9781. State Bank (McHenry, MS)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: November 17, 1911
Location: McHenry, Mississippi (30.708, -89.138)

Metadata

Model: gpt-5-mini
Short Digest: e428f0d1a5379847

Response Measures

None

Description

The bank experienced a temporary suspension in November 1911 due to an unexpected call of rediscounts and reopened within days. In March 1912 the bank closed again (March 22, 1912) and was placed in the hands of a receiver after allegations of long‑standing insolvency and later indictment of the cashier for embezzlement. The final outcome was receivership/closure, so overall classification is suspension_closure.

Events (5)

1. November 17, 1911 Suspension

Cause: Correspondent
Cause Details: Unexpected calling in of rediscounts left the bank short of funds for current business
Newspaper Excerpt: The State Bank of McHenry ... closed its doors Friday afternoon, causing something of a flurry ... The cause of the temporary suspension of business is understood to have been the calling in of some re-discounts which was unexpected
Source: newspapers

2. November 22, 1911 Reopening

Newspaper Excerpt: The bank will reopen for business Wednesday morning and everything is expected to run smoothly without any further embarrassment being experienced.
Source: newspapers

3. March 22, 1912 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Alleged long-standing insolvency (insolvent two years) and large insufficiency of assets; later allegations of embezzlement by the cashier
Newspaper Excerpt: The State Bank of McHenry, McHenry, Miss., which closed its doors last Friday.
Source: newspapers

4. March 25, 1912 Receivership

Newspaper Excerpt: J. I. Taylor was today appointed receiver of the state bank of McHenry, Miss., which closed its doors last Friday.
Source: newspapers

5. October 3, 1912 Other

Newspaper Excerpt: J. F. Bennett, former cashier of the State Bank of McHenry, was arrested ... on a charge of embezzlement ... The State Bank of McHenry closed its doors on March 22 last ... It is alleged that Bennett is short about $13,000.
Source: newspapers

Newspaper Articles (6)

1. November 20, 1911 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, November 20, 1911

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Article Text

M'HENRY BANK WILL REOPEN WEDNESDAY An Unexpected Call of Rediscounts Results in a Temporary Embarassment. McHenry, Miss., Nov. 20.-The State Bank of McHenry, McHenry, Miss., closed its doors Friday afternoon, causing something of a flurry in financial circles hereabouts, but it is learned that the embarrassment is only temporary and in nowise effects the solvency of the institution, which has been looked upon as one of the best small banks in this part of the state. The bank will reopen for business Wednesday morning and everything is expected to run smoothly without any further embarrassment being experienced. The cause of the temporary suspension of business is understood to have been the calling in of some re-discounts which was unexpected, and n leaving the bank for the moment short of sufficient funds for current busiV ness. There will be no change in the e officers of the institution for the present. and SO far as learned no blame atas taches to anyone conected with the nt bank for its temporary closing. Jas. F. Bennett is cashier of the bank and will continue to act in that capacity, ewhile Charles R. Saucier, president of nar the bank, will be in active charge. Mr. Saucier is one of the most subd, stantial citizens of the southern part he of the state, a man possessed of con ny siderable means and good business nk ck judgment, and his connection in an ac tive way with the bank is expected to restore and maintain confidence in its affairs and management. nd

2. March 26, 1912 The Birmingham Age-Herald Birmingham, AL

Article from The Birmingham Age-Herald, March 26, 1912

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Article Text

211,N-20T ST. TAYLOR RECEIVER FOR STATE BANK Gulfport, March 25.-J. I. Taylor was today appointed receiver of the state bank of McHenri, Miss., which closed its doors last Friday. Richard Griffin, Vicksburg, Miss,, who asked for a receiver, alleged in the bill of complaint that the bank had been insolvent two years; that it had only $3500 available to meet depositors' claims of $70,000. The bill stated that the liabilities were $128,750, with $63,500 assets.

3. March 27, 1912 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, March 27, 1912

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Article Text

STATE BANK SORELY Failure of McHenry Bank the Need of Legisl Subject. (By C. U. Por McHenry, Miss., Mar lorn crowd, with shipwr gathered in gloomy grou hour yesterday morning discuss the fate of the positors in the ill-fated State Bank of McHenry doors were closed and 5 33 sealed sometime during of Friday, the 22nd, in period of suspense terr G the arrival of the Daily I port which under the Henry Bank Again Clos the cheering message, Bank of McHenry has cl and J. L. Taylor of this ty to appointed by Chancello Id as receiver. J. L. Tayl today in the sum of tw dollars and left for M si10 bank's liabilities are pl $128,000 with assets of It is claimed the bank he solvent two years and th he have been falsified. TI ey ho 000." claimed to be owing de nd Insistent persistence leinsistence had failed to as the slightest intimatio Id, of the bank's affairs and nthad made the hearts as sick: so, the first intim ell cated above, fell with ful he fect upon the disturbed weary waiters therefor. ust The hardship imposed ho trons of this bank by t expected disclosure of i tenness, is peculiarly di hat of is the result of betray Repeated assurance ha ew to by its officials to depos bank was safe and so he risk of loss was incuri ant tors using it as a depos ubThe depositors regar tors as personal friend by in them perfect trust in est integrity, unquestioned for untarnished honor. Eve e a midnight melancholy of ies rugged honesty of the 1 tay tors is not for an insta imbut, to some of us the iesbeen patent, that the of board had immeasurab hat esty of purpose than kn to banking business. Wi all edge that the members im of directors could under dition of the bank's affa iew looking at the cover o rter they could by scanning ome We relied upon the im one honesty upon the mana bank's business for our e a

4. March 29, 1912 Atlanta Semi-Weekly Journal Atlanta, GA

Article from Atlanta Semi-Weekly Journal, March 29, 1912

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Article Text

Taylor Made Receiver GULFPORT, Miss., March 26.-J. I. Taylor was Monday appointed receiver of the State Bank of McHenry, McHenry, Miss., which closed its doors last Friday. Richard Griffith, Vicksburg Miss., who asked for a receiver, alleged in the bill of complaint that the bank had been insolvent two years; that it had only $3,500 available to meet depositors' claims of $70,000.

5. October 3, 1912 The Hattiesburg News Hattiesburg, MS

Article from The Hattiesburg News, October 3, 1912

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Article Text

FORMER CASHIER OF M'HENRY BANK ARRESTED J. F. BENNETT INDICTED FOR EMBEZZLEMENT-ALLEGED SHORTAGE OF $13,000. Gulfport, Miss., Oct. 3.-J. F. Bennett, former cashier of the State Bank of McHenry, was arrested yesterday at McHenry by a deputy sheriff on a charge of embezzlement. He gave bond for his appearance in the sum of $2,000 and was releasel. The arrest was made on an indictment returned by the recent grand jury. The State Bank of McHenry closed its doors on March 22 last, and was placed in the hands of a receiver on petition of B. W. Griffith of Vicksburg, one of the stockholders. The bank when it closed was alleged to owe about $70,000 to its depositors, and to have been insolvent for two years. It is alleged that Bennett is short about $13,000.

6. July 5, 1913 The Sea Coast Echo Bay Saint Louis, MS

Article from The Sea Coast Echo, July 5, 1913

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Article Text

NEW CITIZENS BANK OF McHENRY, MISS., Elects Officers, With R. R. Perkins as President-Bank to Open July 15thAt a meeting of interested parties held in McHenry Saturday, officers of the new bank to be opened in MoHenry ynd to be known as the Citizens Bank of McHenry, were elected as follows: Directors: R. R. Perkins and W. J. Gex, of Bay St. Louis; T. W. Milner, T. J. B. Kellier and Nat Owen of Gulfport; J. S. Adkinson, L. B. Godard and A, W. Ladnier, of McHenry. President, R. R. Perkins; vice presidents, Nat Owen and J. S. Adkinson. The cashier is yet to be elected. The bank will have a capital stock of $15,000 and expects to open for business about July 15th. The bank will be quartered in the same building and use the same fixtures formerly used by the State Bank of McHenry, now in the hands of a receiver, but the projected bank is entirely new and independent institution, having no connection with the bank which formerly existed in McHenry or with any other bank. The officers are all men of recognized financial standing.