Merchants & Farmers Bank (Lexington, MS)

Episode Information

Episode UID
85016071574
Episode Type
Suspension → Reopening
Bank Type
trust
Bank ID
8501607 routing
Routing Number
85-0160
Start Date
February 21, 1931
Location
Lexington, Mississippi (33.113, -90.053)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
4d779e08c7278c0f

Response Measures

None

Description

Bank suspended Feb 21, 1931, reopened April 11, 1931; later placed in liquidation (receiver) mid-1930s.

Events (3)
1. February 21, 1931 Suspension
Cause
Local Banks
Cause Details
Part of a wave of local bank suspensions and identification with other local institutions that had closed
Newspaper Excerpt
that suspended business February 21
Source
newspapers
2. April 11, 1931 Reopening
Newspaper Excerpt
The Merchants and Farmers bank of Lexington ... reopened today
Source
newspapers
3. June 8, 1935 Receivership
Newspaper Excerpt
conveyed by the Merchants & Farmers Bank & Trust Company, in liquidation, by G. H. McMorrough, Receiver, to Mrs. Lydia E. Rhyne, of date of June 8th, 1935
Source
newspapers

Newspaper Articles (9)
1. March 26, 1931 The Lexington Advertiser Lexington, MS

Article Text

Depositors M. & F. Bank Inaugurate Re-Opening Plans One of the largest crowds of representative business men and women from all parts of Holmes county ever seen in Lexington gathered at the court house at 3 o'clock in response to a call meeting of depositors of the Merchants and Farmers Bank and Trust Co., that suspended business February 21 Hon. A. M. Pepper was elected chairman and L. E. Barr, secretary. A statement was made the depositors by H. H. Johnson, vice-president of the bank outlining plan approved by the state banking department that re-opening of the institution could be made under "frozen deposit" agreement payable 20 per cent January 1, 1932; 25 per cent January 1933; 25 per cent January, 1934; 30 per cent January, 1935, with interest at 2 per cent per annum. J. W. Gaulding, special agent of the state banking department, stated that a thorough inspection of the bank's assets had been made, it was solvent and should be re-opened; that the bank had arranged for funds the coming year to care for business and that liquidation should not be permitted under the circumstances. He also stated that the bank's capital of $100,000 and similar amount as surplus was unimpaired. Chairman Pepper next introduced Mr. Dulwebber. vice-president of the Greenwood Bank and Trust Co., who stressed the importance of a depositor's full cooperation towards re-opening the bank under the plan outlined. He stated that the bank Greenwood had adopted similar plan and also had over onehalf million dollars in new deposits. He paid high compliment to the people of Holmes county and the manner in which they overcame obstacles. Henry Hart, president of the Bank of Winona that recently re-opened under similar program, addressed the depositors at length. His statements were attentively heeded by the immense throng, and the earnestness of his advice combined with his high standing as business man and banker of Montgomery county for 50 years, is also aided in the experience of his seventy years as a man whose counsel and guidance is to be taken by the good people of any community. His illustrations were apt and to the point and his tribute to the farmer was worthy of the attention of every man, woman and child of Mississippi. Mr. Hart has been banker for 23 years and his advice should be of inestimable benefit and his service to his fellowman living example of confidence inspired by a loyal consciousness of duty. Statements were also made by B. S. Beall, G. W. Stigler and S. D. Bailey, highly respected and honored citizens of the community. They urged the reopening of the bank and requested full cooperation of the depositors. A statement was made in behalf of

2. March 26, 1931 The Lexington Advertiser Lexington, MS

Article Text

Local Students Will Compete in Regional Literary Examinations The Lexington High School will send a full delegation of student representatives to the literary contests of the Big Black Region to be held in Durant Saturday, March .28, according to announcemade today by Mrs. Effie Swittenberg, principal of the Lexington school. In the list of students selected for tests in the various examinations, the following will enter: Physics, Bennie Beall; Typing, Mary Ella Farmer; Ancient History, Alice Byrd; Modern History, Lucille Johnson; American History, Raford Herbert; Current History, William Gulledge: English Literature, Gladys Tate; American Literrature, Elma Heffner; Grammar, Louise Jordan: Composition, Lucille Gulledge; First Year Algebra, Juanita Terry; Second Year Algebra, Edrie Stewart; Geometry, Kerl Trull. The dates for the tennis matches will also be played this year. Selection of representatives, both boys and girls, in the divisions of singles and doubles, will find Lexington represented, stated Mrs. Swittenberg. Relative to the field and track meet of the Big Black Region that will be held in Durant, Saturday, April 4, Coach L. R. Thompson states that several entrants will be made from the various boys who are now out for track. Among them James Henley, Robert White, Ernest Huffstatler, Clarence Holloman, Dick Barrett and Herman Flowers. the officials of the Merchants and Farmers Bank and Trust Co., that they would agree to work for fifty percent of their former salarise and Morris Lewis, president would give his service as president without renumeration until the period outlined ended. Cards were passed out to depositors and the willingness to cooperate was pronounced as hundreds swarmed to the center desk and handed in the signed agreements. As soon as all cards are received the Merchants and Farmers Bank and Trust Co. will re-open and assume its place in the community where it has served for over twenty-six years as one of the leading financial institutions of Holmes county. Definite announcements of re-opening can not be made until the cards are all signed and placed in the hands of the department. This is expected to be soon and from present indications will be accomplished within a short time. Depositor's meetings were held at Goodman for the Commercial State Bank Wednesday afternoon, also by depositors of the Bank of West. They were largely attended and indications point to re-opening of these two banks at any early date. Both were identified with the Merchants and Farmers Bank and Trust Co. and have remained closed since the bank here suspended business.

3. April 12, 1931 Abilene Daily Reporter Abilene, TX

Article Text

33 Mississippi Banks Reopened The Associated Press) JACKSON. Miss., April 11. -The Merchants and Farmers bank of Lexington, the Merchants and Farmers bank of Starkville and the Peoples bank of Calhoun City, large financial institutions which closed several months ago, reopened today. With these resuming business, a total of 33 Mississippi banks have reopened since the wave of suspensions last year WELL BLAS TSHAKES CITY OKLAHOMA CITY, April 11 The southeastern part of the city was shaken early today by an explosion when the Number Trumbley well on the T B. Slick estate blew off sand trap and went wild Workmen shut the well in. how. ever, before damage resulted.

4. April 12, 1931 Abilene Daily Reporter Abilene, TX

Article Text

33 Mississippi Banks Reopened (By The Associated Press) JACKSON. Miss., April The Merchants and Farmers bank of Lexington, the Merchants and Farmers bank of Starkville and the Peoples bank of Calhoun City, large financial which closed several months ago. reopened today. with these resuming business, a total of 33 Mississippi banks have reopened since the wave of suspensions last year.

5. June 23, 1938 The Durant News Durant, MS
Article from The Durant News, June 23, 1938

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Article Text

TRUSTEE'S NOTICE OF SALE I, S. R. King, substituted Trustee, under provisions of and by virtue of the authority conferred upon me in that certain deed of trust, executed by Claud Marshall and Mrs. Elsie Marshall, to F. C. Worrell on the 29th day of January, 1938, and which deed of trust is of record in Trust Deed Book 73, at page 282, of the Land Deed records of Holmes County, Mississippi, in the office of the Chancery Clerk thereof; and I having been appointed as Substituted Trustee, which appointment has been duly executed and recorded, in the aforesaid Trust Deed Book No. 73, at page 282, before the first publication of this notice, or the posting of this notice of sale, and default having been made in the payment of said ndebtedness so secured by this deed of trust, and I having been requested by the owner and holder of said Indebtedness, and believing the proprty endangered as security for said ndebtedness, I will on Friday, the 5th day of July, 1938, within legal hours, offer for sale and will sell at public auction for cash to the highest and best bidder, at the South front door of the Holmes county, Mississippi, court house, at Lexingn, Mississippi, the following decribed real estate in Holmes County. fississippi, to-wit: Begin at the Northwest corner of that certain lot and parcel of land conveyed by the Merchants & Farmers Bank & Trust Company, in liquidation, by G. H. McMorrough, Receiver, to Mrs. Lydia E. Rhyne, of date of June 8th, 1935, and recorded in Deed Book 49, at page 125 records of Holmes County, Mississippi, and run North along the East side of Yazoo Street 90 feet, thence East 128 feet parallel with the North line of Mrs. Lydia E. Rhyne's Lot, thence South 90 feet to the North line of Mrs. Lydia E. Rhyne's Lot, thence West along said North Line of Mrs. Lydia E. Rhyne's lot to YaZOO Street and point of beginning to close. Title is believed to be good but I will convey only such title as is vested in me as such trustee. This 23rd day of June, 1938. S. R. King, 16-7-8-9 Substituted Trustee

6. June 30, 1938 The Durant News Durant, MS
Article from The Durant News, June 30, 1938

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Article Text

est and best bidder, at the South front door of the Holmes county, Mississippi, court house, at Lexingon, Mississippi, the following described real estate in Holmes County, Mississippi, to-wit: Begin at the Northwest corner of that certain lot and parcel of land conveyed by the Merchants & Farmers Bank & Trust Company, in liquidation. by G. H. McMorrough, Receiver, to Mrs. Lydia E. Rhyne, of date of June 8th, 1935, and recorded in Deed Book 49, at page 125 records of Holmes County, Mississippi, and run North

7. July 14, 1938 The Durant News Durant, MS
Article from The Durant News, July 14, 1938

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Article Text

TRUSTEE'S NOTICE OF SALE I, S. R. King, substituted Trustee, under provisions of and by virtue of the authority conferred upon me in that certain deed of trust, executed by Claud Marshall and Mrs. Elsie Marshall, to F. C. Worrell on the 29th day of January, 1938, and which leed of trust is of record in Trust Deed Book 73, at page 282, of the Land Deed records of Holmes County, Mississippi, in the office of the Chancery Clerk thereof; and I having been appointed as Substituted Trustee, which appointment has been duly executed and recorded, in the aforesaid Trust Deed Book No. 73, at page 282, before the first publication of his notice, or the posting of this notice of sale, and default having een made in the payment of said ndebtedness so secured by this deed f trust, and I having been requestd by the owner and holder of said ndebtedness, and believing the propity endangered as security for said debtedness, I will on Friday, the 5th day of July, 1938, within lega: ours, offer for sale and will sell at ublic auction for cash to the highst and best bidder, at the South ront door of the Holmes county, lississippi, court house, at LexingMississippi, the following deibed real estate in Holmes County ississippi, to-wit: Begin at the Northwest corner of that certain lot and parcel of land conveyed by the Merchants & Farmers Bank & Trust Company, in liquidation, by G. H. McMorrough, Receiver, to Mrs. Lydia E. Rhyne, of date of June 8th, 1935, and recorded in Deed Book 49, at page 125 records of Holmes County, Mississippi, and run North along the East side of Yazoo Street 90 feet, thence East 128 feet parallel with the North line of Mrs. Lydia E. Rhyne's Lot, thence South 90 feet to the North line of Mrs. Lydia E. Rhyne's Lot, thence West along said North Line of Mrs. Lydia E. Rhyne's lot to Yazoo Street and point of beginning to close. Title is believed to be good but 1 will convey only such title as is vested in me as such trustee. This 23rd day of June, 1938. S. R. King, 46-7-8-9 Substituted Trustee

8. April 24, 1941 The Lexington Advertiser Lexington, MS
Article from The Lexington Advertiser, April 24, 1941

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Article Text

LEGALS RECEIVER'S SALE In Re: Merchants & Farmers Bank & Trust Co., In Liquidation. No. 5475. vs. Morris Lewis, et als. By direction of the Chancery Court in the above styled cause, in a decree rendered on March 31, 1941, and of record in Minute Book 17, page 151, I will sell to the highest and best bidder at the East Front Door of the Holmes County Court House in Lexington, Mississippi, April 28th, 1941, during legal hours the following personal decrees or judgments, towit: $42,400.00 Morris Lewis 705.00 J. S. Kealhofer 526.56 Mary Ella Skehan 106.00 Mrs. Irma Paris Each of said decrees or judgments bear interest at the rate of six per centum, per annum, from date thereof, January 14, 1937. Right reserved to reject any or all bids. Sale to be without recourse on the Receiver. Sales subject to the confirmation of the Chancery Court. This April 16th, 1941. G. H. McMORROUGH, Receiver, Merchants & Farmers Bank & 51-3t Trust Co., In Liquidation.

9. April 20, 1961 The Lexington Advertiser Lexington, MS
Article from The Lexington Advertiser, April 20, 1961

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Article Text

THIRTY YEARS AGO $5,000 DEPOSITED DURING OPENING HOUR Holmes County began returning to its former financial standing in banking circles when the Bank of West re-opened for business with deposits totaling over $5,000 during the bank's first hour. Plans were completed by the state banking departments with the customers in agreement of "ireezing" deposits, similar to the arrangements made by the Commercial State Bank in Goodman and the Merchants and Farmers Bank and Trust Company of Lexington. The bank at West had formerly suspended business when the bank at Lexington had suspended, as it is identified with the local institution.