9235. Sullivan County Bank (Milan, MO)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 12, 1930
Location
Milan, Missouri (40.202, -93.125)

Metadata

Model
gpt-5-mini
Short Digest
39f56391576fce69

Response Measures

None

Description

The bank was closed by its board and turned over to the state finance department (May 12, 1930). Later (1931) the state commissioner advertises sale of the bank's assets, indicating it did not resume and was liquidated/handled by the state—consistent with a suspension followed by permanent closure/receivership. OCR corrected minor punctuation; no evidence of a depositor run.

Events (3)
1. May 12, 1930 Receivership
Newspaper Excerpt
was closed today by its board of directors and turned over to the state finance department, it was announced by S. L. Cantley, finance commissioner.
Source
newspapers
2. May 12, 1930 Suspension
Cause
Government Action
Cause Details
Closed by its board and turned over to the state finance department; commissioner cited slow loans and frozen assets as probable causes.
Newspaper Excerpt
The Sullivan County Bank, at Milan, was closed today by its board of directors and turned over to the state finance department, it was announced by S. L. Cantley, finance commissioner.
Source
newspapers
3. July 16, 1931 Other
Newspaper Excerpt
The SULLIVAN COUNTY BANK has some farms, city property, bank building, furniture and fixtures for sale... bids to be filed ... CANTLEY, Commissioner of Finance. By WM. M. SMITH, Special Deputy Commissioner in Charge.
Source
newspapers

Newspaper Articles (2)
1. May 12, 1930 Carthage Evening Press Carthage, MO
Article from Carthage Evening Press, May 12, 1930

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Article Text

MILAN, MO., BANK IS CLOSED TODAY 'Br The Associated Press) Jefferson City, May The Sullivan County Bank, at Milan, was closed today by its board of directors and turned over to the state finance department, it was announced by S. L. Cantley, finance commissioner. The bank had $220,800 total resources. No reason for the closing was given, but Cantley said slow loans and frozen assets probably were the cause.

2. July 16, 1931 The Milan Republican Milan, MO
Article from The Milan Republican, July 16, 1931

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Article Text

NOTICE The SULLIVAN COUNTY BANK has some farms, city property, bank building, furniture and fixtures for sale. We calling for sealed bids on bank building, furniture and fixtures, said bids to be filed in person with us the Sullivan County Bank building, or mailed to reach us not later than 12 o'clock noon, July 20, 1931, at which time the filing of bids will cease. reserve the right to any bids. CANTLEY, Commissioner of Finance. that By WM. M. SMITH, provision Special Deputy Commissioner in Charge.