Viola State Bank (Viola, AR)

Episode Information

Episode UID
81053371571
Episode Type
Suspension → Reopening
Bank Type
state
Bank ID
8105337 routing
Routing Number
81-0533
Start Date
November 18, 1930
Location
Viola, Arkansas (36.397, -91.983)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3c4ebd27abf0923a

Response Measures

None

Events (2)
1. November 18, 1930 Suspension
Cause
Local Banks
Cause Details
Precautionary suspension/taken over by state banking department after panic from suspension/withdrawals at the American Exchange Trust Company
Newspaper Excerpt
Officials said most of the suspended banks closed as a precautionary measure because of hysteria resulting from the AmericanExchange suspension. ... the Viola State Bank at Viola ... were taken in charge by the state banking department.
Source
newspapers
2. November 25, 1930 Reopening
Newspaper Excerpt
Those reopened ... and the Viola State Bank. Those suspended were ... Today's closings bring to seventy the number which have suspended. closed for liquidation, in Arkan during the last week.
Source
newspapers

Newspaper Articles (5)
1. November 18, 1930 The Daily World Helena, AR
Article from The Daily World, November 18, 1930

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Article Text

PLANS STARTED TO REOPEN ALL OR MOST BANKS A. B. BANKS CONFERRING RAPIDLY AS POSSIBLE WITH THE LEADERS OF 49 BANKS OPTIMISM FELT Officials Declare Most of Suspended sulting, from American Exchange ever Closing Little Rock, Nov. 18.-(AP). Financial leaders struck a note of uptimlsm today as negotiations went forward for the reopening 01 most of the forty-nine banks in the state closed or suspended in the past two days Nine additional small institutions closed under a fiv. day suspension or were taken over by the state banking department today One of these was in the so-called A. B. Banks group, as were most of those closing or ceasing business temporarily yesterday after the American Exchange Trust Company, Little Rock, suspended for five days. Although the institutions are known as the A. B. Banks group Mr. Banks, the controlling stockholder in most of them. explained they are separate units and not affiliated with the American-Exchange here Mr. Banks said he was conferring as rapidly as possible with the board of the various banks. including the American-Exchange, with view to reopening within the five day period or reorganizing and reopening soon. Officials said most of the suspended banks closed as a precautionary measure because of hysteria resulting from the AmericanExchange suspension. The banks suspending today for days were the bank of at Waldo, in the A. B. Banks group, and the following independent intitutions: of Manila at Manila Lepanto, the Viola State Bank at Viola, and the Bank of Pollard, were taken in charge by the state banking department. Both were independent units. State banking department officials nearly all the suspended banks were engaged in efforts to notices were received this mornstatements House Association Mr. Banks himelf, and others. The Clearing House said all banks in Little Rock and condition and able "to meet the hanking needs of the community.' Senator Joe Robinson and Governor Harvey Parnell expresed confidence in the soundness of the state's financial structure and a hope for the cooperaiton of the public with the banks & banks with Referring to the which he is associated, Mr. Banks, said he knew the people of these towns are gravely interested to know when the banks will be re"That will be determined," he added, "by the local boards with whom I am conferring as rapidly as possible As soon as they asthemselves by supand porting otherwise that capital or they are the of free from danger run, they will resume normal "In Little Rock the executive committee of the American-Exchange Trust Company is working on the problem but as yet has reported no plan

2. November 19, 1930 The Times Shreveport, LA
Article from The Times, November 19, 1930

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Article Text

MORE BANKS IN Dearmont Named to Post Vacated Thirteen Small Institutions Are by L. S. U. Prexy Added to Suspended or Closed List Tuesday Little Rock, Ark., Nov. 18 (LP).Thirteen small Arkansas banks Tuesday were added to the list of closed suspended institutions in the state Tuesday night curtains were drawn and signs hung on 53 banks in every section of the state Of these. 45 have taken advantage of state law permitting suspension of business for five days. and eight have been taken over by the state banking department. Tuesday's suspensions, nine in number. were accounted for by officials in the same manner as those of "Closed to protect the depositors," the statements said. "We probably will reopen within five days The Viola State bank of Viola, the Bank of Lepanto. the Bank of Leachvile and the Bank of Pollard, the four institutions which were closed and taken over by the state banking department Tuesday were said in official statements. to have been affected by the closing Monday of the American Exchange Trust company of Little Rock. B. Banks. president of the American Exchange Trust company, one of the largest financial institutions in the state, Tuesday continued his conferences with boards of the out-state banks in which he holds large He reiterated his earlier reassuring statements that the small banks would reopen soon as their boards had obtained pledges from the communities. or by outside capital, against run Most officials felt any attempt to open one of the suspended banks as early as Wednesday might be met by heavy run Financial leaders agreed that difficulties of Caldwell and company. Nashville, Tenn., bankers. who were placed in the hands of a receiver last week, were responsible for the wave of financial hysteria. In few days after Caldwell and company receivership. more than $4,000,000 was withdrawn from the American Exchange Trust company. Senator Joseph T. Robinson pointed out. Lafayette, Nov. 18 (P).-Dr. W. S. Dearmont, professor of psychology and education at Southwestern Louisiana institute here, has been named by Dr. E. L. Stephens, president of Southwestern, as dean of the college of education subject to ratification by the state board of education. Doctor Dearmont succeeds Dean J. M Smith who has been elected president of Louisiana State university Both Doctor Smith and Doctor Dearmont have taken up their new duties. Doctor Dearmont has been connected with Southwestern since 1922.

3. November 25, 1930 The San Francisco Examiner San Francisco, CA
Article from The San Francisco Examiner, November 25, 1930

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Article Text

Five Arkansas Banks Reopen for Business LITTLE ROCK reopening five banks. suspended and the pension for five days three others, reported the State Banking Department today. Those reopened the Peoples Bank Waldo, the Bank of Bank of Knobel. the Citi State Bank Monette. and the Viola State Bank. Those suspended were the Bank Maynard. Cross County Bank Wynne. Bank of Glenwood. small institutions. Today's closings bring to seventy the number which have suspended. closed for liquidation, in Arkan during the last week.

4. 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.

5. November 26, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 26, 1930

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Article Text

Three Additional for Business Open Reopening Institutions Are Bank of Ozan, Bank of McNeil and Bank Of Stamps Little Nov. additional banks that last today bring to ten the number reopenings among the closed suspended banks during past week. Those reopening today The Bank Ozan, the Bank and the Bank of Stamps. The Little Rock, Nov. banks that suspended payments last week reported to the state Banking Department yesterday and teight 10 more not officially reported to resume operation yesterday or today. General improvement in banking conditions throughout Arkansas was noted. despite the suspension three additional banks yesterday. They are Bank of Maynard Maynard, the Cross County bank Wynne the Bank Glenwood Glenwood, to total capital approximately $9,000. The Cross County bank, the largest the three, was capitalized $60,000. Its deposits of September 24 amounted $560,000. Deposits the Bank Glenwood were said be $168.000 and the Bank of Maynard $85,000. Banks reported by the Banking Department as yesterday included the Bank of Waldo and the Peoples bank Waldo. The Bank Manila, the State Monette and the Viola State bank Deposits amounting to $10,000 were made at the Bank Manila during the first hours of business yesterday morning. Depositors have signed time certificates agreeing to withdraw their funds installments at Intervals of nine, 12 and 15 months. Other banks scheduled to reopen yesterday today were the Grant County bank at Sheridan, the Bradley County bank at Hermitage, the Bank Harrisburg, Citizens bank Bald Knob, the Bank of McNeil, Columbia county. and the Bank of Ozan, Hempstead county. Steps toward reorganization of many closed last week being taken yesterday, additional openings probably will be ported during the week, officials the state Banking Department three small banks that yesterday make total that have stopped payments closed for liquidation the American Trust Company of Little Rock shut its week. majority the banks that have closed affiliated through Banks John chief bank examtner the state Banking Department, yesterday with an inventory collateral held by the Exchange Trust Company R. W. Rightsell, vice president the American Exchange Trust Company and manager the mortgage department announced that perowing interests or principal on notes held by the department are pected to make payments promptly They will receive notes coupons. Persons owning real estate notes held by the mortgage loan department receive payments when collections made. Mr. Rightsell said. The will look after collections, partment and taxes affecting loans carried when the bank suspended, but no loans will be made. MORGAN HONORED Oxford, England, Nov. Morgan received his degree Doctor of Civil Laws, the honor conferred England's oldest university