Bank of Waldo - Waldo, AR

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 17, 1930
Location: Waldo, Arkansas (33.352, -93.296)

Metadata

Model: gpt-5-mini
Short Digest: eb85340d

Response Measures

None

Description

Bank of Waldo suspended payments as part of a statewide five-day suspension triggered by public hysteria after the American Exchange Trust Company (Little Rock) suspended. The Bank of Waldo subsequently reopened after the five-day period (reported Nov 25, 1930). No discrete misinformation event triggering withdrawals is described; closures are precautionary following other banks' suspension.

Events (2)

1. November 17, 1930 Suspension

Cause: Local Banks
Cause Details: Precautionary five-day suspension due to public hysteria and runs following the suspension of the American Exchange Trust Company (Little Rock).
Newspaper Excerpt: Officials said most of the suspended banks closed as a precautionary measure because of hysteria resulting from the AmericanExchange suspension.
Source: newspapers

2. November 25, 1930 Reopening

Newspaper Excerpt: Banks opening today after five day were the Bank of Waldo and the Peoples Bank Waldo, at Waldo ...
Source: newspapers

Newspaper Articles (5)

1. November 17, 1930 New Britain Herald New Britain, CT

Article from New Britain Herald, November 17, 1930

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Article Text

THIRTY ARKANSAS BANKS CLOSED 5 DAYS BY ORDERS (Continued From First Page) could have forced the closing of this strong bank." Soon after Caldwell & Company was placed in receivership, Mr. Banks anounced the Caldwell & Company's interest in the American Exchange Trust Company had been bought by Little Rock capitalists. The Pine Bluff bank was the second largest in the group and the Helena institution the third largest Banks was a director and a former president of the bank. The American Exchange Trust Company in Little Rock had deposits of approximately $15,000,000 OD September 24, the date of the last bank call. The Pine Bluff bank on September 24 had deposits of approximately $2,638,000 and the Helena bank at the close of business Saturday had deposits of $726,000. officials said. List of Institutions The banks in which Mr. Banks and assistants are interested and which suspended business today for five days were announced by the company as follows: The bank of Altheimer, Altheimer: North Arkansas Bank. Batesville; Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton: Arkansas State Bank, Carlisle; Bank of Carthage, Carthage; Farmers Bank, Casa: Bank of Clarendon, Clarendon: Farmers Bank, Dardanelle: Hampton State Bank, Hamnton: Cleburne County Bank. Heber Springs: Merchants and Planters Bank, Helena; Bank of Houston, Houston: Merchants and Planters Bank, Hunphrey: Cleveland County Bank. Kingsland; Chicot Trust Company, Lake Village: AmericanExchange Trust Company, Little Rock: First State Bank, Morrilton: Arkansas Trust Company, Newport: Bank of Pangburn. Pangburn: Perry State Bank, Perry: Merchants and Planters Bank and Trust Company, Pine Bluff: Bank of Star City, Star City: Victoria Bank, Strong: First State Bank. Stuttgart: Citizens Bank Thornton. and Bank of Wabbaseka Wabbaseka; The Arkansas Bank and Trust Co., Hope: Peoples Bank McRea: and the Endora Bank and Trust Co., Endora. The following banks affiliated with the A. B. Banks and Company remained open for business, the company announced: The Bank of Fordyce and the First National Bank, Fordyce; Bank of Harrisburg, Harrisburg: First National Bank, Mineral Springs: Bank of Stephens, Stephens, and Bank of Waldo, Waldo. Efforts were being made at Junction City to merge the first National Bank and the Merchants and Farmers Bank. and open one of them today, officials said.

2. November 18, 1930 The Daily World Helena, AR

Article from The Daily World, November 18, 1930

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Article Text

PLANS STARTED TO REOPEN ALL OR MOST BANKS A. B. BANKS CONFERRING RAPIDLY AS POSSIBLE WITH THE LEADERS OF 49 BANKS OPTIMISM FELT Officials Declare Most of Suspended sulting, from American Exchange ever Closing Little Rock, Nov. 18.-(AP). Financial leaders struck a note of uptimlsm today as negotiations went forward for the reopening 01 most of the forty-nine banks in the state closed or suspended in the past two days Nine additional small institutions closed under a fiv. day suspension or were taken over by the state banking department today One of these was in the so-called A. B. Banks group, as were most of those closing or ceasing business temporarily yesterday after the American Exchange Trust Company, Little Rock, suspended for five days. Although the institutions are known as the A. B. Banks group Mr. Banks, the controlling stockholder in most of them. explained they are separate units and not affiliated with the American-Exchange here Mr. Banks said he was conferring as rapidly as possible with the board of the various banks. including the American-Exchange, with view to reopening within the five day period or reorganizing and reopening soon. Officials said most of the suspended banks closed as a precautionary measure because of hysteria resulting from the AmericanExchange suspension. The banks suspending today for days were the bank of at Waldo, in the A. B. Banks group, and the following independent intitutions: of Manila at Manila Lepanto, the Viola State Bank at Viola, and the Bank of Pollard, were taken in charge by the state banking department. Both were independent units. State banking department officials nearly all the suspended banks were engaged in efforts to notices were received this mornstatements House Association Mr. Banks himelf, and others. The Clearing House said all banks in Little Rock and condition and able "to meet the hanking needs of the community.' Senator Joe Robinson and Governor Harvey Parnell expresed confidence in the soundness of the state's financial structure and a hope for the cooperaiton of the public with the banks & banks with Referring to the which he is associated, Mr. Banks, said he knew the people of these towns are gravely interested to know when the banks will be re"That will be determined," he added, "by the local boards with whom I am conferring as rapidly as possible As soon as they asthemselves by supand porting otherwise that capital or they are the of free from danger run, they will resume normal "In Little Rock the executive committee of the American-Exchange Trust Company is working on the problem but as yet has reported no plan

3. November 19, 1930 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, November 19, 1930

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Article Text

MANY ARE NEAR HERE Financial Leaders of Arkansas Strike Optimistic Plans The Press Little Rock. Nov. nancial leaders struck an timistic note today as negotiations went forward for the re-opening of most of the 52 banks in the state which have closed or have suspended business during the past Nine additional small stitutions closed under the five-day suspension law or were taken over by the State department today, one of these being in the so-called B. Banks group. Banks Makes Statement Although the institutions are known the Banks group and Mr Banks stockholder in most of them, he explained that they were separate units and unaffiliated with American Company here. Mr. Banks is conferring as rapidly possible with the various other bank boards with the view to reopening within the five-day period or reorganizing. or reopening soon. Officials said that most of the banks closed meaon of "public hysteria" following the closing of the American Exchange Trust Company yesterday The banks suspending for five days were: the Bank Waldo in the Banks group, and the following independents: People's Bank of Waldo, the Citizens State Bank Monette the Bank of Knobel and the Bank of Manila. The Bank of Leachville, the Bank of Pollard and the Bank of Lepanto taken over by the State Banking department for liquidation. Senator Joe Robinson and Govcrnor Parnell confidence in the soundness of the state's financial structure and asked for public co-operation. Rock Clearing Association issued on the soundhess of the Little Rock banks. Officers of Knobel Bank Joe Sellmyer president and Henry Sellmyer is cashier of the Bank Knobel. located Knobel, which suspended for five-day period about ten o'clock this morning.

4. November 25, 1930 The Commercial Appeal Memphis, TN

Article from The Commercial Appeal, November 25, 1930

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Article Text

SIX MORE ARKANSAS BANKS REOPEN DOORS Financial Situation Is Rapidly Clearing. -Suspension of three small banks today was offset by the reopening of six of those temporarily closed last week and consolidation of two operating institutions, the latter effective immediately Arthur T. Lewis, president of the National Bank of Fayetteville, an. nounced the First National had merged with the Arkansas Nation. al Bank. The new institution has assets of more than 000 exclusive of the First Savings Bank. owned by First National stock. holders. Banks opening today after five day were the Bank of Waldo and the Peoples Bank Waldo, at Waldo: Bank of Manila at Manila Bank of Knobel, at Knobel: Citizens State Bank at Monette, and Viola State Bank at Viola. John V. Hancock, cashier of the Citizens State Bank at Monette in his report to the state banking department said there was "sub. stantial of deposits upon reopening and that deposits today in excess of original withdrawals. Banks suspending for five days The Bank of Maynard. Maynard Cross County Bank, at Wynne, and the Bank of Glenwood. at Glenwood. Last week the Arkansas Nation al Bank at Heber Springs reopened after for two days Addition of the suspending banks today to the number of state institutions closed or suspended the past week The first was the hange Trust at Little Rock which was held responsible for the other Additional reopénings were expected as the legal five day suspension period expired. Many of the banks took advantage of the law to and avoid runs morning Cross County Bank. oldest banking institution in Cross County suspended payment of deposits for five days. Heavy withdrawals during the past 10 days made it necessary to payment in order to conserve the asets. According to statement of D. H. Hamilton, of the bank payment with legal reand the assets on hand should pay the depositors 100 per cent. The officers are R. Block. president: R. Martin, vice president: H. Hamilton, cashier, and C. J. Coffin, assistant cashier.

5. November 26, 1930 Paragould Soliphone Paragould, AR

Article from Paragould Soliphone, November 26, 1930

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Article Text

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