9684. Corinth Bank & Trust Company (Corinth, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
November 28, 1930
Location
Corinth, Mississippi (34.948, -88.514)

Metadata

Model
gpt-5-mini
Short Digest
61bb2adff0412f3f

Response Measures

None

Description

Articles (AP reports) state the Corinth Bank & Trust Co. was closed by its directors on Nov 28, 1930 after heavy/steady withdrawals. Nearby bank failures (People's Bank at Tupelo and other local closings) are cited as contributing causes. There is no mention of reopening in later coverage; the Dec 26 piece lists it among banks still closed several weeks ago, supporting permanent closure.

Events (2)
1. November 28, 1930 Run
Cause
Local Banks
Cause Details
Heavy/steady withdrawals triggered by local banking distress (announcement that People's Bank had shut its doors and other nearby bank closings).
Measures
Directors decided to close the bank for the protection of depositors (suspended operations).
Newspaper Excerpt
Directors of the Corinth Bank & Trust Co. announced today they had decided to close the bank because of heavy withdrawals.
Source
newspapers
2. November 28, 1930 Suspension
Cause
Local Banks
Cause Details
Bank was closed by directors due to heavy/steady withdrawals influenced by local bank failures and regional panic; listed among multiple northeast Mississippi banks closed in subsequent reporting.
Newspaper Excerpt
The Corinth Bank and Trust company, with deposits of $1,650,000, closed today.
Source
newspapers

Newspaper Articles (4)
1. November 28, 1930 Evening Star Washington, DC
Article from Evening Star, November 28, 1930

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Article Text

BANK IN MISSISSIPPI CLOSED BY DIRECTORS Institution at Corinth Suspended Due to Heavy Withdrawals of Funds, Is Report. By the Associated Press. CORINTH, Miss., November 28.-Directors of the Corinth Bank & Trust Co. announced today they had decided to close the bank because of heavy withdrawals. They said the decision was made for the protection of depositors. A recent statement showed depisits of $1,653,792.90. Officials of two other banks here reported business conditions were normal today.

2. November 28, 1930 Kenosha News Kenosha, WI
Article from Kenosha News, November 28, 1930

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Article Text

Banks Close in Four States Illinois Has Two Closings, Others Scattered Over United States Westfield, III.-(U.P)-The First National Bank here suspended business today. Officers announced that the institution's income was not sufficient to meet expenses. The bank has been operating for 25 years, and had deposits estimated at $325,000. Depositors will be paid in full, officials said. Hit by Withdrawals Corinth, Miss. The Corinth Bank and Trust Company, with deposits as of Sept. 24 of $1,650,000, closed today. Directors announced steady withdrawals had forced the action. Lock Missouri Bank Jefferson City, -(U.P.) The Knox county savings bank of Edina, was closed today by its board of directors. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open in that city. The savings bank had loans of $201,606 capital stock of $20,000, surplus of $10,000, and deposits of $276,398. Kentucky Has Another Middlesboro, Ky.-(U.P.) Citizens Bank and Trust Company failed to open today. A notice posted said there had been heavy withdrawals. Take Over III. Bank Benton, Ill.-(U.P)-The First Na. tional Bank of Benton failed to open for business today. A notice posted on the door of the bank said the institution was in the hands of the comptroller of currency. Resources of the bank were approximated at $2,000,000.

3. November 28, 1930 Evansville Press Evansville, IN
Article from Evansville Press, November 28, 1930

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Article Text

PROMINENT MUNCIE MAN DIES SUDDENLY ONE OF FOUNDERS OF AMERICAN LEGION DIES By United Press KANSAS CITY, Mo., Nov. 28 Col. Arthur J. Elliott, 48, one of the founders of the American Legion, died today after an acute heart attack. Four Banks Close By United Press CORINTH, Miss., Nov. 28.-The Corinth Bank and Trust company, with deposits of $1,650,000, closed today. By United Press JEFFERSON CITY, Mo., Nov. 28. -The Knox County Savings bank of Edina, was closed today. The institution was the second to close in Edina in the last two weeks, and leaves only one bank open. By United Press MIDDLESBORO. Ky., Nov. 28.Citizens Bank and Trust company failed to open today. By United Press WESTFIELD, Ill., Nov. 28.-The By United Press First National bank suspended MUNCIE, Ind., Nov. 28.-The business today. Depositors will be second unexpected death in one of paid in full, officials said. the wealthiest families in Muncie Deaths recorded at the city occurred yesterday when Carl Maltland Kitselman, 65, dropped health office Friday were: Elizabeth Kneubel, 83, of 16 E. Indidead while playing with his grandchildren. ana-st, bronchial asthma; Emma brother, Edwin Faye Kitsel- May Van Cook, one day, 1414 Codyman. died on Armistice day. st, premature birth.

4. December 27, 1930 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, December 27, 1930

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Article Text

LITTLE ORPHAN ANNIE- CLEARING HOUSE SLICES RATES TO MEMBER BANKS NEW YORK, Dec. 26 (A).-The New York Clearing house today announced a further reduction in interest rates which banks may pay on deposits, the third reduction this year Such action had been expected, particularly since the New York Federal Reserve bank reduced its rediscount rate from 2½ to per cent. The new rates become effective The rate on deposits of individuals has been reduced from 1½ to per cent., which compares with 2½ per cent. at the beginning of the year. Rate with member banks may pay on deposits of other banks has been reduced from 1½ to compared to at the start of the year, and on deposits of mutual savings banks to 1½ from 2 and from 3 per cent. at the first of the year. The rate on time deposits. up to six months unchanged per cent compared to 3½ January. This rate was last reduced on June 26. Bank Suspensions. MEMPHIS, Tenn. Dec 26 banks and branches in eleven northeast Mississippi towns were closed today. All were within a radius of about thirty miles, and the situation was described as local one by S. High. president of the People's Bank and Trust company of Tupelo, the largest of the closed banks Others were its two branches at Nettleton and Rienzi. the First National bank and the Corinth State bank. Corinth: the Ittawamba County bank, Fulton: the Bank of Sherman. Sherman: the Bank of Saltillo, Saltillo the Bank of Guntown Guntown: the Bank of Verona, Verona the Bank of Shannon. Shannon. and the Booneville Banking company Booneville All except the First National were state institutions Banking officials of the section expressed the hope most of the institutions would reopen within thirty days. Many attributed the closing to the announcement that the People's bank had shut its doors The People's bank was capitalized at $200,000 and its last statement showed deposits of about $1 700,000. The First National bank at Corinth, was capitalized at $100 000 and its last statement reported deposits of $1,018 710 20. The Corinth State bank. capitalized at $50,000, reported deposits of $288,759 Corinth was left without bank for the time Officials of both banks met to discuss suggestions for reorganization reopening The Corinth Bank and Trust company closed several weeks ago. Mr High said Tupelo. with two banks open for had no fears am informed that the remaining two banks got $400,000 in cold cash from the federal reserve and are ready for any eventuality he W. Sanders. president of the Booneville Banking company, was here last night He said plans for refinancing were nearly complete AUGUSTA Ga. Dec. 26 -The Union Savings bank here failed to open today and a notice posted on the door said had been placed in charge of the state superintendent of banks to conserve assets Gray, the president said the closing was due to withdrawals and the of the bank to collect loans rapidly enough to meet demand for The Union Savings bank on Nov. 26 had deposits of $873.061. with total resources of $1,174,840 It was capitalized at $100,000 RICHMOND Va., Dec. 26 E Bristow state commissioner of insurance and banking announced today the State Bank of Pamplin, in Appomattox suspended this morning pending meeting of depositors tomorrow morning Arkansas Bank Reopens. LITTLE ROCK, Ark., Dec 26 State Bank Commissioner Walter E Taylor announced the Citizens bank at Foreman Little River county. reopened today It suspended Dec 21. for five days. This brought to more than thirty the number of banks reopened in the state since Nov. 17. Since that date nearly 100 banks had closed.