583. Bank of Smackover (Smackover, AR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
March 26, 1928
Location
Smackover, Arkansas (33.365, -92.725)

Metadata

Model
gpt-5-mini
Short Digest
96995697

Response Measures

None

Description

Articles (Mar 26–27, 1928) report a run on the Ouachita Valley Bank at Camden which forced the Bank of Smackover to discontinue business because it kept its reserves/funds in the Camden bank. The state banking department took the Smackover bank over. No independent run on Smackover is described; failure was caused by correspondent failure (reserve held in Camden).

Events (1)
1. March 26, 1928 Suspension
Cause
Correspondent
Cause Details
Smackover had its reserve funds/deposits in the Ouachita Valley Bank at Camden; run and closure of Camden forced Smackover to suspend and be taken over by the state banking department.
Newspaper Excerpt
A run on the Ouachita Valley Bank at Camden ... resulted in the closing of the Bank of Smackover, which had its reserve funds in the Camden bank. ... were taken over by the state banking department.
Source
newspapers

Newspaper Articles (5)
1. March 26, 1928 The Daily World Helena, AR
Article from The Daily World, March 26, 1928

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Article Text

THREE BANKS IN SOUTH ARKANSAS ARE NOW CLOSED RUN ON QUACHITA VALLEY BANK AT CAMDEN FOLLOWE7D BY CLOSING OF DOORS OTHERS FOLLOW Bank of Smackover and State Bank of Louann Suspend Business----------------Camden Bank Had Deposits of $1,615.132-Smackover Bank Had Funds In the Larger Institution Little Rock Ark., March (AP)-State banks in Camden. Smackover and Louann in adjoining counties, failed to open for business today and were taken over by the state banking department J. Walter Taylor. state bank commissioner.an- A run on the Ouachia Valey Bank at Camden Saturday which forced that institution to discontinue bus iness, resulted in the closing of the Bank of Smackover. which had its reserve funds in the Camden bank. The Louann State Bank has the othPT institution which closed. The Camden bank had deposits on Feb. 28 of $1,615,132 Total assets of $1,970,786 and undivided profits or $561.398. It was capitalized at $150000 with a surplus of $5,000. Walter W. Brown was president. Louis Bauerlein cashier and C. C. Ramsey, active vice-president.

2. March 27, 1928 The Des Moines Register Des Moines, IA
Article from The Des Moines Register, March 27, 1928

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Article Text

RUG SALESMAN SENTENCED TO 7 YEARS IN PRISON March 26 H. Yarham of Des Moines was sentenced this afternoon to seven years the state prison at Fort Madison Judge William Walkin the district court here Yarham was found guilty of the charge of cheating by false pretenses last rug salesman by profession solicited orders from number of Fairfield women When the orders were the women were asked to sign of the order which in fact was a promissory note providing for the payment of the Since the conviction of Yarham. County Attorney William Simmons and Judge William have received letters from other parts of the state telling of similar transactions by Yarham Yarham attorney notice appeal and the bond fixed at Judge Walker He will remain in jail here until his bondsman, Charles Holmherg of Des Moines. appears before the court for examination as to his financial ability Holmberg signed Yarham's bond for $2,000 appealing his case to the supreme Run Closes Arkansas Banks. Little Rock. Ark March 26 (AP) run on the Quachita Valley bank at Camden Saturday forced that institution. the Bank of Smackover and the Louann State to discontinue business today.

3. March 27, 1928 The Palm Beach Post West Palm Beach, FL
Article from The Palm Beach Post, March 27, 1928

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Article Text

THREE BANKS CLOSE ARKANSAS MONDAY Run on Bank at Camden Forces Two Others to Close Doors to Business Little Rock. Ark., March run on the Ouachita Valley bank at Camden Saturday forced that institution and the Bank of Smackover and the Louann bank discontinue today The Smackover bank had its funds the bank and the Louann State bank was closely filiated with the institution. All state the Camden being $150,000 and total assets of $1,970,786 Smackover bank was capitalized at $50,000 deposits $290,332.82 and total assets of Cause of the was not known by state officials State bank cap. italized with $70,667 and total $93,237 the banks, located the oil district were taken over by the state banking department.

4. March 27, 1928 The Enid Daily Eagle Enid, OK
Article from The Enid Daily Eagle, March 27, 1928

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Article Text

Thumb stories early Enid from Engle TWELVE YEARS AGO Mrs. Walton left yesterday for home in Guthrie after visiting sister, Mrs. Roy Thomas, 1006 West Broadway, after the past week Miss Nell Wogan of Hennessey Sunday in Enid with Mr. and Mrs. Fred Buttrey left today in their car for Tulsa where they will attend the State Sunday School being held there this week. They will stop overnight Cushing. Dr. and Mrs. Lawrence have returned home from Kansas City, where they have been attending the Dental the ten signal honor conferred upon Dr. Lawrence by Oklahoma State Dental association appreciation of the great service has given during the three years has been its secretary. Mr. and left for their home in Woodward after spending few days visiting in the home Mr. Glasgow's parents Enid. NINE YEARS AGO Mr. and Mrs. Fred Kautz of West Pine received word recently from their son, Clarence, that had arrived safely at New York. Mr. has been in the about year and prior his overseas service he received his training Vancouver, Wash. For the past nine months he has seen active overseas. He serving with the 318th Engineers Corps. Mr. and Mrs. Trostel entertained eyening their home on West Cherokee Mr. and Mrs. Frank Letson, Mr. and Mrs. Ray Johnson, Mr. and Mrs. Wood Wright, Dr. and Mrs. Hall. Dr. and Mrs. Tourtellot, Mr. and Mrs. Fred Champlin and Mrs. Lowry. Mrs. Charles Lowe returned her home today after having spent few days at Nash visiting with relatives and looking after some business interests there. Criticizes Bank Methods Ole, the night porter, was testifying before the jury after the bank robbery. thundred the attorney, midnight you the office and eight masked brushed past you and went on the vault room with revolvers drawn?" "Yah," Ole. "And moment later terrifie explosion blew the vault door off and the same men went out currency and "Yah," said Ole. what did you do down my but then what did say queer way to Arkansas Banks Closed LITTLE ROCK, March on the bank at Camden Saturday forced that institution, the bank of Smackover and the Louann State bank business today. Funds the Smackover bank and the Louann State bank were closely with the Camden tion. All were state banks.

5. March 27, 1928 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, March 27, 1928

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Article Text

TWO ARKANSAS BANKS FORCED TO CLOSE DOORS Little Rock. Ark., March 26 the Valley Bank forced that tion the Bank of Smackover today. The Smackover bank had its reserve funds in the Camden Both were state the Camden bank being talized $150,000 deposits and total assets $1,970.bank assets Cause of not known by Louann State Bank capitalized deposits $70.667 and assets also failed for business today. the institution to All the located in the trict of Arkansas taken banking