Bank of Oak Grove - Oak Grove, LA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 23, 1930
Location: Oak Grove, Louisiana

Metadata

Model: gpt-5-mini
Short Digest: 7a55179d

Response Measures

None

Description

Article (Nov 23, 1930) reports the Bank of Oak Grove 'failed to open for business' after funds and collateral were tied up at the failed American Exchange Bank & Trust (Little Rock). No run is described; closure appears tied to correspondent's failure and the bank was closed subject to the state bank examiner. No reopening or receiver is mentioned in the text.

Events (1)

1. November 23, 1930 Suspension

Cause: Correspondent
Cause Details: Funds and collateral of the Bank of Oak Grove were held at the American Exchange Bank & Trust Company (Little Rock), which failed; Oak Grove could not obtain possession of assets and therefore closed.
Newspaper Excerpt: The Bank of Oak only bank in West Carroll parish. failed to open for business this morning notice posted on the door of the institution read as follows 'Due to funds and collateral of the Bank of Oak Grove being in the American Exchange Bank and Trust company. of Little Rock, at the time of its failure and their inability to obtain possession of same, the directors of the Bank of Oak Grove deem it to the best interest of the depositors to close, subject to direction of the state bank examiner
Source: newspapers

Newspaper Articles (1)

1. November 23, 1930 Chattanooga Daily Times Chattanooga, TN

Article from Chattanooga Daily Times, November 23, 1930

Click image to open full size in new tab

Article Text

LOUISIANA FAILURE DUE TO ARKANSAS ASSOCIATE OAK GROVE La Nov The Bank of Oak only bank in West Carroll parish. failed to open for business this morning notice posted on the door of the institution read as follows 'Due to funds and collateral of the Bank of Oak Grove being in the American Exchange Bank and Trust company. of Little Rock, at the time of its failure and their inability to obtain possession of same, the directors of the Bank of Oak Grove deem it to the best interest of the depositors to close, subject to direction of the state bank examiner Decision to close the bank was reached meeting of the board directors last night The bank is said to be solvent and officials said today that all depositors would be fully paid