Bank of Osceola - Osceola, AR

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: January 7, 1928
Location: Osceola, Arkansas (35.705, -89.970)

Metadata

Model: gpt-5-mini
Short Digest: 18582bf5020540da

Response Measures

None

Description

The articles describe heavy deposit activity and anticipated withdrawals at the Bank of Osceola on Jan 7, 1928 after the nearby Citizens Bank closed. The Bank of Osceola remained open, mobilized an extra teller, and received correspondent support; there is no mention of suspension or closure for Bank of Osceola.

Events (1)

1. January 7, 1928 Run

Cause: Local Banks
Cause Details: Closing of the Citizens Bank in the same town prompted customers to move deposits to Bank of Osceola / fear of spillover withdrawals.
Measures: Notified correspondents; arranged for correspondent banks to pledge support; placed an extra teller to receive deposits.
Newspaper Excerpt: Because the confidence of the local public in the Bank of Osceola ... an extra employe had to be used to receive deposits in bank following the closing of another bank in the same [town].
Source: newspapers

Newspaper Articles (1)

1. January 9, 1928 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, January 9, 1928

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Article Text

Much Faith in Osceola Banks Despite Closing Extra Teller Had to be Placed in One Institution To Receive Cash Deposits Jan. 7.-As phenomenal in banking procedure as was the closing of the doors of the of Citizens Bank here Thursday ing with its legal reserve unimpaired ter shape than year ago, even more phenomenal was the reaction of the public to the closed institution as indicated by business done just across the street at the Bank of Osceola. to Fearing the customary on the bank that usually follows ing of the doors of another institution in the same the Bank of Osceola yesterday morning notified all its correspondents and pared to take care of anticipated withdrawals. an extra teller had be placed at the dow to take care and the total deposits Thursday aggregated around or more than an average daily deposit. New Accounts Received Fifteen new accounts were opened within 40 minutes after the doors the Citizens Bank closed. and only two accounts aggregating little over $2,000 have been Two correspondents banks in St. two Memphis, one in Little the banks at Blytheville and Wilson have all pledged their support to the Bank of Osceola in the crisis. E. Lee Wilson. Ark was the first to offer it sistance Thursday morning and the assurance of the availability of most unlimited resources was given over long distance telephone by an influential friend of the Bank of Osceola immediately following the failure of the Citizens Bank This information was given out yesterday morning by Miss Emma cashier of the Bank of and Williams, president. "As much as we appreciate this of confidence on the part of our banks and our it will not be necessary to call upon them at this Miss Cox said yesterday morning. Extra Teller Used "Because the confidence of the local public in the Bank of Osceola. we believe is unprecedented more in banking circles under similar "We has never happened before that an extra employe had to be used to receive deposits in bank following the closing of another bank in the same and much as we regret the closing of the Citizens Bank the consequent depression of business, we gratified that confidence of Citizens Bank patrons in our institution as well that of out own depositors will permit us to take care of their needs during the present Gatz of Jonesboro has been appointed receiver for the defunct and arrived yesterday morning to take charge of its affairs. Whether the business will be liquidated OF reorganization of the institution affected a matter of The bank had stock of $50,000 surplus around owned assets far and to statements of was entirely believed that depositors will dollar for dollar for their