573. Washington State Bank (Washington, AR)

Bank Information

Episode Type
Run → Suspension → Reopening
Bank Type
state
Start Date
January 3, 1931
Location
Washington, Arkansas (33.774, -93.683)

Metadata

Model
gpt-5-mini
Short Digest
a2e8acaa12ca7903

Response Measures

None

Description

The bank suspended for the five-day state-law reorganization period after several weeks of heavy/steady withdrawals (linked to difficult agricultural season). Depositors agreed to a multi-year limited-withdrawal plan and the bank reopened about a week later with same officers. Dates drawn from news items: suspension announced Jan 3, 1931; reopening announced Jan 8–9, 1931.

Events (3)
1. January 3, 1931 Run
Cause
Local Shock
Cause Details
Slow, steady heavy withdrawals in recent months attributed to a difficult agricultural season and local economic strain
Measures
Depositors agreed to a limited multi-year withdrawal (frozen deposits with staged payments, first 30% available later, remainder over several years) to permit reopening
Newspaper Excerpt
the board of directors...following heavy withdrawals from the bank during the past few weeks
Source
newspapers
2. January 3, 1931 Suspension
Cause
Local Shock
Cause Details
Bank invoked the five-day suspension provision after heavy withdrawals and to allow reorganization and securing of funds from other banks
Newspaper Excerpt
The Washington State Bank suspended for five days today
Source
newspapers
3. January 8, 1931 Reopening
Newspaper Excerpt
The Washington State Bank which suspended last week will re-open tomorrow officials announce today. Depositors represent $39,000 of the $41,000 in deposits agreed to a three-year withdrawal program to enable the bank to resume business.
Source
newspapers

Newspaper Articles (8)
1. January 3, 1931 Paragould Daily Press Paragould, AR
Article from Paragould Daily Press, January 3, 1931

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Article Text

WIRE BRIEFS STATE BANK CALL MADE Little Rock, Jan. 3.-The State Banking department issued a bank call for statement of the condition of all state banks at the close of business on December 31. NATIONAL BANK CALL Washington. Jan -National bank call was made today for the condition of banks at the close of business on December 31 ROBBERS GET $5,000 Albany, Ind., Jan. 3.-Four men held up and robbed the State $5,000. Bank of Albany this morning of ANOTHER BANK SUSPENDS Washington, Ark., Jan. 3.-The Washington State Bank suspended for five days today The deposits were listed at $41,000, and surplus and undivided profits at 828,000.

2. January 3, 1931 The Courier News Blytheville, AR
Article from The Courier News, January 3, 1931

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Article Text

Van Buren County Bank Reopens for Business CLINTON ARK., Jan. (UP)The Van Buren County bank here resumed business today after agending for five days for readjustment of its affairs. The bank deposits of WASHINGTON ARK., Jan. Washington State bank at Washington closed Its doors today under the five day suspension provision of the state banking The institution was capitalized $25.000 and had deposits of $46,437 PONTOTOC. MISS., Jan. (UP) city was left without bank today following the closing of the First National bank yesterday after heavy run. Previously the Bank of Pontotec was closed.

3. January 4, 1931 Evening Star Washington, DC
Article from Evening Star, January 4, 1931

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Article Text

BANK CLOSES 5 DAYS Arkansas Institution Hopes to Reopen After That Period. WASHINGTON, Ark., January 3 (AP). -The Washington State Bank suspended today for a period of five days. The bank had deposits of approximately $41,000 and capital, surplus and undivided profits of about $28,000. Officials said they hoped to reopen at the end of the five-day suspension period allowed by Arkansas law.

4. January 4, 1931 Fort Worth Star-Telegram Fort Worth, TX
Article from Fort Worth Star-Telegram, January 4, 1931

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Article Text

Picture in Paper Attracts Letters From Friends of Half Century Ago Appearance of her picture in The Telegram recently with that of her brother. E. D. Nicolson. 80. along with a story of their being here after 42 brought Mrs. Sue Hatcher. 78. Fulton, Mo., communications from two women she had not heard from in more than 50 years. The first response came from Mrs. Edwin Fenley of Cisco. who was pupil in the little school where Mrs. Hatcher taught 53 years ago. Mrs. Fenley was Miss Maggie Baker, Mrs. Hatcher recalled. Mrs. Hatcher boarded with Mrs. Fenley's parents while she taught in the McClellen Schoolhouse in Callaway County, Missouri. Spon afterward Mrs. Fenley to Texas and had not heard from her former teacher Mrs. Hatcher also received communication from Mrs. J. A. Langtry. who now lives at Bangs, Texas. She was Miss Nettie Scott when she and Mrs. Hatcher were neighbors back in Missouri in the early seventies. They were members of the same church. Both of the women invited Mrs. Hatcher, who is visiting her brother and his wife at 2801 Lubbock to come and see them. She is to pay them short visit before she returns to her home in Fulton. Mrs. Hatcher also attributes another "surprise" to her "newspaper publicity The second night after the picture and story appeared a burglar broke into the Nicolson home and stole $8 from Mrs. Hatcher's purse. She rode over 700 miles on a bus coming to see her brother. Mr. and Mrs. Nieplson also heard from a number of former neighbors as result of the story. They from Mr. and Will Gregg of Stop 3, Fort Worth- Dallas Interurban, who were their neighbors more than 20 years ago in Garden City, Texas. Both couples had been living here five years and for about two years were neighbors in the interurban district without knowing it. They also received letters from Mr. and Mrs. C. W. Cunningham, Big Spring: Ira Driver, Big Spring, and George Hilger. Fort Stockton. all former friends when they lived in Glasscock County. Bank Suspends for 5 Days. WASHINGTON. Ark., Jan. Washington State Bank suspended Saturday for period of five days. The bank had deposits of approximately $41 000 and capital. surplus and undivided profits of about $28,000.

5. January 8, 1931 Hope Star Hope, AR
Article from Hope Star, January 8, 1931

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Article Text

Washington Bank Open Friday Deposits Signed Up After Suspension Week Program 3 Years The Washington State Bank. Washington, will re-open for business Friday morning, January The bank suspended payment last Friday when officers announced that slow steady withdrawals in recent months. combined with difficult ricultural scason, made the "freeding" deposits necessary. They said that other banks were willing to tide them over providing the depositors would agree to a limited withdrawal program. This had 12. agreement been virtually completed Thursday noon. $39,000 of the bank's deposits already signed. The officers expect get the remaining $2,000 on the dotted line by Thursday night. Deposits are frozen on basis. The first 30 cent will beper available by December 1931. with the bank offering to pay 10 per cent by mid-summer and the other cent on December should collections justify. An additional per cent is due December also with the provision that the bank may pay part of by mid-summer collections and good; and the final 35 per cent by December 1933.

6. January 8, 1931 Washington Telegraph Washington, AR
Article from Washington Telegraph, January 8, 1931

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Article Text

Days PLANS BEING MADE To Re-open By Tomorrow Friday The Washington State Bank suspended Saturday morning for the 5 day period allowed by law for reorganization. The decision to suspend was reached at a meeting of the board of directors Fridav. following heavy withdramls from the bank during ti e past few weeks. It is said t it other banks had assured il e Washington bank they wou d furnish them money providing the bank here could stop withdrawal of deposits from the bank for a few days. Many of the depositors are signing tha agreement to this effect and it is thought at this writing the bank would Le open in good shape temorraw Friday A meeiing of the stockholders and others interested was held here Tuesday. and plans were made regarding th reopening the bank; and other reorgaoization matters. Wm. H. Weir of this city was appointed president of the bank for the coming year, Everybody should co-operate and boost this banking institution. It means much to all the depositors aad the people in general all over this section

7. January 8, 1931 The Daily World Helena, AR
Article from The Daily World, January 8, 1931

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Article Text

LAGUARDIA IS HOLDING UP FOOD MEASURE NEW YORK REPRESENTATIVE SAYS ENGLAND INCIDENT STAGED FOR A PURPOSE Washington Jan 8 forts of administration obtain consent to send relief appropriation to under unanimous agrement again today in th house Objection was raised by sentative LaGuardia New York The measure was $60,000,000 by a senate to provide $15,000,000 for human food loans The New Yorker would not consent to sending measure to a conference with Senate unless the increased funds could be applied to all persons distress instead of only to drought stricken farmers Then he asserted that this thing staged out in Arkansas staged for the purpose of confusion. was with out foundation and the governer has repudiated it. Jumping to his feet Representa clared that "the half of never ben told It was ment among starving To a shout from LaGuardia they Radicals? Parks replie Those farmers never Radicals They are American zens born and raised down there A telegram from Governor Par nell, of Arkansas to correct any impression that Arkansas does the Congressional Record Representative Parks He presumably had inserved telegrams describing the for aid. One was from form Senator Gentry. who said "Do not let eastern papers de. cive public Ig Governor Parnell made statement then he does not know condition in state Hope incident at England proof of fact that people have nothing a eat ANOTHER BANK REOPENS Washington, Ark Jan 8 AP The Washington State Bank which suspended last week will re. open tomorrow officials announc today Depositors represe $39,000 of the $41.000 in deposits in the bank agreed to a three-year withdrawal program to enable the bank to sume business officials said

8. January 10, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, January 10, 1931

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Article Text

Bank Suspensions. LITTLE ROCK, Ark., Jan. 9 (AP).One bank which suspended five days ago reopened and another closed today, State Bank Commissioner Walter E. Taylor The Washington State bank at Washington, Hempstead county. reopened with the same officers and directors. The First National bank, of Holly Grove, in Monroe county. turned its fairs over to the national bank examThe First National at Holly Grove had capital surplus $32,500 and deposits of about $75,000. according to D. M. Deering, assistant cashier. CHAPPELLS, S. C., Jan. 9 (P).-The Farmers bank, of Chappells, today began voluntary liquidation with the approval of the state banking department. Following meeting of stockholders yesterday was issued requesting depositors to draw out their money. "Every depositor and creditor will be paid in full without delay," the anThe bank capitalized at $15,000, has deposits of $50,597.36.