First National Bank - Monette, AR

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 11116
Charter Number: 11116
Start Date: June 1, 1926*
Location: Monette, Arkansas (35.891, -90.344)

Metadata

Model: gpt-5-mini
Short Digest: 08d42a66

Response Measures

None

Description

The First National Bank of Monette closed in 1926 and a receiver was appointed; articles from 1926 and later (1934) discuss ongoing liquidation and multiple receivers. No newspaper text describes a depositor run or heavy withdrawals as the cause; failure/insolvency and receivership are indicated. Closure appears permanent (still in liquidation years later).

Events (4)

1. December 21, 1917 Chartered

Source: historical_nic

2. June 1, 1926* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank closed its doors and was taken into charge by the national bank examiner; insolvency/failure led to closure and liquidation under a receiver.
Newspaper Excerpt: National Bank Examiner W. R. Young, who has been in charge since the institution closed its doors.
Source: newspapers

3. June 9, 1926 Receivership

Newspaper Excerpt: RECEIVER MORRIS TAKES CHARGE FIRST NATIONAL; FINANCIER INTERESTED ... Robert S. Morris ... arrived this morning and took charge of the First National Bank, succeeding National Bank Examiner W. R. Young, who has been in charge since the institution closed its doors.
Source: newspapers

4. January 12, 1927 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (4)

1. June 9, 1926 Monette Weekly Sun Monette, AR

Article from Monette Weekly Sun, June 9, 1926

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Article Text

RECEIVER MORRIS TAKES CHARGE FIRST NATIONAL; FINANCIER INTERESTED (From Tuesday's Daily) Robert S. Morris of Washington, D. C., arrived this morning and took charge of the First National Bank, succeeding National Bank Examiner W. R. Young. who has been in charge since the institution closed its doors. Mr. Morris came here from Clarksville, Texas, where he has been receiver for the National Bank. Liquidation of that bank required ten months. he states. The depositors were paid 100 per cent on the dollar. Prior to Clarksville receiver work he spent three years liquidating a bank at Foreman. Ark. He has been unable to yel go into the situation here. Unless a re-organization is et- feeted a period of two years may be required to liquidate, Mr. Morris estimated. "I am here to protect the diepositors' interests." he stated. There will be no hurry in the liquidation, using every means in his power to sell the assets at the best figures in effort to make 100 per cent payment to depositors. Re-organization would mean 100 per cent payment. Rumors of reorganization are afloat and have been since the closing day. An outside financier who is fully capable of taking the bank over and putting it on its feet is investigating the matter, it is reported, and will likely have representatives here to go into all the details.

2. June 16, 1926 Monette Weekly Sun Monette, AR

Article from Monette Weekly Sun, June 16, 1926

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Article Text

(From Saturday's Daily) Robert Pickett of St. Louis, arrive next week to spend few days with his parents, Mr. and Mrs. Pickett on Cluberhouse Street, enroute to Clarksdale, Miss., where he will be swimming instructor for the Tacahoma Boy Scout Camp this summer. Miss Jennette Blunt, editor of the farming of of Marianna, in the city today gathering material for "success stories" and publicity on Crowley's Ridge Development Association. She interviewing number of farmers in this section of Crowley's Ridge, particulary those who are interested in peach and other fruit situation of the affairs of the closed First National Bank remains about as same as yesterday, with no report made public. Lee Wilson. who was expected to come here today to look over the conditins of the bank with view to re-organization. did not arrive, but will probably be here the first part next week. Allen Applegate left last night for Little Rock to spend the mer with father, AttorneyGeneral H. W. Applegate. Johnson of Clarksdale, Miss., motored to this city today to spend the week-end with his wife and baby who are spending the summer with her parents. Irvin Spann, employee of the Lake City News, is visiting his parand Spann on Avenue, during the week- Mrs. Bertha Rowland, wife Bever Rowland of Walnut Ridge, died the local hospital this after few days illness. The funeral will be held tomorrow ternoon at three o'clock at Keller's Chapel. Rev. Swann, rector of Mark's Church will leave Sunday evening for Nacogdoches, Texas his sister Lillian Barton and Miss Clara will leave tomorrow noon for Conway to take six weeks course at summer Normal. Miss Lucille Medarias will underoperation for appendicitis tomorrow the Baptist Memorial Hospital Memphis. Barton and sister, Miss Parisade Barton, who have both been quite sick at their home on West Avenue are improving. (From Tuesday's Daily) Pettie left last night for his home in Little Rock after visit with his Mrs. Hawthorne on South Main Street. He was enroute home from Cambridge, Mass., where he student in Harvard University. Mrs. George M. of Mason City, Iowa, who was summoned home attend. the funeral of her mother, Mrs. Joe Ksir, whose death occurred suddenly, will leave for her home tomorrow. Jack Friedley Henena, who been the guest of his and aunt Mrs. L. Alston on Richmond, Avenue the past week, left last evening for St. Louis for few days visit. Deputy Prosecuting Attorney Ivie Spencer went to Bono this afternoon to represent the state in misdemeanor cases. Billie Cate who has been quite sick the past few days at the home of his parents Mr. and Mrs. W Cate, on West Washington improving. George Taylor, Jr., has arrived home from Vanderbilt University at Nashville, Tenn. Dr. Rainwater of Paragould spent yesterday in the city the guest of Dr. M. R. Coffman. Claude Fresto underwent operation for appendicitis yesterday at St. Bernards Hospital. It was performed by Dr. W. Lutterloh. Mrs. Hodge was removed from the hospital to her home on North Johnson yesterday. Robert Mason of DesMoines Iowa the guest of his sister Mrs. Frank Williams and other relatives in the city. James Claire returned home last evening from visit with daughter Miss Mozelle Claire at Harrison, Ark., where Miss Claire holds a position with the railroad. Mr. Claire and daughter visited Eureka Springs during his visit. Wilkes Armstrong, Dr. Fred Roberls and Cate of Lake City are visitors in the city. Mr. and Mrs. Chapin visited the Sunday School yesterday. Mr. Chapin addressed the Men's Bible Class, which is one of the largest in the county. members were contest has just closed fire losing side will entertain the winners with fish fry. Clyde Knight visited friends Paragould yesterday. Charles Frierson Jr., arrived home yesterday from of Arkansas at Fayetteville where he has completed successful year in both scholastic work and athleties. Mr. and Mrs. Noble went F. Little, injured fall from back steps at home of her daughter, Mrs. Spencer Harris on Jefferson, is reported improving today. fractured arm at bow was sustained. Bruises on face were received., (From Tuesday's Daily) Dick Knight has removed Jonesboro from Dalins, Texas, and again accepted position at Links Cafe. George Fogle reported quite ill his home on Warner Avenue. malaria. Chapman Rickert will leave Thursday for SL Louis where position for the summer. Funearl services of Mrs. Monroe Arrington will be held this afternoon three o'clock at Street Baptist Church, conducted Rev. Interment Oaklawn cemetary Augustus Johnson was fined 810 police court this morning charge of vagrancy

3. October 16, 1929 Monette Weekly Sun Monette, AR

Article from Monette Weekly Sun, October 16, 1929

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Article Text

APPEAL COURT UPHOLDS AWARD BANK SUIT Notice has been received by Caraway, Gautney & Baker to the effect that the United States Court of Appeals has upheld the decision of federal court here in suit of First Na. tional Bank receiver against D. M. Cooley in which judgment against Mr. Cooley in the sum of was given. was for double of stock which Mr. Cooley owned in the bank and which had been. transferred prior to the stitutions close. The decision grantsix per cent interest from time closing In February prior to the closing bank in June Mr. Cooley had the sold the stock to Lon Craig and the late Robert Fuhr.

4. July 11, 1934 Monette Weekly Sun Monette, AR

Article from Monette Weekly Sun, July 11, 1934

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Article Text

HODGES NAMED SUMMONS COME BANK RECEIVER TO PROMINENT Succeeds J. W. Armstrong LOCAL LAWYER As First National Bank Liquidating Agent. E. A. Hodges, formerly cashier of the Planters National Bank at Walnut Ridge and since receiver for defunct Bank at Dexter, Mo., has been named receiver for the defunct First National Bank of this city succeeding J. W. Armstrong of this city. He will also succeed Mr. Armstrong as receiver for the Planters National Consolidation of National Banks in receivership resulted in the change as two receivers will now handle the defunct National Banks of Northeast Arkansas instead of three formerly the case. Fourth Receiver Mr. Hodges will be the fourth receiver to be in charge of the First National Bank here since it failed eight years ago. Forty per cent in dividends has been paid by the bank, twenty per cent having been paid while Mr Armstrong served as receiver Mr. Armstrong made an excellent record in handling the affairs of the defunct bank and payment of the dividends in recent years has been largely due to careful management of affairs of the bank. Mr. Armstrong stated today that the affairs of the bank would probably be wound up this fall. He stated that he did not estimate that over an additional two or three per cent dividend would be realized by the depositors. Died Early Today At HosSaturday Afternoon. Attorney John Hannibal Hawthorne, prominent Jonesboro lawyer, passed away Friday morning at three e'clock at St Bernard's Hospital, succumbing to an illness of stomach trouble. The deceased was the of the late Judge and Mrs. C. Hawthorne. He was born at Corning, Ark., and moved to Jonesboro in early youth. He attended school at the University of Arkansas at Fayetteville and Vanderbilt University at Nashville, Tenn. Lawyer Many Years. In 1885 he opened one of the first dry goods stores in Jonesboro. He united in marriage in 1902 to Miss Calla Oliver. He started the study of law and was admitted to the bar. For years he enjoyed a large practice here. He was member of the Elks Club, the Country Club and the Kappa Alpha Fraternity. Surviving are. his wife and one daughter, Miss Ann Hawthorne. One brother, Attorney Donald Hawthorne of Little Rock and one sister, Mrs. Virgil C. Pettie of Little Rock. also survive. Host Of Friends. Mr. Hawthorne is survived by host of friends. He possessed pleasing disposition which won friends easily. In his death a citizen who for years played a part in community development has been called. Funeral rites were held Saturday afternoon at 3:30 o'clock at the residence, 1206 South Main Street, conducted by Rev. Morley pastor of St. Mark's Episcopal Church of which the deceased was member. Interment will be at Oaklawn cemetery in charge of Gregg Funeral Home. Pall bearers were: Active Charles D. Frierson, Sr., J. A. Schindler, Tom Lane and Joe S. Long of Jonesboro Maurice Block of Paragould, L. Smith of Blytheville. Honorary, Judge N. F. Lamb Judge Gautney. E. Barton, Patton. Brough Patterson. Gordon Frierson, Gordon Matthews, Judge Archer Wheatley, B. H Berger, Hugh Alexander O. Knight. A. Ritter, Dr. H. H. McAdams, H. Pewett, R. M. Whitley, R. E. Montgomery, Horace Sloan, Arthur Adams, W. Green, Alex Berger, George Cunningham, L. Glover and Fed. eral Judge John E. Martineau of Little Rock