Bank of Alpena (Alpena, AR)

Episode Information

Episode UID
6804058091572
Episode Type
Run → Suspension → Reopening
Bank Type
state
Bank ID
680405809 hash
Start Date
December 17, 1930
Location
Alpena, Arkansas (36.295, -93.292)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fcd608261e9ef895

Response Measures

None

Description

Sources describe heavy withdrawals and state takeover in Dec 1930 and later reports indicate the bank (with others) had reopened by mid-1931; exact reopening date is unclear.

Events (3)
1. December 17, 1930 Run
Cause
Local Banks
Cause Details
Heavy withdrawals triggered by association with the Hudspeth banking group and related regional bank failures/rumors.
Measures
Depositors' affairs turned over to the state banking department; bank closed its doors.
Newspaper Excerpt
The closures were attributed to heavy withdrawals.
Source
newspapers
2. December 17, 1930 Suspension
Cause
Local Banks
Cause Details
Suspension followed heavy withdrawals and connection to the Hudspeth banking interests which precipitated runs on several local banks.
Newspaper Excerpt
Twelve Arkansas banks and trust companies Wednesday closed their doors, turning over their affairs to the state banking department.
Source
newspapers
3. June 1, 1931* Reopening
Newspaper Excerpt
The nine institutions involved today re-opened during the last few months.
Source
newspapers

Newspaper Articles (6)
1. December 17, 1930 Des Moines Tribune Des Moines, IA
Article from Des Moines Tribune, December 17, 1930

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Article Text

DOZEN ARKANSAS BANKS CLOSED Affairs Turned Over to State Officials. LITTLE ROCK, ARK. (U.P.)—Twelve Arkansas banks and trust companies Wednesday closed their doors, turning over their affairs to the state banking department. The closures were attributed to heavy withdrawals. The banks closed were: Citizens bank, St. Joseph; Citizens Bank and Trust Co., Harrison; First National bank, Harrison; First National bank, Eureka Springs; Bank of Alpena, Alpena Pass; Bank of North Arkansas, Everton; Bank of Leadhill, Leadhill; American Exchange bank, Leslie; First State bank, Marshall; Citizens bank, Yellville; Bank of Flippin, Flippin; Bank of Tyatt, Tyatt. The last two banks listed were branches of the Citizens Bank of Yellville. The Citizens Bank & Trust company of Harrison is the largest bank of those closed with deposits totaling more than one million dollars. Other banks with large deposits were the Citizens' bank of Yellville and its two branches, deposits $276,634; First State bank, Marshall, $320,000; American Exchange bank, Leslie, $152,000. Aggregate deposits of the other banks was estimated at more than $300,000. One In Mississippi. ABERDEEN, MISS. (U.P.)—The Commercial Bank & Trust company, one of three banking institutions here, failed to open Wednesday and its affairs were turned over to the state banking department for liquidation. Capitalization of the bank was $50,000. The bank's statement, issued on Oct. 1, 1930, showed deposits of $118,000. FOUR LYON COUNTY BANKS CLOSE DOORS (The Tribune's Iowa News Service.) ROCK RAPIDS—Four banks in Lyon county closed their doors Wednesday. The largest was the First National bank of Rock Rapids, which had deposits of $318,000, according to the last published report, and capitalization of $100,000. The Alvord bank at Alvord, a private institution; the Savings bank of Larchwood, a state bank, and the Farmers National bank of Inwood were the others which suspended business. According to the Iowa bank directory, the Alvord bank was capitalized at $22,000 and had deposits of $315,000. The Larchwood Savings bank had capital of $30,000 and deposits of $200,000, and the Farmers National bank of Inwood had capital of $40,000 and deposits of $275,000. Charles Shade is president of all four banks closed.

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. September 2, 1931 Clarion-Ledger Jackson, MS

Article Text

Redouble Efforts To Find HARRISON, Ark., Sept. nationwide search Hudspeth, prominent Arkansas financier, was instituted today ter nine of his banks closed lowing receipt letter from him the blame for closings and saying that "when this is print, I'll in Canada. of arrest charging with acceptance posits his banks to insolvent was issued Prosecuting Attorney Jack Holt, also sought special grand jury probe activities of Hudspeth. Closing of the banks left two Arkansas counties without banking facilities. Deposits nine institutions were slightly more $2,000,000. The banks closed were Citizens Bank and Trust and company, the Peoples Saving bank, both of Harrison: First bank. Marshall: Yellville; American Exchange, Leslie; Bank of Alpena, Alpena Pass; Bank of Lead Hill, Lead Hill; Bank of North Arkansas, Everton, and the Bank of Flippin, at Flippin. All closed last November following runs which bank officials said brought about by Hudspeth's connection with the B banks group. Hudspeth was director the largest bank-the Little of which was followed the suspension closing 146 other banking institutions Arkansas. nine stitutions involved today re-opened during the last few months. Hudspeth's letter assumed blame for condition his banks "although tried hard to make them Hudspeth's letter said he had turned over worth of and his home here to sold for benefit of depositors, and that affairs properly managed banks pay every dollar owed."

4. September 2, 1931 The Tampa Tribune Tampa, FL

Article Text

NINE ARKANSAS FINANCIER FLEES Leaves Letter Assuming Blame for Failures Ark. Sept. clated search for Hudspeth, prominent Arkanfinancier, was instituted today after nine of his banks closed following receipt letter from him addressed the public," assuming blame for the closings and saying that "when this is in print, I'll in Canada." warrant of arrest Hudspeth with acceptance of deposits knowing his banks to insolvent was issued by Prosecuting Attorney Holt. sought special grand jury session to probe activities of Hud- speth. Closing of the banks left two north Arkansas counties without banking facilities. Deposits of the nine institutions were slightly more than The banks closed were: Citizens Bank company, and the Peo ples Savings bank, both of Harrison: First State bank, Marshall: Citizens bank, Yellville: American Exchange Leslie: Bank Alpena, Alpena Pass: Bank Lead Hill, Lead Hill: Bank of North Everton and the Bank of at Flippin. All closed last November following runs which officials said brought by Hudspeth's connection the Banks Hudspeth the state's largest Exchange Little closing of which by the suspension or closing of other banking tions Arkansas. The nine institutions involved today re-opened during the last few months Assumes Blame Hudspeth's letter assumed blame for condition of his banks, "although tried hard them The letter said he had turned worth property and his home sold for benefit of that affairs properly managed "the banks will pay dollar "Words cannot express my the letter only own life out but my folks and quite of my friends affected years will Canada this but Harrison will never off mind well the other places which interested. Because most the banks in this immediate section involved. Holt said there "expression" of resentment against Farmers Get Deposits MARSHALL Sept. Entering meeting directors the closed First State bank today, group of farmers demanded ceived deposits totaling, bank officials said, $4500 $5000 First State of nine Hudspeth chain which closed morning. Sheriff Hogg said there no order that the farmers quietly but firmly demanded their money. Payments continued. he said, until all the bank's currency was exhausted

5. September 2, 1931 The Commercial Appeal Memphis, TN

Article Text

TWO ARE INDICTED ON ATTACK COUNTS Farmer and Negro Who Battled Officers Face Assault to Murder Trials. E. F. Ketchens. farmer, who shot Deputy Aubrey Clapp gun battle on Castalia Avenue, and Willie Hill, negro, who bit and clawed Deputy Louis Kahn in battle on Southern Avenue, were indicted on charges of assault to murder by the busy grand The inquisitors returned jury 33 true bills and ignored two cases Ketchens shot Clapp while the lat. ter and Deputy W. Hildebrand were trying warrant on him for assaulting his law. Mrs. J. H. Ketchens, 1050 South Rembert The officers say he started shooting without warning. Ketchens claims that the officers told him who they and that they opened fire without explaining their business. Ketchens once was sentenced to life imprisonment for killing W. H. Causey, traveling on the old Kate Adams, but the case was reversed. Posse Caught Hobo. Hill, hobo, was shot by special agents after he had attacked Deputy Kahn when the latter went out to arrest him for trespassing. The negro's teeth nearly bit through the deputy's little finger in fight for the officer's pistol. Hill got the gun and escaped. but was shot down later by posse of agents. John File and James Avent, youths, indicted for robbery, with Carl Flannagan as prosecutor. Flannagan said they robbed him of $42.25. Murphy was indicted for assault to murder for an alleged knife attack upon Henrietta Garrett, St. Charles. Four indictments charging forgery also were returned. T. Marks was charged with forging $3.95 check on R. T. Clarkson Company, Inc., Oliver Banks with forging $5 on the Nail Drug C. A. Gruder forging $2.25 check on Lewis Sons Company, and Anderson with forging $24 check on the Banks Grocery Company. Indicted on Fraud Charge. W. H. Monsarrat was indicted for fraudulent breach of trust, the dictment charging that he took belonging to the Bob Bruce Tire Company, where he was employed. Henderson Briggs also was indicted on like charge with Rosie Jackson, 400 Pontotoc, prosecutor. She charges he made away with an $80 Willie Lemmons was Indicted for and larceny indict ments read against Newton Scruggs Charlie McKinney, Burrell Colgan Woodrow Noblin, Curley Burros Louise Carter. Albert Conley and George Covington were indicted for drunken driving, and Marcellus Chambliss for beating board bill. Pistol were against Willie Hill, Burrell Colgan, Willie Johnson, John Duncan and Bob Howdy. EXPECT MANY EXHIBITS. Fifteen Communities Will Have Booths at County Fair. BLYTHEVILLE, Ark., Sept. Fifteen community exhibits and large number of individual entrants are expected in the sixth annual Mississippi Oct. County Fair, Sept. 28 to With more than $1,400 in cash prizes, besides large number and ribbons for championship men, and children from all parts of this large county plan to enter their best chick ens, pigs, hand work, preserves, cakes, vegetables and other products which will demonstrate an active year on the part of those interested in and home making. The Chamber of Commerce sors the annual fair. Last year, despite the drouth, the fair was great success with enough money cleared to wipe out all indebtedness accrued in the past three years. Co-operating with the Chamber of are the county agricultural and home agents. Plans already show that the swine and poultry shows will be even twice as large as those of last year and 15 communities have made reservations for booths this year in comparison with nine last year. of Harrison, who also sought a special grand session to investigate activities of Hudspeth. Attorney Jack Holt, of Harrison, who also sought special grand jury session to investigate activities of Hudspeth. Deposits of $2,000,000. Closing of the banks left two North Arkansas counties without banking facilities. Deposits of the nine institutions were slightly more than $2,000,000. The banks closed were Citizens Bank Trust Company and the Peoples Savings Bank, both of Harrison: First State Bank, Marshall; Citizens Bank, Yellville: American Exchange, Leslie: Bank of Alpena, Alpena Bank Leadhill, Bank of North Arkansas, Everton, and the Bank of Flippin, at Flippin. All closed last following runs which bank officials said were brought connection with the B. Banks group. Director in Lit Roc Bank. Hudspeth director in the American Exchange at Little Rock the closing of which was followed by the suspension closing of 146 other bank ing institutions in Arkansas The nine institutions today reopened during the last few months. Hudspeth's blame for condition his banks, though tried hard to make them go. Hudspeth's letter said that he had turned $100,000 of property and his home here to be sold for benefit of and that were properly managed, banks will pay every dollar "Words cannot express my feelings, the letter only is my own life stamped out but my folks and quite few of my friends will be affected for years to come. will be in Canada this is in print but Harrison will never be off my mind as well as the other places in which was interHolt said he did not believe Hud speth had gone Canada He wired police of many cities, however, to aid in the search. Because most of the banks in this immediate section were involved, Holt said there much "expression" of resentment against Hud. speth Besides his banking connections, Hudspeth was interested in many business enterprises of this section. H. A. Daugherty, examiner from the state bank department, took charge of the institutions pending arrival of other officials from Little Rock.

6. September 3, 1931 The Star Progress Berryville, AR

Article Text

Prosecuting Attorney Says He Believes Bank's Head Planned flight After his home was Searched. Harrison, Ark., Sept. 1.-Jack Holt, prosecuting attorney, revealed Tuesday night that photographs and other papers were found destroyed at the home of Hudspeth, prominent financier, whose group of nine banks in Northwest Arkansas closed Tuesday after ceipt letter from Hudspeth saying "When this is in print, I'll in Canada.' The prosecuting attorney said he had been unable to locate Mrs. and her son and daughter, who left Friday for Cleveland, Okla., ostensibly to visit relatives. Hudspeth left also on that date, he to borrow money at St. Louis which to pay county deposits which were to have been withdrawn Tuesday from his banks. Holt said he was informed the Hudspeths had not arrived at Cleveland. Bank examiners were working Tuesday night, checking affairs of the institutions. Holt said he found several photographs of Hudspeth destroyed and evidence of destruction of other papers, he said, led him to lieve Hudspeth had planned flight. Holt instituted nationwide search for the bank head after he issued warrant charging him with acceptance of deposits knowing his banks to be insolvent. Entering meeting of directors of the closed First State bank at Marshall late Tuesday, group of citizens demanded and received deposits totaling, bank offiicals said between $4,500 and $5,000. The First State bank was one of nine of the Hudspeth chain which closed Tuesday morning. Ray Hogg, sheriff, said there no disorder, but that the farmers quietly but firmly demanded their money. Payments continued, said, until all the currency in the bank was exhausted. Closing of the banks Tuesday left two counties without banking facilities, as well as Harrison. posits of the nine banks were slightly more than $2,000,000. The banks that closed were, Bank North Arkansas, Everton, Bank of Flippin, at Flippin, the First State Bank at Marshall; Citizens Bank and Trust Co., and the Peoples Savings bank, Harrison; The bank at Yellville: American Exchange, Leslie: Bank of Alpena, Alpena Pass; Bank of Lead Hill, Hill. All of these institutions closed last year during the banking collapse, following runs which bank said were brought by Hudspeth's connection with the B. Banks group. The nine institutions had reopened during the last few months. Hudsptth's letter assumed blame for the condition of his banks. His letter said he had turned over $100,000 worth of property and his home here to be sold for the benefit of depositors, and that if af fairs were properly managed, "the banks will pay every dollar owed. Holt said he did not believe that Hudspeth had gone to Canada, but did not reveal the source of the information upon which he based belief. Because most of the banks in this immediate section were volved, Holt said there was much "expression" of resentment against Hudspeth. H. A. Daugherty, examiner from the satate bank department, took charge of the institutions pending arrival of other officials from Little