First State Bank (Morrilton, AR)

Episode Information

Episode UID
81014471571
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
8101447 routing
Routing Number
81-0144
Start Date
November 17, 1930
Location
Morrilton, Arkansas (35.151, -92.744)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d204571ac598e000

Response Measures

None

Description

Suspension was part of a large group action tied to Caldwell & Company distress and subsequent reorganizations.

Events (2)
1. November 17, 1930 Suspension
Cause
Correspondent
Cause Details
Affiliation/contagion from the Caldwell & Company/A. B. Banks group receivership and related panic led affiliated banks to suspend for five days.
Newspaper Excerpt
the banks ... suspended business today for five days ... First State Bank, Morrilton
Source
newspapers
2. November 29, 1930 Reopening
Newspaper Excerpt
First State ... opened for business Saturday ... the First State Bank which suspended here November 17, opened for business Saturday.
Source
newspapers

Newspaper Articles (7)
1. 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Four Million Withdrawn Suspension By Others CALDWELL B. Banks Takes Out, But Excited lic Suspension BY the Bank of Fordyce, and the change Bank mott, Monday brought the suspended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)

2. 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.

3. November 17, 1930 The Birmingham News Birmingham, AL
Article from The Birmingham News, November 17, 1930

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Article Text

PAYMENTS HALTED BY 30 BANK UNITS Suspension For Five Days Announced By Houses In Arkansas Towns LITTLE ROCK. Ark., Nov. 17-(P) Banks Company announced 30 banks in Arkansas with affiliated. suspended depositors for period of five days. Eight other affiliated banks advised the Banks Company they open. The company had heard early Monday from others as to what they were taking The the board of directors the Exchange Trust of Little Rock. the largest bank in the Sun day night suspend payments and close for five days resulted in the temporary closing of the others, the announced Banks, president of the Exchange, is in the others. The banks in which Mr. Banks and are which pended for the follows Bank Altheimer, Altheimer: North Arkansas Batesville: Bank of Bauxite. Bauxite: Benton Bank Company Bank. Carlisle: Bank Carthage, Carthage: Farmers Casa Bank Clarendon, Clarendon: Farmers Hampton State Bank, HampCounty Heber Merchants Planters Bank. Bank Houston. Planters Bank, Humphrey Cleveland County Bank, Kingsland: Chicot Trust Comchange Trust Little Rock: First State Bank. Morrilton Arkansas Trust Newport: Bank Pangburn. Pangburn: State Merchants Planters Company, Pine Bluff: of Star City, Star Victoria Bank. Strong: First State Bank, Stuttgart: Citizens Bank, Thornton: Bank Wabaseka: Bank Trust Company Bank and the Eudora Bank & Trust Company, The following banks affiliated with Mr. Banks remained open for busithe company Bank Fordyce and First NationBank. Fordyce: Bank of Harrisburg. Harrisburg First National Bank, Mineral Springs Bank Stephens. Stephens, and Bank of being at Junetion to merge the First Nationand & Farmers Banks and open one them. officials said. Kentucky National Bank Is Closed By Directors National Bank placed the hands of the national examiner Monday was posted on the door of the bank shortly after "This bank under the direction the comptroller of the currency charge Russell Mooney, national examiner. Closed by order the directors Louisville Trust Company, an affiliated also has been ordered closed. The trust company directors' said that in the opinion of its officers directors the Action taken by the directors of the Bank of Kentucky was conserve the bank for the benefit of its creditors,' the ressaid National Bank of Kentucky originally known Bank Kentucky, was 1834. with capital stock of $5,000,000. advertised than $50,000,000. James B. Brown president.

4. November 18, 1930 Paragould Daily Press Paragould, AR
Article from Paragould Daily Press, November 18, 1930

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Article Text

BANK SITUATION OVER THE STATE MORE FAVORABLE Continued From Page One) Clearing House Association including banks in Little Rock and North Little Rock, are excellent condition statement issued last night by officers of the association said. Bank in Greater Little Rock have large cash resource the and the total bills are less than $200 "They are ready and able to take care 01 the banking and credit need the conof the in the sound financial of Arkansas also was excondition Senator Joe Robinson and Gov Parnell Robinson attributed the Senator closing in the to wave of hysteria that followed in the wake financial dif 111 which Caldwell & vestment of became involved information leads me to believe the mind of depositors that connections with Caldwell & had impaired its assets 01 the 43 bank that closed yesterday banks not with the A Banks but majority them were in group institutions In must their have resulted from on deposi The banks included the Bank of at Branch: State bank of Fouke and the Peoples Trust Company which were taken by State Banking Commission Grant County bank Sheridan: Peoples bank. McRae Izard County bank. Guion: Peoples State bank DeValls Bluff the Exchange Bank and Trust Company Dermott and the Arkansas National bank at Heber Springs, which suspended payments for The Merchants & Planters bank at Humphrey affiliated with A B Banks was taken over by the State Banking Commission State banks suspending for fiveday period affiliated with A B Banks were Merchants and Planters bank Pine Bluff American Exchange Trust Company. Little Rock: First State bank Morrilton: First State bank Stuitgart: Benton Bank Trust Co., Benton: Bank of Bauxite Bauxite Cleburne County bank. Heber Springs North Arkansas bank Batesville: Arkansas State bank Carlisle: Arkansas Trust Company Newport Arkunsas Bank and Trust Company. Hope Merchants and Planters bank Helena; Eudora Bank & Trust Co. Eudora: Chicot Trust Company Lake Village Bank of Clarendon Clarendon: Bank of Altheimer Altheimer: Cleveland County bank. Kingsland: Bank of Houston. Houston: Hampton State bank Hampton: First State bank Osceola Bank of Carthage. Carthage Perry State bank Perry Victoria bank Strong Parmers Bank Casa: Leola State bank Loola Merchant and Planters bank Junction City Farmers bank, Darand Citizens bank Thornton and the Bank of Pordyce Pordyce list of the 43 banks that closed vesterday their deposits and capital follows ing Americ an Exchange Trust Company Little Rock State Bank of Fouke depo. $14 579 capital capital People bank deposit $96 capital Bank of deposits capital $25,000 North Arkansas bank Bateaville de have Bank of Bauxite deposits 436 of capital Benton Bank and Trust Company posits cipital 000 Bank of Carthage able Parmer bank deposits 248 capital $10,000 Bank of Clarendon deposits or capital capital $50,000 Endora Bank and Trust Company deposits Hampton $194,318.02 capital 000 State deposits 231 capital Cleburne County bank deposits and bank deposits 000 Bank $99 and Company Hope 49 capital Houston deposits capital Planters bank Hum phrey capital Cleveland bank Company bank Trust Company Newport capital State bank capital $50,000 of Perry State bank deposits People Bank and Trust deposits State Bank $10,000 County

5. November 21, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 21, 1930

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Article Text

BANKS REOPEN FOR BUSINESS THIS MORNING LITTLE ROCK, Ark., Nov. 21 (U.P)-Plans are pushing forward rapidly for the reopening of the suspended banks over the state. The Citizens Bank of Monette and the First State Bank of Morrilton and The Peoples Bank and Trust Company of Morrilton are expectto resume Saturday or Monday New National Bank probably will be organized at Helena. Officers of the American Exchange Trust here continue plans for reorganization and expect to open soon. More banking delegations were here today for with representaties of the B. Banks group relative to reopening. committee work out plans the organization of new bank to take over tional Bank of Arkansas, which closed July 21, was selected at meeting of the depositors yesterday. It will fomulate plan providing for sixty per cent checkmg privilenge.

6. November 29, 1930 Hope Star Hope, AR
Article from Hope Star, November 29, 1930

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Article Text

Morrilton Opened Saturday First State Is 11th to Reopen Since Suspension Two Weeks Ago State Bank of Morrilton, organized take the assets and liabilities of the over First State Bank which suspended here November 17, opened for business Saturday. The new bank is capitalized $50,000. with surplus of $5,000. R. of the old bank, president of the new The bank headed original B. Banks Little Rock. Other officers of the new bank ave: Mitchell and Oates, vicepresidents; and cashier. bank has assumed new held by bank. deposits This makes the to reopen in since banks suspended closed two weeks

7. December 1, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, December 1, 1930

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Article Text

New Bank's Deposits Are Good First Day Morrilton, Dec first day's deposits the First State Bank, which opened Saturday, were $47,it was announced yesterday. The bank is the first of the recent group which closed November 17 to reorganized The institution owned and controlled by local capital.