Greenwood Savings Bank (Greenwood, MS)

Episode Information

Episode UID
85009971572
Episode Type
Run → Suspension → Closure
Bank Type
savings
Bank ID
8500997 routing
Routing Number
85-0099
Start Date
December 20, 1930
Location
Greenwood, Mississippi (33.512, -90.199)

Metadata

Model
gemini-3-flash-preview (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3f6d868ceeac66ad

Response Measures

None

Description

The bank closed following a city-wide panic triggered by the failure of the Wilson Banking Company; later articles confirm it remained in receivership.

Events (3)
1. December 20, 1930 Run
Cause
Local Banks
Cause Details
Failure of the Wilson Banking Company triggered a city-wide run on all other banks in Greenwood.
Newspaper Excerpt
depositors started runs on the banks after the Wilson Banking Company... failed to open today for business. Within short time three other banks and later another shut its doors
Source
newspapers
2. December 20, 1930 Suspension
Cause
Local Banks
Cause Details
Suspended operations due to the panic and runs following the failure of a local competitor.
Newspaper Excerpt
the Greenwood Savings bank were expected by their officials to reopen soon. Notices were on the saythe banks had closed for the protection of all depositors alike.
Source
newspapers
3. October 7, 1932 Receivership
Newspaper Excerpt
Greenwood, Greenwood Savings Bank (receiver) $140,000.
Source
newspapers

Newspaper Articles (11)
1. December 21, 1930 The Atlanta Constitution Atlanta, GA
Article from The Atlanta Constitution, December 21, 1930

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Article Text

MISSISSIPPI SEES EIGHT BANKS CLOSE JACKSON, Miss.. Dec. 20 Eight banks closed their doors Mississippi today and the city Greenwood was thrown into a financial Three of the banks were small stitutions scattered parts of the but five of them were located in where depositstarted runs on the banks after the Wilson Banking Company. with resources of $1,777,000 failed to open today for business. Within short time three other banks and later another shut its doors, leaving only the Bank Commerce doing in the city Notices were on the saythe banks had closed for the "protection of all depositors alike. mass meeting has been called of depositors of the closed Greenwood banks to discuss plans for reopening. state banks, issued statement saying "it time when the public, and particularly the depositor must not come but must act with coolness and deliberation and must co-operate with those who are trying stabilize Directors of the Wilson Banking Company in that they decided to close the bank and place it in the hands of the state banking for liquidation because the unusual situation caused by death of A. arranged the bank His estate will not available use in procuring credit for months under the state directors said. After every means our command of secredit and having left nothing on keep the bank it that a liquidation The liquidat ing agent will pay depositors rapidly necessary the Mr. ilson intend to contribute liberally in assisting the liquiagent E' paying the deposit- The other closed banks, the Greenwood Bank and the Security Bank and Trust the First National Bank of Greenwood, and the Greenwood Savings bank were expected by their officials to reopen soon. Frozen assets and poor were attributed by the state bank examiner for the closing of the Commercial Bank of Drew. in with of $250,000 and the Bank of Pueba, in Clay county, with leposits of less than He also announced that the state had taken over the Bank of capitalized and that would closed the banks had been audited after Reed. cashier.

2. December 21, 1930 The Atlanta Journal Atlanta, GA
Article from The Atlanta Journal, December 21, 1930

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Article Text

8 Mississippi Banks Close Their Doors; 5 Are in Greenwood JACKSON, Dec. Eight banks closed their doors in Mississippi Saturday. Three of the banks were small institutions in scattered parts of the state five of them were located in Greenwood, where depositors started runs on the banks after the Wilson Banking Company, with resources of $1,777,000, failed to open Saturday. Within short time three other banks closed and later another shut its doors, leaving only the Bank of Commerce doing in the city. Notices were posted on the doors saying the banks had closed for the "protection of all depositors alike." Directors of the Wilson Banking Company in statement that decided to close the bank and they place the hands of State Banking Department for liquidation because situation caused by the of A. Wilson, had always arranged credit for the other closed banks, the Greenwood Bank and Trust Security Bank Trust Company, the National Bank Greenwood First and the Greenwood Savings Bank were expected by their officials to reopen soon. Frozen assets and poor collections by the bank aminer for the closing of the Commercial Bank of Drew. in with deposits the Clay with Bank of Pheba, deposits less than He also announced that the State Department had taken over the Bank McLain, closed at that would be the books had audited Reed, cashier, had admitted STATE FOUR BANKS TO TAKE OVER B. state of banks, announced Saturday his department had been to Union Banking affairs of Company Douglas, operating branches at Braxton Nicholls: Bank, Lyons, the Citizens Bank Ray City, Berrien County The Union Banking Company the last call on September 24 listed resources capital of undivided and deposits of no Moses Griffin and R. Yeomans, cashier The bank was established 1899. The Toombs County Bank reported resources capital $30,000, of deposits bills payable W. McNatt was president and W. China. The institution 1906 The Bank of Ray City at the last call showed resources of capital of deposits and no bills payable. H. Swindle was president and John Luke. cashier. The bank was established in 1911. Two Goldsboro Banks Close GOLDSBORO, Goldsboro banks, under the falled to open tions been in the interests of depositors. National Bank of Goldsboro listed deposits and sources in its last statement on September 24. The bank capitalized at and had of on The affiliated institution, had deposits resources and surplus of $19,on the same date. It is capitalized Norwood Is president of both banks. Thomas Norwood John Norwood, his sons, are cashiers the National Goldsboro and the Goldsboro Savings and Trust Arkansas Closing Merchants and Planters Bank here Saturday for five-day James Clark was president the local bank and the Clark Bank Gurdon, which suspended Friday for days. One Closed in Alabama 20. F. Green, supeintendbanks annouced Saturday the Camphill, at its doors. The bank had $50.000 capital stock and $10,000 surplus. Rural Hall Bank Closes RURAL The Rural Hall Bank and Trust Company did not open for business Saturday Kiser president. said the capitalized at had deposits approximately $57,000 and surplus of

3. December 24, 1930 The Greenwood Commonwealth Greenwood, MS
Article from The Greenwood Commonwealth, December 24, 1930

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Article Text

SECURITY BANK OPENING NEAR COMPLETION Greenwood Bank & Trust National Openings Soug Greenwood Bank Trust Company Depositors Asked to Sign Agreement With plans for re-opening appearing bright this afternoon as auditors continued checking over the affairs of the bank, deposits Greenwood Bank and Trust Company are being asked to sign proposed agreement which leave their deposits in the bank for period of three years, with ten per cent payable immediately, 20 percent in one year, 30 per cent in two years and 40 per cent in three years. W. Clements has been asked by the officials of the bank take charge the work signing up the more than 2,000 depositors, and will begin work immediately to secure the signatures. The agreement which the depositors will be asked to sign reads as follows: or we, the undersigned depositors in the Greenwood Bank Trust Company, of Greenwood, Mississippi, do hereby event Bank Trust Comreopened for business, another banking organized to domicled at Greenwood, in Leflore county, Mississippi, assume the deposit liability the Greenwood Bank Trust Company, payable 10 per cent cash, and the balance 20 per cent within one year, 30 per cent within two years and 40 per cent within three years, the understanding being that these certificates paid off as much in advance the designated dates as is consistent with sound conservative banking, the said certificates to bear no interest until after maIf the assets of the bank prove be as satisfactory as believed, the re-opening will probably be effected as soon the depositors can be signed up. With the efforts of the Greenwood Bank Trust Company begin business, directors the First National and the Greenwood Savings Bank are working diligently on-plans which have for their object the re-opening those banks which closed Satur- Plans for reopening of the Security Bank Trust are almost completed and the date of re-opening is expected to announced in short time. Cards bearing the agreement of the depositors the Greenwood Bank Trust Co. are ready and the deposors will find them at the following places for signatures, in addition the bank: Roberts Drug Store, Post Office Safe, Barrett's Drug Store, John Quinn's Drug Store, Dyre's Store, O'Reilly's Cash Store, DeBoe's Grocery, Greenwood Drug Speed in signing is urged for quicker cards are signed sooner the Greenwood Bank & Trust Company can open. TACKS LATTIMER FREED COLUMBUS, O. (AP) W. (Tacks) Lattimer, big league baseball received player, Christmas pardon from penitentiary today from Governor Cooper. Lattimer was serving life second degree murder. The was personally presented to Lattimer by the Governor. Lattimer had been cited a hero in break of 13 members of the notorious Company bad boys" Nov. 1926, prison when he seized gun and went to the aid of the guards. WEST POINT BANK PAYS DIVIDENDS WEST POINT At meetof the directors the of West Point, held Monday morning, the regular annudividend per cent was declared. Under the state law, was necessary to add per cent of this surplus, and checks were being to stockholders today for the remaining per cent. Mr. Ivy, chairman of the board, expressed satisfaction with the showing made for the year. The bank doesn't owe penny and faces the new year with confidence. FATHER AND SON DIE CROSSING CRASH RULEVILLE, Miss. Crowder, of Kilmichael, and his son, Willie, 21, were killed afternoon at 1:40 one mile north of here their truck was struck by passenger train. Mr. Crowder and his son, prospective tenants on the Patridge plantation near here, were unfamiliar with the schedule of the train and their visibility was impaired because the truck cab was closed up. They were moving their household furnishings from Kilmichael The truck was demolished. The bodies were taken to undertaking establishment Cleveland. Funeral services will probably be held tomorrow.

4. October 7, 1932 The Vicksburg Post Vicksburg, MS

Article Text

R. F. C. Loan Figures Are Made Public Continued from Page One) Gibbsland. First National Bank in Gibbaland $16,000 Houma. Bank of Terrebonne & Trust Company $200,000 Independence Bank & Trust Company $110.000 Janesboro, Jackson Parish Bank, Kaplan, Kaplan State Bank, Lake Providence Lake Providence Natehtoches Exchange Bank of Natchitoches, and Farmers Bank grepaid in full New Orleans. Interstate True Banking Company $178,375.50 Paincourty Bank of PaincourtPonchatoula Ponchatouia Bank & Trust Company $40.000. Saint Joseph. Bank of St. Joseph & Trust Company. $45,000 St. Martinville Bank of St Mar. unville. $11.000 Springhill Commercial Bank Trust Company $20,000 Mississippi Biloxi. Peoples Bank, $20,000 Booneville Bank of Booneville 315.40 Greenwood Greenwood Savings Bank (receiver) $140.000 Gulfport. First National Bank in Kosciusko. Guaranty Bank & Trust Company (receiver) $42.500. Kosciusko, Koscrusko Bank $47,Lauderdale Lauderdale State Meadville Bank of Franklin $17,379.85 Olive Branch, Bank of Olive Sallis Sallis Bank (receiver) Tunica Planters Bank $59.965 Tupelo. Citizens State Bank, $39,014.23 Building and Loan Associations Louisiana Minden. the Minden Building & Loan Association. $24,871. Insurance Companies: Louisiana: New Orleans, Union Indemnity Co., Mortgage Loan Companies: Louisiana Shreveport Abraham Lincoln Home Founding Co., Inc., $10,000.

5. October 7, 1932 Sun Herald Biloxi, MS

Article Text

LOANS MADE COAST BANKS (Continued from first page) obtained a loan from the Reconstruetion Finance Corporation. "The publication of the July report of the Reconstruction Finance Corporation, during the month of August, did not have the bad effect upon the banks as predicted by the opponents of the provision. "This is shown by the greatly decreased number of bank suspensions that have occurred since the report was published. "During the month of July there were 131 suspensions. During the month of August 85 suspensions; and during the month of September 63 suspensions, XXX "All of the other objections raised in the brief as to the wisdom of policy of requiring public monthly report of the corporation's activities were presented to Congress by the corporation or other persons before the act was passed." The report itself showed that a considerable number of loans which were authorized during August were withdrawn or cancelled in full, including authorizations to 35 banks and trust companies aggregating $2,631,571. Bank and trust companies in Mississippi received loans as follows: Biloxi, Peoples Bank $20,000: Booneville, Bank of Booneville, $84,500 Clinton, Bank of Clinton $31,315.40 Greenwood, Greenwood Savings bank (receiver) $140,000. Gulfport, First Natonal Bank in Gulfport (receiver) $280,000; Kosciusko, Guaranty Bank and Trust Co. (receiver) $42,500; Kosciusko Bank $47,795.20; Lauderdale, Lauderdale State Bank $7,000: Meadville, Bank of Franklin $17,379.85 Olive Branch, Bank of Olive Branch. $30,000 Sallis, Sallis Bank (receiver) $43,500; Tunica, Planters Bank $59,965 Tupelo, Citizens State Bank $39,014.23. The Interstate Trust and Banking Co., of New Orleans received a loan of $178,275.25. INSURANCE COMPANIES Birmingham, Lincoln Reserve In surance Co., $66,200. New Orleans, Union Indemnity Co., $400,000.

6. October 22, 1932 Hattiesburg American Hattiesburg, MS

Article Text

ber to banks and trust companies, "exclusive of amounts withdrawn or cancelled" during the month, were listed to include the following: Mississippi: Greenwood, Greenwood Savings bank (receiver) $3,759; Ellisville, Merchants and Manufacturers bank, $48,000; Holly Springs, First State bank, $20,000; Lake, Bank of Lake, $17,000; Magee, State Guaranty bank, $47,500; McComb City, First National Bank of McComb City, $20,000; McComb City, Mechanics State bank, $20,000; Mendenhall, Peoples bank, $6,000; Sardis, Panola County bank, $28,000. Loans authorized during August which were withdrawn or cancelled in full from Sept. 22 to Sept. 30; no part of the proceeds being disbursed: Mississippi: Kosciusko, Guaranty Bank and Trust company, $42,500.

7. October 22, 1932 The Crowley Post-Signal Crowley, LA

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MADE BY R. F. C. (Continued from Page One) Company $28,000. Lake Charles, Calcasieu National Bank in Lake Charles $40,000. Leesville, First State Bank and Trust Company $80,000. Metairie Ridge, Metairie Bank $50,000. Newellton, Tensas State Bank $22,500. New Orleans, Continental Bank and Trust Company $160,000. Norco, St. Charles Bank and Trust Company $40,000. Olla, Olla State Bank $25,000. Paincourtville, Bank of Paincourtville $18,725. St. Martinville, Commercial Bank of St. Martinville $40,000. Saline, Bank of Saline $2,500. West Monroe, West Monroe State Bank $97,500. Winnfield, Bank of Winnfield $65,000. Mississippi: Greenwood, Greenwood Savings Bank (receiver) $3,759. Ellisville, Merchants and Manufacturers Bank $48,000.

8. October 22, 1932 The Crowley Post-Signal Crowley, LA

Article Text

691 LOANS ARE MADE BY R. F. C. (Continued from Page One) Company $28,000. Lake Charles, Calcasieu National Bank in Lake Charles $40,000. Leesville, First State Bank and Trust Company $80,000. Metairie Ridge, Metairie Bank $50,000. Newellton, Tensas State Bank $22,500. New Orleans, Continental Bank and Trust Company $160,000. Norco, St. Charles Bank and Trust Company $40,000. Olla, Olla State Bank $25,000. Paincourtville, Bank of Paincourtville $18,725. St. Martinville, Commercial Bank of St. Martinville $40,000. Saline, Bank of Saline $2,500. West Monroe, West Monroe State Bank $97,500. Winnfield, Bank of Winnfield $65,000. Mississippi: Greenwood, Greenwood Savings Bank (receiver) $3,759. Ellisville, Merchants and Manufacturers Bank $48,000.

9. October 23, 1932 Clarion-Ledger Jackson, MS

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R.F.C. HAS PASSED 69 BIG LOANS Corporation Loaned $177,346,000 During Month of September BANKS AND INSURANCE FIRMS AHEAD IN LIST California Raisin Growers Among Farm Units Benefited WASHINGTON, Oct. 22.—(AP)—The Reconstruction corporation was shown today in its report to congress to have loaned $177,346,000 during September. South Trimble, clerk of the house of representatives, made the report public. The corporation authorized 69 loans aggregating $59,155,319, and increases of previous loans totalling $5,062,180 for a total of 64,217,500 to banks, trust and insurance companies and building and loan associations. Adequate security is required for all such loans. Loans to states for relief purposes aggregated $18,523,502, and loans for self-liquidating projects were authorized to the amount of $53,105,000. An advance of $1,500,000 was authorized to the Sun-Maid Raisin growers of California, at San Francisco. In addition Atlee Pomerene, chairman of the board, said in a letter to Trimble that during the month the corporation allocated $2,500,000 to the secretary of agriculture for crop production loans, bringing the total allocations for that purpose to $110,000,000. Of this $75,000,000 had been paid over as of September 30. Pomerene wrote that loans authorized the bank and trust companies amount to $28,981,347 in September, which included $4,433,359 to aid in the reorganization or liquidation of closed banks. Loans authorized to building and loan associations amounted to $7,233,258; to insurance companies $3,370,000; to mortgage loan companies $960,000; to joint stock land banks $576,000; to agricultural credit corporations $702,129; to livestock credit corporations $1,101,198, and to railroads $21,293,541, including $473,341 to railroad receivers. Loans authorized during September to banks and trust companies, "exclusive of amounts withdrawn or cancelled" during the month, were listed to include the following: Mississippi Greenwood, Greenwood Savings bank, (receiver) $3,759. Ellisville, Merchants and Manufacturers bank, $48,000. Holly Springs, First State bank, $20,000. Lake, Bank of Lake, $17,000. Magee, State Guaranty bank $47,500. McComb City, First National Bank, $20,000. McComb City, Mechanics State bank, $20,000. Mendenhall, Peoples bank, $6,000. Sardis, Panola County bank, $28,000. Amounts authorized to be advanced to railroads (in all instances at six percent interest except the loan to the Pennsylvania railroads which was at five percent) included: Columbus and Greenville railway company $60,000. Gulf, Mobile and Northern railroad company, $260,000. Southern railway company $7,251,003. CELEBRATE BIRTHDAY POTSDAM, Germany, Oct. 22 (AP)—All the members of the Hohenzollern family except the former Kaiser gathered today at the tomb of the late Kaiserin Auguste Victoria in the old temple near San Souci in commemoration of her birthday.

10. October 23, 1932 Clarion-Ledger Jackson, MS

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Loans authorized during September to banks and trust companies, "exclusive of amounts withdrawn or cancelled" during the month, were listed to include the following: Mississippi Greenwood, Greenwood Savings bank, (receiver) $3,759. Ellisville, Merchants and Manufacturers bank, $48,000. Holly Springs, First State bank, $20,000. Lake, Bank of Lake, $17,000. Magee, State Guaranty bank $47,500. McComb City, First National Bank, $20,000. McComb City, Mechanics State bank, $20,000. Mendenhall, Peoples bank, $6,000. Sardis, Panola County bank, $28,000. Amounts authorized to be advanced to railroads (in all instances at six percent interest except the loan to the Pennsylvania railroads which was at five percent) included: Columbus and Greenville railway company $60,000. Gulf, Mobile and Northern railroad company, $260,000. Southern railway company $7,251,000. CELEBERATE BIRTHDAY POTSDAM, Germany, Oct. 22 (AP)—All the members of the Hohenzollern family except hte former Kaiser gathered today at the tomb of the late Kaiserin Auguste Victoria in the old temple near San Souci in commemoration of her birthday.

11. October 23, 1932 The Atlanta Journal Atlanta, GA

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Produce Exchange Passes a Dull Day Security prices produce change Saturday unchanged trading. Andes was quoted 13, Fada Radio Fuel Oil Short& Television ½ and Zenda Gold YORK PRODUCE MARKET NEW and bonds traded today Total sales High Andes Electronics Zenda Min Foreign Market Summary Overnight Boerse moved BANK LEARINGS according Weekly, over heavy traced the clusion week's that The from of the City bank clearweek period adjusted Bradstreet's now stands per cent the 1928-30 average the in the week Atlantic states the the per cent for the west central following table gives the clearings cities arranged for per cent compared with the week of year Change of Saline, West Monroe, West 1932 Boston State Bank, Winnfield, Bank Winnfield, $65,000. York Mississippi Greenwood Greenwood Savings Bank (receiver) $3,759 Ellisville, State Bank, Springs, Bank of Lake, Atlanta Magee, State Guaranty Bank, McComb City First National Bank of Savannah McComb McComb City, Mechanics' State Bank, Mendenhall, Peoples' Bank, $6,000; Sardis, Panola County Bank, $28,000. North Carolina National Bank of First Gatesville, Bank of Gates, Greensboro, United and Trust Company, Rapids Bank of Pinehurst, Orleans Mount. Peoples' Bank Rocky Trust Company $30,000 South Carolina Beaufort, Peoples Bank, $49,602: Memphis Union Bank of Central Worth South Carolina, City Tennessee Louis Brownsville. First State Bank $10.Minneapolis Central State Bank, Liberty. Liberty Savings Bank, $5,000: McMinnville, City Bank and Trust Company, Milan Joseph Portland, Banking Company, Bank. Rockwood, Lake TiptonFirst Bank and Trust Company, Vonore, Bank of Spokane Home Total Bank and Trust Company. Outside Loans authorised during September