500. Bank of Manila (Manila, AR)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
November 18, 1930
Location
Manila, Arkansas (35.880, -90.167)

Metadata

Model
gpt-5-mini
Short Digest
57aa32ac

Response Measures

Accommodated withdrawals, Books examined

Description

Bank of Manila suspended/payments briefly in mid-November 1930 amid a wave of panic following suspension of the American-Exchange Trust Company (Little Rock). Depositors later signed time certificates and the bank reopened within the five-day suspension period. Cause tied to panic from other local/state bank failure rather than an internal scandal or specific misinformation.

Events (3)
1. November 18, 1930 Run
Cause
Local Banks
Cause Details
Public hysteria and withdrawals triggered by the suspension/failure of the American-Exchange Trust Company and suspension of nearby Leachville bank
Measures
Depositors later signed time certificates pledging portions of deposits to remain (installment withdrawals over 9-24 months) to allow reopening.
Newspaper Excerpt
bank which closed its doors in fear of run after the Leachville bank suspended business yesterday.
Source
newspapers
2. November 19, 1930 Suspension
Cause
Local Banks
Cause Details
Closed as a precautionary five-day suspension amid statewide panic following the American-Exchange Trust Company suspension.
Newspaper Excerpt
The Bank of Manila at Manila ... closed or have suspended business during the past [days].
Source
newspapers
3. November 24, 1930 Reopening
Newspaper Excerpt
Those reopened were ... Bank of Manila at Manila. ... Reopening of four banks suspended last week ... were reported to the State Banking Department today.
Source
newspapers

Newspaper Articles (11)
1. November 18, 1930 The Daily World Helena, AR
Article from The Daily World, November 18, 1930

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PLANS STARTED TO REOPEN ALL OR MOST BANKS A. B. BANKS CONFERRING RAPIDLY AS POSSIBLE WITH THE LEADERS OF 49 BANKS OPTIMISM FELT Officials Declare Most of Suspended sulting, from American Exchange ever Closing Little Rock, Nov. 18.-(AP). Financial leaders struck a note of uptimlsm today as negotiations went forward for the reopening 01 most of the forty-nine banks in the state closed or suspended in the past two days Nine additional small institutions closed under a fiv. day suspension or were taken over by the state banking department today One of these was in the so-called A. B. Banks group, as were most of those closing or ceasing business temporarily yesterday after the American Exchange Trust Company, Little Rock, suspended for five days. Although the institutions are known as the A. B. Banks group Mr. Banks, the controlling stockholder in most of them. explained they are separate units and not affiliated with the American-Exchange here Mr. Banks said he was conferring as rapidly as possible with the board of the various banks. including the American-Exchange, with view to reopening within the five day period or reorganizing and reopening soon. Officials said most of the suspended banks closed as a precautionary measure because of hysteria resulting from the AmericanExchange suspension. The banks suspending today for days were the bank of at Waldo, in the A. B. Banks group, and the following independent intitutions: of Manila at Manila Lepanto, the Viola State Bank at Viola, and the Bank of Pollard, were taken in charge by the state banking department. Both were independent units. State banking department officials nearly all the suspended banks were engaged in efforts to notices were received this mornstatements House Association Mr. Banks himelf, and others. The Clearing House said all banks in Little Rock and condition and able "to meet the hanking needs of the community.' Senator Joe Robinson and Governor Harvey Parnell expresed confidence in the soundness of the state's financial structure and a hope for the cooperaiton of the public with the banks & banks with Referring to the which he is associated, Mr. Banks, said he knew the people of these towns are gravely interested to know when the banks will be re"That will be determined," he added, "by the local boards with whom I am conferring as rapidly as possible As soon as they asthemselves by supand porting otherwise that capital or they are the of free from danger run, they will resume normal "In Little Rock the executive committee of the American-Exchange Trust Company is working on the problem but as yet has reported no plan

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

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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 20, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 20, 1930

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Continue Work on Reopen County Banks Officials the Bank Bank of Manila continued to work on for re-opening of the stitutions which closed their doors Although definite was from officers of either bank, efforts to work out plan for opening the Leachville bank regarded favorable W. W. Shaver, presiof the Manila closeted his office the Ma. bank today where conferwith view to opening of the institution were being

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

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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

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

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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.

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

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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.

7. November 24, 1930 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, November 24, 1930

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FOUR ARKANSAS BANKS RE-OPEN LITTLE ROCK, Ark., Nov. 24.(P)-Reopening of four banks suspended last week and suspension for five days of three additional banks were reported to the State Banking Department today. Those reopened were the Peoples Bank at Waldo, Bank of Manila at Manila, Bank of Knobel at Knobel and The Citizen's State Bank at Monette. Those suspending were The Bank of Maryland at Maryland; Cross County Bank at Wynne, and Bank of Glenwood at Glenwood, all small institutions. The closing reported today brought to seventy the number which have suspended or closed for liquidation in the past week. Of these, five have reopened, including the four reported today. The other was the Arkansas National Bank at Heber Springs which resumed business last week after closing for two days, The State Banking Department said reports of additional banks reopening were expected later in the day, as several others were known to be prepared to resume business. The unprecedented number of bank closings in the last week followed suspension of the AmericanExchange Trust company of Little Rock. A. B. Banks, president of the American Exchange. or a company of which he is head, A. B. Banks and company. holds an interest in many of the other institutions which have closed.

8. November 25, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 25, 1930

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Congratulations to Manila Well merited congratulations go today to the officers and directors of the Bank of Manila and the people of that community for the splendid way in which they have met the situntion which forced the temporary closing of the bank last week. It is not surprising that the wave of bank suspensions which swept over the state last week should have caused alarm among depositors of the Manila institution, as it did elsewhere. But it. would have been n tragedy if a com,munity institution, founded upon years of able and conservative management, should have been wiped out as a result. Fortunately the confidence which the bank and its officers had earned was not long in reasserting itself, and Manila has been spared the misfortune that is almost always attendant upon the enforced liquidation of a bank. A valuable institution, an essential part of the community's business fabric, has been preserved, and the people of Manila can face the undeniable difficul, ties the months ahead with contidence and hope that would have been impossible had there been a less favorable out turn to the matter.

9. November 25, 1930 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, November 25, 1930

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SIX MORE ARKANSAS BANKS REOPEN DOORS Financial Situation Is Rapidly Clearing. -Suspension of three small banks today was offset by the reopening of six of those temporarily closed last week and consolidation of two operating institutions, the latter effective immediately Arthur T. Lewis, president of the National Bank of Fayetteville, an. nounced the First National had merged with the Arkansas Nation. al Bank. The new institution has assets of more than 000 exclusive of the First Savings Bank. owned by First National stock. holders. Banks opening today after five day were the Bank of Waldo and the Peoples Bank Waldo, at Waldo: Bank of Manila at Manila Bank of Knobel, at Knobel: Citizens State Bank at Monette, and Viola State Bank at Viola. John V. Hancock, cashier of the Citizens State Bank at Monette in his report to the state banking department said there was "sub. stantial of deposits upon reopening and that deposits today in excess of original withdrawals. Banks suspending for five days The Bank of Maynard. Maynard Cross County Bank, at Wynne, and the Bank of Glenwood. at Glenwood. Last week the Arkansas Nation al Bank at Heber Springs reopened after for two days Addition of the suspending banks today to the number of state institutions closed or suspended the past week The first was the hange Trust at Little Rock which was held responsible for the other Additional reopénings were expected as the legal five day suspension period expired. Many of the banks took advantage of the law to and avoid runs morning Cross County Bank. oldest banking institution in Cross County suspended payment of deposits for five days. Heavy withdrawals during the past 10 days made it necessary to payment in order to conserve the asets. According to statement of D. H. Hamilton, of the bank payment with legal reand the assets on hand should pay the depositors 100 per cent. The officers are R. Block. president: R. Martin, vice president: H. Hamilton, cashier, and C. J. Coffin, assistant cashier.

10. November 26, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 26, 1930

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Three Additional for Business Open Reopening Institutions Are Bank of Ozan, Bank of McNeil and Bank Of Stamps Little Nov. additional banks that last today bring to ten the number reopenings among the closed suspended banks during past week. Those reopening today The Bank Ozan, the Bank and the Bank of Stamps. The Little Rock, Nov. banks that suspended payments last week reported to the state Banking Department yesterday and teight 10 more not officially reported to resume operation yesterday or today. General improvement in banking conditions throughout Arkansas was noted. despite the suspension three additional banks yesterday. They are Bank of Maynard Maynard, the Cross County bank Wynne the Bank Glenwood Glenwood, to total capital approximately $9,000. The Cross County bank, the largest the three, was capitalized $60,000. Its deposits of September 24 amounted $560,000. Deposits the Bank Glenwood were said be $168.000 and the Bank of Maynard $85,000. Banks reported by the Banking Department as yesterday included the Bank of Waldo and the Peoples bank Waldo. The Bank Manila, the State Monette and the Viola State bank Deposits amounting to $10,000 were made at the Bank Manila during the first hours of business yesterday morning. Depositors have signed time certificates agreeing to withdraw their funds installments at Intervals of nine, 12 and 15 months. Other banks scheduled to reopen yesterday today were the Grant County bank at Sheridan, the Bradley County bank at Hermitage, the Bank Harrisburg, Citizens bank Bald Knob, the Bank of McNeil, Columbia county. and the Bank of Ozan, Hempstead county. Steps toward reorganization of many closed last week being taken yesterday, additional openings probably will be ported during the week, officials the state Banking Department three small banks that yesterday make total that have stopped payments closed for liquidation the American Trust Company of Little Rock shut its week. majority the banks that have closed affiliated through Banks John chief bank examtner the state Banking Department, yesterday with an inventory collateral held by the Exchange Trust Company R. W. Rightsell, vice president the American Exchange Trust Company and manager the mortgage department announced that perowing interests or principal on notes held by the department are pected to make payments promptly They will receive notes coupons. Persons owning real estate notes held by the mortgage loan department receive payments when collections made. Mr. Rightsell said. The will look after collections, partment and taxes affecting loans carried when the bank suspended, but no loans will be made. MORGAN HONORED Oxford, England, Nov. Morgan received his degree Doctor of Civil Laws, the honor conferred England's oldest university

11. January 17, 1931 The Courier News Blytheville, AR
Article from The Courier News, January 17, 1931

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Been Approved by Comptroller serve Board Members. The First National Bank of Blyclosed since resume business after stockholders meeting to February stated ning by Little, executive vice president the institution, followreceipt telegram from with the that the bank's application been given the approval the the currency and Informal approval the fed reserve Only the noc-ssity of obtaining from the stockholders formal inention of the bank's inoposal reduce capital stock from in the way opening. The law quires thirty notice to stockholders such meeting. and this notice was In the for the niceting for February The bank will reopen with number of changes In personnel: Mr. Little will remain In charge ns executive vice president. assistant for the year, will the cashier's desk. Roy Walton, long director of the bank and manager of the Jones Grocery company, be cashier. and Ford. nt one the with the old Bank of Blythe ville and later cashier of Paragould, now with the state banking department. be assistand teller. The new members of the bank's staff are well known In ville and in this territory. Mr. Snyder was cashier of the Bank Stecle before coming here, and that connected with City been resident twenty and has always been netive business; civic and church affairs. Mr. Ford has many friends here, dating back to time he was resident of Mr. Little, who with Joe Tenacs. president of the bank. Mamember of the and returned Inte yesterday after conferring with treasury department officials himself well satisfled with the results of the trip the national "While had hoped obtain authority to reopen the bank at an date." he "our eiple object. the obtaining authority resume has been Assets Approved While in Washington officers of the First National reviewed the bank's assets with treasury department officials and received report that the not only in shape to open but was actually soundcondition than many banks operating. The bank party made the trip to the capitol by automobile They report pleasant jeurney. ful for few thrills except dental to negotiations of mentain highways. While at this time fix definitely the date on which the bank the officers confident that will are few days the be within February meeting. the mean time the bank's new personnel will have nn opportunity to become with the institution's and with the duties which they will take over. the First Nationreduce to the bank of Mississippi county instlnumber tutions that victim to the wave of bank suspensions that swept Arkansas November December. The Bank of Manile. which closed for short resumed business several weeks The Bank of and First State Bank Osceola the been turned over to state have department for tion.