Bank of Wabbaseka (Wabbaseka, AR)

Episode Information

Episode UID
81058071571
Episode Type
Suspension → Closure
Bank Type
state
Bank ID
8105807 routing
Routing Number
81-0580
Start Date
November 17, 1930
Location
Wabbaseka, Arkansas (34.361, -91.796)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
155984de43e6dc9e

Response Measures

None

Description

Bank suspended Nov 17, 1930 for five days but later appears in liquidation by Jan 1932; timing of formal receivership unclear.

Events (3)
1. November 17, 1930 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Temporarily suspended by A. B. Banks interests as a precaution amid panicky statewide conditions and difficulties tied to A. B. Banks/Caldwell & Co.
Newspaper Excerpt
The list ... First State Bank, Thornton; Bank of Wabbaseka, Wabbaseka; ... suspended business temporarily this morning.
Source
newspapers
2. * Other
Newspaper Excerpt
The banks of Altheimer and Wabbaseka are good illustrations ... closed for more than a year, and in the process of liquidation.
Source
newspapers
3. * Receivership
Newspaper Excerpt
In the state of Arkansas there are some 190 small banks closed, and in the process of liquidation... The banks of Altheimer and Wabbaseka ... have been closed for more than a year.
Source
newspapers

Newspaper Articles (3)
1. November 17, 1930 Jonesboro Daily Tribune Jonesboro, AR
Article from Jonesboro Daily Tribune, November 17, 1930

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Article Text

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.

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

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Article Text

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.

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

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Article Text

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.