496. Louann State Bank (Louann, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 26, 1928
Location
Louann, Arkansas (33.391, -92.792)

Metadata

Model
gpt-5-mini
Short Digest
78c59a1c

Response Measures

None

Description

Multiple contemporaneous newspaper reports (Mar 26–27, 1928) state the Louann State Bank failed to open and was taken over by the Arkansas State Banking Department after a run on the Ouachita Valley (Camden) bank. The closure is reported as a state takeover (receiver/inspection) rather than a temporary day suspension; thus classified as suspension leading to closure. No article describes a separate depositor run on Louann itself independent of the Camden event.

Events (1)
1. March 26, 1928 Suspension
Cause
Correspondent
Cause Details
Louann had funds deposited in the Ouachita Valley (Camden) bank which experienced a run; as a result Louann was forced to discontinue and was taken over by the state banking department.
Newspaper Excerpt
State banks at Camden, Smackover and Louann ... failed to open today, and were placed in the hands of the State Banking Department.
Source
newspapers

Newspaper Articles (6)
1. March 26, 1928 The Mayfield Messenger Mayfield, KY
Article from The Mayfield Messenger, March 26, 1928

Click image to open full size in new tab

Article Text

Capitol of Graves Cannot be in Third Class; Bill Vetoed The action of Governor Sampson. in vetoing the measure providing for the making of towns with a population of as much as 8500. a third class city, leaves Mayfield in the fourth class. The measure was brought up in the last Legislature and a census of Mayfield was taken. and the census showed a population above that figure. So It seems we'll have to remain fourth class instead of moving up notch. BANKS BUST LIKE FIRECRACKERS IN ARKANSAW TOWNS Associated Press. LITTLE ROCK, Ark., March 26.-State banks at Camden, Smackover and Louann, in this state, failed to open today, and were placed in the hands of the State Banking Department. A run on the Camden bank caused that institution to close Saturday, and the other banks were forced to take a similar action on account of having funds deposited in the Camden bank.

2. March 27, 1928 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, March 27, 1928

Click image to open full size in new tab

Article Text

THREE BANKS CLOSE ARKANSAS MONDAY Run on Bank at Camden Forces Two Others to Close Doors to Business Little Rock. Ark., March run on the Ouachita Valley bank at Camden Saturday forced that institution and the Bank of Smackover and the Louann bank discontinue today The Smackover bank had its funds the bank and the Louann State bank was closely filiated with the institution. All state the Camden being $150,000 and total assets of $1,970,786 Smackover bank was capitalized at $50,000 deposits $290,332.82 and total assets of Cause of the was not known by state officials State bank cap. italized with $70,667 and total $93,237 the banks, located the oil district were taken over by the state banking department.

3. March 27, 1928 The Knoxville Journal Knoxville, TN
Article from The Knoxville Journal, March 27, 1928

Click image to open full size in new tab

Article Text

ON BANK FORCES CLOSE GOVERNMENT PROBE NEGRO'S DEALINGS Third Institution Fails Be- Church Charged With Offer cause Of Frozen Loans. To Sell Memphis Office. LITTLE ROCK. March 26 run the Ouchita Valley bank forced today bank had reserve funds the Camden bank Both were state the Camden banak being capitalized deposits $50.000 deposits $290. and total assets of Cause was not known by banking officials Louann State bank capital $15,000 deposits day fail banks located in the oil district Arkansas taken by the state banking depart- March 26 (AP) Agents of the of ordered charges that Bob republican leadoffered sell the Memphis to Poole for The charges were borne in affidavits from submitted today Postmaster General by leader of postmaster general immediately forwaded them to the department of justice request for action. Before day Attorney General Sargent ordered special investigators make thorough inquiry the facts Postmaster General New pressed the claring that never had there reason suspect Church's motives Church described Yale graduate independent means through inheritance from his father. who was real estate operator.

4. March 27, 1928 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, March 27, 1928

Click image to open full size in new tab

Article Text

Arkansas Closes Three LITTLE ROCK. March the Bank Canaden Saturday forced that the Bank Louann State Bank to discontinue Monday Funds in the bank Louann Bank the Camden state not known by state banking Arkansas the banks in district by the

5. March 27, 1928 The Enid Daily Eagle Enid, OK
Article from The Enid Daily Eagle, March 27, 1928

Click image to open full size in new tab

Article Text

Thumb stories early Enid from Engle TWELVE YEARS AGO Mrs. Walton left yesterday for home in Guthrie after visiting sister, Mrs. Roy Thomas, 1006 West Broadway, after the past week Miss Nell Wogan of Hennessey Sunday in Enid with Mr. and Mrs. Fred Buttrey left today in their car for Tulsa where they will attend the State Sunday School being held there this week. They will stop overnight Cushing. Dr. and Mrs. Lawrence have returned home from Kansas City, where they have been attending the Dental the ten signal honor conferred upon Dr. Lawrence by Oklahoma State Dental association appreciation of the great service has given during the three years has been its secretary. Mr. and left for their home in Woodward after spending few days visiting in the home Mr. Glasgow's parents Enid. NINE YEARS AGO Mr. and Mrs. Fred Kautz of West Pine received word recently from their son, Clarence, that had arrived safely at New York. Mr. has been in the about year and prior his overseas service he received his training Vancouver, Wash. For the past nine months he has seen active overseas. He serving with the 318th Engineers Corps. Mr. and Mrs. Trostel entertained eyening their home on West Cherokee Mr. and Mrs. Frank Letson, Mr. and Mrs. Ray Johnson, Mr. and Mrs. Wood Wright, Dr. and Mrs. Hall. Dr. and Mrs. Tourtellot, Mr. and Mrs. Fred Champlin and Mrs. Lowry. Mrs. Charles Lowe returned her home today after having spent few days at Nash visiting with relatives and looking after some business interests there. Criticizes Bank Methods Ole, the night porter, was testifying before the jury after the bank robbery. thundred the attorney, midnight you the office and eight masked brushed past you and went on the vault room with revolvers drawn?" "Yah," Ole. "And moment later terrifie explosion blew the vault door off and the same men went out currency and "Yah," said Ole. what did you do down my but then what did say queer way to Arkansas Banks Closed LITTLE ROCK, March on the bank at Camden Saturday forced that institution, the bank of Smackover and the Louann State bank business today. Funds the Smackover bank and the Louann State bank were closely with the Camden tion. All were state banks.

6. March 27, 1928 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, March 27, 1928

Click image to open full size in new tab

Article Text

TWO ARKANSAS BANKS FORCED TO CLOSE DOORS Little Rock. Ark., March 26 the Valley Bank forced that tion the Bank of Smackover today. The Smackover bank had its reserve funds in the Camden Both were state the Camden bank being talized $150,000 deposits and total assets $1,970.bank assets Cause of not known by Louann State Bank capitalized deposits $70.667 and assets also failed for business today. the institution to All the located in the trict of Arkansas taken banking