soon. Officials said that most of the banks closed meaon of "public hysteria" following the closing of the American Exchange Trust Company yesterday The banks suspending for five days were: the Bank Waldo in the Banks group, and the following independents: People's Bank of Waldo, the Citizens State Bank Monette the Bank of Knobel and the Bank of Manila. The Bank of Leachville, the Bank of Pollard and the Bank of Lepanto taken over by the State Banking department for liquidation. Senator Joe Robinson and Govcrnor Parnell confidence in the soundness of the state's financial structure and asked for public co-operation. Rock Clearing Association issued on the soundhess of the Little Rock banks. Officers of Knobel Bank Joe Sellmyer president and Henry Sellmyer is cashier of the Bank Knobel. located Knobel, which suspended for five-day period about ten o'clock this morning.

3. November 19, 1930 The Times Shreveport, LA
Article from The Times, November 19, 1930

Click image to open full size in new tab

Article Text

MORE BANKS IN Dearmont Named to Post Vacated Thirteen Small Institutions Are by L. S. U. Prexy Added to Suspended or Closed List Tuesday Little Rock, Ark., Nov. 18 (LP).Thirteen small Arkansas banks Tuesday were added to the list of closed suspended institutions in the state Tuesday night curtains were drawn and signs hung on 53 banks in every section of the state Of these. 45 have taken advantage of state law permitting suspension of business for five days. and eight have been taken over by the state banking department. Tuesday's suspensions, nine in number. were accounted for by officials in the same manner as those of "Closed to protect the depositors," the statements said. "We probably will reopen within five days The Viola State bank of Viola, the Bank of Lepanto. the Bank of Leachvile and the Bank of Pollard, the four institutions which were closed and taken over by the state banking department Tuesday were said in official statements. to have been affected by the closing Monday of the American Exchange Trust company of Little Rock. B. Banks. president of the American Exchange Trust company, one of the largest financial institutions in the state, Tuesday continued his conferences with boards of the out-state banks in which he holds large He reiterated his earlier reassuring statements that the small banks would reopen soon as their boards had obtained pledges from the communities. or by outside capital, against run Most officials felt any attempt to open one of the suspended banks as early as Wednesday might be met by heavy run Financial leaders agreed that difficulties of Caldwell and company. Nashville, Tenn., bankers. who were placed in the hands of a receiver last week, were responsible for the wave of financial hysteria. In few days after Caldwell and company receivership. more than $4,000,000 was withdrawn from the American Exchange Trust company. Senator Joseph T. Robinson pointed out. Lafayette, Nov. 18 (P).-Dr. W. S. Dearmont, professor of psychology and education at Southwestern Louisiana institute here, has been named by Dr. E. L. Stephens, president of Southwestern, as dean of the college of education subject to ratification by the state board of education. Doctor Dearmont succeeds Dean J. M Smith who has been elected president of Louisiana State university Both Doctor Smith and Doctor Dearmont have taken up their new duties. Doctor Dearmont has been connected with Southwestern since 1922.

4. November 19, 1930 El Paso Times El Paso, TX
Article from El Paso Times, November 19, 1930

Click image to open full size in new tab

Article Text

ADDITIONAL BANKS CLOSE 53 Financial Houses in Arkansas Now Shut. Little Rock, Ark., Nov. 18 (UP).Thirteen small Arknasas banks today were added to the list of closed or suspended institutions in the state. Tonight curtains were drawn and signs hung on 53 banks in every section of the state. Of these, 45 have taken advantage " state law permitting suspension of business for five days, and eight have been taken over by the state banking department. Today's suspensions, nine in number, were accounted for by officials in the same manner as those of yesterday. "Closed to protect the depositors," the statements said "We probably will reopen within five days." The State bank of Viola, the Bank if Lepanto. the Bank of Leachville and the Bank of Pollard. the four institutions which were closed and taken over by the state banking department today were said, in official statements, to have been affected by the closing yesterday of the American Exchange Trust Co. of Little Rock. Most officials felt any attempt to pen one of the suspended banks as early as tomorrow might be met by heavy run. Financial leaders agreed that difficulties of Caldwell & Co., Nashville, Tenn., investment bankers, who were placed in the hands of a receiver last week, were responsible for the wave of financial hysteria.

5. November 20, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 20, 1930

Click image to open full size in new tab

Article Text

Banks To Open In Mississippi County Belief Nov. Three Mississippi County banks that closed in two days may sume business before the five day suspension law limit is and general optimism is felt throughout the county There have been only few withdrawals of deposits from banks of this city the other bank in Oscoola The closed banks are the First State Bank of Osceola, the Bank of Manila and the Bank of Leachville The Bank of Leachville announced today through its president Roderick that plan has been worked out with the deposttors signing time certificates pledging themselves to allow per cent of their deposits remain in the bank subject to withdrawals according to determined ratio of 12. 18 and 24 months. There said be ample money on hand to pay the 25 per cent with proximately $30,000 in cash. Deposits total about $105,000. Mr. Roderick That hopeful of opening the institution was expressed this afternoon by W. W Shaver of this city, sheriff of Mississippi County and president of the Bank of Manila which closed doors in fear of run after the Leachville bank suspended business yesterday. He has not announced his plan. Two three plans are being for the recpening of the First State Bank of Osceola which Monday on orders from Rock as one of the institutions, The most practical of these will begannounced by Summers, cashier. said today

6. November 21, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 21, 1930

Click image to open full size in new tab

Article Text

Hannibal Mississippi County Banks Plan Closes Doors, to Open Made Leachville Depositors Pave Statement is Way for Institution's Opening Blytheville, Nov. Mississippi County banks that closed days may resume bethe five day suspension law limand general optimism throughout the county There have been only few withdrawals of deposits from banks of this and the other bank Osceola. The banks are the First State Bank closed Osceola, the Bank of Manila and the Bank of Leachville. The Bank of Leachville announced through its president, Roderick, that plan been worked out with the depositors signcertificates pledging themselves allow 75 per cent their deposits remain the bank subject withdrawals according to ratio of 12, 18 and months. said to ample hand to pay the 25 money on $30,000 cent Deposits total about $105,000 Roderick said. of opening the That he hopeful institution was expressed this afterShaver this city, by Mississippi County and sheriff of the Bank Manila president which closed its doors fear of after the Leachville bank súsrun business yesterday. He has pended not announced his Two or three plans are being considered for the reopening the First State Bank of Osceola which closed Monday on orders from Little of the Banks ComRock one The most pracpany's of these will be by cashier, said Friday, believed that the yesterday. complete proposed plan with local interests purorganization stock the Banks chasing and that will Company support of Osceola citizens. solely on Withdrawals After Heavy Closing of Quincy, Bank, Given As Cause Mo., Nov. Jefferson Hannibal Trust company of with total resources of Mo., today by the board of closed the State Finance department announced. department said that heavy withdrawals following the closing bank Quincy, Ill., accross Mississipp: river from Hannibal, was the cause.

7. November 21, 1930 The Daily Dunklin Democrat Kennett, MO
Article from The Daily Dunklin Democrat, November 21, 1930

Click image to open full size in new tab

Article Text

PLAN TO RE-OPEN CLOSED THIS WEEK ARK. Nov. Three Mississippi County banks that closed two days may business before the suspension law limit optimism felt throughout the There have been only few withdrawals of deposfrom banks this and the other bank The closed banks the First State Bank Osceola, the Bank the Bank The Bank of announe today through president. Roderick. that plan has been worked out with the depositors signing certificates pledging themselves 75 per of their deposits remain in the bank subject withdrawals cording determined 12. and There to ample hand pay the cent approximately cash. total about Mr. Roderick said. That hopeful opening the institution expressed this afternoon by Shaver of this city. sheriff Mississippi County president of the Bank of Ma which closed doors in of after the Leachville bank suspended business yesterday. He has not announced his plan. Two three plans being for reopening the First State Bank Osceola, which was closed Monday ders from Little Rock of the Banks Company's institutions. The most practical these will announced by said today. is that the proposed plan will be complete reorganization with local interpurchasing the stock the Banks Company and that will depend solely on support Osceola citizens.

8. March 16, 1931 The Courier News Blytheville, AR
Article from The Courier News, March 16, 1931

Click image to open full size in new tab

Article Text

Formal of Appointment Local Man to Leachville Past Announced Today. Nelson of this city and Roy Leachville officially appointed receiver for the Bank of Leachthis morning. confirming ruprevalent for about two mors that he WAS to succeed Herbert Parker of Jonesboro as receiver. The first dividend was paid depositors In the bank last week. The dividend checks were for cent of deposits. Mr. Nelson. per who has been assisting Mr. Parker liquidating the bank's affairs, stated this morning that another dividend was not likely until Nelson at worked clerk In the Leachville bank and cashier In the bank of Hughes. Ark. He was small stockholder In the Leachville bank, according the Initial report filed by Parker. The bank closed its doors on November 17, 1930, when unrest resulted large number Arkansas banks suspending business, Including three other Mississippi county Institutwo of which later re-opened. Roderick and cashier of the defunct of Leachville, have been held to the grand jury, which convenes here March 30th, on criminal charges growing out the closing of the