505. Bank of Marvell (Marvell, AR)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
January 2, 1931
Location
Marvell, Arkansas (34.556, -90.913)

Metadata

Model
gpt-5-mini
Short Digest
f99d7251

Response Measures

Partial suspension, Books examined

Other: State banking commissioner took charge; depositors agreed to freeze accounts for reorganization.

Description

Depositors made heavy withdrawals around Jan 2, 1931 leading to a temporary suspension (five days). The bank later reopened Jan 31, 1931 after depositor agreement to freeze accounts for months. Cause appears to be contagion/local bank failures and withdrawals rather than a discrete misinformation event.

Events (3)
1. January 2, 1931 Run
Cause
Local Banks
Cause Details
Heavy withdrawals by depositors tied to failures/distress of other local banks and contagion panic.
Measures
None specific besides later suspension; depositors withdrew funds causing the bank to suspend payments shortly afterward.
Newspaper Excerpt
the closing of the Interstate National bank at and suspension for five days of the Bank of Marvell, at Marvell.
Source
newspapers
2. January 2, 1931 Suspension
Cause
Local Banks
Cause Details
Bank suspended payments for five days in response to heavy withdrawals and loss of depositor confidence amid other bank failures in the region.
Newspaper Excerpt
suspension for five days of the Bank of Marvell, at Marvell.
Source
newspapers
3. January 31, 1931 Reopening
Newspaper Excerpt
The Bank of Marvell, which suspended several weeks ago, reopened today an agreement of depositors to freeze their accounts over a period of months S. Cook is president and J. B. Swift executive vice-president.
Source
newspapers

Newspaper Articles (4)
1. January 2, 1931 Hope Star Hope, AR
Article from Hope Star, January 2, 1931

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Article Text

Last Helena Bank Closes on Friday Phillips County Without Bank-New National to Open, However HELENA (A) Phillips county was without bank Friday morning when Insterstate National bank, asked he federal comptroller to take charge the Bank of Marvell this was turned over to the state banking commissioner the latter bank days. The Interstate National notified Helena depositors that it had closed for their own protection. The only other bank in Helena, the Merchants & Planters, was closed November 17 along with the suspension of the American Exchange at Little Rock. A. B. Banks was president of the Merchants & Planters. The Bank of Marvell had deposits of $200,000, capital of $50,000, and surplus of $10,000. The Interstate National had deposits if $1,700,000 and capital of $250,000. Plans,for the reorganization of the Merchants and Planters, which has been closed for a month and a half. have been virutally completed. The federal comptroller has granted it new charter as a' pation bank and will be reopened as the Phillips Coun-

2. January 3, 1931 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, January 3, 1931

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Article Text

COUNTY IN ARKANSAS LEFT WITHOUT BANK Ark The bank. the in failed posted the door for the tection of depositors until of arrival bank examiner The and Planters affiliated A. B. of Rock. closed November folsuspension of the American hange Company in Little Rock. and deposithe Phillips Na bank but date of its opening was considered uncertain. The bank of which H. Howe president and H. had of with deposits of about Bank said they expected to arrive today. They made no The after the Interstate Phillips county without The Bank Marvell had de approximately said FIVE MISSISSIPPI BANKS TAKEN OVER by today ssippi banks to close affected in the one closed banks were the First NaBank of with deposand stock of of deposits capital stock $100,000 Bank of of $179 000 and $10,000 deposits $50,000 and COVINGTON VIRGINIA. Va Jan. An on the door of the Peoples Covington today it been closed vote the of directors with view to protecting the extensive within the past The statement on of 547.13 and the three Noel and Charles R. Karnes

3. January 3, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, January 3, 1931

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Article Text

LOCAL MARKETS Butter, and Ess Co.) candled colored Leghorn colored (up to lbs.) Stags lbs. Roosters Ducks 10c Butter Fruits and Vegetables. Quota Co. 88 Arkansas Blacks. 138 Rome Beauty fancy, bushels bushels Flemish extra fancy 2.75 Beauty, fancy. 110-120-135s extra Oranges. 126 Oranges, bushels Oranges. special Cranberries. Rhubarb. Canadian. 100 Tomatoes. Fla crate Cabbage. per 100 Brown Beauty 100 lbs. 100 round sweet. per bushel Onions. pounds Parsley dozen Lettuce dozen dozen Bank Suspensions. JACKSON. Miss., Jan. 2 (AP) Withdrawals by depositors today caused five Mississippi banks to close their doors. Combined deposits affected in the national bank, approximated The closed were the First National Bank of Pontotoc, deposits of $600,000 and capital stock of $125,000 Bank of Pontotoc, deposits. $534.000 and capital stock, $100,000; zens bank. deposits, $260.000 and capital $25,000; Bank of Blue with deposits of $179,000 and capital, Bank of Derma, with deposits of $50,000 and $10,000 capital. LITTLE ROCK, Ark., Jan. (AP) State Banking Walter E. ylor announce today the reopening of three banks. closing of one and suspension of another Those reopening were the Eudora bank as successor the closed Eudora Bank and Trust company, at Eudora: Bank of Salem. reorganized at Salem, and the Farmers bank, at Closing of the Interstate National bank at and suspension for five days of the Bank of Marvell, at Marvell. left Phillips county without a banking institution. MONTGOMERY, Ala., Jan. 2 (AP) Dent Green, of banks. announc late today that the Peoples bank, of had its doors. Supt. Green was informed by President W. Rudder that bank been today upon approval of the board of directors, asked that state banking department take over the firm's affairs. Capital stock was listed at $15,000, with surplus of Deposits on Nov. 20, 1930, were $61,880. Supt. Green attributed the bank's

4. February 1, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, February 1, 1931

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Article Text

THREE ARKANSAS BANKS REOPEN; 47 SINCE CRASH LITTLE ROCK. Ark., Jan. 31 (P).Three banks reopened in Arkansas today. bringing to forty-seven the number which have resumed since last Nov 1, State Banking Commissioner Walter Taylor said today. The Merchants and Planters bank, at Arkadelphia, reorganized by electing Roy Golden, president, and reopened after having been closed since Dec. 20. The Bank of Oxford, in Izard county, closed since Nov. 17, also reopened. The Bank of Marvell, which suspended several weeks ago, reopened today an agreement of depositors to "freeze" their accounts over a period of months S. Cook is president and J. B. Swift executive vice-president. Rice. NEW ORLEANS none: