Planters Bank - New Orleans, LA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: September 6, 1877
Location: New Orleans, Louisiana (29.955, -90.075)

Metadata

Model: gpt-5-mini
Short Digest: 3e4f8849

Response Measures

None

Description

Article (1878-08-11) cites a receiver's statement for Planters' Bank dated September 6, 1877 and refers to assets 'per receiver's statement', indicating the bank had been placed in receivership and its assets liable to the State. No run or reopening is mentioned. The article also refers to the 'Consolidated Planters' Association Bank' which appears to be the same institution; I made no change to the provided bank name.

Events (1)

1. September 6, 1877 Receivership

Newspaper Excerpt: Assets of Planters' Bank per receiver's statement September 6, 1877: Available assets, $153,175; city mortgages, $235,000; country mortgages, $600,000-total, $988,175.
Source: newspapers

Newspaper Articles (1)

1. August 11, 1878 The New Orleans Daily Democrat New Orleans, LA

Article from The New Orleans Daily Democrat, August 11, 1878

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Article Text

THE FUNDED DEBT. Interest Account and a Tabulated Statement from Official Reports. Weare indebted to Messrs. Fazende & Siexas, of the New Orleans Stock Exchange, for the following statement: NEW ORLEANS, August 7, 1878. To the President and Members of the New Orleans Stock Exchange: Gentlemen-Your bond committee, to whom was reterred communications complaining of various unofficial and partial statements concerning the State funded debt and interest account, beg leave to report as follows, made up from official figures obtained from the State Auditor, State Treasurer and the Auditor's annual reports for the respective years: As will be seen from the tabulated statement below, the funded debt to August 5 amounts to $11,624,500, $9,306,800 of which, funded during Gov. Kellogg's administration, has all matured coupons paid. $2,318,700, funded to date under Gov. Nicholls's administration, has all coupons paid except three, namely: No. 1, due July 1, 1874; No. 3, due July 1, 1875, and No. 5, due July 1, 1876, amounting to $243,463 50, which were deferred by agreement with the holders of the old bonds when funded; these coupons to be paid as the delinquent taxes were collected for the respective years. In addition to this, the Fiscal Agent is apparently under advances of $267,032 for coupons paid, in anticipation of collections of the 5½ mills interest tax, making a total due on interest account, $510,495. To liquidate this amount the State has in course of collection, taxes to go to the credit of the interest fund, apparently $1,423,703. And also due by the Consolidated Planters' Association Bank, for $151,260 bonds funded and $46,646 90 interest paid for its account, to liquidate which the assets of the bank, estimated at about $988,175, are liable to the State. Assets of Planters' Bank per receiver's statement September 6, 1877: Available assets, $153,175; city mortgages, $235,000; country mortgages, $600,000-total, $988,175. The State being subject to be called on to issue about $150,000 more of consols against these assets. Respectfully submitted.