9840. First National Bank (Pontotoc, MS)

View Charter #9040 on SPMC

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
9040
Charter Number
9040
Start Date
January 2, 1931
Location
Pontotoc, Mississippi (34.248, -88.999)

Metadata

Model
gpt-5-mini
Short Digest
8d78284a177bc09c

Response Measures

Full suspension

Description

Multiple contemporaneous articles (Jan 3, 1931) report a heavy run on the First National Bank of Pontotoc which led to its closing. Several pieces state withdrawals/heavy run forced closure; another article notes the bank was among five Mississippi banks closed and taken by State and federal authorities. Exact assignment of a receiver is not explicitly given in these excerpts but the bank was closed following the run.

Events (3)
1. February 21, 1908 Chartered
Source
historical_nic
2. January 2, 1931 Run
Cause
Local Banks
Cause Details
Withdrawals and a heavy run on the bank; contemporaneous runs/closures of other local Mississippi banks contributed to depositor withdrawals.
Newspaper Excerpt
city was left without bank today following the closing of the First National bank yesterday after heavy run.
Source
newspapers
3. January 2, 1931 Suspension
Cause
Government Action
Cause Details
Bank was closed/taken by state and federal authorities (closure following heavy withdrawals).
Newspaper Excerpt
FIVE MISSISSIPPI BANKS ARE CLOSED ... The closed banks were the First National Bank Pontotoc
Source
newspapers

Newspaper Articles (3)
1. January 3, 1931 The Courier News Blytheville, AR
Article from The Courier News, January 3, 1931

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Article Text

Van Buren County Bank Reopens for Business CLINTON ARK., Jan. (UP)The Van Buren County bank here resumed business today after agending for five days for readjustment of its affairs. The bank deposits of WASHINGTON ARK., Jan. Washington State bank at Washington closed Its doors today under the five day suspension provision of the state banking The institution was capitalized $25.000 and had deposits of $46,437 PONTOTOC. MISS., Jan. (UP) city was left without bank today following the closing of the First National bank yesterday after heavy run. Previously the Bank of Pontotec was closed.

2. January 3, 1931 The Burlington Free Press Burlington, VT
Article from The Burlington Free Press, January 3, 1931

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Article Text

FIVE MISSISSIPPI BANKS ARE CLOSED today given the reason for the closing five banks taken by State and federal The closed banks were the First National Bank Pontotoc, with posits $600,000 capital stock Bank stock Citizens Bank deposits 000 and capital Bank Derma deposits of $50,000 and capital.

3. January 3, 1931 Chattanooga Daily Times Chattanooga, TN
Article from Chattanooga Daily Times, January 3, 1931

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Article Text

LOCAL MARKETS Butter, and Ess Co.) candled colored Leghorn colored (up to lbs.) Stags lbs. Roosters Ducks 10c Butter Fruits and Vegetables. Quota Co. 88 Arkansas Blacks. 138 Rome Beauty fancy, bushels bushels Flemish extra fancy 2.75 Beauty, fancy. 110-120-135s extra Oranges. 126 Oranges, bushels Oranges. special Cranberries. Rhubarb. Canadian. 100 Tomatoes. Fla crate Cabbage. per 100 Brown Beauty 100 lbs. 100 round sweet. per bushel Onions. pounds Parsley dozen Lettuce dozen dozen Bank Suspensions. JACKSON. Miss., Jan. 2 (AP) Withdrawals by depositors today caused five Mississippi banks to close their doors. Combined deposits affected in the national bank, approximated The closed were the First National Bank of Pontotoc, deposits of $600,000 and capital stock of $125,000 Bank of Pontotoc, deposits. $534.000 and capital stock, $100,000; zens bank. deposits, $260.000 and capital $25,000; Bank of Blue with deposits of $179,000 and capital, Bank of Derma, with deposits of $50,000 and $10,000 capital. LITTLE ROCK, Ark., Jan. (AP) State Banking Walter E. ylor announce today the reopening of three banks. closing of one and suspension of another Those reopening were the Eudora bank as successor the closed Eudora Bank and Trust company, at Eudora: Bank of Salem. reorganized at Salem, and the Farmers bank, at Closing of the Interstate National bank at and suspension for five days of the Bank of Marvell, at Marvell. left Phillips county without a banking institution. MONTGOMERY, Ala., Jan. 2 (AP) Dent Green, of banks. announc late today that the Peoples bank, of had its doors. Supt. Green was informed by President W. Rudder that bank been today upon approval of the board of directors, asked that state banking department take over the firm's affairs. Capital stock was listed at $15,000, with surplus of Deposits on Nov. 20, 1930, were $61,880. Supt. Green attributed the bank's