9753. Mississippi Bank & Trust Company (Jackson, MS)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
trust
Start Date
July 1, 1911*
Location
Jackson, Mississippi (32.299, -90.185)

Metadata

Model
gpt-5-mini
Short Digest
30cf35c6b0169da0

Response Measures

None

Description

Newspaper accounts (July–Nov 1911) report steady depositor withdrawals in weeks before July, followed by appointment of a receiver and liquidation (court-appointed receiver July 21, 1911). The clearing house had extended aid earlier. Later items describe the institution as suspended and in receivership and litigation involving state funds. Sequence: depositor run → suspension/receivership → liquidation/closure.

Events (3)
1. July 1, 1911* Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawals over several weeks due to the bank's poor financial condition (no dividends for two years, lack of patronage, declining deposits).
Measures
Jackson Clearing House Association extended aid from time to time; conference of clearing house members called to examine affairs.
Newspaper Excerpt
For several weeks depositors had been steadily withdrawing their accounts, the deposits decreasing from ... on June 3rd to about $120,000 at the time of failure.
Source
newspapers
2. July 21, 1911 Receivership
Newspaper Excerpt
Judge W. H. Potter was appointed receiver and assumed charge. The affairs of the institution will be liquidated. Assets estimated at $200,000 with deposits of $120,000.
Source
newspapers
3. July 21, 1911 Suspension
Cause
Government Action
Cause Details
A chancery bill by a stockholder led to court appointment of a receiver and immediate placement of the bank in receivership for liquidation.
Newspaper Excerpt
Acting on a bill of complaint filed in chancery by J. D. Harris, a stockholder and depositor, a receiver was appointed today for the Mississippi Bank & Trust Co. and the affairs of the institution will be liquidated.
Source
newspapers

Newspaper Articles (17)
1. July 22, 1911 The Pensacola Journal Pensacola, FL
Article from The Pensacola Journal, July 22, 1911

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Article Text

RECEIVER FOR A MISS. BANK AFFAIRS OF THE BANK & TRUST CO. OF JACKSON WILL BE LIQUIDATED BY ORDER OF THE COURT. By Associated Press. Jackson, Miss., July 21.-Acting on a bill of complaint filed in chancery by J. D. Harris, a stockholder and depositor, a receiver was appointed today for the Mississippi Bank & Trust Co. and the affairs of the institution will be liquidated. The bank's assets are estimated at $200,000 with deposits of $120,000. Judge W. H. Potter was appointed receiver and assumed charge.

2. July 22, 1911 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, July 22, 1911

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JACKSON BANK GOES TO WALL Mississippi Bank & Trust Company Placed In Hands Of ReceiverCrisis Came Friday. Jackson, Miss., July 22.-According to information gleaned from official sources, it will take several days to ascertain the exact financial status of the Mississippi Bank & Trust Company, which was placed in the hands of a receiver shortly after the close of business Friday. The Mississippi Bank & Trust Company had not paid a dividend for more than two years, but the local capitalists who were backing it did not withdraw their support, hoping and believing that it would be able to pull through. The Jackson Clearing House Association, fully cognizant of the status of its affairs, had extended aid from time to time, until matters reached a crisis Friday morning, and at a conference of members of the association, hastily called during the forenoon, it was decided to make a thorough examination of the affairs of the bank during afternoon, immediately following the close of business at one p. m., after which it would be determined whether to take over the assets and liabilities, liquidate affairs, and allow the institution to retire with honor from the field, or follow its own course to the inevitable end. For several weeks depositors had been steadily withdrawing their ac1counts, the deposits decreasing from it $271,751,58 on June 3rd to about $120,000 at the time of failure. e

3. July 22, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, July 22, 1911

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Article Text

Receiver Appointed Jackson, Miss., July 21.-Acting on a bill of complaint filed in chancery by J. D. Harris, a stockholder and de, positor, a receiver was appointed today for the Mississippi Bank and Trust company. and the affairs of the institution will be placed in liquidation. Judge W. H. Potter was immediately appointed as receiver, made the required bond and III assumed charge of the institution. The assets of the bank are estimated at $200,000 and the deposits $120,000.

4. August 3, 1911 Okolona Messenger Okolona, MS
Article from Okolona Messenger, August 3, 1911

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Article Text

Owes State $16,009.53. Jackson.-Governor Noel was notified by the state treasurer that the Mississippi Bank and Trust Company, of Jackson, which is in the hands of the receiver, is one of the state depositories, is due the state, according to the treasurer's books, $16,009.53, subject to a credit of an outstanding drait for $3,935.79, which may or may not have been paid. The governor notified the treasurer to make formal demand on the receiver for the full amount due by the bank, and if not paid immediately in notify the guaranty company.

5. August 4, 1911 Greene County Herald Leakesville, MS
Article from Greene County Herald, August 4, 1911

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STATE NEWS NOTES Weekly Budget of News Items Gathered by Our Special Correspondent at Jackson. TATISTICS FROM THE SENATORIAL JACKSON BANK CLOSED. PRIMARY FOR 1907. It Is Claimed That the Depositors Will ou Will Want These Next Tuesday Lose Nothing. Night While Waiting for the Jackson.-The Mississippi Bank and Returns. Trust Company, a Jackson corporation with resources of $307,724, of which Jackson.-So numerous have been the $163,552 represents individual deposits, quests for figures showing the vote was forced into the hands of a receiver st in the senatorial primary four years on the application of J. B. Harris, a pg that the figures are reproduced herestockholder. The court appointed Judge ith. W. H. Potter receiver and fixed his bond Williams. Vardaman. at $5,000. The collapse of the bank, dams 327 839 according to a statement issued by an leorn 732 1,293 official of the bank, is attributed to lack mite 970 630 of patronage. The directors issued a ttala 1,392 1,215 statement to the effect that the deposolivar 467 426 itors would not lose a cent through the enton 311 541 failure and that the stockholders would alhoun 524 1,374 realize something. arroll 923 970 "The liabilities of the bank in the way hickasaw 478 1,176 of deposits and other account amount hoctaw 970 476 to $200,000," is the statement made, and arke 536 876 if properly handled the assets will fully 457 814 lay realize that sum if not more. The adlaiborne 256 492 ministration of the receivership will be bahoma 246 454 economical, and with judicious manage1,431 opiah 1,164 ment it is expected that the institution 727 861 vington will be relieved of its present financial eSoto 569 578 embarrassment." ranklin 672 441 The bank carries a small amount of orrest 571 1,020 state and municipal funds, both of which reene 407 249 are protected. renada 437 437 The statement of the bank filed with ancock 371 781 the state auditor on July 5 showed the 739 arrison 1,336 capital stock of the bank to be $100,000. inds 1,125 1,723 There was no surplus. The undivided 993 769 olmes profits of the bank, less expenses and 97 28 saquena tares, were $2,866; individual deposits 798 awamba 1,116 subject to check, $163,552; time certifi886 452 ckson cates of deposit, $17,866; due other 896 615 sper banks, $3,438, and bills payable and 600 238 efferson Davis rediscount, $20,000. 1 160 1197

6. August 4, 1911 Greene County Herald Leakesville, MS
Article from Greene County Herald, August 4, 1911

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Article Text

Owes State $16,009.53. Jackson.-Governor Noel was notified by the state treasurer that the Mississippi Bank and Trust Company, of Jackson, which is in the hands of the receiver, is one of the state depositories, is due the state, according to the treasurer's books, $16,009.53, subject to a credit of an outstanding drait for $3,935.79, which may or may not have been paid. The governor notified the treasurer to make formal demand on the receiver for the full amount due by the bank, and if not paid immediately to notify the guaranty company.

7. August 4, 1911 The Aberdeen Weekly Aberdeen, MS
Article from The Aberdeen Weekly, August 4, 1911

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Article Text

JACKSON BANK CLOSED. It Is Claimed That the Depositors Will Lose Nothing. Jackson.-The Mississippi Bank and Trust Company, a Jackson corporation with resources of $307,724, of which $163,552 represents individual deposits, was forced into the hands of a receiver on the application of J. B. Harris, a stockholder. The court appointed Judge W. H. Potter receiver and fixed his bond at $5,000. The collapse of the bank, according to a statement issued by an official of the bank, is attributed to lack of patronage. The directors issued a statement to the effect that the depositors would not lose a cent through the failure and that the stockholders would realize something. "The liabilities of the bank in the way of deposits and other account amount to $200,000," is the statement made, and if properly handled the assets will fully realize that sum if not more. The administration of the receivership will be economical, and with judicious management it is expected that the institution will be relieved of its present financial embarrassment." The bank carries a small amount of state and municipal funds, both of which are protected. The statement of the bank filed with the state auditor on July 5 showed the capital stock of the bank to be $100,000. There was no surplus. The undivided profits of the bank, less expenses and tares, were $2,866; individual deposits subject to check, $163,552; time certificates of deposit, $17,866; due other banks, $3,438, and bills payable and rediscount, $20,000.

8. September 22, 1911 The Hattiesburg News Hattiesburg, MS
Article from The Hattiesburg News, September 22, 1911

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Special to The News. Jackson, Miss., Sept. 22. -Attorney General Hudson today served notice upon the receivers of the defunct Mississippi Bank and Trust Company of this city that the state would today or tomorrow file a formal claim to the sum of $2,098.45 as "unearned interest" which the bank is claimed to have gotten from the state upon a loan of two hundred thousand dollars in 1905 made by Governor Vardaman. General Hudson claims that the notes for the money were antidated, and that the bank was not entitled to this much money. The formal petition will claim a refund under section 3485 of the code and suit will be filed in the Chancery court. As the statute of limitation does not run against the state, as public funds are made by

9. November 19, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 19, 1911

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SENSATIONAL SUIT AGAINST VARDAMAN Asked to Come Into Court and Explain About Funds Jackson, Miss., November 18. - -Alleging that when he retired from office in 1908 several state funds were not fully accounted for, suit was filed in the chancery court of Hinds county late today seeking to have former Governor, now United States Senator, James K. Vardaman, come into court and make explanation. The suit was filed by Attorney General A. S. Hudson. The Mississippi Bank and Trust company, now suspended, as the institution in which Mr. Vardaman kept his personal as well as official deposits, is made co-defendant. The bill alleges that several thousand dollars are unaccounted for; that the former governor made over charges and doubled charges in rendering expense accounts for visits to state institutions and that public moneys and his private bank accounts were mixed. The funds for which an accounting is demanded are the contingent fund, the Spanish-American war fund, the Meridian cyclone relief fund and a deposit of $2,098.45 with the Mississippi Bank and Trust company and $1,740.33 with the Merchants Bank and Trust company covering interest on back date bonds.

10. November 19, 1911 The Times Dispatch Richmond, VA
Article from The Times Dispatch, November 19, 1911

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EXPLANATION IS SOUGHT Former Governor Vardaman Asked to Give an Accounting. Jackson, Miss, November 18.-AllegIng that when he retired from office in 1908 several thousand dollars in State funds were not fully accounted for, suit was filed in the Chancery Court of Hinds county late to-day seeking to have former Governor. now United States Senator. James K. Vardaman make an explanation. The suit was filed by Attorney-General A S Hudson. The Mississippi Bank and Trust Company, now suspended, as the in stitution in which Mr. Vardaman kept his personal as well as official deposits, is made co-defendant. The bill alleges that the former Governor made overcharges and double charges in rendering expense accounts for visits to State institutions, and that public moneys and his private bank accounts were mixed.

11. November 19, 1911 New-York Tribune New York, NY
Article from New-York Tribune, November 19, 1911

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VARDAMAN SUED BY STATE Mississippi Senator Asked to Account for Funds. [By Telegraph to The Tribune. Jackson, Miss., Nov. 18.-In the name of the state, Judge L. Brame this afternoon filed suit in chancery against Senator-elect James K. Vardaman, the Mississippi Bank and Trust Company and its receiver. The object is to compel an accounting of the contingent fund, the Spanish-American War fund and other public moneys alleged to have been received by Vardaman when he was Governor, from January, 1904, to January, 1908. The suit further seeks to recover interest on the state bonds sold in 1906, and which were antedated. It is charged that interest on the bonds was collected, but not accounted for; that overcharges and double charges were made, and that the public moneys were mingled with Vardaman's personal funds. The state asserts he is indebted to it in a large amount. Charges that Vardaman had been care4 less in handling the state funds played a sensational part in the recent Mississippi campaign, in which Vardaman so decisively defeated Senator Percy and Mr. Alexander, another powerful opponent. It had been rumored for some days that the suit would be filed, but the legal recording of the document caused a tremendous sensation.

12. November 20, 1911 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, November 20, 1911

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Vardaman Asked to Account for Money PACKSON, Miss., Nov. 19.-Alleging that when he retired from office in 1908 several thousand dollars in state funds were not fully accounted for, Bult was filed in the Hinds county court today. seeking to have former governor, now, Senator James K. Vardaman, make explanation. The suit was filed by Attor. ney General A. S. Hudson The Mississippi Bank and Trust company now suspended, as the institution in which Mr. Vardeman kept his personal as well as offical deposits, is made codefendant. The bill alleges that the former governor made overcharges and double charges in rendering expense accounts for visits to state Institutions and that public money and his private bank accounts were mized.

13. November 21, 1911 The Herald and News Newberry, SC
Article from The Herald and News, November 21, 1911

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SUIT AGAINST VARDAMAN. Explanation Sought of Former Governor Concerning Public Funds. Jackson, Miss., Nov. 18.-Alleging that when he retired from office, in 1908, several thousand dollars in State funds were not fully accounted for, suit was filed in the chancery court of Hinds county late today, seeking to have former governor, now United States Senator James K. Vardaman, make explanation. The suit was filed by Attorney General A. S. Hudson. The Mississippi Bank and Trust Company, now suspended, as the institution in which Mr. Vardaman kept his personal as well as official deposits, is made codefendant. The bill alleges the former governor made overcharges and double charges in rendering expense accounts for visits to State institutions, and that public moneys and his private bank accounts were mixed.

14. November 22, 1911 Keowee Courier Walhalla, Pickens, SC
Article from Keowee Courier, November 22, 1911

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Ugly Charges Against Senator. Jackson, Miss., Nov. 18.-Alleging that when he retired from office in 1908 several thousand dollars in State funds were not fully accounted for, suit was filed in the chancery court of Hinds county late to-day seeking to have former Governor, now United States Senator, James K. Vardaman, make explanation. The suit was filed by Attorney General A. S. Hudson. The Mississippi Bank & Trust Co., now suspended. as the institution in which Mr. Vardaman kept his personal as well as his official deposits, is made co-defendant.

15. November 23, 1911 The Caucasian Raleigh, Goldsboro, Clinton, NC
Article from The Caucasian, November 23, 1911

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SEN. VARDAMAN SUED Charged With Falsifying His Expense Accounts and not Accounting for Funds Suit Filed by Attorney-General of Mississippi Against Former Governor of That State-Several Thousand Dollars of the State's Money Not Fully Accounted For. The Attorney-General of MississipDI has filed suit against ex-Governor James K. Vardaman, the former spectacular Democratic Governor of Mississippi, charging him with falsifying his expense accounts and with not properly accounting for certain public funds. An Associated Press dispatch sent out from Jackson, Miss., Saturday night says: "Alleging that when he retired from office in 1908 several thousand dollars in State funds were not fully accounted for, suit was filed in the Chancery Court of Hinds County late to-day, seeking to have former Governor, now United States Senator Jas. K. Vardaman make explanation. The suit was filed by Attorney-General A. S. Hudson. The Mississippi Bank and Trust Company, now suspended, as the institution in which Mr. Vardaman kespt his personal as well as official deposits, is made codefendant. The bill alleges that the Former Governor made overcharges and double charges in rendering expense accounts for visits to State institutions and that public moneys and his private bank accounts were mixed."

16. November 28, 1911 The Birmingham Age-Herald Birmingham, AL
Article from The Birmingham Age-Herald, November 28, 1911

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WANTS TO LEARN ABOUT ANCESTORS Californian in Jackson the Past Week Tracing Relations on Maternal Side Jackson, Miss:, November 26.-(Special.) Mr. Mortimer Lindley, a prosperous citizen of Sacramento, Cal., has been in Jackson in an effort to complete and fill in a few missing links in his family tree. Mr. Lindley's mother had lived in Jackson 60 years ago, having come here with her parents and being known as Miss Belle Arrrington, but he found few if any who remembered the family. It is understood that when the grand jury meets here the first Monday in December a demand will be made on the receivers of the Mississippi Bank and Trust company for its books and records, with a view to ascertaining whether or not deposits were received after it was known the institution was insolvent. Reports from Columbus and other points are to the effect that Miss Estelle Smith, daughter of C. R. Smith, the wealthy Lowndes county planter who shot and killed a drummer named Laurent on the depot platform at Artesia three or four years ago, and who is now serving a life term on the penitentiary farms is circulating a petition asking that her father be sent tothe State Hospital for the Insane for treatment, that being her first move for a pardon. J. Q. Robins, president of the First National Bank of Tupelo, has offered a prize of $100 for the Corn club boys of his county, and it is stated that other citizens of the community will augment that by generous additions, that the Lee county boys will have something in the way of prizes well worth striving for next year. W. D. Griffing of near Hamburg, Franklin county, has made some interesting and valuable experiments in tobacco culture this year, and is fully convinced that Southwest Mississippi is the natural habitat of the tobacco plant. He grew Burley, Sumatra and Havanna varieties, finding that all of them did well and were adapted to that section as a money crop.

17. November 30, 1911 The Bamberg Herald Bamberg, SC
Article from The Bamberg Herald, November 30, 1911

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Shortage Charged Against Vardaman. Jackson, Miss., Nov. 24.-Alleging that when he retired from office in 1908 several thousand dollars in State funds were not fully accounted for, suit was filed in the chancery court of Hinds county seeking to have former governor, now United States senator, James K. Vardaman, make explanation. The suit was filed by Attorney General A. S. Hudson. The Mississippi Bank and Trust company, now suspended, as the institution in which Mr. Vardaman kept his personal as well as official deposits, is made co-defendant. The bill alleges that the former governor made over-charges and double charges in rendering expense accounts for visits to State institutions and that public moneys and his private bank accounts were mixed.