Farmers & Merchants Bank - Murfreesboro, AR

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: January 1, 1917*
Location: Murfreesboro, Arkansas (34.062, -93.690)

Metadata

Model: gpt-5-mini
Short Digest: 934ceb90

Response Measures

None

Description

Article (Little River News, 1918-07-13) reports the Farmers & Merchants Bank of Murfreesboro as defunct and closed after embezzlement/overdrafts by the cashier W. W. Womack and stockholder W. E. Clevenger. No mention of a depositor run or reopening; closure appears permanent. The article refers to the looting occurring last year, so closure likely in 1917 but no exact date given.

Events (1)

1. January 1, 1917* Suspension

Cause: Bank Specific Adverse Info
Cause Details: Embezzlement/overdrafts by cashier W. W. Womack and stockholder W. E. Clevenger; auditor reported overdrafts far exceeding capital and deposits, exhausting funds and causing bank closure.
Newspaper Excerpt: The bank was closed when all the funds were exhausted.
Source: newspapers

Newspaper Articles (1)

1. July 13, 1918 The Little River News Ashdown, AR

Article from The Little River News, July 13, 1918

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Article Text

CLEVENGER GETS 3 YEARS IN PEN Charged With Helping to Break the Farmers and Merchants Beak at Murfreesboro Last Year. W. E. Clevenger, the stockholder, who with the cashier, W. W. Womack of the defunct Farmers and Merchants Bank of Murfreesboro, were alleged to have embezzled the funds of that insituation, was tried in the Little River Circuit court this week on a change of venue from Pike county. The jury returned a verdict of guilty Thursday afternoon with a sentence of three years in the penitentiary. Womack, who is now serving a six year sentence in the penitentiary on the same charge, was brought here as a witness against Clevenger. Clevenger was represented by attorneys J. O. Livesay of Foreman, Cobletz of Murfreesboro and Harry Myers of Little Rock. The state was represented by Prosecuting Attorney A. D. DuLaney and his deputy, Geo. R. Steel. According to testimony the looting of the bank was accomplished by means of overdrafts on the account of Clevenger, who had a credit on the bank's books of $77.59. According to the auditor's report he overdrew to the amount of $27,686.61, and according to the cashier, Womack's, testimony he overdrew to the amount of $29,242.59. The bank only had a capital of $15,000 with deposits of something like $40,000. The bank was closed when all the funds were exhausted. Clevenger later refunded 10 250 and paid off some stock and a note at the bank totaling some $2,600. Clevenger's attorneys filed notice for an appeal. Other Cases. Other cases disposed of since our last report are as follows: Jno. Hogan and Otis Williams, running horse on highway, plea of guilty. fined $10. A. C. Melton violating vaccination law, plea of guilty, fined $10. 1 Bob Johnson, same, plea of guilty, fined $10. W. M. Lambert, same, plea of guilty, fined $10. S. S. Barger, same, plea of guilty, fined $10. Claud Dover, same, plea of guilty, fined $10. V. P. Strawn, same, dismissed an payment of cost. Court finished all business and adjourned Thursday afternoon. was