Commercial National Bank (Hattiesburg, MS)

View Charter #12478 on SPMC View balance sheet

Episode Information

Episode UID
1247801578
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
124780 national
Charter Number
12478
Start Date
June 2, 1931
Location
Hattiesburg, Mississippi (31.327, -89.290)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
859727c591af6ff3

Response Measures

None

Receivership Details

Depositor recovery rate
35.0%
Date receivership started
1931-06-12
Date receivership terminated
1936-08-14
Share of assets assessed as good
24.5%
Share of assets assessed as doubtful
48.8%
Share of assets assessed as worthless
26.7%

Description

Articles give slightly varying suspension dates (June 1 vs. June 2) but clearly show closure and federal receivership.

Events (4)
1. December 29, 1923 Chartered
Source
historical_nic
2. June 2, 1931 Suspension
Cause
Government Action
Cause Details
Bank closed and placed in federal receivership/declared insolvent in early June 1931.
Newspaper Excerpt
Speed in filing claims was urged today by Louis G. Selig, receiver for the Commercial National Bank which closed here on June 2.
Source
newspapers
3. June 12, 1931 Receivership
Source
historical_nic
4. June 12, 1931 Receivership
Newspaper Excerpt
Louis G. Selig, receiver for the Commercial National Bank ... have returned to Hattiesburg from Yazoo City, where they attended federal court yesterday.
Source
newspapers

Newspaper Articles (11)
1. August 15, 1931 Hattiesburg American Hattiesburg, MS

Article Text

Seen and Heard Here and There About the City Mr. and Mrs. Sid Blackledge, Mable street, are visiting at New Orleans. Mr and Mrs. Hulon Fairchild, Annette and Emmett, have returned to the city from New Orleans, where they visited relatives. Miss Lorene Cubley, deputy circuit clerk, was back at work today after a week's vacation, most of which was spent visiting friends in Meridian. Mrs. J. M. Boyd, Miss Jessie Boyd, who is executive secretary of the local Red Cross chapter, and S. W Boyd, Fourth avenue, have returned from the Gulf Coast, where they vacationed for the last several days. C. H. Scovill, local merchant, and son, C. M., plan to leave the city Sunday for points in Alabama, Florida and Georgia. C. M. will enter school at Alabama Polytechnic College at Auburn. Mr. Scovill will be gone for about 10 days. T. J Wills, George W. Currie, R. W. Heidelberg, T. C. Hannah, G. B. McDuff and Louis G. Selig, receiver for the Commercial National Bank, have returned to Hattiesburg from Yazoo City, where they attended federal court yesterday. The regular monthly meeting of the board of directors of the Hattiesburg Chamber of Commerce will be held Thursday instead of Tuesday, it was announced today by T. S. Jackson, secretary. The meeting date was changed, Mr. Jackson said, because of the fact that Mayor W. S. F. Tatum will be absent from the city Tuesday.

2. August 15, 1931 Hattiesburg American Hattiesburg, MS

Article Text

Selig Urges Claimants Tδ Speed Up Their Filing Speed in filing claims was urged today by Louis G. Selig, receiver for the Commercial National Bank which closed here on June 2. Mr. Selig said today that nearly half the allotted time has expired for persons with accounts involved in the closure to formally apply for settlements. The time limit for filing claims is October 21, 1931. Claim blanks are available at the bank building on Front street and may be obtained in person or by mail.

3. October 12, 1931 Hattiesburg American Hattiesburg, MS

Article Text

CHURCH PLANT SALE ORDERED Special Committee Hopeful Finances Can be Raised to Save Property Though foreclosure sale of the property of Main Street Methodist church has been ordered and set for November 2, in an order published by G. B. McDuff, substitute trustee, of the board of stewards of the congregation are seeking to refinance the obligation, it was said today. Failure to meet installments due on bonds and to pay interest is given as reason for the sale order. Appointment of Mr. McDuff as substitute trustee was, effected recently, the Commer National bank, which suspend business June 2, having been the original trustee. All land, buildings and fixtures of the church are listed in the sale order. These include the Sunday school annex building, a heating plant, interior furnishings of the church proper and other properties. Workers composing a general committee to canvass all members of the congregation returned their first reports last night to Dr. z. T. Johnson, chairman. The result of the first effort, Dr. Johnson said this morning, was that approximately one-third of the rank and file of the membership was interviewed and approximately one-fifth of the needed sum was raised. "We are confident that we will be able to raise the money necessary to hold the church property,' Dr. Johnson said this morning. "It is test of the membership's desire to hold the property and we feel sure the finances will be raised. An indebtedness of approximately $35,000 underlies the present financial condition of the congregation it is declared. The church property as a whole was pledged as security for indebtedness incurred when the Sunday school annex was built, the church proper having been free of obligation at that time. it is said. The action by the substitute trustee in advertising the property for sale was not unexpected by church officials, members of the congregation said. All were hopeful, however, that arrangements would be made for refinancing the obligation and confidence was expressed that the property would be held intact and in control of the church.

4. November 5, 1931 The Commercial Appeal Memphis, TN

Article Text

Closed Hattlesburg Federal Institution Pays Off Early. Approximately $150,000 will be paid soon the 2,000 depositors the Commercial National Bank which closed its doors, June 2. of this year, since has in it Louis Seling for the under authority of the the Payment of the dividend instead following the custom of deferring payment until the has mulated large sums accord instructions the federal treasthem dividends restore frozen funds Percentage of the dividend has not determined This first dividend expected to be by The bank the suspension had approximately $800,000 on deposit.

5. December 16, 1931 Hattiesburg American Hattiesburg, MS

Article Text

WEEMS IS SUED ON BANK STOCK Receiver for Commercial National Seeks to Collect $5000 By Associated Press) BILOXI, Dec. -Recovery of $5,000 from B. A. Weems, stockholder in the defunct Commercial National Bank of Hattlesburg, is sought in a suit filed in federal court here by Louis G. Selig, receiver The amount represents the par value of Weems stock in the bank. Mr. Weems is a resident of Purvis, Lamar county, but is in business here. He owned 50 shares of $100 par value in the Commercial National bank. The law provides for 100 percent collection from in federal bank failures and Mr. Weems is being sued by the receiver, who desires to collect the $5,000 alleged due on the stock, it was stated.

6. January 13, 1932 Hattiesburg American Hattiesburg, MS

Article Text

SUITS FILED BY RECEIVER Selig Action in Federal Court Seeks to Recover Alleged Illegal Tax Sums Suit for $11,706.79, representing alleged illegally collected taxes, has been filed in the United States court for the Southern district of Mississippi by Louis G. Selig, receiver for the Commercial National bank, against the City of Hattiesburg.

7. January 24, 1932 Clarion-Ledger Jackson, MS

Article Text

STATE OFFICERS IN COURTS EARLY Mandamus Filed Against New Auditor and Attorney General Here Two new state officials did not have long to wait before finding themselves defendants in one of those routine legal tangles in the courts. State Auditor Joe S. Price and Attorney-general Greek L. Rice were named defendants in mandamus proceedings filed in Hinds county circuit court yesterday by Louis G. Selig, receiver for the Commercial National bank of Hattiesburg, which is now in process of liquidation. The bank receiver seeks a mandamus writ directing the officials to refund the bank some $10,000 which it contends was erroneously paid into the Forrest county and state treasury in taxes for the years 1925-30 inclusive. The bank attacks the constitutionality of an assessment of the capital stock, surplus and undivided profits for those years. The receiver contends that a refund of $3,432.86 is due from the state treasury and $7,949.13 from the Forrest county board of supervisors.

8. April 14, 1932 Hattiesburg American Hattiesburg, MS

Article Text

SELIG ISSUES BANK REPORT Receiver for Commercial National Shows Condition of Liquidation Report for the Commercial National Bank of Hattiesburg, insolvent since last June 1 has been issued to the Comptroller of the Currency at Washington by Louis G. Selig, federal receiver in charge of the liquidation. The statement is the third quarterly accounting covering the first three months of 1932 and reveals the exact condition of the Commercial National Bank as of March 31 this year. Remaining assets are listed at $553,492.70, liabilities at $373,519.25 and dividends paid at $195,439.49. Other liabilities paid total $234,825.07. Since the date of suspension the total liabilities have been reduced $430,264.56. This amount represents what the receiver has collected from all sources. Dividends Deferred In ordinary words, here is the way the liquidation stands, as of March 31: The assets possible for collection are $553,492.70 out of which $373,519.25 must be obtained to pay off all creditors of the bank at 100 cents on the dollar. To the uninitiated person, this will appear to be rather easy to accomplish with the statistical margin of nearly $200,000 apparent from comparison of the two sums. But the remaining assets include all the accounts most improbable of collection—in other words, the virtually "worthless paper" which the bank held at the time of its suspension. KIWANIS HEARS COLLEGE HEAD W. E. Holcomb Makes Interesting Address to Members at Weekly Meeting W. E. Holcomb, president of the Mississippi Woman's College, addressed members of the Kiwanis club at their regular weekly luncheon held during the noon hour today at the Masonic Temple. Mr. Holcomb, formerly president of the Tupelo Rotary club, spoke briefly but interestingly on what the kindred organization of Kiwanis stood for, from the standpoint of a Rotarian. Following is a composite acrostic which was drawn up by Mr. Holcomb of his relationships with Kiwanians: "K—kindred relationships of the two organizations; I—interest; W—willingness to work; A—approachableness; N—not niggardly; I—initiative; S—sacrificial spirit." On the last phrase, Mr. Holcomb dwelled at length, concluding his address with a quotation from the Old Testament. Prior to Mr. Holcomb's speech, Mrs. Leo H. Martin and Miss Ethel Powe, guests of the club, were introduced. Mrs. Martin offered two vocal solos. She was accompanied at the piano by Miss Powe. A letter was read by Harry O. Hoffman, president of the club, from the Pine Burr Council of Boy Scouts, requesting that the Kiwanis club designate two members to act as judges for the city-wide Boy Scout Jamboree which will be held April 23, at Hawkins Field. These appointments will be made before the next meeting.

9. April 14, 1932 Hattiesburg American Hattiesburg, MS

Article Text

Receiver for Commercial National Shows Condition of Liquidation Report for the Commercial National Bank of Hattiesburg, insolvent since last June 1 has been issued to the Comptroller of the Currency at Washington by Louis G. Selig, federal receiver in charge of the liquidation. The statement is the third quarterly accounting covering the first three months of 1932 and reveals the exact condition of the Commercial National Bank as of March 31 this year. Remaining assets are listed at $553,492.70, liabilities at $373,519.25 and dividends paid at $195,439.49. Other liabilities paid total $234,825.07. Since the date of suspension the total liabilities have been reduced $430,264.56. This amount represents what the receiver has collected from all sources.

10. May 7, 1932 Sun Herald Biloxi, MS

Article Text

Hattiesburg Bank Receiver Files 11 Suits in U. S. Court Eleven new suits have been filed in federal court at Biloxi by Louis G. Selig, receiver of the Commercial National Bank of Hattiesburg, now in liquidation, demanding judgments against Forrest County residents for notes signed by the defendants in favor of the bank, which closed its doors June 2, 1931, and on assessments by the comptroller of the currency on capital stock held by individuals of the bank, to-wit: T. F. Dreyfus, sued for $1477.68 on a note made Feb. 28, 1931 and also on 62 shares of stock valued at $100 par value, $1000 of which have been paid. A. S. McLain, sued on several notes and interest amounting to nearly $1,500 in one suit and on stock he held in the bank amounting to about $2500. Wm. Murphy, another stockholder, sued for nearly $6500 on his stock in the defunct bank, $3500 and interest are asked from I. V. Austin et al., on a note issued March 9, 1931. H. E. Major, et al., is defendant in another case for $2500 and interest on a note, and as is Mrs. Jessie W. Burt for the sum of $1,215.60 and interest on her note. N. W. Rockett is being sued for a note of $2400 and on stock, amounting to about $1000. O. R. Burkett is defendant in the largest of the suits. About $7,000 is asked from him on a half dozen notes due the bank.

11. July 13, 1932 Hattiesburg American Hattiesburg, MS

Article Text

BANK RECEIVER ISSUES REPORT Selig Gives Statement of Condition of Commercial National Statement of the condition as of June 30 of the Commercial National Bank of Hattiesburg, insolvent has been issued by Louis G. Selig, federal receiver. In commenting on the statement Mr. Selig said the date of payment of future dividends to depositors has not been determined on account of litigation pending in federal courts. The statement follows: Statement of condition of the Commercial National Bank of Hattiesburg, Miss., insolvent, as of June 30, 1932. Assets Bills receivable . . . . . . . . $529,146.73 Cash on hand . . . . . . . . 4,000.36 Assets other than bills receivable and cash on hand . . . . . . . . 373,028.90 Additional assets acquired 716.16 Stock assessment . . . . . . . 100,000.00 Total of all assets coming into the hands of the receiver . . . . . . . . . . . . $1,006,892.15 Remaining Assets Uncollected Bills receivable . . . . . . . . 317,079.15 Assets other than bills receivable . . . . . . . . 97,087.49 Additional assets acquired 27.20 Stock assessment . . . . . . . 72,749.43 Total assets uncollected . . $486,942.27 Liabilities Total claims proven on unsecured liabilities . . . . . 546,855.19 Total unproven unsecured claims . . . . . . . . 3,521.14 Total secured liabilities outstanding unpaid . . . 9,159.36 Total rediscounts unpaid 0.00 Total bills payable unpaid 0.00 Total additional liabilities proven . . . . . . . . 786.69 Total of all liabilities . . . . . 560,322.38 Dividends paid during last quarter . . . . . . . . 0.00 Dividends paid prior thereto . . . . . . . . 195,439.49 Total dividends paid to date . . . . . . . . 195,439.49 Cash on hand . . . . . . . . 23,164.31