The Greenwood State Bank, with $50,000 capital, is to open for business at an early date. We learn that Judge W. M. Hamner will be president and J. H. Ellington, cashier of this new financial institution. The bank, it is understood, will be located in the Kitchell Hotel building, Carrollton Avenue. We wish success for all concerned in this new venture.
From The Commonwealth, April 13, 1912
The stockholders of the Greenwood State Bank met Monday and organized by electing the following officers and directors for the ensuing year:
Directors - W. H. Dick, Vassar Dacus, S. M. Wilsford, J. H. Bernard, W. M. Hamner, H. G. Kitchell, Douglass Robinson, Jo J. Green and J. H. Ellington.
The Greenwood State Bank has a paid up capital of $50,000, and will open its doors for business in the Kitchell Hotel building, at the corner of Walthall St. and Carrollton Ave., tomorrow morning, the 18th inst.
This will be temporary headquarters, as it is the purpose of stockholders to erect a building of their own at an early date.
The Commonwealth wishes for all interested in this new banking house much success.
From The Commonwealth, May 17, 1912
The stockholders of the Greenwood State Bank met last Tuesday, when the following officers and directors were elected for the year, 1913: H. G. Kitchell, president; Vassar W. Dacus, vice-president; Jo J. Green, cashier; A. H. Dacus, assistant cashier; Directors-W. T. Allen, J. H. Bernard, Vassar W. Dacus, W. H. Dick, M. Fatheree, W. M. Hamner, H. G. Kitchell, S. M. Wilsford and Jo J. Green.
The business received for this splendid banking house since its establishment last summer was entirely satisfactory to the stockholders and the showing made was most excellent. The officers are all first-class businessmen and they conduct the affairs of the bank on strictly business principles.
We wish for them continued prosperity.
From The Commonwealth, January 17, 1913
Special attention is directed to the attractive advertisement of the Greenwood Sate bank in this issue of The Commonwealth. This splendid financial institution is enjoying a most prosperous business, and its management is in the hands of excellent businessmen. The capable cashier, Mr. Jo J. Green, is an experienced and successful banker of many years in Tennessee, and he is ever courteous and careful in all dealings with the public. The Greenwood State Bank does a conservative and sound banking business and invites the accounts of all who pursue this policy in conducting their personal affairs.
From The Commonwealth, February 28, 1913
The Greenwood State Bank was closed last Saturday morning by the State Bank Examiner, the following notice being posted on the front door:
"This, the Greenwood State Bank, is in the hands of Board of Bank Examiners of the State of Mississippi, pending liquidation. July 25th, 1914, Board of Bank Examiners, by S. S. Harris, State Bank Examiner."
Late Friday evening, Cashier Jo J. Green was served with a warrant and immediately incarcerated in the county jail, charged with defalcations to the amount of around $10,000.
The Greenwood State Bank was organized in June 1912, with a capital stock of $35,000, and was opened under promising auspices and was understood to be in splendid shape. However, when State Bank Examiner S. S. Harris of Tupelo paid the bank a visit on July 17 for an inspection, he recommended an investigation by the bank's directors of the overdrafts and shortage in the cashier's account. A committee selected from the directorate immediately began an investigation and reported that Cashier Green was from $5,000 to $10,000 short in the cashier's account and had committed other defalcations using the secretive method of "kiting", which had not been discovered until the inspection of the state bank examiner.
Mr. Green had about $5,000 stock in the bank and has been cashier since its organization over two years ago. He came to Greenwood from his home in Franklin, Tenn., assisting in the organization of the new bank. He made many friends, was a deacon in the Presbyterian Church and was a member of all the social clubs in the city. His arrest elicited much surprise. The other officers of the bank are: H. G. Kitchell, president; Vassar W. Dacus, vice-president, and the directors are H. G. Kitchell, Jo J. Green, V. W. Dacus, J. F. Cortner, M. Fatheree, S. M. Wilsford and G. W. Stanley.
President Kitchell says the depositors and other creditors of the bank will be paid dollar for dollar, but he is unable as yet to say what the stockholders will receive.
President Kitchell has assigned over his home and machine works to the bank to cover a $10,000 indebtedness, which he had indorsed with Cashier Green in their purchase of some land in Holmes County. The securities which the bank holds for its loans are declared to all be of worth, and that liquidation by the state bank examiner will give full relief to the depositors and creditors, and some to the stockholders, is the opinion of the other officers of the bank.
Cashier Green stated that he did not care to make any statement at this time.
At a preliminary hearing given Mr. Green yesterday morning he waived examination and was allowed bail in the sum of $10,000 by Justice H. W. Cooley, which was made this morning and Mr. Green released from custody.
We hope everything will soon be arranged to satisfy all concerned in this unfortunate bank trouble.
From The Commonwealth, July 31, 1914