9702. Commercial State Bank (Goodman, MS)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
March 25, 1931
Location
Goodman, Mississippi (32.970, -89.912)

Metadata

Model
gpt-5-mini
Short Digest
00f4fcaba231bb3e

Response Measures

None

Description

Articles (Mar 1931) describe depositors' meetings in Goodman to freeze deposits and a plan to reopen the Commercial State Bank after it had been closed (suspended) following connections with the suspended Merchants and Farmers Bank. No explicit contemporaneous bank run is described in these items — instead a suspension with a restructuring/freeze and planned reopening is described. OCR typos corrected (e.g., awkward word breaks); dates taken from newspaper publication (Mar 25–26, 1931).

Events (3)
1. March 25, 1931 Other
Newspaper Excerpt
Meeting Wednesday Endorses Plan to Freeze Commercial Deposits... large number present ... Gaulding, special agent of the state banking department, made known the conditions of freezing deposits. ... 30 the end the year Interest the rate of will be paid the frozen deposits ... dividends will be until all deposits paid full and on economical basis. (OCR smoothed).
Source
newspapers
2. March 25, 1931 Suspension
Cause
Local Banks
Cause Details
The Commercial State Bank had remained closed after being identified with/suffering from the suspension of the Merchants and Farmers Bank and Trust Co. (local bank distress); depositors agreed to freeze deposits to enable reopening.
Newspaper Excerpt
Depositor's meetings were held at Goodman for the Commercial State Bank Wednesday afternoon... indications point to re-opening of these two banks at any early date.
Source
newspapers
3. * Reopening
Newspaper Excerpt
PLAN REOPEN GOODMAN ... Meeting Wednesday Endorses Plan to Freeze Commercial Deposits ... The Commercial State Bank ... should reopen, Mr. Gaulding stated, under the agreement signed by large the depositors present ... Depositor's meetings were held at Goodman for the Commercial State Bank ... indications point to re-opening of these two banks at any early date. (Mar 25-26, 1931).
Source
newspapers

Newspaper Articles (3)
1. March 26, 1931 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, March 26, 1931

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Article Text

PLAN REOPEN GOODMAN Meeting Wednesday Endorses Plan to Freeze Commercial Deposits March 25 The opening State appeared likely today the large number present at depositors their to cooperate in opening February Meeting auditorium Holmes county nior college afternoon positors elected Skelton chairman and Meek, secreafter being led in prayer McDaniel. McMorrough, attorney for the bank, outlined position the bank before introducing Gaulding, special agent of the state banking department, made known the conditions of freezing deposits. Lindsay, Montgomery, and Bill Paulette made short the end an open discussion The Commercial State Bank entirely owes no other bank, dependent and should reopen, Mr. Gaulding stated, under the agreement signed by large the depositors present cent of the deposits be releasthe end of this year, cent the each two years and 30 the end the year Interest the rate of will be paid the frozen deposits the of the bank permit. The bank turn pledges out deposits warrant that dividends will be until all deposits paid full and on economical basis.

2. March 26, 1931 The Lexington Advertiser Lexington, MS
Article from The Lexington Advertiser, March 26, 1931

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Article Text

Local Students Will Compete in Regional Literary Examinations The Lexington High School will send a full delegation of student representatives to the literary contests of the Big Black Region to be held in Durant Saturday, March .28, according to announcemade today by Mrs. Effie Swittenberg, principal of the Lexington school. In the list of students selected for tests in the various examinations, the following will enter: Physics, Bennie Beall; Typing, Mary Ella Farmer; Ancient History, Alice Byrd; Modern History, Lucille Johnson; American History, Raford Herbert; Current History, William Gulledge: English Literature, Gladys Tate; American Literrature, Elma Heffner; Grammar, Louise Jordan: Composition, Lucille Gulledge; First Year Algebra, Juanita Terry; Second Year Algebra, Edrie Stewart; Geometry, Kerl Trull. The dates for the tennis matches will also be played this year. Selection of representatives, both boys and girls, in the divisions of singles and doubles, will find Lexington represented, stated Mrs. Swittenberg. Relative to the field and track meet of the Big Black Region that will be held in Durant, Saturday, April 4, Coach L. R. Thompson states that several entrants will be made from the various boys who are now out for track. Among them James Henley, Robert White, Ernest Huffstatler, Clarence Holloman, Dick Barrett and Herman Flowers. the officials of the Merchants and Farmers Bank and Trust Co., that they would agree to work for fifty percent of their former salarise and Morris Lewis, president would give his service as president without renumeration until the period outlined ended. Cards were passed out to depositors and the willingness to cooperate was pronounced as hundreds swarmed to the center desk and handed in the signed agreements. As soon as all cards are received the Merchants and Farmers Bank and Trust Co. will re-open and assume its place in the community where it has served for over twenty-six years as one of the leading financial institutions of Holmes county. Definite announcements of re-opening can not be made until the cards are all signed and placed in the hands of the department. This is expected to be soon and from present indications will be accomplished within a short time. Depositor's meetings were held at Goodman for the Commercial State Bank Wednesday afternoon, also by depositors of the Bank of West. They were largely attended and indications point to re-opening of these two banks at any early date. Both were identified with the Merchants and Farmers Bank and Trust Co. and have remained closed since the bank here suspended business.

3. April 20, 1961 The Lexington Advertiser Lexington, MS
Article from The Lexington Advertiser, April 20, 1961

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Article Text

THIRTY YEARS AGO $5,000 DEPOSITED DURING OPENING HOUR Holmes County began returning to its former financial standing in banking circles when the Bank of West re-opened for business with deposits totaling over $5,000 during the bank's first hour. Plans were completed by the state banking departments with the customers in agreement of "ireezing" deposits, similar to the arrangements made by the Commercial State Bank in Goodman and the Merchants and Farmers Bank and Trust Company of Lexington. The bank at West had formerly suspended business when the bank at Lexington had suspended, as it is identified with the local institution.