Merchants & Planters Bank (Pine Bluff, AR)

Episode Information

Episode UID
81003971569
Episode Type
Run → Suspension → Closure
Bank Type
state
Bank ID
8100397 routing
Routing Number
81-0039
Start Date
September 24, 1930
Location
Pine Bluff, Arkansas (34.228, -92.003)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a8c935c68e2e43b3

Response Measures

None

Description

The bank survived an initial run in September 1930 triggered by rumors, but later suspended and closed in November 1930 following the collapse of the A.B. Banks/Caldwell & Co. chain.

Events (3)
1. September 24, 1930 Run
Cause
Rumor Or Misinformation
Cause Details
False reports and rumors that the bank was to close or was insolvent, possibly spread by prospective hold-up men.
Random Run
Yes
Random Run Snippet
false report of bank closing spread; officials offered reward for identity of rumor starters
Measures
Mobilized National Guard for protection; brought $500,000 reserve from Little Rock; remained open late to pay all depositors.
Newspaper Excerpt
The Pine Bluff company of the Arkansas National Guard was mobilized here last night to prevent possible robbery during a run on the Merchants & Planters' Bank & Trust Co.
Source
newspapers
2. November 17, 1930 Suspension
Cause
Macro News
Cause Details
Systemic collapse of the A.B. Banks and Caldwell & Co. investment chain leading to a state-wide banking crisis.
Newspaper Excerpt
The Merchants & Planters Bank and Trust company of Pine Bluffs, and seven smaller banking institutions in southeastern Arkansas, failed to open their doors today.
Source
newspapers
3. January 29, 1932 Receivership
Newspaper Excerpt
J. E. Williams, receiver for the Merchants and Planters bank here, who has shown a good record
Source
newspapers

Newspaper Articles (23)
1. September 25, 1930 Evening Star Washington, DC
Article from Evening Star, September 25, 1930

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GUARD IS MOBILIZED DURING RUN ON BANK Police Believe False Report of Bank Closing Spread by Prospective Hold-up Men. By the Associated Press. PINE BLUFF, Ark., September 25.The Pine Bluff company of the Arkansas National Guard was mobilized here last night to prevent possible robbery during a run on the Merchants & Planters' Bank & Trust Co., which remained open to pay depositors desiring to withdraw their funds. Officials of the bank, which has deposits approximating $2,500,000, said they believed the run had been broken

2. September 25, 1930 Clarion-Ledger Jackson, MS
Article from Clarion-Ledger, September 25, 1930

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RUN HALTED, BANK SERVES LUNCHES Guards Dismissed When Little Rock House Satisfies Depositors PINE BLUFF, Ark., Sep. on the Merchants and Planters Bank and Trust company, starting late today on rumor the bank was to close tomorrow late tonight apparently died out depositors the bank's business was not threatened. Captain M. E Rowe, commander the Pine Bluff company of the Arkansas Guard instructed his men to by in case they for police duty. They were ever, when the excitement abated about 10 o'clock. rumor mysterious origin during the that the controlled by the Banks company of Little Rock, was to close its doors tomorrow.

3. September 25, 1930 The Town Talk Alexandria, LA
Article from The Town Talk, September 25, 1930

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Rumors Cause Run on Bank at Pine Bluff PINE Ark. Sept. A. reward of $1,000 had been offered here tonight for knowledge of the identity of persons who terday circulated rumors that the Merchants and Planters Bank and

4. September 25, 1930 The Baltimore Sun Baltimore, MD
Article from The Baltimore Sun, September 25, 1930

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Mobilization Of Troops Follows Run On Bank Taken To Prevent Possible Institution At Pine Bluff. Ark. Pine Bluff, Ark., Sept. Pine Bluff company the Arkansas National Guard mobilized here tonight possible robbery during the Merchants' and Planters' Bank and Trust Company, which pay depositors desiring their funds. Officials the bank. has said they believed the run had been broken about 8.30 that $5,000,000 hand its Withdrawals during the day estimated $30,000.

5. September 25, 1930 Deseret News Salt Lake City, UT
Article from Deseret News, September 25, 1930

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Soldiers Watch Run on Bank PINE BLUFF. Ark., Sept. 24(AP) The Pine Bluff company o: the Arkansas national guard was mobolized here last night to prevent possible robbery during run on the Merchants and Planters Bank and Trust company which remained open to pay depositors desiring to withdraw their Officials of the bank. which has deposits approximating $2,500 000 said they believed the had been broken about 8:30 tast night and that $5,000 000 was on hand If its use became necessary. Withdrawals during the day were estimated at $30,000.

6. September 25, 1930 Okmulgee Daily Democrat Okmulgee, OK
Article from Okmulgee Daily Democrat, September 25, 1930

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REWARD OFFERED AFTER BANK RUN Pine Bluff Institution Is After Person Who Started False Rumor PINE BLUFF, Ark., Sept. (AP)-A reward of $1,000 had been offered here today for knowledge the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolveney and would close today thus precipitating run on the bank. Both officials of the Merchants and Planters bank and of the A. B. Banks company, Little Rock. who own majority stock in the Pine Bluff institution. were at loss to comprehend the reason or foundation of the rumor, which resulted in withdrawals of approxThe bank remained open until late last night, tellers paying all who desired to withdraw their deposits. reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate to cover current deposits of $2.500,000 were on hand If needed. The bank officials denied any Intention of closing and said It would open for business today. as usual.

7. September 25, 1930 The Daily News and Intelligencer Mexico, MO
Article from The Daily News and Intelligencer, September 25, 1930

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OFFER REWARD FOR PERSONS STARTING BANK RUMOR By The Associated Press PINE BLUFF. Ark., Sept. 25.-A reward of $1000 had been offered here today. for knowledge of the identity of persons who yesterday circulated the rumor that the Merchants and Planters Bank and Trust Company faced insolvency and would close today thus precipitating a run on the ank. Bank officials denied any intention of closing and said it would open for business today as usual.

8. September 25, 1930 The Guthrie Daily Leader Guthrie, OK
Article from The Guthrie Daily Leader, September 25, 1930

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REWARD IS OFFERED AFTER RUMOR SPREADS ON CLOSING OF BANK Officials Puzzled At Report That Brings Withdrawals Of $30.000 Stay Open Until Late A reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency and would close today, thus precipitating a run on the bank. Both officials of the Merchants and Planters bank and of the A. B Banks company. Little Rock. who own majority stock in the Pine Bluff institution were at a loss to comprehend the reason or foundation of the rumor, which resulted in withdrawal of approximately $30.000. The bank remained open until late last night tellers paying all who desired to withdraw their deposits. A reserve of $500,000 was brought here from Little Rock in the afternoon and excited depositors were told that funds adequate to cover current depesits of $2,500,000 were on hand If needed The bank officials denied any intention of closing and said It would open for business today, as usual Officers were continuing their investigation of seven telephone calls received by Negroes here that the bank faced insolvency and would close its doors today A Negro was

9. September 25, 1930 The Greensboro Record Greensboro, NC
Article from The Greensboro Record, September 25, 1930

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Circulated Rumors Cause Run On Bank PINE BLUFF Ark Sept. 25.-(AP) reward of $1,000 had been offered here today for knowledge of the identity of persons who yesterday circulated rumors that the Merchants and Planters Bank and Trust company faced insolvency. precipitating a run on the institution

10. September 25, 1930 Ledger-Star Norfolk, VA
Article from Ledger-Star, September 25, 1930

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Pine Heavy Run With Cash Pine Bluff, Sept. reward of $1,000 had been offered here today for knowledge of the identity persons who yesterday circulated rumors that Merchants and Planters Bank and Trust Company faced insolvency, precipitating run the institution. The bank remained open until late night, tellers paying all who desired to withdraw their deposits. reserve of $500,000 was brought from Little Rock in the afternoon and depositors told that funds adequate to cover current deposits $1,500,000 hand if needed.

11. September 27, 1930 The Portsmouth Herald Portsmouth, NH
Article from The Portsmouth Herald, September 27, 1930

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$1000. TO FIND WHO PUT RUN ON BANK (By Associated Press) Pine Bluff, Ark., Sept. 26.-A reward of $1000 is up for identity of persons who circulated rumors that the Merchants & Planters' Bank & Trust Co. faced insolvency. The run on the institution resulted in withdrawal of $30,000. Herald Ads. Pay.

12. October 2, 1930 The Black Dispatch Oklahoma City, OK
Article from The Black Dispatch, October 2, 1930

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Militia Called Out To Guard Bank PINE BLUFF, Ark., Oct. Arkansas National Guardsmen have been called upon to serve many capacities recently, such protecting Negro prisoners from mobs, curbing attacks on working Negroes by jobless whites, and Wednesday night, the local company was mobilized prevent robbery during on the Merchants and Planters Bank. The run on the bank was started, according to through false that the bank would be report closed Hundreds depositors milled in around the bank during the and was decided keep day, the bank night to off those desiring withdraw their funds. Many of the depositors were Negroes.

13. November 17, 1930 The Courier News Blytheville, AR
Article from The Courier News, November 17, 1930

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Action Taken Protect to Depositors can Exchange Closing. LITTLE ROCK, Nov. 17 Arkansas banks affili. with the Banks company Little Rock today had vantage of the state law permitting temporary closing for five days and suspension of payment deposits. The Wat included two of the largbanks In Arkansas, the American Exchange and Trust company of Little Rock and the Merchants and Planters bank of Pine Bluff. Believe Banks Many directors reported state banking they their Institutions solvent but closed temperarily to protect depositors. Closing the American Exchange and Trust company was the sign that Arkansas state banks were in trouble. The following banks in which Banks interested business temporarily this morning: Bank North Arkansas bank, Batesville: Bank of Bauxite: Benton Bank and Trust company, Benton:- Arkansas State bank, Carliale: Bank of Carthage: Farmers Bank. Casa: Bank Clarendon, Clarendon: Farmers Bank, Dardenelle: Eudora Bank and Trust company, Eudora: Hampton State bank, Hampton: Olebourne County bank, Heber Springs: Merchants and Planters bank Helena; Arkansas Bank Hope Bank Trust company, Houston. Houstori; Merchants and Planters bank, Humphreys; First National bank, Junction City: Merchants and Farmers bank, Junctibn Kingsland: Chicot Trust Lake Village; American Exchange Rock: and kansas Trust company, Newport:Bank of bank, Perry Merchants and bank, Bank and Trust company, Pine Bank Star City, Star Bluff: City: Victoria bank, Strong: First State bank, Thornton: Bank of baseka, and Exchange Bank Trust Company, Dermott Three banks were officially closed by the state banking their affairs being placed the hands state banking ment officers. These were Bank of McRae, the Branch and the Bank of Foulke, The American Exchange company with deposits In was reputedly. the bank in Arkansas notice posted by officers of bank stated that the institution the opinion of its board of was still solvent and had voted to suspend operations for five days protect interesti of depositors. Heavy during past ten days resulted board's decision last night to the bank Forced by Withdrawals The board's statement follows "With decp regret announce the suspension of payments to posities of the Amerisan Exchange Trust for five company permitted under rection 717, ford and Moses digest of the Arkansas action is forced by excessive withdrawals totaling than $4,000,000 during past days, following announcement of the financial difficultlesjof Caldwell and Investment bankers of Tenn. our optnion the bank solvent condition and believe that with the cooperation depositors plan can be formed affairs of Caldwell and company are Arkansas and nothing but excited public mind could have forced the closof this for Reopening mittee have worked with Invincible courage for the past ten days to averl this situation and cord publicly confidence them and our administration for their brave fight against ground-

14. November 17, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 17, 1930

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BANKS CLOSED TEMPORARILY STATE CITIES Number of Banks Chain Suspend Business Today In Order to Protect Interest of Depositors. Will Open in Five Days After Precautionary Steps Taken. Thirty-two banks in which A. B. Banks, Arkansas financier, is interested, temporarily suspended business this morning, with announcements being made to the effect that they would reopen for business after five days. Capitalists viewed the closing of the banks with little alarm, expressing the belief that the banks are all absolutely solvent and that their temporary closing is for the protection of depositors and to avoid runs that might have resulted from the present panicky condition of the state. Fortunately, no Jonesboro banking interests were in any way connected with any of the banks that closed, according to statements made this morning. The following United Press dispatch tells of the temporary closing of the banks: LITTLE ROCK, Ark., Nov. 17.—The following banks in which A. B. Banks company is interested suspended business temporarily this morning: Bank of Altheimer, Altheimer; North Arkansas Bank, Batesville; Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton; Arkansas State Bank, Carlisle; Bank of Carthage, Carthage; Farmers Bank, Casa; Bank of Clarendon; Farmers Bank, Dardanelle; Eudora Bank and Trust Company, Eudora; Hampton State Bank, Hampton; Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Helena; Arkansas Bank and Trust Company, Hope; Bank of Houston, Houston; Merchants and Planters Bank, Humphreys; First National Bank, Junction City; Merchants and Farmers Bank, Junction City; Cleveland County Bank, Kingsland; Chicot Trust Company, Lake Village; American Exchange and Trust Company, Little Rock; First State Bank, Osceola; Bank of Pangburn, Pangburn; Perry State Bank, Perry; Merchants and Planters Bank and Trust Company, Pine Bluff; Victoria Bank, Strong; First State Bank, Thornton; Bank of Wabbaseka, Wabbaseka; Grant County Bank, Sheridan; Exchange Bank and Trust Company, Dermott. Bank of Fordyce, Fordyce; Exchange Bank of Dermott, and Sheridan, closed at noon, due to heavy runs this morning.

15. November 17, 1930 New Britain Herald New Britain, CT
Article from New Britain Herald, November 17, 1930

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THIRTY ARKANSAS BANKS CLOSED 5 DAYS BY ORDERS (Continued From First Page) could have forced the closing of this strong bank." Soon after Caldwell & Company was placed in receivership, Mr. Banks announced the Caldwell & Company's interest in the American Exchange Trust Company had been bought by Little Rock capitalists. The Pine Bluff bank was the second largest in the group and the Helena institution the third largest. Banks was a director and a former president of the bank. The American Exchange Trust Company in Little Rock had deposits of approximately $15,000,000 on September 24, the date of the last bank call. The Pine Bluff bank on September 24 had deposits of approximately $2,638,000 and the Helena bank at the close of business Saturday had deposits of $726,000, officials said. List of Institutions The banks in which Mr. Banks and assistants are interested and which suspended business today for five days were announced by the company as follows: The bank of Altheimer, Altheimer; North Arkansas Bank, Batesville; Bank of Bauxite, Bauxite; Benton Bank and Trust Company, Benton; Arkansas State Bank, Carlisle; Bank of Carthage, Carthage; Farmers Bank, Casa; Bank of Clarendon, Clarendon; Farmers Bank, Dardanelle; Hampton State Bank, Hampton; Cleburne County Bank, Heber Springs; Merchants and Planters Bank, Helena; Bank of Houston, Houston; Merchants and Planters Bank, Humphrey; Cleveland County Bank, Kingsland; Chicot Trust Company, Lake Village; American-Exchange Trust Company, Little Rock; First State Bank, Morrilton; Arkansas Trust Company, Newport; Bank of Pangburn, Pangburn; Perry State Bank, Perry; Merchants and Planters Bank and Trust Company, Pine Bluff; Bank of Star City, Star City; Victoria Bank, Strong; First State Bank, Stuttgart; Citizens Bank, Thornton, and Bank of Wabbaseka, Wabbaseka; The Arkansas Bank and Trust Co., Hope; Peoples Bank, McRea; and the Endora Bank and Trust Co., Endora. The following banks affiliated with the A. B. Banks and Company remained open for business, the company announced: The Bank of Fordyce and the First National Bank, Fordyce; Bank of Harrisburg, Harrisburg; First National Bank, Mineral Springs; Bank of Stephens, Stephens, and Bank of Waldo, Waldo. Efforts were being made at Junction City to merge the first National Bank and the Merchants and Farmers Bank, and open one of them today, officials said.

16. November 17, 1930 News-Record Neenah, WI
Article from News-Record, November 17, 1930

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BANKS CLOSE TO PROTECT DEPOSITORS Kentucky, Arkansas and Illinois Banks Affected By United Press Washington. — Appointment of Paul Keyes as receiver to liquidate the affairs of the national Bank of Kentucky at Louisville was announced today by Comptroller of the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is a veteran member of the comptroller's staff. Louisivlle, Ky.—The Louisville Security bank and the American Mutual Savings bank, the latter negro-owned and operated, closed today after the National Bank of Kentucky and the Louisville Trust company failed to open for business. The Security bank was affiliated with the National bank which was taken over by the federal comptroller of currency. The negro bank was affiliated with the Louisville Trust company which was placed in the hands of the state banking commissioner. The four banks combined list resources aggregating $65,000,000. All of the institutions were declared solvent, but that it "was necessary to close them to conserve the resources and protect creditors, depositors and all others concerned. Jefferson City, Mo.—Four northeast Missouri banking institutions closed their doors today as a direct result of the failure last week of the State Savings Loan & Trust company of Quincy, Ill. All the institutions had deposited their surplus funds in the Illinois bank, and were forced to close their doors to protect depositors. Little Rock, Ark.—The American Exchange Trust company of Little Rock, of which A. B. Banks is president, and 15 banks affiliated with the A. B. Banks company, closed today, the state banking department announced today. The action was taken, it was explained, under an Arkansas law permitting a bank to close temporarily for a period of five days, after which it must be reopened or be placed in the hands of the state banking department. Springfield, Ill.—Two Illinois banks were closed today, increasing the number of failures in the state since Friday to five. The Bartlett and Wallace State bank, Clayton, and the Timewell State bank, Timewell, were closed today, State Auditor Oscar Nelson announced. All the closings were in connection with the failure of the State Savings Loan and Trust company, of Quincy, of which the Timewell and Clayton institutions were correspondents. The Timewell bank had deposits of $150,000 and the Clayton bank $500,000. Pine Bluff, Ark.—The Merchants & Planters Bank and Trust company of Pine Bluffs, and seven smaller banking institutions in southeastern Arkansas, failed to open their doors today. The smaller institutions were: Bank of Star City, Bank of Altheimer, Eudora Bank & Trust company, the Bank of Wabbaseka, First State bank of Stuttgart, Chicot Trust company of Lake Village, and the Merchants and Planters bank of Humphreys. Helena, Ark.—The Merchants & Planters bank of Helena, closed today. Officials announced they regarded the institution as solvent but were closing to protect depositors. Louisville, Ky.—The national bank of Kentucky, capitalized at $5,000,000 and an affiliated bank, the Louisville Trust Company, failed to open today and the former was taken over by a national bank examiner. A notice posted by the board of directors and signed by Russell E. Mooney, national bank examiner, said the national bank was solvent but that it had been closed "to con-

17. November 17, 1930 Progress-Bulletin Pomona, CA
Article from Progress-Bulletin, November 17, 1930

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BANKS CLOSED (Continued from Page 1, This Section) 35 the number of banks in the state either closed or having suspended business The five day closing law was taken advantage of by the institutions in the bank's group, it was by directors, due to fear of hasty withdrawals Most of the banks announced solvency. The list of A. B. Banks company institutions which close for five days included two of the largest banks in the state, the American Exchange and Trust company of Little Rock and the Merchants and Planters' Bank of Pine Bluff. The state banking department took over three small banks not affiliated with the group. the Bank of McRea. Bank of Branch and Bank of Protect Kentucky Deposits LOUISVILLE Ky., Nov. 17. (U.P.) -The Louisville Security Bank. and the American Mutual Savings Bank. the latter negro-owned and operated. closed their doors here today after the National Bank of Kentucky and the Louisville Trust company failed to open for bust The Security Bank was affiliated with the National Bank which was taken over by the Federal comptroller of currency. The negro bank was affiliated with the Louisville Trust company which was placed in the hands of the state banking The four banks combined list resources aggregating $65,000,000. All of the institutions were declared solvent, but that It "was necessary to close them to conserve the resources and protect creditors. depositors and all others concerned.' Receiver Put In Charge WASHINGTON, Nov. 17. (U.P.)Appointment of Paul Keyes as re. ceiver to liquidate the affairs of the National Bank of Kentucky at Louisville was today by Comptroller of the Currency John W. Pole. The Louisville bank suspended operations today when its directors voted to turn its affairs over to the comptroller of the currency. Keyes is veteran member of the comptroller's staff. General Solvency Reported NEW YORK. Nov. 17. (U.P.)-Several banks were closed today in four states. Some closed as protecttive measure to depositors and several announced probably solSix banks failed to open in Louisville, Ky Two were smaller banks and their closing was attributed to closing of the other The two bigger banks, officials said. were closed as "protective measures to depositors" altho the institutions were solvent. In Arkansas 35 banks did not open today. Officials the largest of these, bank in Little Rock, attributed the closing as due to heavy withdrawals brought on by psychological reaction recent bank difficulties in Nashville, Tenn. Two small banks closed in IIIInois. They were correspondent banks to two which failed recently in Quincy, III. Four banks in Missouri also closed today as result of the Quincy bank's closing. One bank closed in Iowa today owing to frozen assets.

18. November 18, 1930 The Washington Herald Washington, DC
Article from The Washington Herald, November 18, 1930

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CLOSE THEIR DOORS IN FIVE STATES IN DAY BANKS 50 SMALL the Standard Bank, all ficials and State and Federal Union Bank of Knoxville, the Libbanking department. Six Kentucky Institutions (Continued from First Page) Louisville, and the McElwain and ceivers working upon the affairs erty Loan and Trust Company. The American Exchange Trust which they could not at once col- Close to Protect Patrons Mequiar Bank and Trust Com- of four institutions which have Nashville, nor Caldwell and ComCompany of Little Rock was the lect and on which they did not wish to foreclose. Head of Bank Chain Calls Conference in Arkansas iest men in Arkansas, tonight LITTLE ROCK. Ark., Nov. 17 ordered officials of the 34 affil(U.P.) Thirty banks affililated banks to come to Little ated with the A. B. Banks ComRock for a conference. pany, of Little Rock, closed toOther banks in Little Rock did day. business as usual today, and Three small banks in addition none reported heavy runs. were ordered closed by the State first to shut its doors, At Pine Bluff, Ark., the Merchants and Planters Bank and Trust Company closed. Others followed. A. B. Banks, one of the wealth- LOUISVILLE, Ky., Nov. 17 (U.P.).Six Kentucky banks, two of them negro owned and operated. closed today. Announcements said that all were solvent, that the suspension of business was "to protect the interests of creditors and depositors." The National Bank of Kentucky, the Louisville Trust Company, the American Mutual Savings Bank, the Securities Bank pany of Franklin, were the institutions affected. Negroes operate the American Mutual and Standard banks. Tennessee Officials Quiz Affairs of 4 Closed Banks NASHVILLE, Tenn., Nov. 17 (U.P.).-A quiet, uneventful day was passed today in the Tennessee banking situation with State of closed their doors in the last two weeks. No word came from Attorney General L. D. Smith on what steps he contemplated in his efforts to recover $4,840,000 in cash and securities he reported missing from the assets of the Bank of Tennessee, first of the four to go into receivership. No inventory yet has been filed in the failures of the Holston- pany, the South's leading investment banking house.

19. November 18, 1930 Paragould Daily Press Paragould, AR
Article from Paragould Daily Press, November 18, 1930

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BANK SITUATION OVER THE STATE MORE FAVORABLE Continued From Page One) Clearing House Association including banks in Little Rock and North Little Rock, are excellent condition statement issued last night by officers of the association said. Bank in Greater Little Rock have large cash resource the and the total bills are less than $200 "They are ready and able to take care 01 the banking and credit need the conof the in the sound financial of Arkansas also was excondition Senator Joe Robinson and Gov Parnell Robinson attributed the Senator closing in the to wave of hysteria that followed in the wake financial dif 111 which Caldwell & vestment of became involved information leads me to believe the mind of depositors that connections with Caldwell & had impaired its assets 01 the 43 bank that closed yesterday banks not with the A Banks but majority them were in group institutions In must their have resulted from on deposi The banks included the Bank of at Branch: State bank of Fouke and the Peoples Trust Company which were taken by State Banking Commission Grant County bank Sheridan: Peoples bank. McRae Izard County bank. Guion: Peoples State bank DeValls Bluff the Exchange Bank and Trust Company Dermott and the Arkansas National bank at Heber Springs, which suspended payments for The Merchants & Planters bank at Humphrey affiliated with A B Banks was taken over by the State Banking Commission State banks suspending for fiveday period affiliated with A B Banks were Merchants and Planters bank Pine Bluff American Exchange Trust Company. Little Rock: First State bank Morrilton: First State bank Stuitgart: Benton Bank Trust Co., Benton: Bank of Bauxite Bauxite Cleburne County bank. Heber Springs North Arkansas bank Batesville: Arkansas State bank Carlisle: Arkansas Trust Company Newport Arkunsas Bank and Trust Company. Hope Merchants and Planters bank Helena; Eudora Bank & Trust Co. Eudora: Chicot Trust Company Lake Village Bank of Clarendon Clarendon: Bank of Altheimer Altheimer: Cleveland County bank. Kingsland: Bank of Houston. Houston: Hampton State bank Hampton: First State bank Osceola Bank of Carthage. Carthage Perry State bank Perry Victoria bank Strong Parmers Bank Casa: Leola State bank Loola Merchant and Planters bank Junction City Farmers bank, Darand Citizens bank Thornton and the Bank of Pordyce Pordyce list of the 43 banks that closed vesterday their deposits and capital follows ing Americ an Exchange Trust Company Little Rock State Bank of Fouke depo. $14 579 capital capital People bank deposit $96 capital Bank of deposits capital $25,000 North Arkansas bank Bateaville de have Bank of Bauxite deposits 436 of capital Benton Bank and Trust Company posits cipital 000 Bank of Carthage able Parmer bank deposits 248 capital $10,000 Bank of Clarendon deposits or capital capital $50,000 Endora Bank and Trust Company deposits Hampton $194,318.02 capital 000 State deposits 231 capital Cleburne County bank deposits and bank deposits 000 Bank $99 and Company Hope 49 capital Houston deposits capital Planters bank Hum phrey capital Cleveland bank Company bank Trust Company Newport capital State bank capital $50,000 of Perry State bank deposits People Bank and Trust deposits State Bank $10,000 County

20. November 18, 1930 The News and Observer Raleigh, NC
Article from The News and Observer, November 18, 1930

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SOUTH Chain Institutions in Arkansas Suspend For Five-day Period RUN STATE TOTAL Senator Robinson Says Suspensions Merely Precautionary Measure and Directly Due To Caldwell and Company Difficulties; Six Banks in Kentucky Close banks affiliated with Banks Company, Little Rock, advantage today of state law which permits temporary closing for five days suspension payment deposits. Three banks addition closed by the State Banking Department. Joseph Robinson blamsituation hysteria financial difficulties Caldwell Company Nashville, Tenn. the banks solvent," Senator Robinson said. "Arkansas financially, soon excitement incident the closthe banks has subsided, the state will return normal condithe reopen." Officials Banks group nounced the closing had caused fear hasty withdrawals. The Exchange Trust Company, of Little Rock, the the Banks institutions doors. the largest the State. Depositors gathered the streets near the bank and gazed silently the signs had temporarily. Others Cease. Within hour came word from Pine Bluff, that the Merchants and Planters Bank and Trust Company there, and smaller bankArkansas had failed to open their doors today. Then messages were received from Helena that the and Planters Bank there had closed. Officials they vent, but were closing protect positors. Almost coincident with this advice the from the Branch Bank the Banks group, taken over by the Dethe list mounted. The number for few then then and finally the closing banks other parts the State reached here. Five Days. The state law the banks remain closed five days. At of time they either must reopen for business place selves the hands of the State Banking Departmet. Banks, the wealthiest Arkansas, night ordered officials the filiated banks to come to Little Rock conference. It understood that he would was some definite plan, effect before the end of the fivesuspension allowanee. Little Rock did Other business usual today, reported heavy runs by depositors. Caldwell and Company, Nashthe financial difficulties upon which Senator Robinson blamed placed the today's closings, receiver last week. The hands of the largest investfirm was one the South. concerns SIX BANKS SUSPEND IN BLUE GRASS STATE Louisville, Ky., Nov. Kentucky owned operated, closed that solvent, that the suspension business protect the interests creditors and depositors." National Kentucky, Louisville Trust the American Mutual Savings Bank, the Bank Standard Securities all Louisville, and the Bank, and Mequiar Bank and Trust Elwain the Company, stitutions affected. Negroes operate American Mutual Standard banks. Financial circles here held that banks were forced close bethe cause of rumors growing the collapse Caldwell Company, Nashville, Tenn., largest investment the South. There concern connection between any closed banks and the company, however, merger once had though group discussed. QUIET AGAIN IN TENNESSEE BANKS Nashville, Tenn., Nov. uneventful day passed quiet, today Tennessee state officials and state uation federal working upon affairs four closed their doors in the last came from Attorney Smith what steps in his efforts recover $4,840,000 cash and securities ported from assets Bank of Tennessee, of four into receivership. inventory yet has been filed in failure Knoxville, the Bank and Trust Company, Turn

21. November 18, 1930 Muskogee Daily Phoenix and Times-Democrat Muskogee, OK
Article from Muskogee Daily Phoenix and Times-Democrat, November 18, 1930

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37 BANKS IN ARKANSAS CLOSED ONE DAY Wave of Hysteria Mounts as Financial Institutions Over State Shut Doors MANY MAY BE REOPENED LITTLE Ark., Nov. of mounting banking circles of By nightfall 34 banks affiliated Banks company of Little Rock had taken advantage of which permits temporary closing five days suspension of pay. on deposits. Three small banks in addition had ordered closed the state bank department, bringing the total Sen. Joseph Robinson blamed the hysteria due the nancial difficulties Caldwell and Company Nashville, Tenn. Feels Banks Solvent feel sure the banks solvent," Senator Robinson said. "Arkansas sound financially and soon the excitement the closing the banks has subsided the state return normal conditions and the reopen. Officials the Banks group nounced the closing had been caused fear of hasty withdrawals. The American Exchange Little the first the institutions shut its doors is the largest bank the state Depositors gathered the streets the bank and gazed silently at the announcing had suspended temporarily Within hour from Pine Bluff. the Merchants and Planters Bank and Trust company there. smaller banking institutions southeastern kansas, had failed to open their doors today. Then messages received from Helena that the Merchants Plant ers bank there had closed. Officials said they was solvent but closing protect depositors. coincident this advice the announcement from the department that the Bank McRea, Bank of Branch, and Bank Foulke, small affillated with the Banks group, had taken by the So the list The for few 19. then 27, 32, finally 37. of the closing other parts of the state reached Bank officials and depositors alike tonight the possible outcome of number of closings. Thousands who had their savings in banks of the Rock group any sort conditions in the institutions. No Runs Reported Rumors heard in the The state law permits the banks to five the end of that time they either reopen for place themselves in the hands of the state bank. ing Banks, one of the wealthiest men officials the 34 affiliated banks come Little Rock for that he had definite plan mind which could be put into effect before the end of the five-day suspenOther banks in Little Rock did business as usual today, and reported runs by depositors. Caldwell and Company of Nashville, difficulties of which Senator blamed today's closings, was placed in the hands of receiver week. The firm was one of the largest investin the south. Four in Missouri Close JEFFERSON CITY. Mo., Nov. banks northeast Mis. souri today closed their doors. All the closings were direct results the failure last week of the State Savings Loan and Trust company of Quincy, III. The institutions had deposited plus funds in the Illinois bank, and closed protect depositors. The closed institutions: The Downing State bank, Schuyler deposits of The Labell Savings bank, of Lewis deposits of The Farmers and Merchants bank of Grange, Lewis county, deposits The Rutledge Exchange bank of Scotland county. deposits of

22. November 21, 1930 Cassville Democrat Cassville, MO
Article from Cassville Democrat, November 21, 1930

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40 CLOSED ARKANSAS BANKS CLOSE WELL AS OLDEST BANK KENTUCKY." During the ten days, forty banks throughout the country have according to news At Louisville, Kentucky, the National Bank of Kentucky, oldest bank in that state, closed Monday order of the board of directors. Heavy withdrawals of deposits and street gossip was given the direct cause of the closing. LouisTrust Co., an affiliated institution, also closed. Officials of the Banks Co., Little Rock. also announced that 27 banks in that state had suspended payments depositors. American Exchange Trust of Little Rock, the largest bank to suspend. At Pine Bluff, Ark., the Merchants and Planters Bank suspended under the state banking laws of Arkansas. Six more banks have closed result of the big clash among banks which occurred at Quincy, last week. As result of the closing of one of the largest and oldest banks in Quincy, four banks in Missouri towns closed, well as two smaller Illinois towns. Frozen assets given as the cause of these failures. Again, want express our confidence faith in the banks old Barry county Recent nancial statements issued by them. show they are all enjoying nice business and in and healthy safe condition, which highly commendable the part of their management.

23. January 29, 1932 The Indianapolis Times Indianapolis, IN
Article from The Indianapolis Times, January 29, 1932

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Too Many Receivers (From the Pine Bluff (Ark.) Commercial) In the state of Arkansas there are some 190 small banks closed, and in the process of liquidation. The greatest amount of good to the greatest number of people in this tragic instance could be achieved by eliminating unnecessary waste and extravagance in the liquidation of these small banks. When these banks began popping, potential "receivers" began circling like buzzards on the trail of a fallen prey. Instead of organizing our banking department to meet the emergency, by creating a central receiver to handle all of them, they were handed out one and two at a time, and the cost of liquidation will consume a large part of the deposits. It is not too late now to bring about a few reforms in the liquidation of these small banks, by zoning the state and consolidating the receiverships. J. E. Williams, receiver for the Merchants and Planters bank here, who has shown a good record, informs us that he could have liquidated a dozen small banks from headquarters in Pine Bluff at the same time. The banks of Altheimer and Wabbaseka are good illustrations of what the depositors of the small banks can expect. Although they have been closed for more than a year, no dividend has been paid. And the same is true of other small banks in the state. We don't say the cost of liquidating these banks is too high. But we do say the depositors of these banks are entitled to something and would have received a fair dividend had the banks been grouped under one receivership, along with others in this section of the state. If the cost of liquidating banks continues to eat up the assets, then it would be better to abandon any further attempts at liquidation. If what is due the depositors is going to be paid receivers and special attorneys, then it would be better to wipe the slate clean.