Merchants & Planters Bank (England, AR)

Episode Information

Episode UID
6680737791344
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
668073779 hash
Start Date
December 1, 1911*
Location
England, Arkansas (34.544, -91.969)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
969c323be13df92e

Response Measures

None

Description

The bank's failure was linked to the disappearance of its president, R. E. L. Eagle, and the failure of his mercantile business.

Events (3)
1. December 1, 1911* Run
Cause
Bank Specific Adverse Info
Cause Details
Heavy withdrawals occurred following the disappearance of the bank president and the distress of his associated mercantile business.
Newspaper Excerpt
There had recently been rather heavy withdrawals of deposits, and under the circumstances, no other course seemed open except to close the doors.
Source
newspapers
2. December 14, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Inability to realize on real estate loans and heavy withdrawals of deposits.
Newspaper Excerpt
caused the failure of the Merchants and Planters Bank of England, Lonoke county, Thursday.
Source
newspapers
3. December 15, 1911 Receivership
Newspaper Excerpt
he appointed Judge George M. Chapline, of Lonoke, receiver, under a $25,000 bond.
Source
newspapers

Newspaper Articles (3)
1. December 16, 1911 The Prescott Daily News Prescott, AR
Article from The Prescott Daily News, December 16, 1911

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Article Text

FAILED TO REALIZE ON REAL ESTATE LOANS Little Rock, Dec. 16.-Inability to realize on real estate loans which constituted the greater part of its bills receivable caused the failure of the Merchants' and Planters' Rank of England, Lonoke county this week. A statement of the bank's condition was made on Friday to Chancellor Martineau, and he appointed Judge George M. Chaplin of Lonoke, receiver, under $25,000 bond. The bank had a capital stock of $25,000 and had been in business less than ten years. The liabilities of the institution amount to about $27,000 of which about $20,090 is deposits. Its assets consist of about $45,000, a large part of which is real estate loans. There had recently been rather heavy withdrawals of deposits, and under the circumstances, no other course seemed open except

2. December 17, 1911 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, December 17, 1911

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Article Text

JUDGE CHAPLINE APPOINTED REC IVER Bad Real Estate Loans and With drawal of Deposits Caused Failure of Merchants and Planters Bank of England. Little Rock, Ark., Dec. 15.-Inability to realize on real estate loans, which constituted a greater part of its bills receivable, caused the fallure of the Merchants and Plante:s Bank of England, Lonoke county, Thursday. A statement of the bank's condition was made today to Chancellor John E. Martineau and he appointed Judge George M. Chapline, of Lonoke, receiver, under a $25,000 bond. The bank had a capital stock OF $25,000 and had been in business for ten years. The liabilities of the institution amount to about $27,000 of which about $25,000 is deposits. Its assets consist of about $45,000 a large part of which is real estate loans. There had recently been rather heavy withdrawals of deposits and under the circumstances no other course seemed open except to close the doors. It is said that the receiver will be able to realize enough to meet the bank's obligations, dollar for dollar. The officers of the bank are R. E. L. Eagle, president; T. B Goldsby, vice president; R. L. Buffalo, cashier, W. J. Locke and Frack Barton

3. December 19, 1911 Pine Bluff Daily Graphic Pine Bluff, AR
Article from Pine Bluff Daily Graphic, December 19, 1911

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Article Text

EAGLE STORE IS CLOSED BY CREDITORS Pine Bluff Firms Among Them-R. E. L. Eagle, the Proprietor, is Missing. Little Rock, Ark., Dec. 18.-Thirty-nine representatives of prominent business houses of Chicago, St. Louis, Memphis, Little Rock and Pine Bluff held a conference here tonight with a view of reaching a settlement with the mercantile house of P.. E. L. Eagle, of England, Lonoke county. Eagle was president of the Merchants and Planters' Bank of ( England, which closed it Thursday, and on the following day Judge George Chapline of Lonoke was appointed receiver of the bank by Chancellor Martineau. Eagle is also president of the mercantile company. Attorneys interested stated tonight that the liabilities of the mercantile company are $140,000, with available assets considerably less. The company closed its doors yesterday to avert the action of creditors. It was stated tonight that a settlement will probably be reached some time tomorrow. Mr. Eagle left his home at England nearly a week ago, and his whereabouts are unknown to his business associates.