Citizens Bank (Monette, AR)

Episode Information

Episode UID
81027471571
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
8102747 routing
Routing Number
81-0274
Start Date
November 19, 1930
Location
Monette, Arkansas (35.891, -90.344)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
44f19e5926276b59

Response Measures

None

Description

Bank suspended under five-day law amid statewide panic Nov 1930 and reopened; later placed in receivership (1932).

Events (3)
1. November 19, 1930 Suspension
Cause
Macro News
Cause Details
Statewide banking panic and public hysteria following the suspension/closing of the American Exchange Trust Company of Little Rock.
Newspaper Excerpt
The Citizens State Bank Monette ... closed or have suspended business during the past ... The banks suspending for five days were: ... the Citizens State Bank Monette
Source
newspapers
2. November 24, 1930 Reopening
Newspaper Excerpt
The Citizens State Bank of Monette reopened for business this morning ... agreement reached between depositors and officials ... more than enough cash and sight exchange to pay off all deposits ...
Source
newspapers
3. July 23, 1932 Receivership
Newspaper Excerpt
Finis Miller, receiver for the Citizens Bank of Monette ... died this morning at two o'clock ... receiver for the Citizens Bank of Monette
Source
newspapers

Newspaper Articles (8)
1. November 19, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 19, 1930

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Article Text

Nearby Banks Fail Open Business Doors, Citizens' State Bank of Monette and Bank of Leachville The are Latest (From Tuesday's Daily Press) local banker announced this that he had received telemorning phone that the Citizens' State Bank Monette the Bank of Leachville Monette and Leachville failed open their doors for business this morning. Finch president and Handcock cashier the John Monette Roderick, is president and Roderick, is cashier of the Leachville bank. Our informant stated that both inwere small ones, each stitutions capital stock of $15,000. having The also are reported to deposits small.

2. November 19, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 19, 1930

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Article Text

MANY ARE NEAR HERE Financial Leaders of Arkansas Strike Optimistic Plans The Press Little Rock. Nov. nancial leaders struck an timistic note today as negotiations went forward for the re-opening of most of the 52 banks in the state which have closed or have suspended business during the past Nine additional small stitutions closed under the five-day suspension law or were taken over by the State department today, one of these being in the so-called B. Banks group. Banks Makes Statement Although the institutions are known the Banks group and Mr Banks stockholder in most of them, he explained that they were separate units and unaffiliated with American Company here. Mr. Banks is conferring as rapidly possible with the various other bank boards with the view to reopening within the five-day period or reorganizing. or reopening soon. Officials said that most of the banks closed meaon of "public hysteria" following the closing of the American Exchange Trust Company yesterday The banks suspending for five days were: the Bank Waldo in the Banks group, and the following independents: People's Bank of Waldo, the Citizens State Bank Monette the Bank of Knobel and the Bank of Manila. The Bank of Leachville, the Bank of Pollard and the Bank of Lepanto taken over by the State Banking department for liquidation. Senator Joe Robinson and Govcrnor Parnell confidence in the soundness of the state's financial structure and asked for public co-operation. Rock Clearing Association issued on the soundhess of the Little Rock banks. Officers of Knobel Bank Joe Sellmyer president and Henry Sellmyer is cashier of the Bank Knobel. located Knobel, which suspended for five-day period about ten o'clock this morning.

3. 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.

4. November 24, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 24, 1930

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Article Text

MONETTE BANK REOPENS PACT ADOPTED Agreement Reached Between Depositors and Officials of Bank Which Suspended Business Last Week. Business Expected to Continue Normal The Citizens State Bank of Monette reopened for business this merning at the usual hour, following an agreement reached between depositors and officials of the bank regarding the withdrawal of funds for its provisions the bank has more than enough cash and sight exchange to pay off all deposits during the next twelve months. The cooperation of the citizens of Monette with officials of the bank was responsible for the bank's reopening, according to an advertisement appearing in today's bune. The attention of the public directed to this advertisement in which the agreement is given in

5. November 24, 1930 Brownsville Herald Brownsville, TX
Article from Brownsville Herald, November 24, 1930

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Article Text

FOUR ARKANSAS BANKS RE-OPEN LITTLE ROCK, Ark., Nov. 24.(P)-Reopening of four banks suspended last week and suspension for five days of three additional banks were reported to the State Banking Department today. Those reopened were the Peoples Bank at Waldo, Bank of Manila at Manila, Bank of Knobel at Knobel and The Citizen's State Bank at Monette. Those suspending were The Bank of Maryland at Maryland; Cross County Bank at Wynne, and Bank of Glenwood at Glenwood, all small institutions. The closing reported today brought to seventy the number which have suspended or closed for liquidation in the past week. Of these, five have reopened, including the four reported today. The other was the Arkansas National Bank at Heber Springs which resumed business last week after closing for two days, The State Banking Department said reports of additional banks reopening were expected later in the day, as several others were known to be prepared to resume business. The unprecedented number of bank closings in the last week followed suspension of the AmericanExchange Trust company of Little Rock. A. B. Banks, president of the American Exchange. or a company of which he is head, A. B. Banks and company. holds an interest in many of the other institutions which have closed.

6. November 25, 1930 The Commercial Appeal Memphis, TN
Article from The Commercial Appeal, November 25, 1930

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Article Text

SIX MORE ARKANSAS BANKS REOPEN DOORS Financial Situation Is Rapidly Clearing. -Suspension of three small banks today was offset by the reopening of six of those temporarily closed last week and consolidation of two operating institutions, the latter effective immediately Arthur T. Lewis, president of the National Bank of Fayetteville, an. nounced the First National had merged with the Arkansas Nation. al Bank. The new institution has assets of more than 000 exclusive of the First Savings Bank. owned by First National stock. holders. Banks opening today after five day were the Bank of Waldo and the Peoples Bank Waldo, at Waldo: Bank of Manila at Manila Bank of Knobel, at Knobel: Citizens State Bank at Monette, and Viola State Bank at Viola. John V. Hancock, cashier of the Citizens State Bank at Monette in his report to the state banking department said there was "sub. stantial of deposits upon reopening and that deposits today in excess of original withdrawals. Banks suspending for five days The Bank of Maynard. Maynard Cross County Bank, at Wynne, and the Bank of Glenwood. at Glenwood. Last week the Arkansas Nation al Bank at Heber Springs reopened after for two days Addition of the suspending banks today to the number of state institutions closed or suspended the past week The first was the hange Trust at Little Rock which was held responsible for the other Additional reopénings were expected as the legal five day suspension period expired. Many of the banks took advantage of the law to and avoid runs morning Cross County Bank. oldest banking institution in Cross County suspended payment of deposits for five days. Heavy withdrawals during the past 10 days made it necessary to payment in order to conserve the asets. According to statement of D. H. Hamilton, of the bank payment with legal reand the assets on hand should pay the depositors 100 per cent. The officers are R. Block. president: R. Martin, vice president: H. Hamilton, cashier, and C. J. Coffin, assistant cashier.

7. July 23, 1932 The Sun Jonesboro, AR
Article from The Sun, July 23, 1932

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Article Text

BANK RECEIVER TAKEN BY DEATH Finis Miller, Receiver For Four Eastern Arkansas Banks, Passes. Finis Miller, receiver for the Citizens Bank of Monette, the First State Bank of Osceola, the Bank of Osceola and the Bank of Leachville, died this morning at two o'clock at his home in Rogers, Ark. stroke of paralysis suffered last Thursday proved fatal to him. Nathan Deutsch, assistant under Mr. Miller in the bank liquidations, received message here this morning announcing the death. He will to Rogers tomorrow to attend the funeral which will be held at three o'clock tomorrow afternoon. Mr. Miller was past grand commander of the Masonic Lodge of Arkansas. He was brother-in-law of Senator Joe T. Robinson.

8. July 27, 1932 Monette Weekly Sun Monette, AR
Article from Monette Weekly Sun, July 27, 1932

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Article Text

BANK RECEIVER TAKEN BY DEATH Finis Miller, Receiver For Four Eastern Arkansas Banks, Passes. Finis Miller, receiver for the Citizens Bank of Monette, the First State Bank of Osceola, the Bank of Osceola and the Bank of Leachville, died this morning at two o'clock at his home in Rogers, Ark. A stroke of paralysis suffered last Thursday proved fatal to him. Nathan Deutsch, assistant under Mr. Miller in the bank liquidations, received a message here this morning announcing the death. He will to Rogers tomorrow to attend the funeral which will be held at three o'clock tomorrow afternoon. Mr Miller was past grand commander of the Masonic Lodge of Arkansas. He was a brother-in-law of Senator Joe T. Robinson.