gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
02d928c7cf7e80b3
Response Measures
None
Description
Receiver appointed and later criminal convictions indicate permanent failure.
Events (3)
1.June 19, 1913Run
Cause
Rumor Or Misinformation
Cause Details
Rumors that a life insurance company (whose president resigned) was in financial straits and that the bank was involved triggered the run.
Measures
Bank closed at 3 PM; president said directors would meet and bank might reopen; asked depositors to return Friday.
Newspaper Excerpt
The Valley Savings Bank of Argenta closed its doors at 3 o'clock this afternoon as the result of a run on the institution which started at noon.
Source
newspapers
2.June 21, 1913Receivership
Newspaper Excerpt
George Vaughan ... was this morning appointed receiver of the Valley Savings bank of Argenta ... Mr. Vaughan at once started an investigation into the affairs of the bank and said tonight that he hoped to be able to make a statement as to its financial condition by tomorrow night.
Source
newspapers
3.June 21, 1913Suspension
Cause
Bank Specific Adverse Info
Cause Details
A stockholder declared the bank insolvent and a receiver was appointed after the run; receiver began investigation.
Newspaper Excerpt
George Vaughan, a Little Rock attorney, was this morning appointed receiver of the Valley Savings bank of Argenta, which closed its doors yesterday afternoon following a run by depositors.
Source
newspapers
Newspaper Articles (10)
1.June 20, 1913Tulsa Daily WorldTulsa, OK
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Article Text
RUN ON BANK CAUSES THE DOORS TO CLOSE PRESIDENT SAYS IT WAS A CONSPIRACY TO RUIN HIM FINANCIALLY. - --LITTLE ROCK, Ark. June 19.The Valley Savings Bank of Argenta closed its doors at 3 o'clock this aft. ernoon as the result of a run on the institution which started at noon. W. W. Hurst, president of the bank declared tonight that the bank is perfeetly solvent and said that the run was the result of a conspiracy to cause his financial embarrassment. He said that the bank was closed until the directors could meet to consider the situation. He said the directors will meet tomorrow and that the bank might reopen on the fol. lowing day. Mr. Hurst yesterday resigned as president of a local life insurance company. It is said the run was started as the result of rumors that the life insurance company is in financial straits and that the bank had become involved.
2.June 20, 1913Pine Bluff Daily GraphicPine Bluff, AR
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Article Text
VALLEY SAVINGS BANK CLOSES Believed That It Will Pay All Depositors, However. Little Rock, June 19.-The Valley Savings Bank, of Argenta closed its doors at three o'clock today after a short run during which several thousand dollars was paid out to depositors. President iW. W. Hurst told others to return Friday morning and get their money. The bank has deposits of about $160,000 and capital of $35,000. It is believed it will pay out,
3.June 22, 1913The Daily ArdmoreiteArdmore, OK
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Article Text
BANK CLOSED ITS DOORS. President Says Its Conspiracy to Ruin Him Financially. Little Rock, Ark., June 21.-The Valley Savings Bank of Argenta closed its doors at 3 o'clock this afternoon as the result of a run on the institution which started at noon. W. W. Hurst, president of the institution, declared tonight that the bank is perfectly solvent and said that the run was the result of a conspiracy to cause his financial embarrassment. He said the bank was closed until the directors could meet to consider the situation. He said the directors will meet tomorrow and that the bank might reopen on the following day. Mr. Hurst yesterday resigned as president of a local life insurance company. It is said the run was started as the result of rumors that the life insurance company is in fiancial straits and that the bank had become involved.
4.June 22, 1913Tulsa Daily WorldTulsa, OK
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Article Text
RECEIVER APPOINTED FOR FAILED BANK STARTED AT ONCE INVESTIGATION OF THE FINANCIAL CONDITION. LITTLE ROCK, Ark., June 21. George Vaughan, a Little Rock attorney, was this morning appointed receiver of the Valley Savings bank of Argenta, which closed its doors yesterday afternoon following a run by depositors. The application for receivership was made by Captain H. C. Daniels, of Little Rock, a stockholder, who declared the bank to be insolvent. Mr. Vaughan at once started an investigation into the affairs of the bank and said tonight that he hoped to be able to make a statement as to Its financial condition by tomorrow night. Mr. Vaughan said that the closed bank was correspondent for the Mechanics American bank of St. Louis, Mo., and the City National Bank of New York. He said these were the only institutions with which the local bank was connected.
5.June 25, 1913Judsonia Weekly AdvanceJudsonia, AR
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Article Text
Run on Savings Bank. Argenta.-The Valley Savings Bank of Argenta closed its doors, after a run of several hours. The bank had deposits amounting to $160,000 and bills payable amounting to $45,000, well secured. It was stated that depositors will be paid in full, as the bank will easily realize the amount of its indebtedness from its real esstate holdings.
6.July 2, 1913Judsonia Weekly AdvanceJudsonia, AR
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Article Text
Must File Claims. Argenta.-An order granting deposttors in the defunct Valley Savings bank of Argenta 90 days time from June 26 to file their claims with George Vaughan, receiver of the bank has been issued in the Palaski Chancery Court. Originally the order was dated June 19, with a 90-day time allowance, but was changed to give the depositors, many of them laberin peo ole with all their finances in the bank more time to prepare to receive bene fits from the assets to be distributed
7.March 23, 1914Newport Daily IndependentNewport, AR
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Article Text
er president of the Valley Savings Bank or Argenta, which failed last year. He has just been convicted on one count of having received deposits when he knew the bank to be insolyent. The jury was out 73 minutes, and his punishment was fixed at three years in the penitentiary. Hurst was the only witness for the defense. The receiver, Geo. Vaughan, testified that on June 17, when Hurst received a deposit of $641 from J. A. Henry of Argenta, the liabilities of the bank were $178,644.78, and the assets $106,205.96. There will be a motion for a new trial, and in all probability an appeal to the supreme court, which will delay the case for some time yet.
8.March 23, 1914The Prescott Daily NewsPrescott, AR
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Article Text
CONVICTED ON ONE HAS FIVE MORE INDICTMENTS W. W. Hirst, Former President of Valley Savings Bank of Argenta Receives Three Years in Penitentiary. Will Appeal Little Rock, March 23.-There are still five indictments pending against W. W. Hirst, former president of the Valley Savings Bank of Argenta, which failed last year. He has just been convicted on one count of having received deposits when he knew the bank to be insolvent. The jury was out 73 minutes, and fixed his punishment at three years in the penitentiary. Hirst was the only witness for the defense. The receiver, George Vaughan testified that on June 17, when Hirst received a deposit of $641 from J. A. Henry of Argenta, the liabilities of the bank were $178,644.78, and the assets $106,205.96. There will be a motion for a new trial, and in all probability an appeal to the Supreme court, which will delay the case for some time yet.
9.March 27, 1914The Forrest City TimesForrest City, AR
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Article Text
ARGENTA BANKER IS FACING PRISON W. W. HURST CONVICTED OF RE. CEIVING DEPOSITS WHEN BANK WAS INSOLVENT. FIVE OTHER INDICTMENTS Motion for New Trial Will be Made, and Probably Be Followed by an Appeal. Western Newspaper Union News Service. Little Rock.-There are still five indictments pending against W. W. Hurst, former president of the Valley Savings Bank of Argenta, which failed last year. He has just been convicted on one count of having received deposits when he knew the bank to be insolvent. The jury was out 73 minutes, and fixed his punishment at three years in the penitentiary. Hurst was the only witness for the defense. Receiver George Vaughan, testified that on June 17, when Hurst received a deposit of $641 from J. A, Henry of Argenta, the liabilities of the bank were $178,644.78, and the assets $106,206.96. There will be a motion for a new trial, and in all probability an appeal to the supreme court, which will delay the case for some time yet.
10.March 28, 1914The Harrison TimesHarrison, AR
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Article Text
ARGENTA BANKER IS FACING PRISON W. W. HURST CONVICTED OF RECEIVING DEPOSITS WHEN BANK WAS INSOLVENT. FIVE OTHER INDICTMENTS Motion for New Trial Will be Made, and Probably Be Followed by an Appeal. Western Newspaper Union News Service Little Rock.-There are still five indictments pending against W. W. Hurst, former president of the Valley Savings Bank of Argenta, which failed last year. He has just been convicted on one count of having received deposits when he knew the bank to be insolvent. The jury was out 73 minutes, and fixed his punishment at three years in the penitentiary. Hurst was the only witness for the defense. Receiver George Vaughan, testified that on June 17, when Hurst received a deposit of $641 from J. A. Henry of Argenta, the liabilities of the bank were $178,644.78, and the assets $106,206.96. There will be a motion for a new trial, and in all probability an appeal to the supreme court, which will delay the case for some time yet.
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.
