First National Bank - Rogers, AR

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: national
Bank ID: 7789
Charter Number: 7789
Start Date: December 1, 1930*
Location: Rogers, Arkansas (36.332, -94.119)

Metadata

Model: gpt-5-mini
Short Digest: 407c3100

Response Measures

Accommodated withdrawals, Partial suspension, Books examined

Other: Bank turned over to Comptroller of the Currency for liquidation (receivership).

Receivership Details

Depositor recovery rate: 52.5%
Date receivership started: 1931-01-13
Date receivership terminated: 1938-07-30
Share of assets assessed as good: 33.6%
Share of assets assessed as doubtful: 52.9%
Share of assets assessed as worthless: 13.5%

Description

Articles report a prolonged run on First National Bank of Rogers in late Dec 1930 (directors limited withdrawals to $10), followed by the board turning the bank over to the Comptroller for liquidation in early Jan 1931. President Edwin Jackson committed suicide Dec 29, 1930. OCR errors in articles corrected (e.g., punctuation and fragmented lines).

Events (5)

1. June 15, 1905 Chartered

Source: historical_nic

2. December 1, 1930* Run

Cause: Local Banks
Cause Details: Prolonged withdrawals by depositors amid widespread closings of about 100 other Arkansas banks.
Measures: Directors posted notice on the door limiting withdrawals to $10 for each depositor.
Newspaper Excerpt: his bank recently weathered a prolonged run by depositors as approximately 100 other banks in the state closed.
Source: newspapers

3. January 10, 1931 Receivership

Newspaper Excerpt: was turned over the comptroller of the currency for liquidation.
Source: newspapers

4. January 10, 1931 Suspension

Cause: Local Banks
Cause Details: After the run and widespread bank closings the bank could not meet national bank requirements to reopen and was turned over for liquidation.
Newspaper Excerpt: board directors of the First National bank ... decided at meeting today the ... bank could not meet the requirements of national bank for opening and was turned over the comptroller of the currency for liquidation.
Source: newspapers

5. January 13, 1931 Receivership

Source: historical_nic

Newspaper Articles (3)

1. December 29, 1930 New Britain Herald New Britain, CT

Article from New Britain Herald, December 29, 1930

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Article Text

BANKER ENDS LIFE Rogers, Ark.. Dec. 29 UP-Edwin Jackson, president of the First National bank of Rogers, was found dead in the library of his home here today with a bottle of poison at his side. Authorities said they believed the financial situation in Arkansas caused him to become despondent. His bank recently weathered a prolonged run by depositors as approximately 100 other banks in the state closed.

2. December 29, 1930 The Greenwood Commonwealth Greenwood, MS

Article from The Greenwood Commonwealth, December 29, 1930

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Article Text

WORRY Solvent But President Grew Over Financial Situation. ROGERS, Ark., Dec. president First National Bank of Rogfound dead the library home today his family. bottle was his side, offitold. Although his own bank open the face of of closings in this secofficers expressed belief he become despondent over the situation. He an extensive land ownpresident of the largest store in county. Jackson survived by his two children. bank directors drastic steps National Bank other banks had weathered run. The directors posted notice on the door limiting to $10 for each depositor.

3. January 10, 1931 The Atlanta Constitution Atlanta, GA

Article from The Atlanta Constitution, January 10, 1931

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Article Text

SOUTH CAROLINA BANK BEGINS LIQUIDATION The Farmers Bank of Chappells today began voluntary liquidation with the approval of the state banking department. Following a meeting of stockholders yesterday an announcement was issued requesting depositors to draw out Bendix their money. Every depositor and creditor will be paid in full without delay, the anBloomingd The bank, capitalized said. at $15,000, has Bohn deposits of $50,597.36. ARKANSAS BANK CLOSES AS ANOTHER REOPENS LITTL ROCK. Ark., Jan. -(AP) One bank which suspended five days ago reopened and another closed State Bank Commissioner Walter E. Taylor The Washington State bank at opened with the same officers and directors. The First National bank. of Holly Grove, in Monroe county, turned its affairs over to the national bank exThe First National at Holly Grove had capital and surplus $32,500 deposits about $75.according to T. M. Dearing, as sistant cashier. BANK IS TURNED OVER TO EXAMINERS ROGERS. Ark., Jan. board directors of the First National bank. whose president, Edwin Jackson, committed suicide Decem- Caterpil ber 29. decided at meeting today the Cavan bank could not meet the requirements of national bank for opening and was turned over the comptroller of the currency for liquidation. Mr. Jackson was found dead in his home with a bullet wound in the head. TROY. NORTH CAROLINA, BANK CLOSES DOORS TROY N. C., Jan 9. The the only financial institution in Troy, closed its doors notice said the action was taken for protection depositors The bank was capitalized at $60,000.