Citizens Bank (Winona, MS)

Episode Information

Episode UID
7322905791573
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
732290579 hash
Start Date
January 1, 1931
Location
Winona, Mississippi (33.482, -89.728)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a4492daf3c146b6d

Response Measures

None

Description

Dates taken from local Winona articles (early Jan 1931); receiver named and liquidation planned.

Events (3)
1. January 1, 1931 Run
Cause
Rumor Or Misinformation
Cause Details
Unwarranted run/panic by depositors; patrons lost their heads leading to heavy withdrawals.
Measures
Bank closed and placed in hands of State Banking Department; audit begun.
Newspaper Excerpt
The Bank of Winona closed its doors this morning after a run on the bank of a few days.
Source
newspapers
2. January 2, 1931 Suspension
Cause
Rumor Or Misinformation
Cause Details
Closure/suspension precipitated by heavy withdrawals following the depositor run.
Newspaper Excerpt
Withdrawals by depositors today was given as the reason for the closing of five Mississippi banks ... Citizens' Bank at Winona
Source
newspapers
3. January 4, 1931 Receivership
Newspaper Excerpt
The State Banking Department will appoint H. W. Rives as receiver and he will manage the affairs in the future. ... process of liquidation will begin.
Source
newspapers

Newspaper Articles (6)
1. January 3, 1931 The Morning Union Springfield, MA

Article Text

Affairs of New York Bank "Scrambled." NEW YORK, Jan. 2—(AP) The intermingled financial affairs of four subsidiary corporations of the closed Bank of United States were described today as a "corporation omelet" at a bankruptcy hearing on the affairs of the corporations. Carl J. Austrian, representative at the hearings for Joseph E. Broderick, state superintendent of banks who closed the institution last Dec. 11, offered this comment on the situation after Saul Singer, vice-president and chairman of the bank's executive committee, testified on the financial structure of the four companies. Singer declared all four were solvent. The subsidiaries, which went into bankruptcy last Wednesday, are the Bankus Corporation of New York, the City Financial Corporation, the Municipal Financial Corporation and the Delaware Bankus Corporation. After long and involved testimony, counsel for the receiver asked Singer, "If a man had 100 shares of City Financial he then received 56 units, each unit made up of one share of Bankus Corporation and one share of Bank of United States. Is that right?" "Yes, that's right," the witness replied. In response to a question as to how much had been raised for the corporations from the public, Singer said $33,500,000 had been raised and then an additional $14,700,000 had been borrowed, making a total of $48,200,000. Mississippi Banks Close. JACKSON, Miss., Jan. 2—(AP) Withdrawals by depositors today was given as the reason for the closing of five Mississippi banks taken over by state and Federal departments. The closed banks were the First National Bank of Pontotoc, with deposits of $600,000 and capital stock of $125,000; Bank of Pontotoc, deposits $534,000 and capital stock $100,000; Citizens' Bank at Winona, deposits $260,000 and capital $25,000; Bank of Blue Mountain with deposits of $179,000 and capital $10,000; Bank of Derma with deposits of $50,000 and $10,000 capital. Arkansas Banks Reopen. LITTLE ROCK, Ark., Jan. 2—(AP) State Banking Commissioner Walter E. Taylor announced the reopening of three banks today. Those reopening are: The Eudora Bank as successor to the closed Eudora Bank and Trust Company at Eudora; the Bank of Salem at Salem and the Farmers' Bank at Casa. Alabama Bank Closed. MONTGOMERY, Ala., Jan. 2—(AP) Dent F. Green, state superintendent of banks, announced late today the People's Bank of Gilbertown had closed. Capital stock was listed at $15,000 with a surplus of $3000. Deposits on Nov. 20, 1930, were $61,880.

2. January 4, 1931 The Winona Times Winona, MS

Article Text

RIVES TO ACT AS RECEIVER OF CITIZENS BANK Just As Soon As Audit Is Completed The Process of Liquidation Will Begin To Pay Dollar for Dollar. The auditors of the State Banking Department will finish making an audit of the Citizens Bank in the next day or so, and then the process of liquidation begin. The State Banking Department will appoint H. W. Rives as receiver and he will manage the affairs in the future. Mr. Rives is a splendid business man, he is thoroughly familiar with the business of the bank and under his direction there no reason why every depositor and creditor should not be paid dollar for dollar under anything

3. January 4, 1931 The Winona Times Winona, MS

Article Text

FACTS ABOUT OUR BANKS IN MONTGOMERY COUNTY THIS MORNING (By Walker Wood) To The People of Montgomery County: have been in Winona since Friday afternoon, and intend to stay here until things become normal. The Times reaches you again today as an extra edition. This publication is made to give the people the facts about conditions in this county. We, with the people of the state, nation and universe are going through a business crisis that is the most far-reaching in the history of the country. The people that will pull through, and the community that will suffer less, will be those who keep their heads and go on with their business affairs in their usual way. The situation is about the banks of the county this morning as follows: The Bank of Kilmichael can re-open if the depositors will co-operate with State Superintendent of Banks, Love. The affairs of this Bank are in good shape, and there was no reason for it to close except some of the patrons of the Bank lost their heads and made an unwarranted run on the bank. The Citizens Bank, of Winona, could have gone through the present business crisis if each patron had stood behind the Bank. The Bank's affairs are in good condition and there was no reason for it to close except to protect its depositors and the Bank's interests. Its affairs will be liquidated and the officers of the Bank have given out a statement that the depositors and creditors will be paid dollar for dollar. The Banking Department, of Jackson, reports to us that the Banks in Duck Hill and Stewart are in good condition, and there is no reason why the people should not have the same confidence in these institutions that they have had in the past. The Bank of Winona closed its doors this morning after a run on the bank of a few days. The Banking Department of the State has the institution in their hands and an audit has begun. Here is what J. S. Love, Superintendent of Banks, said about the Bank of Winona Saturday night: Walker Wood, Winona, Miss. "The Bank of Winona is one of the oldest and strongest bank in North Central Mississippi. There is no reason why the patrons, or people, should not hold the greatest confidence in this bank at this time as they have held in the past." J. LOVE, Supt. State Banks.

4. January 9, 1931 The Winona Times Winona, MS

Article Text

To The People of Montgomery County: (From Saturday's Extra) The Winona Times and the Bank of Winona are two of the oldest institutions of the city. Both have always been found on the side of right and for that which they thought was to the best interest of the people. The country is in the midst of the greatest business crisis that perhaps it has ever been called on to go through. It is a time when every man and woman should stand loyally behind each institution that has stood behind you under normal conditions. If you need your money and have to have it for legitimate purposes go to the bank and get it. If you do not have to have it stand loyally with the bank and show the same confidence in this institution that you have in the past. Its officers and directors are the same men who have protected your money in the past and they will do it in the future. The writer does not own a dollar's worth of stock in the Bank of Winona. We all regret that the Citizens Bank closed. It was caught with frozen assets like hundreds of banks throughout the country. "Frozen assets" is plenty of security, but no one will loan money on your collateral. That is frozen assets. It is like being hemmed in on a checker board. You cannot move. The officers of the Citizens Bank have given out a statement that thev believe every depositor will be paid in full. This is not impossible if the bank's affairs are liquidated in a sane and sensible manner. I had some money on deposit in the Citizens Bank. T believe I will be paid in full. There are all kinds of rumors in the air. but what every loval citizen needs to do now is to keen your head. do not repeat rumors, stand solid behind every institution of city and countv until the crisis passes. I reached Winona from Jackson late Friday afternoon to make a first hand investigation of banking affairs in Winona. My honest conclusion is that if our people

5. January 9, 1931 The Winona Times Winona, MS

Article Text

WARNS PUBLIC "Ten years medical practice has convinced me that persons suffering from functional debility as indicated by pasty complexions, faulty digestion, poor assimilation, chronic or occasional constipation, acidity, gas, unrefreshing sleep, nervousness, biliousness and toxic headaches, should shun the frequent use of calomel, salts, oils or other drastic habit-forming purgative drugs. "After observing the action of Sargon and Sargon Soft Mass Pills in a great many cases I feel free to say I have never seen a formula as uniformly effective as the Sargon treatment for the distorders mentioned above. I have seen countless cases of wonderful results from the use of Sargon, and I consider it a real privilege to recommend this remarkable new treatment." Dr. Kirkland is a resident of Atlanta, Ga, Sold by Kent Drug Co. Bank in the next day or so, and then the process of liquidation will begin. The State Banking Department will appoint H. W. Rives as receiver and he will manage the affairs in the future. Mr. Rives is a splendid business man, he is thoroughly familiar with the business of the bank and under his direction there is no reason why every depositor and creditor should not be paid dollar for dollar under anything like normal conditions. It is thought that perhaps the Citizens Bank may be taken over by another banking concern and reopen for business. We have no authentic information about a movement of this kind. We hope that this may be brought about.

6. January 9, 1931 The Winona Times Winona, MS

Article Text

FACTS ABOUT OUR BANKS IN MONTGOMERY COUNTY THIS MORNING (From Saturday's Extra) (By Walker Wood) To The People of Montgomery County: have been in Winona since Friday afternoon, an intend to stay here until things become normal. The Times reaches you again today as an extr edition. This publication is made to give the peopl the facts about conditions in this county. We, with the people of the state, nation and un verse are going through a business crisis that is th most far-reaching in the history of the country. The people that will pull through, and the con munity that will suffer less, will be those who kee their heads and go on with their business affairs in the usual way. The situation about the banks of the county th morning is as follows: The Bank of Kilmichael can re-open if the depos tors will co-operate with State Superintendent of Bank J. S. Love. The affairs of this Bank are in good shap and there was no reason for it to close except som of the patrons of the Bank lost their heads and mad an unwarranted run on the bank. The Citizens Bank, of Winona, could have gon through the present business crisis if each patron ha stood behind the Bank. The Bank's affairs in goo condition and there was no reason for it to close excep to protect its depositors and the Bank's interests. It affairs will be liquidated and the officers of the Ban have given out a statement that the depositors an creditors will be paid dollar for dollar. The Banking Department, of Jackson, reports to that the Banks in Duck Hill and Stewart are in goo condition, and there is no reason why the people shoul not have the same confidence in these institutions tha they have had in the past. The Bank of Winona closed its doors this mornin after a run on the bank of a few days. The Bankin Department of the State has the institution in thei hands and an audit has begun. Here is what J. S. Love, Superintendent of Banks said about the Bank of Winona Saturday night: Walker Wood, Winona, Miss. "The Bank of Winona is one of the oldest and strongest bank in North Central Mississippi. There is no reason why the patrons, or people, should not hold the greatest confidence in this bank at this time as they have held in the past." J. S. LOVE, Supt. State Banks.