gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
e573b429d5bf1b2f
Response Measures
None
Description
Receivers were appointed and the bank remained defunct with dividend distributions over subsequent years.
Events (2)
1.November 18, 1912Receivership
Newspaper Excerpt
Hon. J. M. McBreath ... presented ... an application for the appointment of temporary receivers of the bank. The chancellor appointed E. L. Bostick ... and J. A. McCain ... as temporary receivers ... They will be in charge of the Union Bank & Trust company, which will not open its doors this morning,
Source
newspapers
2.November 18, 1912Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed and was placed in hands of receivers after apparent insolvency; liabilities reported near $1,000,000.
Newspaper Excerpt
the Union Bank & Trust company ... will not open its doors this morning, and the two receivers will at once proceed to a more thorough investigation of the affairs of the bank.
Source
newspapers
Newspaper Articles (14)
1.November 19, 1912The Hattiesburg NewsHattiesburg, MS
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Article Text
RECEIVERS NAMED FOR MERIDIAN BANK UNION BANK AND TRUST COMPANY FORCED TO CLOSE DOORS TEMPORARILY. Meridian, Miss., Nov. 18.-A few moments after 12 o'clock this morning Hon. J. M. McBreath of this city, as attorney for the stockholders and depositors of the Union Bank & Trust company here, one of the largest banks in Mississippi, presented to Chancellor Sam Whitman at Bay Springs an application for the appointment of temporary receivers of the bank. The chancellor appointed E. L. Bostick, a well known lumberman of Meridian, and J. A. McCain, cashier of the Merchants & Farmers' bank of Meridian, as temporary receivers, under a bond which will be made promptly thi smorning in Meridian. They will be in charge of the Union Bank & Trust company, which will not open its doors this morning, and the two receivers will at once proceed to a more thorough investigation of the affairs of the bank. Mr. McBeath stated that the action was taken as a measure of protection to the depositors and to conserve the resources of the bank, which it is expected. will be reorganized and placed upon a better footing in the future. The receivership is a temporary
2.November 26, 1912The Hattiesburg NewsHattiesburg, MS
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Article Text
PLAN TO REOPEN MERIDIAN BANK Meridian, Miss., Nov. 26.-Stockholders of the Union Bank & Trust Company Monday decided, If the consent of depositors could be obtained, to ask the court to discharge the receivers and place the affairs of the bank in the hands of a committee composed of F. W. Williams, Joe Meyer, E. S. Bocstick of this city, and Dr. J. B. Marshall of Mobile, all to serve without pay, eliminating the cost of a receivership. It was stated by a committeeman that there was every reason to believe that all depositors would be paid dollar for dollar and that there would be a substantial part for the stockholders. It is also the purpose of the committee to devise plans for reopening the bank.
3.December 19, 1912The Neshoba DemocratPhiladelphia, MS
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Article Text
epositors Reassured. Meridian.-Nothing new has developed 1 the future of the Union Bank and trust Company, which was placed in the ands of receivers, after the bank closed doors three weeks ago. The stockolders and others are still firm in their slief that depositors will be paid in ill.
4.December 20, 1912Greene County HeraldLeakesville, MS
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Article Text
Depositors Reassured. Meridian.-Nothing new has developed in the future of the Union Bank and Trust Company, which was placed in the hands of receivers, after the bank closed its doors three weeks ago. The stockholders and others are still firm in their belief that depositors will be paid in full.
5.February 16, 1914The Hattiesburg NewsHattiesburg, MS
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Article Text
COMMITTEE BEGINS PROBE DEFUNCT BANK'S AFFAIRS (By Associated Press.) Meridian, Miss., Feb. 16.-The legislative investigating committee began its probe into the affairs of the defunct Union Bank and why $50,000 was allowed as a fee to receivers by the chancery court.
6.March 6, 1914Macon BeaconMacon, MS
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Article Text
$ WHITMAN SEEKS VINDICATION. The Vicksburg Herald, several months ago, had a very strong editorial in regard to payment of a fifty thousand dollar fee to the lawyers and receivers of the Union Bank & Trust Co., of Meridian, and has the following to say anent the action of the legislature in regard to Chancellor Whitman: After the committee report and its acquittal of Chancellor Whitman of violating the law, and nothing venal being attributed to his dereliction, The Herald thinks the legislature crossed the line of justice and law, in calling for his retirement from office. A vote of censure was sufficient it seems to carry the needed warning. But any reply from the chancellor in which he may seek to justify the $57,000 fees. etc., he allowed the receivers and lawyers in the case of the suspended Union Bank & Trust Co., wiil have few converts. In view of the labor involved, and their previous earning capacity, they were grossly overpaid and the depositors grossly wronged. A vincicatory election of the chancellor in the face of such facts, is a matter for the determination of his constituents.
7.April 30, 1914Oxford EagleOxford, MS
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Article Text
Bank Suit Thrown Out. A surprise was caused in circuit court at Meridian, when the case of Receivers J. A. McCain and W. C. Moore of the Union Bank and Trust company against I. Blum, for the recovery of $1,175 on alleged promis sory notes, was withdrawn.
8.May 1, 1914Macon BeaconMacon, MS
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Article Text
# Bank Suit Thrown Out.
A surprise was caused in circuit court at Meridian, when the case of Receivers J. A. McCain and W. C. Moore of the Union Bank and Trust company against I. Blum, for the recovery of $1,175 on alleged promis-sory notes, was withdrawn.
9.August 20, 1914Oxford EagleOxford, MS
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Article Text
Another Dividend Soon. Meridian.-As soon as sales of real estate, held by the receivers of the Union Dank & Trust Co., as collateral, are held and collections made, another dividend will be paid depositors of the institution which failed over a year ago.
10.August 21, 1914Macon BeaconMacon, MS
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Article Text
# Another Dividend Soon.
Meridian.—As soon as sales of real estate, held by the receivers of the Union Bank & Trust Co., as collateral, are held and collections made, another dividend will be paid depositors of the institution which failed over a year ago.
11.January 29, 1915The Grenada SentinelGrenada, MS
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Article Text
Hungry for Dividend.
Inquiry of attorneys representing the receivers of the Union Bank & Trust Co. of Meridian, which failed over a year ago, and which has not yet paid depositors in full, fails to ascertain a date when another dividend will be paid.
12.April 8, 1915Oxford EagleOxford, MS
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Article Text
Paid Out $45,000. Meridian.-Forty-five thousand dollars good coin was turned loose in Meridian when checks for this amount, 50 per cent due creditors and depositors of the defunct Union Bank & Trust company, were distributed by attorneys for Receivers J. A. McCain and W. C. Moore. The remainder of the amount due depositors and creditors of the bank, $45,000, will be paid on or before November 23.
13.April 9, 1915The Pascagoula Democrat-StarPascagoula, MS
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Article Text
Forty-five thousand dollars good coin was turned loose in Meridian when checks for this amounts 50 per cent due creditors and depositors of the defunct Union Bank & Trust company, were distributed by attorneys for Receivers J. A. McCain and W. C. Moore. The remainder of the amount due depositors and creditors of the bank $45,000, will be paid on or before November 23.
14.May 8, 1915The Hattiesburg NewsHattiesburg, MS
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Article Text
DAMAGES ARE GIVEN. Meridian, Miss., May 8.-The jury after being out all night returned a verdict this morning awarding H. J. Woods $5,500 damages with six per cent interest from November 16, 1912, against Sam Meyer. The total amount is $6,315.82. The suit involved the condition of the Union Bank & Trust Company, which failed November 16, 1912. Mr. Woods alleged that he had a conversation with Mr. Meyer, a director in the bank from its organization, in June and July, 1912, with reference to the purchase of fifty shares of stock and the sale of fifty-four shares owned by him. He claimed that Meyer told him the bank was in good condition. Meyer denied on the witness stand that he had held any conversation with Woods. The case is of state-wide interest, because of the various phases which the failure of the bank has assumed and the involving of prominent men. The bank at the time of its failure, had 2,000 depositors. The allowance of $50,000 attorneys' and receivers' fees, brought forth an effort before the legislature to address Chancellor Whitman out of office. The attempt failing, various suits have been filed and criminal prosecution brought in which Governor Brewer and Attorney-General Collins took a hand. The criminal prosecution has been dropped. Part of the amount due creditors has been paid under an agreement. About $45,000 is still due which is to be paid next November. At the time the bank failed, it had liabilities of almost $1,000,000.
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.
