Citizens Bank & Trust Company (Yazoo City, MS)

Episode Information

Episode UID
5088456191572
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
508845619 hash
Start Date
December 20, 1930
Location
Yazoo City, Mississippi (32.855, -90.406)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
d01c11e809bb5fe1

Response Measures

None

Description

State banking department closed/placed the bank in liquidation after Dec. 20, 1930.

Events (3)
1. December 20, 1930 Run
Cause
Local Banks
Cause Details
Withdrawals and panic amid multiple nearby bank closures in Greenwood, Rosedale and other Mississippi towns.
Measures
Federal Reserve representative flew in currency to Yazoo City to protect banks; officials placed affairs in hands of the state banking department.
Newspaper Excerpt
The Citizens Bank and Trust company failed open here this morning, following slight the bank Saturday afternoon. ... depositors demanding funds
Source
newspapers
2. December 20, 1930 Suspension
Cause
Government Action
Cause Details
State banking department intervened and the bank failed to open; liquidating agent was later appointed.
Newspaper Excerpt
the bank announced this morning that its affairs were in the hands the state banking department. No reason was assigned.
Source
newspapers
3. April 19, 1931 Receivership
Newspaper Excerpt
after the Citizens Bank and Trust company closed its doors December 20, it was the duty of the liquidating agent to protect the interests ... The petition seeks ... restraining J. S. Love, state banking department head and Liquidating Agent Moore of the Yazoo City bank from paying over the funds for distribution.
Source
newspapers

Newspaper Articles (5)
1. December 22, 1930 The Miami News Miami, FL
Article from The Miami News, December 22, 1930

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Article Text

Philadelphia Bank And Branches Close The Bankers Trust Co. and its branches in this city were closed today by order of Peter G. Cameron, secretary of banking. A "stendy seepage' of deposits due to withdrawals in the last few days was given the reason for the state's action by Samuel H. Barker, president. and he continued "the bank is solvent but has been harassed by the with has 19 branches scattered throughout the city A statement issued in September showed the bank had approximately 135,000 depositors with deposits of $45,036,592. Its assets total $55. Indiana Bank Will Liquidate INDIANAPOLIS Dec. The First Bank & Trust Co. at Attica closed voluntarily today. Luther Symons. state bank commis sioner. who reported the closing here J. S. Love, state superintendent of While hymn was being sung at banks, said the Citizens Bank & Trust St. James' church. Manchester, Eng Co., Yazoo City, and the Bolivar land, flames burst from the vestry. County bank. failed to open and choirmen. in their cassocks and as from the Greenwood surplices, out and extinguished situation where five banks closed the blaze with buckets of water.

2. December 23, 1930 The Daily Worker Chicago, IL
Article from The Daily Worker, December 23, 1930

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Article Text

Deporitors Organized for Fight FROM bank failures. MIAMI. Dec. City Bank this the largest financial institution failed today. More than deposits involved. There been run this bank for come and order the up the crisis behind big bank failures. board the City National Bank declared that the closing of the bank was due to "malirumors which closed Four Four other banks failed Monday The City Bank and Trust Company Atlanta closed the of banks. In Missisbanks the Citizens Bank Trust Company Yazoo and the Bolivar County Bank Rosedale First Bank and Trust Company Indiana, with more than $100,000 deposits closed. Workers Bethlehem (Hungarian) do not this paper. Subscribe workmen's the the Trade Union Unity League Fight against against against Fight against the Steel and crusty

3. December 23, 1930 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, December 23, 1930

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Article Text

Rush Cash To Yazoo Banks City By Airplane From New Orleans YAZOO CITY, Dec. D. Walker, representative of Federal Reserve bank of New Orleans, via airplane at 11 o'clock this morning "unanan fund currency protect Yazoo City's banks, halted any panic which might have developed here today. The Citizens Bank and Trust company failed open here this morning, following "slight the bank Saturday afternoon. The to have been brought by time depositors manding funds but officials the bank announced this morning that its affairs were in the hands the state banking department. No reason was assigned. Delta National bank and the Bank of Yazoo, with deposits runremained almost two hours past closing time to give remove their savings. Both banks reported only Funds are available in any amount to protect the Delta National and the Bank Yazoo," Mr. Walker of the Federal Reserve bank said this afternoon in an official statement Both banks announced they will open morning prepared to all State of Banks S. Love, plans to re-open Bank Trust pany within short does not regard "backwash closing" two banks at Yazoo City and Rosedale Monday, affecting the state's financial situation The Greenwood Bank Trust company one of the five Greenwood's banks to close doors Saturday, during day panic. The Citizens Bank and Trust company at Yazoo and Bolivar County bank Rosedale failed open their doors Monday morning. Superintendent Love (Continued on Page Eleven)

4. April 19, 1931 Clarion-Ledger Jackson, MS

Article Text

BANK FAILURE UP IN COURT First Charge of Irregularity of State Suspended Banks is Made (Continued from Page One) Securities unlawfully transferred from the National bank to the Citizens Bank and Trust company at Yazoo City, were put up as security when the latter institution qualified to become the Yazoo county depository, according to the petition. The posting of securities was unlawful, since the YaZOO City institution did not own the bonds but was merely holding them as trustee for the National bank, according to the receiver's contention. He charges that after the Citizens Bank and Trust ompany closed its doors December 20, it was the duty of the liquidating agent to protect the interests of the national bank. The bonds claimed by the Clarksdale National bank were offered for sale by the YaZOO county board of supervisors, after the local bank closed and were disposed of January 13 of this year. A part of the issues were bought up by representatives of the closed bank and later disposed of by the state banking department for $42,490 15, according to the petition. However, the receiver charges that the liquidating agents failed to redeem some $36,000 in additional bonds, claimed by the Clarksdale bank. The receiver declares the state banking department is preparing to pay over to the depositors of the Citizens Bank and Trust company, the $42,490.15 realized from the sale of the contested bonds. The petition seeks a temporary injunction restraining J. S. Love, state banking department head and Liquidating Agent Moore of the Yazoo City bank from paying over the funds for distribution. In addition the petition asks that the court order the state department and liquidating agent to set aside the first available funds from the assets of the closed bank to pay some $40,509 85, difference alleged due between the amount realized from the sale of the recovered first bonds and the total securities involved. The receiver declares in the petition that the total liabilities of the Planters National bank at Clarksdale are approximtely $1,600,000 nd that it is improbable that a dividend of more than 50 percent can be paid. He declares it the "duty of the closed bank to redeem its pledge to the national organization."

5. April 25, 1931 Clarion-Ledger Jackson, MS

Article Text

CLARKSDALE BANK FIGHTS FOR BONDS Hearing at Yazoo City Before Judge Holmes Tuesday Will Be Contested CLARKSDALE, April 24.-Counsel for the Planters' National bank at Clarksdale and the Citizens Bank and Trust company of Yazoo City, both of which institutions closed in December, are preparing for a hard-fought case to determine the legal right to bonds amounting to $83,000 held by the Yazoo City bank's liquidating agent and which was claimed by F. Rawlings, receiver for the Planters' National bank. Judge Edwin R. Holmes will on Tuesday hold a hearing at Yazoo City on a petition of the Planters' National bank receiver for an injunction filed in United States district court to restrain J. S. Love of Jackson, state superintendent of banks, and Dr. C. C. Moore, liquidating agent for the Citizens Bank and Trust company, from disposing of the funds secured from the Clarksdale bank. A restraining order, to be effective until the petition of the Clarksdale bank receiver is heard, was issued recently by Judge Holmes.