1.
January 7, 1928
Paragould Daily Press
Paragould, AR
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Article Text
Much Faith in Osceola Banks Despite Closing
Extra Teller Had to be Placed in One Institution To Receive Cash Deposits
Ark. As procedure closing of the doors the Citizens Bank here Thursday with its unimpaired affairs ter than even phenomenal the of the public to the institution indicated by business the the Bank Fearing the customary on the bank that usually follows closthe doors of another tution the Bank vesterday morning notified all its pre-+ pared to ed withdrawals Instead extra teller had to be placed at the window to take care of and the total deposits Thursday aggregated around $56,000 or $40,000 more than an average daily deposit New Accounts Received Fifteen new accounts were openwithin 40 minutes after the Citizens Bank closed and only two accounts a over $2,000 have been withdrawn Two in St two one in Little and have pledged their port to the Bank Osceola the E Wilson Ark the to offer morning and the of most unlimited was en over long distance telephone an influential friend the Bank Osceola immediately following the of of the Citizens Bank This formation given morning by Emma the Bank of and J of president appreciate this much confidence the part expression of and our not to call them at Miss Cox said yesterday Extra Teller Used of Because local public the Bank we believe banking circles under similar has never pened extra had be to receive following the deposits another bank the closing and as the the Citizen Bank depression of and the consequent gratified Citizens Bank the confidence well patrons that permit of during the been receiver for the appointed bank and to take charge business be Whether dated of institution affected speculation The bank stock $20,000 owned asset and accord statements officials entirely solvent that depositor for receive dollar
2.
January 9, 1928
Paragould Soliphone
Paragould, AR
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Article Text
Much Faith in Osceola Banks Despite Closing
Extra Teller Had to be Placed in One Institution To Receive Cash Deposits
Jan. 7.-As phenomenal in banking procedure as was the closing of the doors of the of Citizens Bank here Thursday ing with its legal reserve unimpaired ter shape than year ago, even more phenomenal was the reaction of the public to the closed institution as indicated by business done just across the street at the Bank of Osceola. to Fearing the customary on the bank that usually follows ing of the doors of another institution in the same the Bank of Osceola yesterday morning notified all its correspondents and pared to take care of anticipated withdrawals. an extra teller had be placed at the dow to take care and the total deposits Thursday aggregated around or more than an average daily deposit. New Accounts Received Fifteen new accounts were opened within 40 minutes after the doors the Citizens Bank closed. and only two accounts aggregating little over $2,000 have been Two correspondents banks in St. two Memphis, one in Little the banks at Blytheville and Wilson have all pledged their support to the Bank of Osceola in the crisis. E. Lee Wilson. Ark was the first to offer it sistance Thursday morning and the assurance of the availability of most unlimited resources was given over long distance telephone by an influential friend of the Bank of Osceola immediately following the failure of the Citizens Bank This information was given out yesterday morning by Miss Emma cashier of the Bank of and Williams, president. "As much as we appreciate this of confidence on the part of our banks and our it will not be necessary to call upon them at this Miss Cox said yesterday morning. Extra Teller Used "Because the confidence of the local public in the Bank of Osceola. we believe is unprecedented more in banking circles under similar "We has never happened before that an extra employe had to be used to receive deposits in bank following the closing of another bank in the same and much as we regret the closing of the Citizens Bank the consequent depression of business, we gratified that confidence of Citizens Bank patrons in our institution as well that of out own depositors will permit us to take care of their needs during the present Gatz of Jonesboro has been appointed receiver for the defunct and arrived yesterday morning to take charge of its affairs. Whether the business will be liquidated OF reorganization of the institution affected a matter of The bank had stock of $50,000 surplus around owned assets far and to statements of was entirely believed that depositors will dollar for dollar for their