gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b899b158013086a8
Response Measures
Full suspension, Books examined
Receivership Details
Depositor recovery rate
79.1%
Date receivership started
1931-02-16
Date receivership terminated
1937-07-27
OCC cause of failure
Economic conditions
Share of assets assessed as good
52.6%
Share of assets assessed as doubtful
31.7%
Share of assets assessed as worthless
15.6%
Description
Directors cited gradual withdrawals, a Saturday run and widespread rumors; receivership followed liquidation.
Events (5)
1.April 10, 1885Chartered
Source
historical_nic
2.January 17, 1931Run
Cause
Rumor Or Misinformation
Cause Details
Gradual seepage of deposits culminating in a run on Saturday, driven by widespread rumors about the bank's condition.
Measures
Directors decided to close the bank and notify the Comptroller; officers instructed to preserve assets pending federal takeover.
Newspaper Excerpt
culminated in practically run Saturday ... rumors had been wide-spread concerning the bank's condition
Source
newspapers
3.January 20, 1931Suspension
Cause
Bank Specific Adverse Info
Cause Details
Board ordered closure for liquidation after gradual withdrawals and runs; directors also cited earlier employee defalcation and resulting weakened condition.
Newspaper Excerpt
failed to open for business today. notice posted on the front door stated that the comptroller of currency and the chief national bank examiner had been advised to take the bank for liquidation.
Source
newspapers
4.February 16, 1931Receivership
Source
historical_nic
5.February 16, 1931Receivership
Newspaper Excerpt
receiver for the First National Bank of Jackson, J. R. Stevens, filed suit ... (receiver references in later articles). The bank closed Jan. 1931 and receiver actions followed beginning in February 1931.
Source
newspapers
Newspaper Articles (18)
1.January 20, 1931The Vicksburg PostVicksburg, MS
Article Text
FIRST NATIONAL OF JACKSON IS CLOSED
JACKSON, Jan. 20.-The First National Bank of Jackson, carrying deposits of $2,000,000 failed to open for today. notice on the front door stated that the comptroller currency and the national bank had been advised to take the bank for liquidation The bank with of $203,000 as of December 31, Stirling president and H R. Perry, cashier. issued late last night by the board of directors stated that action was taken because of gradual withdrawal and seepage deposits day by day which culminated in practically run Saturday The directors also stated that rumors had been wide-spread concerning the bank's condition, and to open today would only result run on the bank.
2.January 20, 1931Clarion-LedgerJackson, MS
Article Text
Directors Decide On Closure, Liquidation Of 1st National Bank
The First National bank of Jackhas been closed for liquidation order of its board of directors. News of the action was made known late last night when bank officials took cognizance of the gradual and seepage deposits from day day which culminated run of some extent on the bank last Saturday morning. Since rumors had been widespread Monday, Lee's birthday legal the directors decided that interest of depositors dictated closure of the notice was posted on the bank advising pubthis action bank's president, General Stirling, advising comptroller of curand the chief bank for the sixth district, of Until representative of the federal arrives take bank's affairs, officers of bank charged keeping intact all asthe No other Jackson financial institution affiliated with the First National bank and none affected its closure. the other institutions are fine well shape fortified to stand unmoved with qualification of strength. difficulties of the First National bank began two years ago trusted employe made heavy inroads with defalacation of large money. The business depression had given little portunity for making good this Rumors regarding the bank have in in Jackson for time past and these reports, many them led the of deposits recently steady stream: further rectors last night issued the following there has recently veloped deposits from which on Saturday morning, whereas rumors spirited the bank opened January And deem such course necessary conservation assets of bank the that all and shall be equitably and ratably protected, now thereresolved by the directors of the First National bank of Jackson, that the bank be closed and turned currency States for liquidation and that notice posted on the front door this bank giving tice this action that the comptroller currency chief bank sixth federal district notified by the president the bank of this action. and pending the arrival of and taking over assets bank the comptroller that the officers of the currency, bank charged with duty of keeping intact all preserving the directors meeting show passed mously Following the ficials said the loans good shape and believed bank has sufficient on liquipay depositors in full. The National ranked fourth the city's five banks point of deposits listed when showed total nosits of It was capat $200,000.
3.January 20, 1931The Greenwood CommonwealthGreenwood, MS
Article Text
FIRST NATIONAL CLOSED TODAY
Gradual Withdrawals and Run Saturday Puts Bank Liquidation
JACKSON, Miss. (AP) The First National Bank Jackson, approximately $2,000,000, failed to open for business today. notice posted the front door stated that the comptroller of currency and chief national bank examiner had been advised take over the bank liquidation. Stirling president and H. R. Perry cashier. statement issued late last night by the board of directors stated that the action was taken because of withdrawal and seepage deposits day day which culminated practically run Saturday The directors also stated that rumors had been wide-spread concerning the bank's condition, and to open today would only sult in run on the bank.
The state banking department announced that the Peoples Bank Utica, 20 miles southwest Jackson, had closed its doors after brief period of business this merning. The banking ficials said closure due inability the bank to stem started when institution opened for business today. notice posted door stated that institution closed order of the board of directors The Peoples bank was capitalsurplus $8,500 deposits approbimat$160,000. Dudley, Sr., is president and H. Davis, cashier. The bank was capitalized with surplus of $203,000 as of December 31, 1930.
4.January 20, 1931The Greenwood CommonwealthGreenwood, MS
Article Text
Jackson Bank Closing Is Not Felt Here
Closing of the First National Bank this made no effect the situation in learned None the banks the First National Bank Jackson had with that parties interested the closed Jackson bank any connection with Greenwood financial institutions.
5.January 20, 1931The Shreveport JournalShreveport, LA
Article Text
First National Bank of Jackson Fails to Open
Associated JACKSON Miss., Jan. First National bank of Jackson, car rying deposits of failed to open for business today. notice posted on the front door stated that the comptroller cur rency chief national bank examiner had been advised to take for liquidation The capitalized surplus of Stirling president and H Perry cashier issued last night board of directors, that action taken because gradual of deposits day by day which culminated in practically run Saturday The directors also stated that rumors had been widespread concerning condition and today would only result in the bank
6.January 20, 1931The Atlanta JournalAtlanta, GA
Article Text
Bank Fails to Open At Jackson, Miss.
JACKSON Miss., Jan. The First National Bank of Jackson, deposits of ly $2,000,000, failed to open for business Tuesday. notice posted on the front door stated that the currency and the chief National Bank examiner had advised to take the bank for liquidation. bank capitalized at $200.000 surplus of $203,000 as of December 31, 1930. statement issues late last night by the board of directors said the tion taken because of gradual withdrawal seepage of deposits day by day which culminated in practically run Saturday directors stated rumors had widespread the bank's condition, and to open Tuesday would only result in run on the bank.
Manchester Bank Pays Extra Dividend on Year
MANCHESTER, Jan. Stockholders of the Bank Manchester voted an extra dividend of per cent in addition the two per cent dividends paid for 1930. This makes 14 per cent for the entire year. This the net earnings for the year, the additional earnings being passed to undivided profits. The board of directors, with D. H Smith added as director, elected. The the board of M. EuBrown, Cyp H. Edmondson, W. B. Johnson, J.
7.January 21, 1931Hope StarHope, AR
Article Text
Mississippi Bank Closes in Capital
First National at Jackson, $2,000,000 Suspends Tuesday
National Bank of Jackson. carrying deposits of approximately $2,000,000, failed to open for business Tuesday. A notice posted on the front door stated that the comptroller of currency and the chief national bank examiner had been advised to take over the bank for liquidation. The bank was enpitalized at $200.-
8.January 21, 1931The Atlanta ConstitutionAtlanta, GA
Article Text
BANKING COMPANIES CLOSE IN MISSISSIPPI
JACKSON, Miss., Jan. The First National Bank of Jackson, carrying deposits of approximately $2,000,000, failed to open for business today. notice posted on the front door stated that the of currency and the chief national bank examiner had advised to take over the for The $200,000 surplus of $203,000 as of December 31, 1930. A statement issued late last night by the board of directors said the tion was taken because of gradual withdrawal and seepage of deposits day by which culminated in practically run The also stated that the rumors had ing the bank condition, and to open today would only result in run on the bank. The state banking department announced that the Peoples Bank of Utica. 20 miles southwest of had closed its doors after brief riod of business this The banking officials said the closure was due inability of the to stem a started the institution opened for business notice posted on the door stated that the institution closed "by order the board of directors. Peoples bank was at $17,500. had surplus of $8,500, with deposits approximating $160,000.
CITY TRUST COMPANY IS REPORTED SOLD. MIAMI, Fla. Jan. Miami Daily News the City Trust of the suspended City Bank or Miami, was sold today group headed Morgan S. president the Guardian Trust Company of Miami. Associated with Mr. McCormick in the purchase Bush, former official of the City National: Amos Travis, and R. C. Fenters, all of Miami, the paper said.
HOMERVILLE BANK FAILS TO OPEN
HOMERVILLE Ga., Jan. The Bank of its doors today. The directors stated that the closing was to heavy withdrawals. They further stated that the bank would be in the hands of the state banking department for liquidation, and that they the opinion that able later to obtain 100 per cent of their The president the bank W. Musgrove. Its cashier G. A. Gibbs.
Cottonseed Oil.
MEMPHIS. MEMPHIS, Tenn., -Cottonseed bids: February June August futures 27.80; August tons.
NEW YORK NEW YORK cotton seed exchange lots March for little but firmer the when prices were five was due firmness in including 2,200 exchanges. January March May 7.49;
NEW ORLEANS. NEW with little trading. yellow and prime closed at 6.94; May July August 7.21.
9.May 5, 1931Clarion-LedgerJackson, MS
Article Text
City Tax Sale Likely To Be Delayed Month
The municipal delinquent tax sale, which had been set for the first Monday in June, will in all probability be ordered postponed until July at meeting of the city commission council today order to comply with action taken by the county board of supervisyesterday postponing the county sale until that date. Legal aspects of the matter were being studied by City Attorney Morse last night, and pected that the will ordered at regular meeting of the council today. Mayor Walter Scott stated last night that he was to state definitely whether or not the city sale will be but indicated that if there was no gal bar to such action that the city would delay sale for other month in order to conform with county action. The Hinds county board of pervisors yesterday ordered postponement of the county tax until July believed that an additional extension of thirty days time to delinquent taxpayers will allow many of them make their tax payments without the assessment of twenty-five per cent damages after the property has been sold. It was pointed out to the board that by the sixth of July many of the delinquents will able on deposits which have been tied up since the of the First National Bank. Under which is now being worked out, depositors will be paid fifty cents the dollar on their deposits within the next few weeks. Many truck farmers in the southwestern of the county will part also given chance to market their early of truck and will crop thus be enabled to meet their tax obligations.
10.May 12, 1931Clarion-LedgerJackson, MS
Article Text
SUING RECOVER DEPOSIT
Bondssmen for First National Bank Named Defendants in Suit to Recover Funds
Chancery court proceedings were instituted here yesterday by the state Mississippi against the Union Indemnity company, sureties on the bond the First National bank as state depository, for the of $31,953.30 for funds alrecovery legedly due the state from the when the bank susdepository business on January 20 of pended year. The declaration of the suit, filed in the Hinds county chancery states that there was $99,976.00 of state funds on deposit in the bank when closed its doors. State funds were protected under the surety bond of the Union Indemnity company to the extent of $155,000. However ,restitution was made the state only $68,023.01, to the declaration filed state Two against the general fund of the state treasury payable to the State Insane Hospital are said have figured in the difference, which is now being sued for. The bank is said to have advanced the state hospital approximately on one of the rants, but did not handle the other warrant. which was for but returned to the Insane hospital authorities. The state contends that the bank has no authority deduct the advanced on the state warrant made payable to the hospital
Boot Hill cemetery, oldest burying ground in the Texas Panhandle, will be fenced protection against souvenir hunters.
11.December 15, 1931Clarion-LedgerJackson, MS
Article Text
STANDARD LIFE
Claim of First National Bank Receiver Will Not Be Tried This Term suit charging an allegedly 11the First bank son First National bank St. probably will not trial at the fedcourt, Judge Allen Cox yesterday. Judge convened special adjourned term of court Jackson Monday morning, but understood to have recused himself from hearthe suit involving alleged transfunds from the closed Jackbank. filed against the company of for the First National bank. The charges that the Standard Insurance came preferred creditor as the result transaction closed bank the First National of St. Louis. The receiver contends that few days before the bank closed its doors on January this year, the First National Jackson, loan from First of St. Louis putting $85,000 in securities as The contends that the Jackwas with the some charges that to the credit of Life pany, which amount of the deposit the First National bank Jackson. First bank of Louis, said to have come Jackson arrange the loan, and his been filed Jackson closed bank, president the Insurance company, that time, and contends the the of the closed The together with second seeks allow deposits closed banks, on obligations bank. among the most waiting trial Jackson division court.
12.July 27, 1932Clarion-LedgerJackson, MS
Article Text
BANK RECEIVERS FILE NOTE SUITS
Debt Demands Instigated by Jackson and Gulfport Officers
Suits aimed at clearing up affairs of the First National bank of Jackson, and the First National Bank of Gulfport, were filed yesterday, in Jackson division federal court by receivers for the two closed banks.
J. R. Stevens, receiver for the Jackson bank, filed suit for collection of $4,363.32 from the Mississippi Gulfport bank, W. and Union county, for on a note, W. H. Batt
13.April 21, 1933Hattiesburg AmericanHattiesburg, MS
Article Text
Bank Receiver's Suit Against Brookhaven Void
NEW ORLEANS, April 20.—The United States Fifth circuit court of appeals has affirmed a decision of the southern Mississippi district court dismissing the suit of J. R. Stevens, receiver of the First National Bank of Jackson against the City of Brookhaven, Miss.
The receiver sought payment of a $15,000 note due Feb. 15, 1931, signed in the name of the Brookhaven Municipal Separate School District.
The appellate court held that the plaintiff's recourse was not against the city but against the special district, and that the city could not be held liable for authorizing the note or for collecting the taxes levied to pay it.
14.January 14, 1934Clarion-LedgerJackson, MS
Article Text
Another welcome credit on the Mississippi credit ledger was the announcement yesterday, of the pending distribution of $118,113.03 to 4,000 depositors of the closed First National Bank of Jackson. The dividend is expected to be paid about March 1, and represents a 7 per cent distribution and is the third dividend to be paid by the bank which closed January 17, 1931.
15.January 14, 1934Clarion-LedgerJackson, MS
Article Text
changes are necessary will be made as rapidly as possible."
Receiver J. R. Stevens, in announcing the dividend of the First National bank yesterday, said the dividend checks will be prepared in Jackson and sent to Washington for the signature of the comptroller of the treasury. "They will be returned for delivery about March 1, at which time further notice will be given."
Creditors must bring their receiver's certificates in order to receive their dividends, Stevens warned and reminded creditors that the receiver's office has been moved to the third floor of the First National Bank building with entrance on Congress street.
The office was moved following the sale of the First National building to the Jackson State National Bank for $95,000, which sale made possible the new dividend. Work of remodeling the interior is underway preparing it for occupancy of the Jackson State National bank.
Receiver Stevens in a statement on the condition of the bank at the close of business December 31, revealed that $81,668.31 had been collected from stock assessment and a total of $1,434,814 on stock assessment and assets. A loan of $148,100 was repaid the Reconstruction Finance corporation and the expense of receivership was placed at $77,450.
16.January 15, 1934The Montgomery AdvertiserMontgomery, AL
Article Text
Mississippi Bank Receiver To Distribute $118,113
JACKSON, MISS., R. Stevens, receiver of the First National Bank today that distribution of by the institution would be made "about March checks numbering over 4,000 prepared in the office was and will be to for the comptroller's signature. notice will be Stevens said, before actual disThe will represent seven cent was and will be the third of funds since the bank closed Jan.
SAGE OF ST. LOUIS LOUIS, Jan. man, says Circuit Judge Granville is one who selects his wife from "the great middle The preponderance divorces he finds among the very and the very The jurist also advises selecting wife for besides her Ruby lips, he says, off at touch, but good disposition lasts lifetime."
Rounded roof
17.January 19, 1934Clarion-LedgerJackson, MS
Article Text
Meanwhile four acceptances of home owners loan bonds in exchange for first mortgages were authorized by the Jackson division federal court, on petition of S. H. Wisdom, receiver for the First National Bank of Brookhaven. The exchanges authorized totaled approximately $10,000.
J. R. Stevens, receiver of the First National Bank of Jackson, explained that it was the policy of the comptroller of the currency to grant authority for acceptance of home owners loan corporation bonds by liquidating national banks in individual cases. Each exchange must be approved by Washington and the national bank receiver accepts the bonds for resale, crediting the home owner's mortgage with the price received for the bonds, which yesterday were quoted at 93.
18.May 4, 1934Clarion-LedgerJackson, MS
Article Text
The suit contends that the receiver acquired title to the property as a result of a foreclosure sale on August 12, 1932, and contends that since that time the holders have refused to surrender the property.
The writ of replevin is sought for two trucks and eight head of work stock, while the petition for possession is directed against a residence and four acres of land, said to be the residence of J. T. Lingle, near Crystal Springs.
In addition to J. T. Lingle, Mrs. C. S. Lingle, V. O. Lingle and Mrs. LaDella Lingle are named co-defendants in the suit.
Court orders directing H. H. Crenshaw, of the federal land bank, New Orleans, and J. R. Stevens, receiver for the First National Bank of Jackson, to bring into court various official records needed for the trial of J. B. Stirling, set for May 15, were issued by the clerk's office.
The trial of the president of the closed First National bank is scheduled to get underway the morning of the second Tuesday, after all other civil and criminal business has been disposed of. He will be tried on two counts of violating the national banking laws. He was originally indicted on eight counts but six of the counts were dismissed at a previous hearing which ended in a mistrial.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.