Chicot Trust Company (Lake Village, AR)

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BANKS CLOSED TEMPORARILY STATE CITIES

Number of Banks Chain Suspend Business Today In Order to Protect Interest of Depositors. Will Open in Five Days After Precautionary Steps Taken.

Thirty-two banks in which A. B. Banks, Arkansas financier, is interested, temporarily suspended business this morning, with announcements being made to the effect that they would reopen for business after five days. Capitalists viewed the closing of the banks with little alarm, expressing the belief that the banks are all absolutely solvent and that their temporary closing is for the protection of depositors and to avoid runs that might have resulted from the present panicky condition of the state. Fortunately, no Jonesboro banking interests were in any way connected with any of the banks that closed, according to statements made this morning.

The following United Press dispatch tells of the temporary closing of the banks:

LITTLE ROCK, Ark., Nov. 17.—The following banks in which A. B. Banks company is interested suspended business temporarily this morning: 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; Farmers Bank, Dardanelle; Eudora Bank and Trust Company, Eudora; Hampton State Bank, Hampton; Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Helena; Arkansas Bank and Trust Company, Hope; Bank of Houston, Houston; Merchants and Planters Bank, Humphreys; First National Bank, Junction City; Merchants and Farmers Bank, Junction City; Cleveland County Bank, Kingsland; Chicot Trust Company, Lake Village; American Exchange and Trust Company, Little Rock; First State Bank, Osceola; Bank of Pangburn, Pangburn; Perry State Bank, Perry; Merchants and Planters Bank and Trust Company, Pine Bluff; Victoria Bank, Strong; First State Bank, Thornton; Bank of Wabbaseka, Wabbaseka; Grant County Bank, Sheridan; Exchange Bank and Trust Company, Dermott.

Bank of Fordyce, Fordyce; Exchange Bank of Dermott, and Sheridan, closed at noon, due to heavy runs this morning.

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THIRTY ARKANSAS BANKS CLOSED 5 DAYS BY ORDERS

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could have forced the closing of this strong bank."

Soon after Caldwell & Company was placed in receivership, Mr. Banks announced 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 on 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, Hampton; Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Helena; Bank of Houston, Houston; Merchants and Planters Bank, Humphrey; Cleveland County Bank, Kingsland; Chicot Trust Company, Lake Village; American-Exchange 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.