First State Bank (Osceola, AR)

Episode Information

Episode UID
81069171571
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
8106917 routing
Routing Number
81-0691
Start Date
November 17, 1930
Location
Osceola, Arkansas (35.705, -89.970)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
231ae49bae94454b

Response Measures

None

Description

Bank closed Nov 17, 1930 as part of the B. Banks chain suspensions and was placed in receivership in December 1930.

Events (2)
1. November 17, 1930 Suspension
Cause
Local Banks
Cause Details
Closed on orders from the parent office/American Exchange & Trust collapse to prevent runs on affiliated Banks chain institutions.
Newspaper Excerpt
The First State bank of Osceola failed to open its doors this morn... notice placed on the door of the closed institution stated that officials of the bank had suspended the business the bank for five days.
Source
newspapers
2. December 11, 1930 Receivership
Newspaper Excerpt
Herbert Parker... has been appointed by the State Banking Commissioner as receiver for the defunct First State Bank at Osceola. The bank closed during the collapse of Banks chain banks, being one of the chain.
Source
newspapers

Newspaper Articles (16)
1. November 17, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 17, 1930

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First State Bank of Osceola Closes Louisiana and Mississippi Farm Areas Suffer nado Losses. NATCHEZ, Miss., Nov. 17 (UP) tornado which ripped through the della section of Louistana and late Saturday night killed at least five persons and in. jured of others Because of the isolation of the section where the storm Lift and the damage to communication the number of dead and injured could not be definitely white woman and four negroes known to dead. The man. Mr: George Dayls, 25. was Instantly killed in her home her baby in her when her house The child injured. Four negroes were killed Crewville, when they were hurled many by the force of the wind. Numerous farm dwellings were demolished and estimated number of killed through1.10 rich

2. November 17, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 17, 1930

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The Situation Here Is Sound There is no reason for residents of Blytheville to become alarmed because of the situation that has developed in the affairs of 11 chain of Arkansas banks in which, until very recently, Caldwell and Company, Tennessee investment bankers now in the hands of a receiver, were interested. The Caldwell failure, the suspension of the A. B. Banks banks, can have no possible effect upon our local banks. Not only are they independent of any conceivable adverse outside influence, but they are in exceptionally sound condition. They are collecting crop loans almost 100 per cent, they have kept their assets in such form as to enable them to meet depressed business conditions with confidence. It is be hoped and, we believe, expected, that the closing of the First State bank of Osceola will result in no permanent loss to its depositors. Information available today is that this bank, along with others in the Banks chain, is solvent but was closed out of fear that closing of the American Exchange Bank and Trust company might result in a run upon affiliated institutions. Whatever the outcome there, however, the thing for every resident of Blytheville and Mississippi county to do is to tend to business as usual. We have pulled through one of the worst crop years in our history in better condition than almost any other county in the state. If we keep our heads and look to the future we can count on pulling out of our present difficulties in the not very distant future. We can't do it by permitting hysteria to supplant common sense in our reaction to occurrences elsewhere which really have no vital bearing upon ourselves.

3. November 17, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 17, 1930

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Mississippi County Institution One of 33 in Banks Chain. The First State bank of Osceola falled to open its doors this mornThe bank member of the Banks chalm of which the parent bank, the American Exchange Bank and Trust company at Little Rock, and 3L other affiliated banks also fulled to open this morning. notice placed on the door of the closed institution stated that officials of the bank had suspended the business the bank for five days. The First State bank was of the old Citizens bank by the Banks company several years ago. number of Osceola men are ulso directors of the bank, understood. A check-up today revealed that over on deposit with the First State bank by various counoffices Of this amount deposited with the bank by the county treasurer. which is covered depository bonds with the Home Insurance and Accident company Little Rock the extent of $65,000 Approximately was on deposit the bank the sheriff's office. This Riso covered by surebond. W. W. Hollipeter, circuit court clerk, had $1,000, which he had been ordered by the chancellor to hold, on deposit with the bank. Total deposits all classes with the bank according to its last stated. cashier could not statement reported that the First State bank closed by orders from the parent office at Little Rock because of the conditions created the closing other and to prevent on the bank. Local affairs the bank were good shape, Little excitement attended closing the bank according reports Buspension of business on the part the First State bank had or no effect on the Bank Osceola,

4. November 17, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 17, 1930

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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 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 dis patch 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, Henlena; 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 Wabsseka, Wabaseka: Grant County Bank, Sheridan; Exchange Bank and Trust Company, Dermott, Bank of Fordyce, Fordyce; Exchange Bank of Dermott. and Sheridan, clased at noon, due to heavy runs this morning.

5. November 20, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 20, 1930

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Banks To Open In Mississippi County Belief Nov. Three Mississippi County banks that closed in two days may sume business before the five day suspension law limit is and general optimism is felt throughout the county There have been only few withdrawals of deposits from banks of this city the other bank in Oscoola The closed banks are the First State Bank of Osceola, the Bank of Manila and the Bank of Leachville The Bank of Leachville announced today through its president Roderick that plan has been worked out with the deposttors signing time certificates pledging themselves to allow per cent of their deposits remain in the bank subject to withdrawals according to determined ratio of 12. 18 and 24 months. There said be ample money on hand to pay the 25 per cent with proximately $30,000 in cash. Deposits total about $105,000. Mr. Roderick That hopeful of opening the institution was expressed this afternoon by W. W Shaver of this city, sheriff of Mississippi County and president of the Bank of Manila which closed doors in fear of run after the Leachville bank suspended business yesterday. He has not announced his plan. Two three plans are being for the recpening of the First State Bank of Osceola which Monday on orders from Rock as one of the institutions, The most practical of these will begannounced by Summers, cashier. said today

6. November 21, 1930 Paragould Soliphone Paragould, AR
Article from Paragould Soliphone, November 21, 1930

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Hannibal Mississippi County Banks Plan Closes Doors, to Open Made Leachville Depositors Pave Statement is Way for Institution's Opening Blytheville, Nov. Mississippi County banks that closed days may resume bethe five day suspension law limand general optimism throughout the county There have been only few withdrawals of deposits from banks of this and the other bank Osceola. The banks are the First State Bank closed Osceola, the Bank of Manila and the Bank of Leachville. The Bank of Leachville announced through its president, Roderick, that plan been worked out with the depositors signcertificates pledging themselves allow 75 per cent their deposits remain the bank subject withdrawals according to ratio of 12, 18 and months. said to ample hand to pay the 25 money on $30,000 cent Deposits total about $105,000 Roderick said. of opening the That he hopeful institution was expressed this afterShaver this city, by Mississippi County and sheriff of the Bank Manila president which closed its doors fear of after the Leachville bank súsrun business yesterday. He has pended not announced his Two or three plans are being considered for the reopening the First State Bank of Osceola which closed Monday on orders from Little of the Banks ComRock one The most pracpany's of these will be by cashier, said Friday, believed that the yesterday. complete proposed plan with local interests purorganization stock the Banks chasing and that will Company support of Osceola citizens. solely on Withdrawals After Heavy Closing of Quincy, Bank, Given As Cause Mo., Nov. Jefferson Hannibal Trust company of with total resources of Mo., today by the board of closed the State Finance department announced. department said that heavy withdrawals following the closing bank Quincy, Ill., accross Mississipp: river from Hannibal, was the cause.

7. November 21, 1930 The Daily Dunklin Democrat Kennett, MO
Article from The Daily Dunklin Democrat, November 21, 1930

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PLAN TO RE-OPEN CLOSED THIS WEEK ARK. Nov. Three Mississippi County banks that closed two days may business before the suspension law limit optimism felt throughout the There have been only few withdrawals of deposfrom banks this and the other bank The closed banks the First State Bank Osceola, the Bank the Bank The Bank of announe today through president. Roderick. that plan has been worked out with the depositors signing certificates pledging themselves 75 per of their deposits remain in the bank subject withdrawals cording determined 12. and There to ample hand pay the cent approximately cash. total about Mr. Roderick said. That hopeful opening the institution expressed this afternoon by Shaver of this city. sheriff Mississippi County president of the Bank of Ma which closed doors in of after the Leachville bank suspended business yesterday. He has not announced his plan. Two three plans being for reopening the First State Bank Osceola, which was closed Monday ders from Little Rock of the Banks Company's institutions. The most practical these will announced by said today. is that the proposed plan will be complete reorganization with local interpurchasing the stock the Banks Company and that will depend solely on support Osceola citizens.

8. December 11, 1930 The Sun Jonesboro, AR
Article from The Sun, December 11, 1930

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HERBERT PARKER RECEIVER OSCEOLA BANK Herbert Parker, well known Jonesboro druggist, has been appointed by the State Banking Commissioner as receiver for the defunct First State Bank at Osceola. The bank closed during the collapse of Banks chain banks, being one of the chain. It had deof posits Parker will devote part of his Mr. time to the work in Osceola.

9. December 13, 1930 The Courier News Blytheville, AR
Article from The Courier News, December 13, 1930

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Jonesboro Man Named Osceola Bank Receiver OSCEOLA. Parkof Jonesboro, has been named receiver for the First State Bank Osccola and Is expected to begin the work of liquidation of the bank Immediately. The First State Bank. associated with the B. Banks group, closed its doors November followthe closing of the parent bank of the chalu. the American Exchange Trust company. Little Rock. Banks was president the !ccal financial institution. Officials of the closed bank would not hezard predictions as to the amount that will be paid depos:tors through the liquidation but estimate that the loss will

10. January 17, 1931 The Courier News Blytheville, AR
Article from The Courier News, January 17, 1931

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Been Approved by Comptroller serve Board Members. The First National Bank of Blyclosed since resume business after stockholders meeting to February stated ning by Little, executive vice president the institution, followreceipt telegram from with the that the bank's application been given the approval the the currency and Informal approval the fed reserve Only the noc-ssity of obtaining from the stockholders formal inention of the bank's inoposal reduce capital stock from in the way opening. The law quires thirty notice to stockholders such meeting. and this notice was In the for the niceting for February The bank will reopen with number of changes In personnel: Mr. Little will remain In charge ns executive vice president. assistant for the year, will the cashier's desk. Roy Walton, long director of the bank and manager of the Jones Grocery company, be cashier. and Ford. nt one the with the old Bank of Blythe ville and later cashier of Paragould, now with the state banking department. be assistand teller. The new members of the bank's staff are well known In ville and in this territory. Mr. Snyder was cashier of the Bank Stecle before coming here, and that connected with City been resident twenty and has always been netive business; civic and church affairs. Mr. Ford has many friends here, dating back to time he was resident of Mr. Little, who with Joe Tenacs. president of the bank. Mamember of the and returned Inte yesterday after conferring with treasury department officials himself well satisfled with the results of the trip the national "While had hoped obtain authority to reopen the bank at an date." he "our eiple object. the obtaining authority resume has been Assets Approved While in Washington officers of the First National reviewed the bank's assets with treasury department officials and received report that the not only in shape to open but was actually soundcondition than many banks operating. The bank party made the trip to the capitol by automobile They report pleasant jeurney. ful for few thrills except dental to negotiations of mentain highways. While at this time fix definitely the date on which the bank the officers confident that will are few days the be within February meeting. the mean time the bank's new personnel will have nn opportunity to become with the institution's and with the duties which they will take over. the First Nationreduce to the bank of Mississippi county instlnumber tutions that victim to the wave of bank suspensions that swept Arkansas November December. The Bank of Manile. which closed for short resumed business several weeks The Bank of and First State Bank Osceola the been turned over to state have department for tion.

11. March 19, 1931 Jefferson City Post-Tribune Jefferson City, MO
Article from Jefferson City Post-Tribune, March 19, 1931

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OSCEOLA, March Banks, Arkansas' leading before the his banking chain yesterday by the Mississippi County Grand Jury on charge posits the First State Bank Osceola The was disclosed day by the sheriff's office here. Evidence presented the grand alleged the bank cashier, before bank here closed November exhibited purportedly signed by Mr. Banks, saying the was solvent and $100,000 cash for its use. Mr. Banks president the bank. The First State Bank's closing of suspensions failures which swept state testimony before state legislative and and in public statements, Mr. Banks in Tennessee Caldwell and Company Nashville and affiliated institutions caught extensive holdings in

12. March 20, 1931 Evening Star Washington, DC
Article from Evening Star, March 20, 1931

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BANKER IS INDICTED Receiving Deposits for Insolvent Institution Charged. OSCEOLA, Ark., March 19 (/P).-A. B. Banks, one of Arkansas' leading financiers before the collapse of his banking chain last November, was in-dicted Wednesday by the Mississippi County grand jury on a charge of receiving deposits in the First State Bank of Osceola while it was insolvent. Evidence presented the grand jury alleged the bank cashier, before the bank here closed November 17, exhibited a telegram, purportedly signed by Mr. Banks, saying the institution was solvent and $100,000 cash was available for its use. Mr. Banks was president of the bank. The First State Bank's closing was one of the wave of suspensions and failures which swept the State last November.

13. March 21, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, March 21, 1931

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NEW INDICTMENTS ACCUSE CALDWELL Davidson Grand Jury Charges Receiving Deposits. Baker, Nolan Gave Up Cash Few Days Before Collapse of Tennessee Bank. NASHVILLE, March 20 (A).-Two deposits made by the state less than two weeks before Caldwell & Co.'s Bank of Tennessee closed formed the basis for indictments returned by Davidson county grand jury today against Rogers Caldwell, president of the two institutions. Both indictments, each containing two counts, charged Caldwell with receiving deposits in an insolvent bank. The first count in each said Caldwell knew the institution was insolvent and the second said he had reason to believe it was insolvent. The deposits were made, the indictments said, by Highway Commissioner Robert H. Baker and Treasurer John F. Nolan. One abill said Baker deposited 500 of bridge funds on Oct. 28, 1930, and the other said Nolan deposited $50,000 of state general funds on Oct. 25. The bank suspended Nov. 5, and went into receivership Nov. 7. A week thereafter Caldwell & Co. went into receivership Criminal Court Judge Chester K. Hart set bond at $10,000 in each case. James E. Caldwell. Rogers Caldwell's father. and D. formerly assoclated with James E. Caldwell in the Fourth and First bank. pledged real estate valued at $30.000 and $25,000, respectively. as bondsmen. Caldwell is now under six indictments. which relate to alleged transactions at the Bank of Tennessee, two to operations of Caldwell & Co. and the Bank of Tennessee two to transactions at the Nabank tional The last named were returned by federal grand jury Greeneville. The jury at the same time jointly indicted Col. Luke Lea, Nashville publisher. and Basil Ramsey. president of the bank. Conviction for receiving deposits in bank with it an insolvent penitentiary of from one to five years if the deposit exceeds $25. ARKANSAS BANKER MAKES BOND IN BANK CRASH OSCEOLA. Ark., March 20 (/P).Six Osceola business men provided $2,000 bond today for A. B. Banks, fallen giant of Arkansas finance, and he returned to his home at Fordyce to prepare his charge that accepted deposits in an insolvent Mr Banks appeared voluntarily before Circuit Judge Neil Killough, who let no trial date S. Gladish. Mississippi county prosecutor. said the trial probably will held at the October term of circuit court Mississippi grand jury indicted Wednesday upon testimony that as president of the First State bank here he authorized the ceipt of deposits two days before the bank closed. Nov. 17. 1930. Then the time that Mr. Banks' state-wide chain fell with its parent American Exchange Trust of Little Rock oldest and largest bank in Arkansas, and 'bulwark of the smaller institutions. Two of three insurance companies he headed crashed during the same period. Then, too, was the time that Tennessee's great banking house, Caldwell & Co., collapsed at Nashville. In testimony before state commitMr. Banks blamed his disaster affiliation Rogers Caldwell, indicted head of the Tennessee house. Williams, one of Mr. Banks' bondsmen. is president of formerly rival institution, the Bank of Osceola, which is doing Others M. C. Ermen, Bickey, H. A. Hale and H B. Cartwright. Prosecutor Gladish said heavy routine docket likely will trial of Mr. Banks at the spring court term, now in progress.

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

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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.

15. July 26, 1932 The Courier News Blytheville, AR
Article from The Courier News, July 26, 1932

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Herbert Parker and McDearman orsed for Osceola Post. OSCEOLA Ark., July groups of depositors of the funct First State Bank and Bank of Osceola were circulating petitions to the state bank commitsskiners here yesterday seeking the appointment of successor to Finis E. Miller, receiver for the denly at his home In Rogers. Cne petitioner seeks appointment of Herbert Parker of Jonesboro, who was receiver for the First State Bank prior the fanof the Bank of when he resigned the position and Mr. Miller appointed 10 houdle the affairs of both banks. The other petition seeks pointment of McDearman cashier of the Bank of Luxora. Mr. Miller. former cashier of the Bank of Rogers. was named recelver for Bank of Osceola following its closing here last December. and shortly afterward also took over the affairs of the de funct First State Bank of Osceola While visiting family Regers few days ago sutfered stroke of appplexy and died Sunday morning. Nathan Deatsch. who has been associated with Mr. Miller here since als appointment last fall. temporarily charge of affairs of the two Institutions.

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

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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.