7499. Crowley Trust & Savings Bank (Crowley, LA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
savings bank
Start Date
January 23, 1926
Location
Crowley, Louisiana (30.214, -92.375)

Metadata

Model
gpt-5-mini
Short Digest
7673e32d

Response Measures

None

Description

The bank suspended/closed on January 23, 1926 and the state bank examiner remained in charge. Articles describe conferences with New Orleans banks and depositors' committee optimistic that the bank can be reorganized and reopened with depositors protected; no contemporaneous run is described. Cause appears to be bank-specific problems/insolvency and possible mishandling of funds.

Events (2)

1. January 23, 1926 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed by examiner due to apparent insolvency/irregularities; depositors seeking investigation and hints funds collected for account were involved in suspension; bank examiner in charge and reorganization being pursued by officials and New Orleans banks.
Newspaper Excerpt
The bank failed Saturday, January 23.
Source
newspapers
2. February 5, 1926 Other
Newspaper Excerpt
we are very hopeful that the bank can be reopened for business in the near future and all depositors receive 100 cents on the dollar. (Signed) N. HAYES, P. M. LYONS, ALBERT HORN.
Source
newspapers

Newspaper Articles (2)

Article from The Crowley Post-Signal, January 25, 1926

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Article Text

DEPOSITORS CLOSED Examiner Wood Remains in Charge of Crowley Trust & Savings Bank Today. LEGAL AID SOUGHT Many Small Depositors Hard Hit In Event Bank Not Reorganized. Whether or not the Crowley Trust & Savings Bank will be reorganized and reopen with depositors protected could not be stated either by the bank examiner's office or by officials of the institution today, although they were in conference with the exaim of bringing comparative order out of the chaos caused by the closing of the bank Saturday morning. these conferences were going on within the walls of the closed institution, other forces were also work. number of depositors of the bank have sought legal advice with view of having thorough investigation conducted as to all cumstances connected with the bank's suspension, and from another bank in nearby town came hint that steps would be taken to protect its interests in regard to certain funds said to have been collected for account and then involved the suspension. W. Wood, bank examiner from the office of Brock, state bank remained charge of the bank. This morning he expressed the bank's funds to the (WhitneyCentral Trust Savings Bank, New Orleans, for stating that was customary in such cases, was not wise to keep funds in bank temporarily closed, on account danger of robbery. There appeared substantial hope the knowledge that the bank not in liquidation and still corporate body in charge of its officials and directors. Mr. Wood would say nothing further than that he, Branson, vice president, and others were working as hard they could to reorganize the bank and protect depositors and that no steps leading to liquidation would be taken until every available avenue to restoration had been tried. This morning ushered in real "Blue Monday" for many people who had been depositors at the Crowley Trust & Savings Bank, which did not open for business Saturday mornand which today remained closed and in charge of the state banking There were many people in Crowley during the day, enough for busy Saturday, but the of those in the city showed that it was not the usual happy Saturday crowd. Groups were gathered here and there, and almost without exception the prevailing topic was the bank. its suspension of business and its possible chances of reopening. do you think? Will the bank This was the type of question fired at every newcomer to the group, but this morning, at any rate, question that no man swered, although many hoped and prayed that would In the streets and business houses and in groups that stopped street corners to discuss the financial "tragedy" there was heard much criticism of the part played by New Orleans bankers the closing of the institution after short life of three years. Upon the question of the reopenof the bank appeared to hinge question of success or failure number of people who had various amounts on deposit. The list included number of small represented all that the depositors had in the world. Their concern seemed even greater than that evident the faces of those had thousands of dollars in the balance. Stettin, huntin the Baltic Sea for Jolly Roger, the Swedish Schooner Rapid. missing for several months after has become pirate craft. storm,


Article from The Crowley Post-Signal, February 5, 1926

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Article Text

INTERVIEW Statement Issued Today by Hayes, Lyons and Horn Asks Cosperation. With his return to Crowley today from New Orleans where he interviewed officers of the two New Orleans banks interested in the defunct Crowley Trust & Savings Bank, which suspended business here January 23, Dr. F. M. Hayes of the committee from the depositors organization reiterated optimistic expressions concerning plans under way to protect the depositors fully. The bank failed Saturday, January 23. After period of apparent inactivity for several days following, depositors organized an association and issued a statement through The Signal that efforts would be made to bring the depositors out of the present difficulty with as little loss as possible, or no loss at all. Wednesday of this week a committee composed of R. L. Branson, vice president of the Crowley Trust & Savings Bank, and Dr. F. N. Hayes of Iota, P. M. Lyons of Crowley and Horn of Crowley went to New Orleans for conference yesterday with L. M. Pool, president of the Marine Bank and representatives of the Bank, these two institutions in December 1922 having put up $75,000 of the $150,000. capital going into the Crowley Trust Savings Bank, which was reorganization built upon the ruins of the CrowTrust Company failure. No details as to the negotiations taking place yesterday in New Orleans were announced, but Dr. Hayes made public the following statement: the undersigned, representing the depositors association of the closed Crowley Trust & Saving Bank, have had a very courteous interview with the interested city banks, and in our opinion, with proper cooperation the part of the Crowley people and of the New Orleans banks, we are very hopeful that the bank can be reopened for business in the near future and all depositors receive 100 cents on the dollar. (Signed) N. HAYES, P. M. LYONS, ALBERT HORN."