gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
482dc62b36ebe954
Response Measures
Capital injected, Full suspension, Books examined
Other: Bank was turned over to a liquidating committee/stockholders to liquidate; later a receiver was appointed. Stockholder assessments were levied to raise funds to pay depositors.
Receivership Details
Depositor recovery rate
100.0%
Date receivership started
1915-02-17
OCC cause of failure
Losses
Share of assets assessed as good
36.1%
Share of assets assessed as doubtful
57.9%
Share of assets assessed as worthless
6.0%
Description
Bank was at first declared solvent and placed in liquidation by stockholders, but later a receiver was appointed.
Events (6)
1.July 29, 1903Chartered
Source
historical_nic
2.June 20, 1914Run
Cause
Bank Specific Adverse Info
Cause Details
Steady withdrawal of deposits forced suspension; later investigations revealed misapplication of funds by officers.
Measures
Directors did not open for business; suspended payments and closed doors.
Newspaper Excerpt
State National Suspends Because of Deposit Withdrawals.
Source
newspapers
3.June 20, 1914Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors suspended operations because of heavy deposit withdrawals and impaired capital.
Newspaper Excerpt
After an all night conference of the directors ... the institution did not open for business today.
Source
newspapers
4.July 9, 1914Voluntary Liquidation
Source
historical_nic
5.February 17, 1915Receivership
Source
historical_nic
6.February 17, 1915Receivership
Newspaper Excerpt
was in the hands of a liquidating committee until Feb. 17, 1915, when Mr. England was appointed receiver.
Source
newspapers
Newspaper Articles (23)
1.June 21, 1914The SunNew York, NY
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LITTLE ROCK BANK CLOSES. State National Suspends Because of Deposit Withdrawals. LITTLE ROCK, Ark., June 20.-After an all night conference of the directors of the State National Bank of this city the institution did not open for business today. The bank is capitalized at $500,000. It carried deposits of $1,719,873.68. Other items in the latest statement, issued in March, were: Loans and discounts, $1,876,219.68 : cash on hand and due from banks, $286,852.22; circulation, $300,000. President W. H. Garantio said the action of the directors was taken because of a "steady withdrawal of deposits." Other officers of the bank said that all liabilities would be met.
2.June 26, 1914Pocahontas Star HeraldPocahontas, AR
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The State National bank, one of of the largest banking institutions in the state, located on the corner of Fifth and Main streets in Little Rock, closed its doors last Saturday morning and a receiver will now take charge of same. It is claimed that all depositors will be paid 100 cents on the dollar.
3.June 30, 1914The Prescott Daily NewsPrescott, AR
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AWAIT REPORT ON LITTLE ROCK BANK Examiner Smith Expected to File Findings With Comptroller Soon. Washington, June 29.-Announcement was made today at the office of the comptroller of the curency that the report of Examiner Smith as to the condition of the State National bank of Little Rock, which closed its doors, is expected tomorrow. Reports of this character are not made public, although it is possible some statement may be made by Comptroller of the Currency Williams. It is rumored persistently that in case a receiver is found necessary Attorney W. M. Lewis of Little Rock will be named. H. M. Johnson, cashier of the State National Bank is in Washington and conferred with the Treasury Department officials today. Efforts to locate him at his hotel tonight proved fruitless, but it is reported that a plan is on foot to try to bring about a reorganization of the institution. Treasury Department officials are unwilling to discuss the failure or what probable action will be taken by the comptroller of the curency.
4.July 2, 1914The Log Cabin DemocratConway, AR
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STATE NATIONAL BANK SOLVENT DEPOSITORS TO BE PAID BALANCE LEFT FOR STOCKHOLDERS, SAYS WASHINGTON REPORT. Local stockholders of the State National Bank of Little Rock which closed its doors June 19. were pleased to learn from a report from the Tresury Department at Washington published today that the institution has been found to be solvent and no receiver will be named. The depositors, it is understood, will be paid in full and there will be a balance left for the stockholders. Hendrix College, the largest local stockholder in the bank, owns stock amounting to $10,000, and it was feared when the closing was first announced that the college would not only lose this amount but would be called upon to pay an assessment of an equal amount in order that the depositors might be paid. Among other Conway stockholders are Attorney J. C. Clark and his daughter, Miss Bessie Clark. A dispatch from Washington says the Treasury Department now is considering offers made by several banks to take over the institution for purposes of liquidation. Among the Little Rock banks said to have submitted some sort of a proposition to effect the liquidation are the W. B. Worthen Company and the new Bankers' Trust Company. Other local banks also are said to have made offers. The report of National Bank Examiner W. W. Smith, who has been in charge of the bank since it closed its doors, was to the effect that it will not be necessary to name a receiver for the bank, as he has found it solvent. The capital is impaired, he
5.July 3, 1914The Prescott Daily NewsPrescott, AR
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STOCK HOLDERS WILL UNDERTAKE LIQUIDATION State National Pronounced Solvent. Cashier Johnson Anounces Meeting of Stockholders Consider Selection of Agent. Little Rock, July 3.--The public had been prepared for the announcement that the stock-holders will undertake the liquidation of the State National Bank, since the examiner, W. W. Smith, has pronounced it solvent. Cashier Johnson returned Thursday from Washington, D. C. and announced that a meeting of the stockholders will be held within the ensuing ten days for the purpose of considering the selection of a liquidating agent. The W. S. Wortham Company, bankers, of Little Rock, are being most prominently mentioned in connection with this position, and it is believed the affair of the bank will be wound up through that institution. There had been a strong pull for the appointment of receiver, and several applicants went to Washington to push their claims, but this was rendered unnecessary by the decision of the Comptroller that the bank is in a solvent condition, and will not only be able to pay the depositors in full, but a considerable sum to the stockholders by a proper husbanding of the available assets.
6.July 3, 1914Pine Bluff Daily GraphicPine Bluff, AR
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STATE NATIONAL WILL LIQUIDATE Stockholders to Meet in Ten Days to Select Liquidating Agent-Depositors Safe. / Little Rock, July 2.-The public has been prepared for the announcement that the stockholders will undertake the liquidation of the State National bank, since the examiner, W. W. Smith, has pronounced it solvent. Cashier Johnson and Director J. F. McIntyre returned Thursday from Washington, D. C., and announced that a meeting of the stockholders will be held within the ensuing ten days for the purpose of considering the selection of a liquidating agent. The W. B. Worthen company, bankers of Little Rock, are being most prominently mentioned in connection with this position, and it is believed the affairs of the bank will be wound up through that institution. There had been a strong pull for the appointment of receiver, and several applicants went to Washington to push their claims, but this was rendered unnecessary by the decision of the comptroller that the bank is in a solvent condition, and will not only be able to pay the depositors in full, but a considerable sum to the stockholders by a proper husbanding of the available assets.
7.July 10, 1914The Green Forest TribuneGreen Forest, AR
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Article Text
An examiner's report to the comptroller of the currency announced that it would not be necessary to appoint a receiver for the State National bank at Little Rock, Ark., as it had been found solvent, although its capital is impaired. Several banks have offered to take over the institution.
8.July 17, 1914The Forrest City TimesForrest City, AR
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*********** Point The has Elberta State bank of Bank sold out to the Center That the and Trust Company of Nashville Planters' able enterprise was signed investment was the not reason a profit. transfer. by the stockholders for the as. . the Adjutant General Lloyd . England warded Arkansas National Guard has of and to the company commanders for. formal staff officers throughout the annual notification of the date of state Logan encampment to be held at Fort the H. Roots August 11. late There will be a . heavier planting forage crops in Baxter and of joining than counties this summer and adof for many years past. The fall the passed few days have put rains ground ing is in fine shape, and much the and in progress now of cane, millet plantcow peas. 0 . . Congressman T. H. Caraway introduced erate a bill whereby all Confed- has and Union veterans are eligible for appointment under made civil service rules to any position in government service, regardless of age, the provided they are physically fit. . The semi-annual O reports . of tions subject to the supervision corpora- of the "Blue Sky" department of the State Bank Commission are now due and 30. being received. They were due July are in There are 120 such corporations the state. The reports of bank and trust companies, called for the are also rebank ceived. commissioner, being by There are 440 financial institutions subject to state supervision. . S . Those who recently accompanied Governor Hays on his trip to the Panama Exposition found in San Francisco a large and active Arkansas Society. The officers are: President, J. S. P. Dean: secretary, Mrs. W. Kelley; treasurer, G. H. Roberts. . O O At a meeting of the stock-holders of the State National Bank in Little Rock a Liquidating Committee was named consisting of H. M. Johnson, the cashier, Thos, C. McRae of Prescott. Max Mayer, Maurice Altheimer and W. 1 Lewis. The committee named H. M. Johnson as the liquidating agent. This must be confirmed at another meeting of the stockholders to be held in 30 days. While no statement is yet available of the bank's condition, it is generally believed that it will pay depositors in full and good dividends to the stock-holders. : . . G. A. Hulen, county examiner for N Lawrence county, has removed to Craighead county, and tendered his resignation. County Judge Dud Bassett has appointed R. C. Waldron as his successor, and the apointment has been sent to Supt. Cook to issue the license. . . . The production of coal in Arkansas in 1913 was 2,343,107 short tons, valued at $3,923,701 compared with 2,100,819 tons, valued at $3,582,789 in 1912, a gain of 133,288 tons in quantity and of $340,912 in value. a in County school fairs and contests are becoming quite popular throughout the state. At least half the counties are undertaking them. Boone county leads in one of the most successful school fairs of the country, and the organizations are well under way in Monroe, Faulkner. Saline and a number of other counties. . . . "The garden is holding up fine, and we have shown that proper cultivation will beat the drouth." This is the report of R. J. Hubbard, superintendent of the Special Consolidated public school, writing of a school garden that has been worked under demonstration methods . . Sheriff J. H. Parker of Quachita county. who was nominated and confirmed as United States marsha! for the of refrom cently, Western has received District applications Arkansas 500 people seeking positions as deputy marshal. . Creditors of the Central Bank and Trust Company. which failed at sort Smith December 30, 1911, will re. on ing to the ceive 22 cents receiver's the dollar, final accord- report, which was approved. The bank failed after being in existence four months. It carried but a small amount of deposits and was a member of a string of banks affiliated with Night and Day banks at Memphis and in Arkansas and Oklahoma cities. . @ a An appropriation for $237,840 for the building of a storm sewer system the is carried in the tion bill, was to upon which Hot sundry Springs reported civil reservation appropria- the Sonate by the Appropriations Com-
9.June 17, 1915The Carlisle IndependentCarlisle, AR
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Unless stockholders of the defunct State National Bank of Little Rock pay assessments of 65 per cent on the value of their stock to Lloyd England, receiver, they will be sued for the amount, according to letters mailed to the stockholders by Mr. England. The letters were authorized in an effort to pay in full the depositors of the bank, numbering about 7,000. Since the bank was closed, June 20, 1914, no payments have been made on the $1,000,000 deposits. Mr. England says he believes the 65 per cent assessment will raise money sufficient to pay all depositors, but if it is not, another assessment will be levied. The assessment is due July 2. John Skelton Williams, comptroller of currency, has authorized the receiver to extend this time to October 2, where a payment of 25 per cent of the assessment is made July 2. another 25 per cent August 2. and another September 2.
10.October 21, 1915The Newark JournalNewark, AR
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BANKERS ARRESTED ON FEDERAL CHARGE President and Cashier Defunct State National Bank Charged With Wrecking Institution. Little Rock, Oct. 20.-W. H. Granflo, president and R. D. Duncan, former cashier, of the (StateNationalBank,whichclosed in June, 1914, today were arrested on Federal indictments, charging the two former bank officials with misapplicaton of funds of the defunct institution and with conspiracy todefraud. Five counts on the former charge were returned against each of the men by the Federal grand jury, which reported yesterday afternoon. The men were arrested today and their bonds fixed at $10,000 each. According to charges of R. M. Huston, a special accountant for the department of justice, the two bank officials violated the Federal banking statutes in allowing the State Trust Company, a subsidiary concern, to draw approximately $80,000 on overdrafts. The loans were made in an effort to defraud, according to the count in the indictments charging conspiracy. There were five loans made by the State National Bank through the two officers to the trust company, according tothe indictments. The funds loaned were $40,000; $10,565 $3,000 $15,000, and $12,500. It is charged that the loans were made without knowledge. When the State Bank failed 7,000 depositors had more than $900,000 on deposit in theinstituton. The bank first was turned over to a committee of the directors for liquidation, having been declared solvent. Later it was declared insolvent and Lloyd England was appointed receiver. Since the appointment of the receiver two 10 per cent dividends have been paid the depositors.
11.November 20, 1915The Prescott Daily NewsPrescott, AR
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GEN. LLOYD ENGLAND TO WASHINGTON ON BUSINESS Little Rock, Nov. 20.-Gen. Lloyd England, of the Arkansas National Guard, will leave tonight for Washington, D. C., on business in connection with the State National Bank of which he is receiver.
12.November 20, 1915Pine Bluff Daily GraphicPine Bluff, AR
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England to Washington. Little Rock, Nov. 19.-Gen. Lloyd England of the Arkansas National guard, will leave tonight for Washington. D. C., on business in connection with the State National bank, of which he is receiver.
13.March 23, 1916The MonticellonianMonticello, AR
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Chancellor J. E. Martineau ordered the sale of the real and personal property of the Weil Packing Company to satisfy the claim of Lloyd England, as receiver of the State National Bank of Little Rock for $63,650.63 and $5,996.44 interest, and the claim of the Ravenswood National Bank of Chicago, $3,800 and $371.92 interest.
14.April 15, 1916Pine Bluff Daily GraphicPine Bluff, AR
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TWO BANKERS OF LITTLE ROCK ARE FOUND GUILTY Garanflo and Duncan Convicted on All of Six Charges. Little Rock, April 14.-W. H. Garanflo, former president, and R. D. Duncan, former vice president and cashier of the defunct State National bank, were convicted bya jury in the United States court today of five charges of misapplication of funds and one charge of conspiracy. Judge Frank Youmans announced he would impose sentence Monday. Each count upon which they were convicted carries a minimum penitentiary sentence of five years, and a. maximum of ten. A fine of $5,000 also also can be assessed for each charge. Attorneys for the convicted men said immediate appeals to the United States circuit court of appeals would be taken. Mr. Garanflo and Mr. Duncan were indicted October 20, 1915, on charges that originated when R. M. Huston, of the department of justice, acting under the comptroller of the currency, investigated conduct of the State National bank and the State Trust company, a subsidiary concern. The Sate National bank closed June 24, 1914. When the bank closed deposits on its books aggregated approximately $900,000. There were 7,000 depositors. At first the bank was declared solvent and the comptroller turned it over to a board of the directors. Later it was declared insolvent and Lloyd England was named receiver. Two 10 per cent dividends have been paid the depositors since Mr. England took charge. The five charges on misapplication of funds were based on five wrafts issued by the officials, drawn Off the State Trust company's account with the State National bank.
15.November 7, 1917Judsonia Weekly AdvanceJudsonia, AR
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Receiver Lloyd England of the defunct State National Bank of Little Rock declared a 10 per cent dividend for depositors of the institution. The dividend amounts to $87,270.
16.November 8, 1917The Carlisle IndependentCarlisle, AR
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Receiver Lloyd England of the defunct State National Bank of Little Rock declared a 10 per cent dividend for depositors of the institution. The dividend amounts to $87,270.
17.December 28, 1917Pine Bluff Daily GraphicPine Bluff, AR
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DEFUNCT BANK TO PAY DEBTS IN FULL Receiver for State National Bank at Little Rock Announces Final Payment on New Year's Day. Little Rock, Dec. 27.-Depositors in the defunct State National bank of Little Rock are to be paid in full. according to an announcement made tonight by the receiver, Lloyd England. The final payment, a dividend of 20 per cent, will. be made as a New Year's gift, to the depositors. In addition, Mr. England said there will be funds remaining to make a partial payment of a 6 per cent interest divi_ dend to depositors. The bank closed in June, 1914. W. H. Garanflo, president, and R. D. Duncan, cashier, were tried and convicted for misapplication of the bank's funds. They were sentenced to serve six years in the penitentiary and to pay fines of $10,000 each. TAhese sentences were recently affirmed by the United States Circuit Court of Appeals.
18.December 28, 1917The Sentinel=recordHot Springs, AR
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FINAL PAYMENT TO STATE NATIONAL BANK DEPOSITORS Little Rock, Ark., Dec. 27.-Depositors in the defunct State National Bank of Little Rock are to be paid in full, according to an announce ment made tonight by Receiver Lloyd England. The final payment, a dividend of 20 per cent, will be made today as a New Year's gift to the depositors. In addition Mr. England said, there will be funds remaining to make a partial payment of a six per cent interest dividend to depositors. The bank closed June 19, 1914. W. H. Garanflo, president, and R. D. Duncan, cashier, were tried and convicted for misapplication of the bank's funds. They were sentenced to serve six years in the penitentiary and to pay a fine of $1,000. These sentences recently were affirmed by the United States circuit court of appeals.
19.November 27, 1918The Prescott Daily NewsPrescott, AR
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REMAINGING ASSETTS OF STATE NATIONAL TO BE SOLD Little Rock, Nov. 27.-Lloyd England, receiver of the State National Bank, is advertising al the remaining assets of the bank for sale Nov. 30. They consist largely of lands, stocks and judgments in various parts of the state, with an aggregate book value of several hundred thousand dollars. This has been a remarkable receivership in many respects and reflects great credit upon Mr. England as a financier. The bank closed June 19, 1914, and was in the hands of a liquidating committee until Feb. 17, 1915, whn Mr. England was appointed receiver. At first many of the claims against the bank were sold on the streets at thirty cents on the dollar. So successful however, has been the administration of its affairs that the receiver has handled more than one every depositor in full, and out of the million dollars in assets, has paid proceeds of the approaching sale will pay them 6 per cent interest on their money while out of their hands, after the expenses of the receivership have been paid. If there should be an excess, it will be paid to the stock-holders.
20.November 30, 1918The Little River NewsAshdown, AR
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STATE NEWS BRIEFS Events of Importance as Reported by Special Correspondent of News. Little Rock, Nov. 27.-Lloyd England receiver of the State National Bank, is advertising all the remaining assets of the bank for sale Nov. 30. They consist largely of lands, stocks and judgments in various parts of the state, with an aggregate book varue of several hundred thousand dollars. This has been a remarkable # receivership in many respects and reflects great credit upon Mr. England as a financier. The bank closed June 19, 1914, and was in the nands of a liquidating committee until February 17, 1915, when Mr. England was appointed receiver. At first many of the claims against the bank were sold on the streets at thirty cents on the doilar. So successful however, hap been the administration of its afrairs that the receiver has handled more than one million dollars in assets, has paid every depositor in full, and out of the proceeds of the approaching sale will pay them 6 per cent interest on their money, was out of their nancs, aite. the expenses of the receivership have been paid. If there should be an excess, it will be paid to the stock-holders.
21.March 27, 1919Cleveland County HeraldRison, AR
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Receiver Lloyd England of the defunct State National Bank of Little Rock paid the seventh dividend to depositors. This dividend is in payment of interest at six per cent per annum on proved claims against the bank since it closed its doors on June 19, 1914, and aggregates 14.2 per cent.
22.March 28, 1919The MonticellonianMonticello, AR
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Receiver Llovd England of the defunct State National Bank of Little Rock paid the seventh dividend to depositors. This dividend is in payment of interest at six per cent per annum on proved claims against the bank since it closed its doors on June 19, 1914, and aggregates 14.2 per cent.
23.March 28, 1919The PulaskianLittle Rock, AR
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Receiver Lloyd England of the defunct State National Bank of Little Rock paid the seventh dividend to depositors. This dividend is in payment of interest at six per cent per annum on proved claims against the bank since it closed its doors on June 19, 1914, and aggregates 14.2 per cent.
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.
