First National Bank (Green Forest, AR)

View Charter #10422 on SPMC View balance sheet

Episode Information

Episode UID
1042201572
Episode Type
Run → Suspension → Closure
Bank Type
national
Bank ID
104220 national
Charter Number
10422
Start Date
December 17, 1930
Location
Green Forest, Arkansas (36.335, -93.436)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
28fb699e8871a929

Response Measures

Full suspension, Books examined

Receivership Details

Date receivership started
1931-01-21
Date receivership terminated
1931-05-02
OCC cause of failure
Other

Description

Closure linked to runs triggered by connection to the Hudspeth/American Exchange failures; federal examiners placed in charge.

Events (6)
1. July 14, 1913 Chartered
Source
historical_nic
2. December 17, 1930 Run
Cause
Local Banks
Cause Details
Gradual withdrawals following the December failure of the American Exchange Trust Co. and runs on Hudspeth-affiliated banks.
Measures
None reported prior to suspension aside from deposit withdrawals; conservative management noted earlier but unable to withstand withdrawals.
Newspaper Excerpt
Mr. Cliff Wood ... was in Berryville ... has been at Green Forest charge of the First National Bank, which suspended business, December 17.
Source
newspapers
3. December 18, 1930 Suspension
Cause
Government Action
Cause Details
Bank closed after heavy withdrawals and was placed in charge of federal examiners for liquidation/administration.
Newspaper Excerpt
The First National Bank at Green Forest also closed and has been placed in charge of Federal examiners.
Source
newspapers
4. January 21, 1931 Receivership
Source
historical_nic
5. January 21, 1931 Receivership
Source
newspapers
6. June 23, 1931 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (4)
1. December 19, 1930 St. Louis Post-Dispatch St. Louis, MO
Article from St. Louis Post-Dispatch, December 19, 1930

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Article Text

HEAVY RUN CAUSES CLOSING OF BANK AT MT. VERNON, ILL. Deposits at Time of Last Call Were $741,151 — Withdrawals of $40,000 in One Day. Special to the Post-Dispatch. MOUNT VERNON, Ill., Dec. 19.—The Jefferson State Bank failed to open its doors this morning, but it is thought it will be able to liquidate. In its report Sept. 30, the bank showed time and call deposits of $741,151. Heavy withdrawals in the last few weeks caused the bank to close. Withdrawals yesterday amounted to $40,000. Fourth Missouri Failure in Last Two Days. By the Associated Press. JEFFERSON CITY, Dec. 19.—The Bank of Canton, at Canton, in Lewis County, with total resources of $330,936, was closed today by its board of directors and placed in the hands of the State Finance Department, following heavy and constant withdrawals, it was announced here. The bank's last statement to the department showed deposits of $268,898 of which $12,696 were public funds; loans, $196,632; capital stock, $20,000; surplus, $13,000; undivided profits, $3529; bills payable, $25,000. G. L. Martin is president and S. F. Hoerer cashier. The Union Savings Bank at Monroe City, in Monroe County, with $445,095 resources was the first to close. Its notice to the Finance Department was followed by a notice from the Bank of Osage County, at Linn, and the State Bank of Collins, in St. Clair County. The Bank of Osage had $244,155 resources; $216,280 loans; $15,000 capital stock; surplus $10,000 and $25,000 bills payable. J. Pull Jones was president and T. A. Dubrouillet, cashier. No reason for the closing was given. The State Bank of Collins had $81,046 resources; $60,910 loans; $10,000 capital stock; $1200 surplus; $2099 undivided profits and $12,820 bills payable. W. J. Bard is president and O. E. Simms cashier. No reason for the closing was given. The Finance Department has not assigned an examiner for either the Linn bank or Collins bank. Heavy withdrawals were given as the reason for the closing of the Monroe City bank. The bank's last statement listed $261,880 loans, $60,000 capital stock, $6000 surplus, $3504 undivided profits, $311,570 deposits, $8000 bills payable and $14,397 other liabilities. J. D. Robey was president and G. E. Chipman cashier. Bank at Keithsburg, Ill., Fails With $430,000. Special to the Post-Dispatch. KEITHSBURG, Ill., Dec. 19.—The Citizens State Bank of Keithsburg with deposits of $430,000 closed yesterday. It was the only bank in town. Three Banks Fail in Northwest Arkansas; 13 in Two Days. Special to the Post-Dispatch. LITTLE ROCK, Ark., Dec. 19.—Three more banks in Northwest Arkansas, two state and one national, closed yesterday, bringing the number of depositories which have suspended in that section the past two days to 13. State Banking Commissioner Walter E. Taylor announced that the People's Bank at Berryville and the Farmers' and Merchants' Bank at Green Forest, with which A. T. Hudspeth is connected, failed to open for business and had been taken in charge by the Banking Department for liquidation. The First National Bank at Green Forest also closed and has been placed in charge of Federal examiners. Closing of the two institutions leaves Green Forest without a bank. The People's Bank at Berryville had deposits of approximately $177,000, according to its report to the Banking Department Sept. 24, and the Green Forest State Bank's deposits on that date totaled $158,660. Gradual withdrawals since Nov. 17 when the American Exchange Trust Co. of Little Rock closed, was assigned as the cause for closing the two banks. Hudspeth was a director in the Little Rock bank. State Senator F. O. Butt is president of the People's Bank at Berryville and Hudspeth is vice president. Bank With Deposits of $1,117,000 Closed at Canastota, N. Y. By the Associated Press. CANASTOTA, N. Y., Dec. 19.—Joseph A. Broderick, State Superintendent of Banks, today announced he has taken possession of the State Bank of Canastota, here, as a result of what he said appears to be unsound financial conditions. "Material losses on loans and investments," said Broderick, "have impaired the condition of the bank and rendered it advisable that this action be taken in order to conserve the assets in the interests of depositors." On Sept. 24, the bank reported gross deposits of $1,117,814. Elizabeth, N. C., Bank, With $1,094,225 Liabilities, Closes. By the Associated Press. ELIZABETH, N. C., Dec. 19.—The Savings Bank and Trust Co. of Elizabeth City, N. C., failed to open its doors for business today. Future action would be governed by the State Board of Bank Examiners, it was said. Officials said the

2. December 25, 1930 The Star Progress Berryville, AR
Article from The Star Progress, December 25, 1930

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Article Text

Closing of Hudspeth Interests North Arkansas Causes Withdrawals on Bank Here. The Peoples Bank here failed to Thursday morning of last it being closed by orders of the board of directors to surpress which had developed caused twelve banks of the Hudspeth chain in Marion, Boone, Carroll and Searcy counties closing on Wednesday. It is said that this bank is vent but that was not in position to withstand run, evidences which had been shown for eral days prior to its closing, due to being member of the Hudspeth interests, and it neces. sary for it to close for the protection of its depositors. While awaiting the re-organization of this bank, has hampered business some extent, however, Berryville has not been without banking facilities at any time the First National Bank has mained open during this period of financial unrest. The closing of the Peoples Bank came as surprise to many citizwho had seen the two Berryville institutions remain open through the period of bank closings over the state, and was believed that the banks of Berryville, and Carroll county would the financial storm felt generally in the state and nation. is understood that persistent and growing tendency toward withdrawals had been reducthe cash in this bank for days. Some depositors had also been reducing their balances in the bank to the point where closing for short time was the only remedy. The situation in this part of Arkansas, differs from closings in other parts of the state, wherein the assets of the bank remained tact through conservative management, and withdrawals alone can be blamed for the situation. Over 90 Arkansas banks have suspended or closed for liquidation since November 17, when the ican Exchange Bank and Trust Company at Little Rock, closed. About have reopened or re-organized. The banks involved in this suspension are: Citizens Trust Co., Harrison. First National Bank, Harrison. American Exchange, Leslie. First National Bank, Eureka Springs. Bank of North Arkansas, Ever- Citizens Bank, Yellville. Citizens Bank, St. Joe. Bank of Lead Hill, Lead Hill. First State Bank, Marshall. Bank of Alpena Pass, Alpena. Marion County Bank, Flippin, Bank of Pyatt, are branches of the Citizens Bank at Yellville. closed when the parent bank suspended. The First National Bank and the Farmers Merchants Bank Green Forest, which were also closed Wednesday, were independently owned, the controlling stocks owned by citizens of this county. Out of the six banks operating Carroll County, only two remain open, the First National here and the Bank of Eureka Springs. understood that the closed institutions will again in open short time.

3. December 25, 1930 The Star Progress Berryville, AR
Article from The Star Progress, December 25, 1930

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Article Text

Miss Cecil Stockberger of Huntsville was guest over the week-end of her cousin, Mrs. Avilla Johnson. Frank Hilburn of Oklahoma, spent Christmas here with his mother, Mrs. Laura Hilburn. Mr. and Mrs. Adis Patton of Oklahoma City, visited first of the week with Berryville relatives. The Misses Louise and Francis Fisher of Joplin, spent their holiday vacation here with their Brad Champlin. Whiteley who has been suffering from an attack of the flu for the past several days, has sufficiently recovered to be up. Mr. and Mrs. Ellis of Pittsburg, Kansas, spent Christmas here with their son, Ray Ellis and family. Mr. and Mrs. Albert Price and family of Springdale, were holiday guests of Berryvile relatives and friends. and Mrs. Neil Macey and litspent from Saturday unti! Monday with his mother, Mrs. Macy and his brother, Nile Macy at Yardell, Arkansas Mr. and Mrs. R. G. Daniel and little daughter, Naomi Hope and Mrs. Daniel's mother, Mrs. Naomi Denney, moved recently to Berryville from their farm near here. Roy Thompson of Tulsa, Okla., was called here last week on account of the death of his father, Thompson, mention of which is made in another column. Mr. and Mrs. Irvin Weaver and two children of Riverdále, Kansas, visited at the home of Mr. Weaver's sister, Mrs. N. Weaver last week. Mr. and Mrs. William B. Lackey of Linn Creek, Mo., arrived Sunday night for an indefinite stay with his grandfather, B. F. Murrow of Berryville. Larry Kent, little son of Mr. and Mrs. Clay Newman, who has been quite ill with pneumonia for the past several days, is reported much improved. Miss Byrd Freeman of Little Rock is guest this week of Mr. Mrs. Lem Kendall and Mr. and Mrs. Klute Braswell. Henry Wilson, sheriff elect, and family are moving this week to Berryville from Green Forest, and Mr. and Mrs. Jack Walker are moving to their farm west of town. Mr. and Mrs. Fred Boyer and two children, Lee Hill and Louise, left last Wednesday night for Hartman, for a week's visit with relatives. Mr. and Mrs. W. J. Bunch returned home Sunday from an extended visit with their son-in-law and daughter, Mr. and Mrs. Ike Garner and family at Longmont, Colorado. Dr. and Mrs. D. Roberts and two daughters, Roberta and Jimmy of Fayetteville, were guests Saturday night of Mrs. Robert's sister, Mrs. Deweese and family. Miss Martha Poynor, Chas. and Carl Boatright returned Monday from a visit with relatives and friends in Vinita, Okla. The Messrs. Boatright also visited in other points in Oklahoma and Kansas. Mr. and Mrs. Will Hodges have moved their cafe from the A. Child's buiding to the building on the east side of the square. Their business is now known as the Home Cafe. Rex Perkins and Billie Slusser, Arkansas University students, Fayetteville, are spending a few days vacation here, the former with his parents, Mr. and Mrs. Routh Perkins and the latter as a guest of Eliott Bobo. Mr. and Mrs. Denney and Miss Ruby Thurman, who spent the holidays here with Mrs. Denny and Miss Thurman's mother, Mrs. Thurman and other relatives, turned to their home in Miami, Oklahoma, Saturday. Mr. and Mrs. Kay Lange and lit. tle daughter, Peggy of Little Rock. and Mrs. Lange's sister, Miss Francis Marion Lieb, who is attending college there spent the holiday vacation here with their parents, Mr. and Mrs. C. M. Lieb. Hosea Leathers and family moved here recently from Green Forest and are occupying the Mrs. Martha Champlin place in the north part of town. Mr. Leathers has been appointed deputy prosecuting attorney for Carroll and Madison counties by the newly elected Prosecutor, W. Trihble. Miss Mary Burton George, teacher in the Tulsa, Oklahoma, schools, spent the Christmas vacation here with her brother, Pat George, and her grandmother, Mrs. George. Mrs. Annie George of Springfield, Mo., mother of Miss Mary Burton and Pat, was also guest in the George home here. Cliff Wood, federal bank examiner and formerly connected with the Peoples Bank here, was in Berryville, first of the week, visiting old friends. Mr. Wood has been at Green Forest charge of the First National Bank, which suspended business, December 17.

4. December 26, 1930 The Producers News Plentywood, MT
Article from The Producers News, December 26, 1930

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Article Text

TWELVE BANKS GO BROKE WEDN'SDAY Little Rock, Ark., Dec. 18.-The Peoples Bank at Berryville and the Farmers and Merchants Bank and the First National Bank at Green Forest closed today. A. T. Hudspeth, Little Rock financier, who had interest in 12 other banks in northwest Arkansas which closed yesterday because of heavy withdrawals was a director of the American Exchange Trust Company of Little Rock which closed last month. State banking department officials said his connection with the institutions caused the runs on the banks closing yesterday and today.