Merchants & Planters (Helena, AR)

Episode Information

Episode UID
81006371571
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
8100637 routing
Routing Number
81-0063
Start Date
November 17, 1930
Location
Helena, Arkansas (34.530, -90.592)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
958205c5be13b22f

Response Measures

None

Description

Suspension taken as a protective five-day closure due to statewide hysteria; later reorganization/reopening planned.

Events (3)
1. November 17, 1930 Suspension
Cause
Rumor Or Misinformation
Cause Details
Bank suspended payments citing general unrest and fear of a run driven by statewide public hysteria after Caldwell & Company receivership.
Newspaper Excerpt
PAYMENT STOPPED ON CHECKS DRAWN ON DEPOSITS, BUT BANK DECLARED SOLVENT FOR FIVE DAYS
Source
newspapers
2. November 21, 1930 Other
Newspaper Excerpt
At Helena, citizens operated bank officers and they plan open national bank take over assets of the Merchants and Planters ... Plans for the reorganization ... have been virtually completed.
Source
newspapers
3. January 2, 1931 Other
Newspaper Excerpt
Plans for the reorganization of the Merchants and Planters, which has been closed for a month and a half, have been virtually completed. ... will be reopened as the Phillips County (new national) bank.
Source
newspapers

Newspaper Articles (12)
1. November 17, 1930 The Houston Chronicle Houston, TX
Article from The Houston Chronicle, November 17, 1930

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Article Text

30 ARKANSAS CHAIN BANKS DROP PAYMENT Institutions May Be Reopened at End of Five Days Under Laws of State. By Little Rock. Ark. Nov. 17.-Offcials of the B. Banks Company, Arkansas financial institution, announced today that 30 banks in the state with which company affiliated suspended payments to depositors for period of five Eight other affiliated banks advised the B. Banks Company were The company officials said they had not heard early today from others the affiliation as to what action they were taking. Mostly Small Banks. The decision of the board of directors of the American Exchange Trust of Little Rock, the largest bank in the state, suspend payments and close for five days resulted in the temporary closing of the others, the banks anArkansas banking laws provide bank depositors for five days and reopen the end period placed hands of the state department. With exception of the AmeriExchange Trust Company the Merchants and Planters Trust Company of Pine Bluff and the Merchants and Planters Bank at Helena, closing are comparavice of the B. Banks Company, said expected least half" the would The temporary closing of the American Exchange Company attributed by the direcpublic from of investment bankers Nashville. Tenn. November statement by the American Exchange Trust Company the suspension was "forced upon by excessive drawals than 000 during the past 10 days, fol-

2. November 17, 1930 Hope Star Hope, AR
Article from Hope Star, November 17, 1930

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Article Text

Four Million Withdrawn Suspension By Others CALDWELL B. Banks Takes Out, But Excited lic Suspension BY the Bank of Fordyce, and the change Bank mott, Monday brought the suspended Banks institutions Telephone advices the United Press from Fordyce Bank Fordyce opened ness Monday morning, on deposits forced its Co. Monday Arkansas with which suspended Monday depositors period Seven other affiliated open. The company from nine other banks tion they are taking. banks in the group The suspended Bank of Altheimer; North Bank of Batesville; Bank Benton Bank Trust State Bank Carlisle; Bank of thage; Bank of Carlisle; Bank Hampton State Bank; Heber County Bank Heber Springs; Merchants Planters Bank Helena; Houston; Cleveland County Kingsland; Chicot Trust Village; American Exchange Little Rock: First State Bank Morrilton; Arkansas Trust Co. Newport; Bank Pangburn; Perry State Merchants Planters Bank Trust Co. of toria Bank of Strong; First State Bank Stuttgart; Citizens Bank Bank Wabbaseka; First Bank of Junction City: Planters Bank Junction Eudora Bank Trust Grant County Bank of Sheridan: First Banks Osceola; Arkansas Bank Trust Hope. Largest Bank in State The of the American change the state, late Sunday night, suspend Monday and period of five days, resulted closing the other Banks president change Bank and interested in six others in the state. With the exception of the American Exchange Bank here, the Merchants Planters Trust Co. Pine Bluff, the Merchants Planters Bank Helena, the others are comparatively small Harrison, of the Banks company. said that he expected least half" of the closed banks reopen. The temporary closing of the Americar Exchange Little Rock mitted under state law, attributed public histeria, resulting from the placing Caldwell Co., of (Continued On Page Four)

3. 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.

4. November 17, 1930 The Belleville News-Democrat Belleville, IL
Article from The Belleville News-Democrat, November 17, 1930

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Article Text

47 BANKS ARE CLOSED (Continued from Page Planters Bank Trust Company Pine Bluff, of which Banks director; the Merchants PlantBank of Helena, and seven small institutions in southeast Arkansas. The Pine Bluff bank had deposits Sept. of $2,638,790. CLOSE IN LOUISVILLE Louisville, Ky., Nov. 17. The Louisville Security Bank and the American Mutual Savings Bank, the latter and operatclosed today after the National Bank of Kentucky and the Louisville Trust Company failed to open for business. The Security bank was affiliated with the National Bank which was taken over by the Federal Comptroller of Currency. The Negro bank affiliated with the Louiswas Trust Company which the hands of the State placed The four banks combined list aggregating institutions were declared the solvent, but that necessary close them to conserve the sources and protect creditors, positors all others concerned." BANK CLOSED Louisville, 17. The National Bank Kentucky, capitalized and an filiated the Louisville Trust Company, failed to open today and the former taken over tion Bank notice posted by the Board Directors and signed by Russell Mooney, National Bank Examiner, said the National Bank was solvent but that had been closed resources for creditors." The National Bank claimed of James Brown, president of the and owner of Louisville newspapresident. The bank was ganized in 1834 the Bank Kentucky. operated numerous branches. The notice posted by Mooney bank under the direction the Comptroller of Currency. charge of Russell Mooney, National Bank Examiner. closed by order of the Board of Directors, Nov. MORE CLOSE Pine Bluff, Ark., Nov. Merchants Planters Bank and Trust Company of Pine Bluff, and smaller banking tions in southeastern Arkansas, open their doors today. The smaller institutions were: Bank of Star City, Bank of Altheimer, Bank Trust Comthe Bank Wabbaseka, First pany, State Bank of Stuttgart, Chicot Trust Company of Lake Village, and the Merchants & Planters Bank of Humphreys. HELENA BANK CLOSED Helena, Ark., Nov. 17. The Merchants Planters Bank of Helena, closed today. Officials announced they regardthe institution solvent but closing to protect depositors. TWO IN ILLINOIS Springfield, Nov. more state banks failed open their today bringing the number state banks to since Friday five. All connection with the failure of the State Savings Loan and Trust Company, Quincy, which suspended Saturday. had capitol stock of million dollars and deposits talling $6,000,000. The banks which closed today Bartlett Wallace State and the Timewell State Bank Timewell Both banks correspondents the Quincy bank. The Bartlett and Wallace State Bank, according its last report had capital stock of $50,000 and approximately $500,000 in James Moffett president and Fred cashier. The Timewell State Bank was capitalized $25,000 and had posits of approximately $150,000 Its president is Chapman. Manny cashier. Announcement of the banks' closing was made here by State AudiOscar Nelson Two Quincy Banks, said to have been affiliated with the Savings Trust and Loan Company, the financial institution Quincy, also forced to close their

5. November 17, 1930 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, November 17, 1930

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Article Text

Arkansas Bank Closes Ark., Nov. 17. The Merchants Planters bank of Helena, its doors today they regarded as solvent, closing to protect depositors. Eight Close Doors PINE BLUFF, Ark., Nov. and Bank Trust Company of Pine Bluffs. smaller banking failed open their doors today.

6. November 17, 1930 The World-News Roanoke, VA
Article from The World-News, November 17, 1930

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Serves As Host Pastor Richard pastor Baptist church, serving as host pastor at the one hundred and seventh session of the Baptist General Association which will First church present without pastor. its correspondents and that its dewould be In Louisville slightly than numbers of patrons at the other banks but nothing officials that the public would not become excited. Crowds around the National Bank Kentucky and the Louisville Company delayed traffic and special police were on duty. Little Rock, Nov. Banks Arkansas nounced banks in State the company filiated suspended for five days. Eight other affiliated banks advised the Banks and Company they remaining officials said they had heard early from as they taking. The decision of the board of directors of the Exchange Trust Company, Little Rock. the largest bank the to pay ments and five the temporary closing others, the Banks company Banks, president the AmerTrust Company terested the other affiliated banks Arkansas banking laws provide bank suspend to defor five days and re-open hands of the State Banking DeWith exception of the American Exchange Trust here the chants and Planters Trust Company Pine Bluff and the Merchants and Planters Bank Helena, those closing pected least half" the banks will temporary closing of the AmeriExchange Company was tributed by the public citement from the placing Caldwell and bankers in receivership Issues Statement. statement directors the American Exchange the suspension "forced upon by cessive than during the past days following the financial difficulties Caldwell and The Caldwell and Company for Arkansas and nothing the closing of this strong bank, Soon after Caldwell and Company was placed Mr. Banks announced the Caldwell and Company interest Exchange Trust Company been bought The Bluff was the second largest in the group and the Helena third Banks director the former and presithe Helena The Trust Comin Little Rock had September the the last bank call. The Bluff 24. had deposits the Helena the business Saturday had deposits $276,000. officials The banks in which Mr. Banks and which pended business today five by the company follows The Bank of Altheimer Bank Benton and Trust Arkansas Bank Farmers Farmers Dardanelle; Hampton State Hampton: County Heber Springs: and Planters Bank, Helena: Houston, HousMerchants Planters Bank, County Bank Chicot Trust Company Village: Exchange Trust Company, First State Arkansas Trust

7. November 17, 1930 The Daily World Helena, AR
Article from The Daily World, November 17, 1930

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HYSTERIA GIVEN AS CAUSE 32 CLOSINGS ENTIRE STATE AFFECTED BY CLOSING OF AFFILIATED BANKS IN SECTIONS ALL FOR FIVE DAYS Three Largest Close Are Americal Exchange, Little Rock; Merchants and Planters Trust Company, Pine Bluff, and Merchants and Planters at Helena Little Rock, Ark., Nov. affiliated banks in Arkansas ciosed today for five days as a result of what officials described as "public hysteria" over the receivership of Caldwell and Company, Nashville, Tenn., investment bankers. The decision of the board of directors of the Exchange Trust Company, Little Rock, the largest the state, to suspend payments deposits for five-day period allowed by law, was followed by the temporary closing of of 46 others associated with A. Banks and Company. A. B. Banks is president of the American-Exchange Trust Company and of several of the smaller banks which closed One other small bank in the Banks company group was placed in charge of the state banking department liquidation. Four other small independent banks also closed, two for five days and the others for liquidation. Walter Taylor, state bank commissioner, announced after a conference with Attorney General Hal Norwood that under the law he could not take charge of banks taking advantage of the five-day closing provision until the end of the period. The three largest banks in the group are the AmericanExchange, Little Rock; the Merchants and Planters Trust Company, and the Merchants Planters Bank, Helena. These three had combined total deposits of approximately $18,000,000 at the last bank call Sept. 24. The other closed banks are comparatively small: The Merchants and Planters at Humphrey, in the A. B. Banks for liquidation. The State Bank of Fouke, at Fouke, and theBank of Branch, a Branch not in the group, closed for liquidation. closing of the American-Exchange followed heavy withdrawals during the past few days. Other affiliated banks for the most part closed the protection of depositors" because of general unrest resulting from the closing officials

8. November 17, 1930 The Daily World Helena, AR
Article from The Daily World, November 17, 1930

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MERCHANTS AND PLANTERS BANK TODAY PAYMENT STOPPED ON CHECKS DRAWN ON DEPOSITS, BUT BANK DECLARED SOLVENT FOR FIVE DAYS Directors Announce Intention to Resume Payment Within Five days-Statement Says "In Our Opinion Depositors Will be Paid in Full-Run on Bank Was Feared. The Merchants and Planters Bank today failed to open its doors and at the same time announced suspension of payment on checks drawn against deposits, "with the intention of resuming payment within five days." Fear of a run on the bank by depositors because of general unrest throughout the state was assigned as the cause for the action. The Helena bank was one of the banks in Arkansas in which A. B. Banks, Little Rock capitalist, is interested that made similar announcements today. "In our opinion all depositors will be paid in full," the announcement on the door of the Merchants and Planters Bank said. "The Merchants and Planters Bank is solvent," R. L. Deal, vice president and manager, said this morning, "but in order to assure equal protection to all our depositors, we have decided on the action we have taken." The statement issued by the bank today reads as follows: "Because of the general unrest now existing over the entire state, at a meeting of the board of directors it was decided that under the authorization of Section 717, Crawford and Moses Digest, of the Statutes of the State of Arkansas, this bank suspended payment of checks drawn against deposits, with the intention of resuming payment within five days. "We have in cash, bonds and sight exchange over two hundred thousand dollars ($200,000) which is more than the legal requirements, but for the protection of depositors in that the interest of each and every one may be placed on an equal basis this action was taken. "Below is a statement of the condition of the bank at the close of business November 15, 1930. "In our opinion all depositors will be paid in full." The statement was signed by the following: A. B. R. L. Deal, vice president; J. W. Clopton, S. C. Moore, J. A. Hudson, V. Solomon, A. L. Wells, C. C. Agee, and G. Burke The official statement of the condition of the bank at the close of business Saturday was as follows: Assets Loans and discounts, $662,583.39. Overdrafts, $191.22. Bonds and securities, $72,306.80. Real Estate, $33,057.03 Furniture and fixtures, $4,400. Cash and exchange, $148,201.96. Total, $920,800.40. Liabilities Capital stock, $150,000. Surplus, $30,000. Unidivided profits, $13,946.81. Bills payable, none. Deposits, $726,853.59. Total, $920,800.40.

9. November 18, 1930 The Daily Sentinel-Tribune Bowling Green, OH
Article from The Daily Sentinel-Tribune, November 18, 1930

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Blame Public Hysteria For Closing of Doors LITTLE ROCK, Ark., Nov. hysteria" was blamed day for 39 Arkansas banks suspending business for five-day period Four other banking houses closed for reorganization liquidation. The five day suspenesion mitted under state law. A majority the 39 banks taking advantage the act were affiliated through B. Banks and company of Rock. The combined deposits, including those of change Trust company of Litle Rock given as more than September. Board members of the American Exchange Bank, largest banking institution in the state, said they were forced to suspend payments due hysteria which followed receiverof Caldwell and Company, Nashville, Tenn., investment house. Heavy withdrawals yesterday forthe move, it was announced. Three banks in the group to close had deposits $18,000,000. They included the Merchants and PlantTrust company Pine the Merchants and Planters bank of Helena and the American Exchange. LOUISVILLE, Ky., Nov. 18. (INS) -Business was suspended at eight Kentucky banks having resources of Among them was the National Bank of Kentucky old stitution for which named by the Federal Controldepartment. The Louisville Trust company and the Security Bank closed their doors precautionary measure, accordto the directors. Both tutions are solvent. directors said. Other institutions to suspend business were the American tual Savings Bank and the First bank, both clearing thru the LoLuisville Trust company; the Bank of St. Helens, Louisville suburb; the bank and Trust Company of Franklin. and the First National Horse Cave. CINCINNATI, Nov. 18. (INS)The Cincinnati Clearing House Association today took over control of the Bank and Trust the Brighton Bank company and and Trust company. The association, taking over the two financial institutions, announced that it had bought the holdings of certain interests, outside in the two banks The seven signing the declared they standing behind the and Brighton institutions. The transfer of control over the two banks to the clearing house followed "runs' which sociation were attributed to the suspension institutions in Kentucky which sequel to the closturn. was the National Bank of of This latter bank corresfor number of banking pondent houses in the Bluegrass through holding company linked to the others. two banks in Covington, Ky., across the Ohio river from experienced heavy as they opened for soon this They were the and the Central of which, like the Brighton banks in relations with the National Bank of Kentucky. Other banking institutions of Covington announced that they standing behind the Peoples and the Central Savings Banks. The statement of the clearing house association members the signatures of offimade over of seven Cincinnati banks. were: The First National Bank, the Second National Bank. bank, the Lincoln National the Atlas National Bank, the Provident Savings Bank and Trust company and the Western Bank and Trust company.

10. November 18, 1930 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, November 18, 1930

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37 BANKS IN ARKANSAS CLOSED ONE DAY Wave of Hysteria Mounts as Financial Institutions Over State Shut Doors MANY MAY BE REOPENED LITTLE Ark., Nov. of mounting banking circles of By nightfall 34 banks affiliated Banks company of Little Rock had taken advantage of which permits temporary closing five days suspension of pay. on deposits. Three small banks in addition had ordered closed the state bank department, bringing the total Sen. Joseph Robinson blamed the hysteria due the nancial difficulties Caldwell and Company Nashville, Tenn. Feels Banks Solvent feel sure the banks solvent," Senator Robinson said. "Arkansas sound financially and soon the excitement the closing the banks has subsided the state return normal conditions and the reopen. Officials the Banks group nounced the closing had been caused fear of hasty withdrawals. The American Exchange Little the first the institutions shut its doors is the largest bank the state Depositors gathered the streets the bank and gazed silently at the announcing had suspended temporarily Within hour from Pine Bluff. the Merchants and Planters Bank and Trust company there. smaller banking institutions southeastern kansas, had failed to open their doors today. Then messages received from Helena that the Merchants Plant ers bank there had closed. Officials said they was solvent but closing protect depositors. coincident this advice the announcement from the department that the Bank McRea, Bank of Branch, and Bank Foulke, small affillated with the Banks group, had taken by the So the list The for few 19. then 27, 32, finally 37. of the closing other parts of the state reached Bank officials and depositors alike tonight the possible outcome of number of closings. Thousands who had their savings in banks of the Rock group any sort conditions in the institutions. No Runs Reported Rumors heard in the The state law permits the banks to five the end of that time they either reopen for place themselves in the hands of the state bank. ing Banks, one of the wealthiest men officials the 34 affiliated banks come Little Rock for that he had definite plan mind which could be put into effect before the end of the five-day suspenOther banks in Little Rock did business as usual today, and reported runs by depositors. Caldwell and Company of Nashville, difficulties of which Senator blamed today's closings, was placed in the hands of receiver week. The firm was one of the largest investin the south. Four in Missouri Close JEFFERSON CITY. Mo., Nov. banks northeast Mis. souri today closed their doors. All the closings were direct results the failure last week of the State Savings Loan and Trust company of Quincy, III. The institutions had deposited plus funds in the Illinois bank, and closed protect depositors. The closed institutions: The Downing State bank, Schuyler deposits of The Labell Savings bank, of Lewis deposits of The Farmers and Merchants bank of Grange, Lewis county, deposits The Rutledge Exchange bank of Scotland county. deposits of

11. November 21, 1930 The Birmingham Post Birmingham, AL
Article from The Birmingham Post, November 21, 1930

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Arkansas Institutions ReAffairs arrange Ark., Nov. 21. LITTLE Resumption of business Arkansas banks which number suspended operations likely today following appeared conference here. Most cheerful of reports the word that American change Trust Co. of Little Rock whose suspension precipitated the temporary closing of 34 outstate banks which Co. interested. expected business reopen Yesterday, two day conference, officials the bank indicated would impossible to open the bank they not when saying plans would be reorganization complete. Banks in which the B. Banks company were and which failed or are gradually re-organizing themAt Helena, in eastern Arkansas citizens operated bank officers and they plan open national bank take over assets of the Merchants and Planters which Monday with deposits reopening of the First State bank is being con sidered. PARIS, Tenn. Nov. first State Bank Trust Co., one the oldest Paris banks, failed open doors morning following the steady withdrawal accounts amounting more than $200,000 during the past two weeks financial unrest that has Tennessee. RALEIGH, N. Nov. Closing of eight western North Carolina banks to the number financial institutions which halted operations this state this year. State bank officials attributed Thursday's developments to collapse of the real estate boom of 1926. The insitutions were Asheville, Hendersonville and vicinity.

12. January 2, 1931 Hope Star Hope, AR
Article from Hope Star, January 2, 1931

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Last Helena Bank Closes on Friday Phillips County Without Bank-New National to Open, However HELENA (A) Phillips county was without bank Friday morning when Insterstate National bank, asked he federal comptroller to take charge the Bank of Marvell this was turned over to the state banking commissioner the latter bank days. The Interstate National notified Helena depositors that it had closed for their own protection. The only other bank in Helena, the Merchants & Planters, was closed November 17 along with the suspension of the American Exchange at Little Rock. A. B. Banks was president of the Merchants & Planters. The Bank of Marvell had deposits of $200,000, capital of $50,000, and surplus of $10,000. The Interstate National had deposits if $1,700,000 and capital of $250,000. Plans,for the reorganization of the Merchants and Planters, which has been closed for a month and a half. have been virutally completed. The federal comptroller has granted it new charter as a' pation bank and will be reopened as the Phillips Coun-