503. Bank of Marmaduke (Marmaduke, AR)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
December 23, 1926
Location
Marmaduke, Arkansas (36.187, -90.383)

Metadata

Model
gpt-5-mini
Short Digest
211e59ff

Response Measures

Full suspension, Books examined

Other: Taken over by State Banking Department; state examiner involved; not a clearinghouse action.

Description

Multiple contemporary reports (Dec 23, 1926) state a run occurred on opening, the bank closed shortly after and was taken over by the State Banking Department. The run was triggered by fallout from the Paragould Trust Company failure and Bertig interests; closure appears permanent (taken over by state). OCR typos corrected (e.g., 'Bertig', 'spitalized').

Events (2)
1. December 23, 1926 Run
Cause
Local Banks
Cause Details
Run occurred on the heels of news of the closing of the Paragould Trust Company and because Bertig interests (which held about one-third of Marmaduke's stock) were involved in the Paragould failure.
Measures
Closed doors shortly after opening; taken over by the State Banking Department.
Newspaper Excerpt
A run was made on the Bank of Marmaduke this morning when it opened and shortly after opening hour the institution closed its doors
Source
newspapers
2. December 23, 1926 Suspension
Cause
Government Action
Cause Details
Following the run the bank closed and was taken over/placed in control of the State Banking Department (state examiner involved).
Newspaper Excerpt
the institution closed its doors and was taken over by the State Banking Department
Source
newspapers

Newspaper Articles (6)
1. December 23, 1926 The Sun Jonesboro, AR
Article from The Sun, December 23, 1926

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Article Text

RUN CAUSED BANK OF MARMADUKE CLOSE DOORS SHORTLY AFTER OPENING A. run was made on the Bank of Marmaduke this morning when it opened and shortly after opening hour the institution closed its doors and was taken over by the State Banking Department. The run is reported to have OCcurred on the heels of news of the closing of the Paragould Trust Company The Bertig interests owned about one third of the stock in the Bank of Marmaduke and as their involvements caused the Paragould failure the run is garded as an aftermath. The capital stock was $25,000. The last statement showed deposits as $53,000 and loans as $75,000. J. n. Burks was president and A. E. Randolke, cashier.

2. December 23, 1926 The Daily World Helena, AR
Article from The Daily World, December 23, 1926

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Article Text

TWO GREEN COUNTY BANKS FAIL BECAUSE OF $155,000 LOAN Paragould, Ark., Dec. 23. (AP)Two banks in Greene County. the Paragould Trust Company and the Bank of Marmaduke at Marmaduke, Arkansas, nine miles north of this city closed their doors today. The Paragould Trust Company did not open today and its affairs were placd in the hands of the tsate bank examiner. The Bank of Marmaduke closed today following a run. The Paragould Trust Compay had a capital and surplus of $150,000 and deposits of approximately $400,.00. The Bank of Marmaduke was spitalized at $15.00 and held deposits of about $55,000. J.C. Markham, cashier of the Pargould Trust Company stated that he reason for the closing of that intitution was the inability of Bertig ?rothers Department Store immeditely 0 repay a loan of $155,000 Ad. Bertig, a member of the firm and a director in the bank, died re- Dr. F. M. Scott is president of the Paragould Trust Company. Outtanding loans of the bank were esimated at about $400,000 The Bank of Marmaduke had a urplus of $4,000. Bills payable amounted to about $4,000. Bills Burks is president of the institution Little Rock, Dec. 23. (AP)-R. G. Dickinson assistant state bank commissioner who returned today from Paragould said the death two weeks 1go of Ad. Bertig, a director, together with a run made on the Paragould Trust Company, for the past two weeks were responsible for its closing today. The firm of which Mr. Bertig was head was a heavy borrower from the bank, Mr. Dickinson said. This was generally known in the city it was said and Bertig's death was followed by a quiet run on the bank.

3. December 23, 1926 The Daily World Helena, AR
Article from The Daily World, December 23, 1926

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Article Text

TWO GREEN COUNTY BANKS FAIL BECAUSE OF $155,000 LOAN Paragould, Ark., Dec. 23. (AP)Two banks in Greene County. the Paragould Trust Company and the Bank of Marmaduke at Marmaduke. Arkansas, nine miles north of this city closed their doors today. The Paragould Trust Company did not open today and its affairs were placd in the hands of the tsate bank examiner. The Bank of Marmaduke closed today following run. The Paragould Trust Compay had a capital and surplus of $150,000 and deposits of approximately $400,#00. The Bank of Marmaduke was spitalized at $15.00 and held deposits of about $55,000. J.C. Markham, cashier of the Pargould Trust Company stated that he reason for the closing of that intitution was the inability of Bertig ?rothers Department Store immeditely 0 repay a loan of $155,000. Ad. Bertig, a member of the firm and a director in the bank. died re- Dr. F. M. Scott is president of the Paragould Trust Company. Outtanding loans of the bank were esimated at about $400,000. The Bank of Marmaduke had a urplus of $4,000. Bills payable amounted to about $4,000. Bills Burks is president of the institution Little Rock, Dec. 23. (AP)-R. G. Dickinson, assistant state bank commissioner who returned today from Paragould said the death two weeks 1go of Ad. Bertig, a director, together with a run made on the Paragould Trust Company, for the past two weeks were responsible for its closing today. The firm of which Mr. Bertig was head was heavy borrower from the bank, Mr. Dickinson said. This was generally known in the city it was said and Bertig's death was followed by a quiet run on the bank.

4. December 24, 1926 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, December 24, 1926

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Article Text

Run Closed Up Marmaduke Bank Second Green Co. Arkansas Failure in One Day. The Bank of Marmaduke, Green County Ark., closed its doors Thurs day afternoon following run. It not known what caused the run to start. This makes the second Green County bank to cease operations Thursday The Bank of Marmaduke had a capita lof $15,000 and deposits of $55,000.

5. December 29, 1926 Monette Weekly Sun Monette, AR
Article from Monette Weekly Sun, December 29, 1926

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Article Text

RUN CAUSED BANK OF MARMADUKE CLOSE DOORS A run was made on the Bank of Marmaduke this morning when # opened and shortly after opening hour the institution closed its doors and was taken over by the State Banking Department. The run is reported to have 00curred on the heels of news of the closing of the Paragould Trust Company. The Berlig interests owned about one third of the stock in the Bank of Marmaduke and as their involvements caused the Paragould failure the run is garded as an aftermath. The capital stock was $25.00 The last statement showed depos as $53,000 and loans as $75,000. J. R. Burks was president

6. January 8, 1927 Evening Star Washington, DC
Article from Evening Star, January 8, 1927

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Article Text

VERDICT IS SUICIDE. Authorities Decide as to Mysterious Death of Financier. PARAGOULD, Ark., January 7 (A). -Ad Bertig, merchant and financier of Paragould, who died under mysterious circumstances December 12. killed himself, according to the death certificate which was signed by Dr. James A. Dillman, the physician said yesterday. Bertig's death was followed by the closing of the Paragould Trust Co., whose accounts showed the Bertig's interests owed the bank $155,000 and shortly thereafter the Bank of Marmaduke, near Paragould, was closed after a run on the institution, which held some of the Bertig paper.