536. Bank of Ozan (Ozan, AR)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
November 20, 1930
Location
Ozan, Arkansas (33.848, -93.719)

Metadata

Model
gpt-5-mini
Short Digest
58565aa7

Response Measures

None

Description

The Bank of Ozan (an independent/state-chartered local bank) suspended for five days in the Arkansas wave of bank suspensions around Nov 20, 1930 and is reported to have reopened later that week (around Nov 25-26). There is no explicit description of a depositor run on this specific bank in the articles; other banks experienced runs, but Ozan is described as having suspended as a precaution and then reopened.

Events (2)
1. November 20, 1930 Suspension
Cause
Macro News
Cause Details
Suspended for five days amid a statewide wave of bank suspensions and general banking panic in Arkansas; described as one of several independent banks suspending as a precaution.
Newspaper Excerpt
Two small institutions, the Bank of Ozan at Ozan, Hempstead County ... announced suspensions for -days.
Source
newspapers
2. November 25, 1930 Reopening
Newspaper Excerpt
With these reopenings, ten ... banks in the state which closed or suspended within a week have resumed operations. Those resuming business during the day were the Bank of Ozan, the Bank of McNeil and the Bank of Stamps.
Source
newspapers

Newspaper Articles (8)
1. November 20, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 20, 1930

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HEBER SPRINGS BANK TO OPEN EARLY FUTURE By United Press HEBER SPRINGS, Nov. 20 Arkansas National Bank, one of those suspending business Tuesday, reopened shortly before noon today. It was believed the first to resume National Bank examiner Wetzell who is in charge, reported 49 deposits and normal withdrawals during the first hour. LITTLE Nov The Arkansas National Bank of Heber Springs was preparing today as optimism prevails in open state banking circles. Officers the American Exchange Trust Company postponed the reopening scheduled Saturday saying that legal complications had caused the action. The state banking commissioner remains The bank of McNeil and the Bank of Ozan were suspended late yesterday, intotal of suspended to creasing the The Bank of Tyronza was placed in the hands of the tending the total number of closed banks to ten.

2. November 20, 1930 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, November 20, 1930

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Central Bank and Trust Co. Largest in North Carolina Acts to "ConResort, serve Assets." FIVE OTHERS IN STATE SUSPEND President of First National Bank in Horse Cave, Ends Life After Saying He Erred in Closing. By the Associated Press The Central Bank Trust Co., largest financial institution in this immediate section, failed to open business today and noon other western North Carolina had closed their doors Capitalized $1,000,000, the Central Bank Trust Co. on Septhe date the last tember bank had deposits of approximately Other banks closing were the Bank here including its branch at Oteen Veterans' the First Bank Trust Co., the American Bank Trust Citizens National Bank Henand the Bank of LowThe closings Hendersonville left without banking facilities After the First Bank and Trust Co. there failed to open runs immediately developed on the American Bank and Trust and the Citizens' National Depositors stood in long lines in an effort to draw their The American remained open only minutes. Its officers, closing issued statement saying the action had been for protection of depositors and because of the run. Citizens closed an hour officers declared the institution The First Bank and Trust Co., had and of according to its last statement The American Bank and Trust reported deposits of approximately The National was capitalized of and of given by the directors Central Bank and closed anticipation of heavy the statement said, taken conserve depositors and only became that During the past days bank been forced heavy funds primary the clos. today said by John State Bank Exam. iner. to be the collapse real estate values from Two More Louisville Banks Close; Brown Displaced Nov Election of Henry Vogt, Louisville James president the formally nounced today The holding company the Nation. Bank of Kentucky, which closed Monday announced the Bancokentucky is continuing to do business under authority of its board of directors. who accepted resignation Brown president the National Bank of Kentucky, in hands Federal receiver. closing of which followed of business by other Kentucky banks The latter affiliated with one of the closed Monday Bankers Trust Louisville institution announced today had placed its affairs in the hands of the State Banking Coinmission for liquidation was opened this morning and decision shortly after noon. The Avery Building which holds mortgages many houses and lots. announced take advantage of the State law permitting not to make any for 30 days added "excellent financial con. Directors of the Union Central Bank of Louisville, an industrial toan bank organized two ago, announced would not open morning This bank. which has deposits of cleared through the Louisville Trust Co. suspended operations Mon day George Ewald president of Central Bank said he thought the depository fully solvent. Four More Arkansas Banks Suspend: Total for Week 62. By LITTLE ROCK, Ark., Nov 20. Suspension of four more banks in Arkansas reported to the State Banking Department today, bringing the this to Arkansas National Bank Heber Springs, which suspended Tuesday. reopened today. Those suspending today were the Bank of Ozan at Ozan and the Bank of Strawberry at Strawberboth for five days, and banks Bald Knob, the Bald Knob State Bank and the Citizens' continued today by directors of many of the

3. November 20, 1930 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, November 20, 1930

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Six North Carolina Banks Close Doors To Conserve Assets ASHEVILLE N C., Nov. 20.-(P)The Central Bank and Trust Company largest financial institution in this immediate section failed to open for business Thursday and by noon five other western North Carolina banks had closed their doors Capitalized at 1,000,000. the Central Bank & Trust Company on September 24 the date of the last bank call had Its were given at that time $21,753,000 Other banks closing were the BiltOteen Bank here, including its branch at Oteen Veterans Hospital the First Bank & Trust Company the American Bank & Trust Company Hendersonvill the Citizens National Bank Hender sonville and the Bank of Lowell, John Mitchell, state bank examiner was notified of the Central Bank & Company's failure to open and was expected to send an examiner here immediately to take charge of A statement given out by the board of directors said the bank was closed in anticipation of a heavy run A notice posted on the door of the First Bank & Trust Company Hendersonville said the institution had been placed in the hands of the State Banking Department for liquidation of $204.261 and deposits according to its last stateof condition The American Bank & Trust Comsmallest three banks had deposits approxmiately $160. 000 The Citizens National capitalat $100,000 had surplus of deposits $70 000 at the last It was at MITCHELL BLAMES COLLAPSE OF BOOM IN REAL ESTATE RALEIGH N C. Nov. the closing of The primary the Central Bank and Company North Mitchell state bank exam the estate the section from a highly In statement issued here he said the of boom. -powered their largely in Asheville ville inflated was real The impossible for failed banks to liquidate their receivables sufficient volume to meet demands of depositors situation is purely local one does not in any reflect in the generally and should no Bankers Trust Closes 20 The Trust Company capitalized at $500 Thursday after the Central Bank of the Bank Canezville suspended The BankTrust brought thirteen the number banks which have suspendKentucky Monday six of them are in Louisville 62 Closed: One Reopens LITTLE ROCK Ark banks in Arkansas was reported to the State Banking Department Thursday bringing the week to The Bank at Heber Springs suspended Thursday Those Tuesday suspending Thursday the Bank of Ozan at Ozan the Bank of Strawberry both for five and two banks Bald Knob State Bank and

4. November 21, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 21, 1930

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FINANCES ARE CLEARING UP IN ARKANSAS Opening of Bank at Heber Springs and Reorganization Plans Restore Confidence over Arkansas Following Bank Suspensions LITTLE ROCK, Ark., Nov. Additional encouragement to Arkansas' banking situation was given today by the state banking department, when Walter E. Taylor, commissioner, announced that information coming into his office indicated that more of the 63 suspended institution than he at first anticipated. are working out reorganization and reopening plans. Mr. Taylor said that reports indicated that many of the institutions had progressed with their reorganization plans to the extent of expecting open for business during the later part of this week or carly next week. He expressed the belief that the situation in the state would show great improvement during the coming week. The National Bank of Arkansas of Heber Springs was the first to resume business. This institution reopened its doos yesterday morning after authority had been received from Comptroller of Currency W Pole at Washington. The national bank examiner reported that the institution was in position resume business Directors of the American change Trust Company of Little Rock today continued their conferences to consider reopening plans. Just when and how the local institution can reopen has been determined. Five More Suspend Officials of the American Exchange stated that reorganization requiring the co-operation of the depositors were well under way and it was hoped that the bank could be reopened soon. The bank will be taken over Saturday by the state bank commissioner pending completion of the reorganization Five banks were added to the list of those suspending. The Bank of Corning at Corning suspended Wednesday afternoon. The Citizens Bank at Bald Knob did not open this morning, five day suspension. The Bald Knob State Bank opened, but was subjected to run during the morning and suspended at 11 clock as precautionary measure. The five brought the total banks suspending or closing up to 63, Two small institutions, the Bank of Ozan at Ozan, Hempstead Counand the Bank of Strawberry Strawberry, Lawrence County, both independent banks, announced suspensions for -days. The Bank of Strawberry suspended last Monday, but the first report of the action was not received at the state banking department until this morning. The Bank of McNeil at McNeil suspended for five days Thursday afternoon, and the Bank of Tyronza was taken over by the state bank department. A dispatch from McRae said the Peoples Bank at that place expected to reopen Saturday or Monday, under a proposed agreement that stockholders pay in $12,000, an amount equal to deposit the bank had in the Arkansas Trust Company at Newport when the latter suspended. Depositors also were being asked to agree to maintain 85 per cent of their deposits in the bank for 12 months, or as long as necessary to stabilize the institu-

5. November 26, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, November 26, 1930

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OTHER STOCK QUOTATIONS October Auto Output. Washington, November 25 (AP) October production reported by the Commerce Depart ment today at 150,044 cars, the low output in the United States dursingle month in recent years The total compared with 380,017 for the month last and 877 in September Rubber Bank Clearings. -Clearings Investment Trusts. Cleveland. New Cleveland Paducah Banker Says Connection With Caldwell Misstated. Cont 6% Depositor Sues Louisville Institu tion For Money Deposited After com Hours On Saturday 1-40th Paducah. Ky., November 25-(AP) Units an injunction suit filed here today Jesse Weil, Paducah banker, and Bankers his wife, Vivien R. Well seek to void stock transaction with the BancoEquities Kentucky Company Louisville. now in the hands of receiver, on the grounds the BancoKentucky Company misrepresented its connection Exchange Caldwell & Co., Nashville investment bankers, also in receiverNew York Produce Stocks. The suit, filed in McCracken CirBank cuit Court alleges BancoKentucky Trustee officials induced the plaintiffs to exchange 518 shares of Mechanics Corp Trust and vings Bank stock for 5,171 shares of stock, assuring them the Gas had no with Caldwell The Weils charge that at that time General Equity BancoK was inInvest volved with & Co. through Do an indebtedness and through stock Trad Louisville, Ky., November Shares -Suit to recover $1 177 which claims was deposited in the National Bank Kentucky after the close of Saturday November 15, was Deal For Michigan Steel Trust filed in Federal Court today by VenTrustee Rubenstein hoff & Hillen hatters It was reApproved By National garded test case for deposits made after regular banking hours Industry Saturday Detroit, November The suit was filed against Paul C. rectors of the National Steel Corpo- Keyes, Federal receiver for the bank, Invest which failed open Monday, Novemration have voted to purchase the ber 17. and whose closing was folproperty and assets of the Michigan Shares lowed by suspension 16 other KenSPECIAL THE Steel Corporation at it was tucky banks It asserts the money November Closing announced today. was entered in the firm's pass book Trust of November 17 and therefore Michigan Corpora never became the property of the tion shortly be asked to register Sec bank. It also claims bank officers their decision on the The knew was when the money Corp of the was and asks return of the will total about $140,000,000 Gen principal with interest. The details of the proposed merger have not but it Steel stockhold The Bank failed Shares ers will receive cash and securities to open for business today The infor their stock on the basis of $50 is capitalized at $30,000 and an option to stock Trusteed had deposits of $360,000. in the Corporation equal to Invest of the consideration received by them. Am banks in Weakley CounThe Michigan Steel Corporation has Trust ty, Tenn., closed today The Shares New York Bank Stocks. plant The National Steel Stand Shares cashier of the Weakley County bank Corporation was organized in 1929 here reported it was closed to stop Fixed Tr New through merger of the Great Lakes Fixed run. The bank of Martin and the Steel Corporation the Weirton Steel City State Bank, both at Martin. Company certain properties of closed earlier in the day. America the M. A. Int Little Rock, Ark. November 25October Rail Reports Three Arkansas banks, which National Shares suspended last week reported to the New York, November Trust State Banking Department today The first 19 railroads to report they had reopened for business. ber earnings had net operating With these reopenings, 10 of 70 come of decline of 24.1 Chicago Curb. National banks the state which closed or cent from $36 194,000 reported for suspended within a week have rethe like month last year and sumed operations. crease of per cent from resuming business today 000 reported in October. 1928. the Bank of Ozan. the Bank of The figures for October this year, Furn McNeil and the Bank of Stamps in an increase of Board Of Trade Stocks. Gas towns of the same names. 5.5 per cent over the and Six reopened yesterday and one ported by the same railroads for last week September Railroads reporting today for OcAllied tober, comparative figures for the month last West GENERAL PRODUCE New York first Boston. Lehigh Western extra Butte Mary's Mach fresh Ky November United States Treasury Certificates THE HIDES Bond sales

6. November 26, 1930 The Cincinnati Enquirer Cincinnati, OH
Article from The Cincinnati Enquirer, November 26, 1930

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Cincinnati live market reported by November Actual rec'ts for 416 Monday 418 87 steers and helfers too light for the demands the trade, and market reigned strong higher in tively. $1 or have been enforced tion with and lower grades the greatest line some grade beef early in week at Eastern cenNothing grading above good was offered on these sold fully steady to with some the close competition. Bulls upturn spots and medium steers figure being grading good late 50c with hog tion basis 160 packers sales which $8.50 and $2 good choice weight 180 500 lbs) pigs Steers $8. medium Bulls common and milk (per (per Lambs- and choice medium to all and SUIT FILED To Void Stock Sale. Banker Says Connection With Caldwell Is Misstated. Depositor Sues Louisville Institu tion For Money Deposited After Hours On Saturday. Louisville, Ky., November 25-(AP) Litigation in and Federal Courts today from the closing week ago Monday of the National Bank Kentucky and the subsequent receivership for BancoKentucky, its holding company Paul C. receiver for the National of Kentucky, made in suit filed in Federal Court here by Venhoff & Hillen, hatters, who seeking to recover which they claim was in the bank after the close business Saturday, November 15. The petition avers the money was entered in the firm's pass book as November 17 and hence did not become the property of the bank. The plantiffs charge the officers of the bank knew was insolvent when the money was received and they ask return of the principal with in In McCracken Circuit Court at Paducah an injunction suit was filed today by Jesse Weil, Paducah banker, and his wife, Vivien R. Weil They ask the Court void stock transaction the BancoKentucky Company the grounds the BancoKentucky misrepresented its connection with Caldwell & Co. Nashville bankers, now They set out in their petition that they 518 shares of Trust Bank stock for 5,171 of BancoThe claim that because of alleged false assurances them by BancoKentucky executive the transaction was The plaintiffs ask that the BancoKentucky be enjoined from acquir ing the stock transfer on the books of the Mechanics Trust & Savings Bank. Rome, November banks capital reserve of $1,209,000 closed their doors Northern Italy. The largest the Credito Veneto with headquarters in Padua and 65 small branches. The which closed yesterday and asked for liquidation its affairs. capiof The two banks which closed were the Rovido, with of 000, and the Banca Venetia Giplia, of Trieste. with capital surplus of $315,000. Ind. November 25-(AP) The Bank here failed to open for business today inis capitalized at $30,000 and had of $360,000. Dresden, Tenn., November Three banks Weakley County. Tenn. closed today. The cashier of the Weakley County bank here reported it was closed to stop bank of Martin and the City State Bank at Martin. closed the day. Little Rock, Ark., November 25banks, which last reported to the State Banking Department today they for business With reopenings, 10 of 70 banks the state which closed or suspended within week have resumed operations. Those resuming business today the Bank Ozan, the Bank of McNeil and the Bank of Stamps in towns of the Six reopened yesterday and one last week. Caruthersville, Mo., November 25First National Bank of Caruthersville closed this afternoon by its Directors after run It said withdrawals the last few days had amounted to $100,000. Chicago including good and and good good and and lambs and WEEKLY CAR LOADINGS 25freight the November were today by the American Railway Association totaling This of from the preceding and decline decrease and live decrease METAL New November unsettled. Electrolytic: future Iron unchanged. spot Lead steady; New York 10c. East Louis spot and 4.95c. East 4.10c. future Lead future future

7. November 26, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 26, 1930

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Three Additional for Business Open Reopening Institutions Are Bank of Ozan, Bank of McNeil and Bank Of Stamps Little Nov. additional banks that last today bring to ten the number reopenings among the closed suspended banks during past week. Those reopening today The Bank Ozan, the Bank and the Bank of Stamps. The Little Rock, Nov. banks that suspended payments last week reported to the state Banking Department yesterday and teight 10 more not officially reported to resume operation yesterday or today. General improvement in banking conditions throughout Arkansas was noted. despite the suspension three additional banks yesterday. They are Bank of Maynard Maynard, the Cross County bank Wynne the Bank Glenwood Glenwood, to total capital approximately $9,000. The Cross County bank, the largest the three, was capitalized $60,000. Its deposits of September 24 amounted $560,000. Deposits the Bank Glenwood were said be $168.000 and the Bank of Maynard $85,000. Banks reported by the Banking Department as yesterday included the Bank of Waldo and the Peoples bank Waldo. The Bank Manila, the State Monette and the Viola State bank Deposits amounting to $10,000 were made at the Bank Manila during the first hours of business yesterday morning. Depositors have signed time certificates agreeing to withdraw their funds installments at Intervals of nine, 12 and 15 months. Other banks scheduled to reopen yesterday today were the Grant County bank at Sheridan, the Bradley County bank at Hermitage, the Bank Harrisburg, Citizens bank Bald Knob, the Bank of McNeil, Columbia county. and the Bank of Ozan, Hempstead county. Steps toward reorganization of many closed last week being taken yesterday, additional openings probably will be ported during the week, officials the state Banking Department three small banks that yesterday make total that have stopped payments closed for liquidation the American Trust Company of Little Rock shut its week. majority the banks that have closed affiliated through Banks John chief bank examtner the state Banking Department, yesterday with an inventory collateral held by the Exchange Trust Company R. W. Rightsell, vice president the American Exchange Trust Company and manager the mortgage department announced that perowing interests or principal on notes held by the department are pected to make payments promptly They will receive notes coupons. Persons owning real estate notes held by the mortgage loan department receive payments when collections made. Mr. Rightsell said. The will look after collections, partment and taxes affecting loans carried when the bank suspended, but no loans will be made. MORGAN HONORED Oxford, England, Nov. Morgan received his degree Doctor of Civil Laws, the honor conferred England's oldest university

8. November 26, 1930 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, November 26, 1930

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THREE BANKS ARE REOPENED Arkansas Situation Improves: Three Close in Tennessee. (By The Associated Press.) Develop ments in the banking, situation in the United States Tuesday included the closing of five institutions in various localities and the reopening of three. that had closed during the last Three Arkansas banks reported to the banking department they had reopened for business after having suspended payments for week With these reopenings, ten seventy banks in the state which closed or suspended within week have resumed Those resuming business during the day were the Bank of Ozan. the Bank of McNeil and the Bank of Stamps. Members of the Christmas club of the used American Exchange Trust company in Little Rock. Ark. will 50 per cent of their savings through plan agreed upon by three the largest stores. There are about 1.000 of the club. with appreximately $200,000 on, deposit. Three banks in Weakley county in Tennessee were closed dispatches from Dresden said The cashier of the Weakley County bank in Dresden reported it was closed to stop run. The Bank of Martin and the City State bank, both at Martin, closed earlier in the day In Indiana. the Citizens State bank at Orleans failed to open for business The institution is capitalized at $30 and has of In Mo. the First National bank was closed by its directors after run It was said withdrawals during the last few days had amounted to 000 Peoria dispatches sai Henry Denhart president of the defunct Denhart State bank at WashingIll offered his personal forof $120 000 to help overcome liabilities growing out of the several months