508. Bank of Piggott (Piggott, AR)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 1, 1930*
Location
Piggott, Arkansas (36.383, -90.191)

Metadata

Model
gpt-5-mini
Short Digest
0a5e0355dc92b1e8

Response Measures

None

Description

Contemporary reports (Jan 1930) describe a quiet run over several days that led bank officials to close the bank for liquidation. No reopening is reported; articles state the bank was closed and would be liquidated and that a new bank might be organized to take over later. OCR errors in the articles were corrected (e.g., missing words).

Events (2)
1. January 1, 1930* Run
Cause
Bank Specific Adverse Info
Cause Details
Quiet but sustained withdrawals driven by depositor insecurity; bank had heavy loans on farm property reduced in value and earlier needed a capital infusion.
Measures
About a month earlier ~50 local men placed additional funds to support capital stock in an attempt to tide the bank over the crisis.
Newspaper Excerpt
Bank of Piggott was closed today following slow run that has been in progress several days.
Source
newspapers
2. January 31, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Officials closed the bank for liquidation due to continued withdrawals and impaired loan assets (loans on property reduced in value).
Newspaper Excerpt
Bank of Piggott was closed today ... Bank officials ... decided ... it would be best to close the bank so that it could be liquidated without delay.
Source
newspapers

Newspaper Articles (2)
1. January 31, 1930 Daily American Republic Poplar Bluff, MO
Article from Daily American Republic, January 31, 1930

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Article Text

RUNS ON PIGGOTT BANK CAUSE FAILURE Organization of Another Bank in That City Expected to Be Perfected in the Near Future. MAY TAKE OVER THE CLOSED INSTITUTION Reorganization of Bank Was Perfected Month Had Deposits Totaling $279,064. Special to American Republic. Piggott, Ark., Jan. Bank Piggott was closed today following slow run that has been progress several days. The run has been quiet and would not be observed outsiders. However, number depositors quietly went to the bank, withdrew their money, and left withoffering comment. About month ago the bank was strengthened by payment of large in to support the capital stock. A meeting held at that time and about 50 men placed additional funds the disposal of the financial stitution in an effort to tide It over crisis. was then believed the bank sufficiently sound to withstand almost any kind of condition Decided to Close Bank officials, however, decided that to the feeling of insecurity, and continued withdrawals of funds, would be best to close the bank that could be liquidated withdelay. The bank's capital stock was $50,000. Deposits totaled the loans amounted to $212,295. The bank was hit severely by loans on property which was reduced value during the past several years. is the general opinion here, however, that depositors will be paid full soon as liquidation is completed. local financier has been considering plans for organizing bank in Piggott for several years. is believed now that he will proceed with his plans and that another bank will replace the closed one within short time. As the city now has banking institution. The Officials Officers of the closed bank are Houseman, president; E. Winton and H. Parrish, vice presidents, and Langley, cashier. Some local people have suggested that probable the closed bank will likely be taken over by the new organization.

2. February 6, 1930 Poplar Bluff Republican Poplar Bluff, MO
Article from Poplar Bluff Republican, February 6, 1930

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Article Text

PIGGOTT BANK FAILURE Organization of Another Bank in That City Expected to Be Perfected in the Near Future. MAY TAKE OVER THE CLOSED INSTITUTION Reorganization of Bank Was Perfected Month Had Deposits Total- Piggott, Ark., Jan. Bank of Piggott was closed today slow run that has been in progress for several days. The run has been quiet and would not be observed by outsiders. However, number depositors quietly went to the bank, withdrew their money, and left without offering comment. About month ago the bank was strengthened by payment of large sum in to support the capital stock meeting was held at that time and about 50 men placed additional funds at the disposal of the financial stitution in an effort to tide it over crisis. was then believed the bank was sufficiently sound to withstand almost any kind of condition Bank officials, however, decided that due to the feeling of insecurity, and continued withdrawals of funds, would be best to close the bank so that 11. could be liquidated without delay. The bank's capital stock was $50,000. Deposits totaled $279,064, while the loans amounted to $212,295. The bank was hit severely by loans on farm property which was reduced value during the past several years. is the general opinion here, how. ever, that depositors will be paid full soon as liquidation is completed. local financier has been considering plans for organizing bank Piggott for several years. It is lieved now that he will proceed with his plans and that another bank will replace the closed one within short time. As is, the city now has no banking institution. The Officials Officers of the closed bank are W. Houseman, president; ton and O. H. Parrish. vice presidents, and Langley, cashier. Some local people haya suggested that is probable the closed bank will likely be taken over by the new organization.