Bank of Newport - Newport, AR

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: May 8, 1906
Location: Newport, Arkansas (35.627, -91.235)

Metadata

Model: gpt-5-mini
Short Digest: f502c9b8

Response Measures

None

Description

Article (May 8, 1906 dateline) refers to the 'bank's suspension' and legal action by depositors to recover collateral after a county loan made Oct 9, 1905. No run is reported. The piece implies the bank remained suspended/failed; no reopening is mentioned and depositors are suing — classification as suspension leading to closure is most consistent. No explicit receiver noted in the article.

Events (1)

1. May 8, 1906 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Bank had outstanding county loan (Oct 9, 1905) and was in suspension; depositors suing to recover collateral, indicating bank-specific insolvency/financial trouble
Newspaper Excerpt: the bank's suspension ... the amount due the county was $24, 923.79. ... the sureties for the Bank of Newport in this loan from the county required the bank to put up indemnifying collateral
Source: newspapers

Newspaper Articles (1)

1. May 11, 1906 The Newark Journal Newark, AR

Article from The Newark Journal, May 11, 1906

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Article Text

LAW SUIT FROM BANK FAILURE Depositors in Bank of Newport CHAS. MOSBY, WADSWORTH Seek Return of Collateral DEALER IN Held by Bondsmen Watches, Jewelry, Newport, May 8.-Suit has been Diamonds, Arkansas Pearls. instituted by certain depositors of WE FIT SPECTACLES CORRECTLY. the Bank of Newport to secure the return of the collateral held Watch Inspector For The by the bondsmen who became seWhite River Railway. curities for the Bank of Newport Arkansas. Batesville, on the loan made by the county on October 9, 1905, of $45,421.23 to the suspended bank. The moneys loaned by the county are continually being drawn upon for current expenses, and at the time A. M. EDGAR'S of the bank's suspension the amount due the county was $24, 923.79. Upon this point the books FEED AND SALE STABLE of the bank and the county treasurer tally, the county commissioners of accounts consisting of W. Horses and Mules Bought, R. Thompson, R. W. Anderson and W. F. Robinson, having gone Sold and Traded. over this matter. The sureties Will Sell You a Good Team, Cash or Credit. for the Bank of Newport in this loan from the county required the bank to put up inedmnifying collateral in the sum of $24,000.