Crowley Trust & Savings Bank (Crowley, LA)

Episode Information

Episode UID
84004971513
Episode Type
Suspension → Closure
Bank Type
savings
Bank ID
8400497 routing
Routing Number
84-0049
Start Date
January 23, 1926
Location
Crowley, Louisiana (30.214, -92.375)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
f8433223fe90bdd0

Response Measures

None

Description

State banking department took charge and special agents were appointed; New Orleans banks consulted regarding reorganization.

Events (2)
1. January 23, 1926 Receivership
Newspaper Excerpt
the state banking department took charge of its affairs. An inventory of its assets has been prepared and filed ... P. M. Lyons and Philip S. Pugh have been appointed special agent and attorney, respectively.
Source
newspapers
2. January 23, 1926 Suspension
Cause
Local Shock
Cause Details
Adverse conditions in local agricultural (rice) industry left many loans uncollectible and the bank could not obtain further correspondent credit to meet deposit demands.
Newspaper Excerpt
the Crowley Trust and Savings bank of Crowley was closed January 23, 1926.
Source
newspapers

Newspaper Articles (4)
1. January 25, 1926 The Crowley Post-Signal Crowley, LA
Article from The Crowley Post-Signal, January 25, 1926

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Article Text

DEPOSITORS CLOSED Examiner Wood Remains in Charge of Crowley Trust & Savings Bank Today. LEGAL AID SOUGHT Many Small Depositors Hard Hit In Event Bank Not Reorganized. Whether or not the Crowley Trust & Savings Bank will be reorganized and reopen with depositors protected could not be stated either by the bank examiner's office or by officials of the institution today, although they were in conference with the exaim of bringing comparative order out of the chaos caused by the closing of the bank Saturday morning. these conferences were going on within the walls of the closed institution, other forces were also work. number of depositors of the bank have sought legal advice with view of having thorough investigation conducted as to all cumstances connected with the bank's suspension, and from another bank in nearby town came hint that steps would be taken to protect its interests in regard to certain funds said to have been collected for account and then involved the suspension. W. Wood, bank examiner from the office of Brock, state bank remained charge of the bank. This morning he expressed the bank's funds to the (WhitneyCentral Trust Savings Bank, New Orleans, for stating that was customary in such cases, was not wise to keep funds in bank temporarily closed, on account danger of robbery. There appeared substantial hope the knowledge that the bank not in liquidation and still corporate body in charge of its officials and directors. Mr. Wood would say nothing further than that he, Branson, vice president, and others were working as hard they could to reorganize the bank and protect depositors and that no steps leading to liquidation would be taken until every available avenue to restoration had been tried. This morning ushered in real "Blue Monday" for many people who had been depositors at the Crowley Trust & Savings Bank, which did not open for business Saturday mornand which today remained closed and in charge of the state banking There were many people in Crowley during the day, enough for busy Saturday, but the of those in the city showed that it was not the usual happy Saturday crowd. Groups were gathered here and there, and almost without exception the prevailing topic was the bank. its suspension of business and its possible chances of reopening. do you think? Will the bank This was the type of question fired at every newcomer to the group, but this morning, at any rate, question that no man swered, although many hoped and prayed that would In the streets and business houses and in groups that stopped street corners to discuss the financial "tragedy" there was heard much criticism of the part played by New Orleans bankers the closing of the institution after short life of three years. Upon the question of the reopenof the bank appeared to hinge question of success or failure number of people who had various amounts on deposit. The list included number of small represented all that the depositors had in the world. Their concern seemed even greater than that evident the faces of those had thousands of dollars in the balance. Stettin, huntin the Baltic Sea for Jolly Roger, the Swedish Schooner Rapid. missing for several months after has become pirate craft. storm,

2. February 3, 1926 The Crowley Post-Signal Crowley, LA
Article from The Crowley Post-Signal, February 3, 1926

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Article Text

DISCUSS BANK Committee from Depositors Organization Will Confer with Hibernia and Marine. With committee of depositors and officers of the Crowley Trust Savings Bank en route today to New Orleans for with representatives of the Marine Bank and the Hibernia Bank & Trust Company, prospects were said to continue favorable for the of much or all of the money of depositors of the bank. which suspended business on January 23 and which since that time has been in the hands of Brock, state banking missioner, represented by W. Wood, bank examiner. No statement was issued for publication, but The Signal learned members of the depositors tion, formed last week, that conferences last night, following other meetings, had more completely plan of action to be followed when the New Orleans interests are approached tomorrow morning or afternoon. Names of those forming the committee going to New Orleans were not given out, but it was said that composing it were depositors and officials of the bank. The Hibernia and Marine banks were interested the extent of ownership of $75,000 of the capital stock of the local bank, this interest having been acquired when the Crowley Bank & Trust Company failed in December 1922, and was reorganized few days later under the name Crowley Trust & Savings Bank. SHOOT AT HOUSTON Houston, Texas, Feb. events of 25 targets each were on the program of the sunny south trapshooting tournament here today. Weather conditions were excellent. E. Woodward, of Houston, has the high average for the two preced ing days of shooting. By smashing 393 of possible 400 targets Monday and Tuesday he has attained percentage of .9825. Mark Arie, of Champaign, Ills., is one bird behind. The meeing ends tomorrow with the usual handicap event.

3. February 5, 1926 The Crowley Post-Signal Crowley, LA
Article from The Crowley Post-Signal, February 5, 1926

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Article Text

INTERVIEW Statement Issued Today by Hayes, Lyons and Horn Asks Cosperation. With his return to Crowley today from New Orleans where he interviewed officers of the two New Orleans banks interested in the defunct Crowley Trust & Savings Bank, which suspended business here January 23, Dr. F. M. Hayes of the committee from the depositors organization reiterated optimistic expressions concerning plans under way to protect the depositors fully. The bank failed Saturday, January 23. After period of apparent inactivity for several days following, depositors organized an association and issued a statement through The Signal that efforts would be made to bring the depositors out of the present difficulty with as little loss as possible, or no loss at all. Wednesday of this week a committee composed of R. L. Branson, vice president of the Crowley Trust & Savings Bank, and Dr. F. N. Hayes of Iota, P. M. Lyons of Crowley and Horn of Crowley went to New Orleans for conference yesterday with L. M. Pool, president of the Marine Bank and representatives of the Bank, these two institutions in December 1922 having put up $75,000 of the $150,000. capital going into the Crowley Trust Savings Bank, which was reorganization built upon the ruins of the CrowTrust Company failure. No details as to the negotiations taking place yesterday in New Orleans were announced, but Dr. Hayes made public the following statement: the undersigned, representing the depositors association of the closed Crowley Trust & Saving Bank, have had a very courteous interview with the interested city banks, and in our opinion, with proper cooperation the part of the Crowley people and of the New Orleans banks, we are very hopeful that the bank can be reopened for business in the near future and all depositors receive 100 cents on the dollar. (Signed) N. HAYES, P. M. LYONS, ALBERT HORN."

4. May 11, 1926 The Times Shreveport, LA
Article from The Times, May 11, 1926

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Article Text

STATE BANKS IN GOOD SHAPE (Continued from Page One.) more than one year ago, and is 12 per cent above the amount required by law. The following comparative table of several important items is submitted: April 12, 1926 208 State Banks Increase Resources $416,306,987.74 $27,608,275.37 Demand deposits 220,502,331.36 3,886,078.98 Savings deposits 109,299,462.74 6,143,018.48 Loans and discounts 263,319,243.06 10,611,622.15 Cash & due from banks 71,889,828.35 3,789,723.05 Borrowed money and rediscounts 23,315,156.85 13,043,662.23 "The changes affecting Louisiana state banks which have occurred during the period ended April 12, 1926, was as follows: Mergers and Consolidations. "The Bank of Assumption of Napoleonville was merged with the Bank of Napoleonville of the same place January 9, 1926. "The Bank of Thibodeaux and Trust company of Thibodeaux was merged with the Bank of Lafourche, also of Thibodeaux, January 18, 1926. "The Central Bank and Trust company of Mansura, including its branches at Bordelonville and Hessmer, was merged with the People's Savings bank of Mansura February 19, 1926. The operation of the branch offices named was continued as branches of the last named institution. "The Bank of Zwolle closed March 1, 1926, for an investigation of its affairs by the state banking department. The investigation was completed March 10, and a deficiency in its assets was taken care of by certain of its directors and depositors. The affairs of said bank were then taken over by the Sabine State bank of Many, which bank now operates the business at Zwolle as a branch office. "The Bank of St. Rose of St. Rose was absorbed by the State Bank of St. Rose, a new organization authorized March 15, 1926. Six Banks Closed. "The Pointe Coupee Trust and Savings bank of New Roads failed to open January 15, 1926. The directors ordered its operation suspended because of its apparent inability to continue to meet the demands of its depositors, and requested the state banking department to take charge of its affairs. Heavy withdrawal of deposits appears to have occurred after an assessment notice was given the stockholders by the directors of the bank calling upon them to make good an impairment of capital stock of the bank. "The impairment of the capital stock was largely the result of several large loans to sugar and rice planters, which, because of adverse conditions affecting those crops, the bank was unable to collect. An inventory of the bank's assets was prepared and filed in the office of the clerk of court of Pointe Coupee parish. E. Morgan and Ferd C. Claiborne of New Roads were appointed special agent and attorney, respectively. "The Crowley Trust and Savings bank of Crowley was closed January 23, 1926. During the last several years the agricultural interests of that locality, which are devoted almost exclusively to the growing of one crop (rice) have experienced adverse conditions. As a consequence the bank was unable to collect its outstanding loans, and being unable to obtain further credit assistance from correspondent banks, it was unable to continue to meet the demands of depositors and the state banking department took charge of its affairs. An inventory of its assets has been prepared and filed in the office of the clerk of court of Acadia parish. P. M. Lyons and Philip S. Pugh have been appointed special agent and attorney, respectively. The Bank of Alto, of Alto, was unable to obtain sufficient support to make its operation profitable. Its directors, therefore, on March 6, 1926, concluded to cease operation. They obtained funds to pay all depositors in full and will go into voluntary liquidation. "The Rayville State bank, of Rayville, closed April 9, 1926, by order of its board of directors. Efforts made by its directors and stockholders to reorganize or to obtain sufficient funds to re-open and pay off all depositors and other creditors, were successful. "The St. Mary Bank and Trust company, of Franklin, closed January 9, 1926, but re-opened January 18. Its closing was caused by heavy withdrawals of deposits which developed into a "run." The bank found that it was unprepared to meet the sudden and extremely heavy withdrawals of January 9, and its directors ordered it closed and the state banking department was requested to take charge of its affairs. A thorough investigation of the bank's condition was conducted by the state bank commissioner, assisted by several directors and stockholders of the bank. Their investigation indicated the bank to be solvent. The board of directors was re-organized following the stockholders meeting of January 12 and new managing officials were elected. The bank was then authorized to re-open on the date mentioned. "The Golden Meadow branch of the Bank of Lockport and Trust company, of Lockport, was discontinued March 10, 1926, and its business transferred to the main office of the institution. New Banks Authorized. "The State Bank of St. Rose, with capital of $35,000 and paid in surplus of $7,000 was authorized to begin business March 15, 1926. It succeeded the Bank of St. Rose. "A certificate of authority to begin business was issued to the Metairie, Jefferson parish, March 20, 1926. The bank has capital of $50,000 and paid in surplus of $10,000. "The Bank of Commerce, of Crowley, with capital of $50,000 was authorized to begin business March 31, 1926. "The Whitney Central Trust and Savings bank, of New Orleans, was authorized, February 17, 1926, to open a branch office in the Jung hotel in the city of New Orleans, to be known as their "Canal Street Branch." "The Sabine State bank, of Many, was authorized to operate a branch office at Zwolle, March 10, 1926. It took over the business of the Bank of Zwolle on that date. The Gretna Trust and Savings bank, of Gretna, was authorized to open a branch office at Metairie, March 15, 1926. The Hibernia Bank and Trust company, of New Orleans, was authorized, April 7, 1926, to open a branch office in the store of D. H. Holmes company in Canal street, in the city of New Orleans. of the Louisiana highway for toll free bridges, at the Chef and Rigolets in linking the old Spanish Trail, will be issues here within a week. Horace Wilkinson, of Port Allen, and John Dart, of New Orleans, are working on legislation. The governor's brief message will be read in both houses Tuesday.