On account of several large depositors withdrawing their money there from, the Bank of Leflore of this city was forced to close its doors on Friday of last week.
This was Greenwood's third oldest bank, and when its doors closed had about eight hundred depositors. Naturally our people have been in somewhat of a flurry over the bank's embarrassment, but the stockholders met Wednesday and the depositors were given assurance that they would be paid dollar for dollar and the anxiety has quieted down-the depositors being confident that the stockholders will fully protect them as soon as possible.
At the stockholders meeting, the directors who withdrew their money from the bank last Friday, voluntarily agreed to return the money and share losses if any with the other depositors of the bank, which was a magnanimous act upon their part and heartily commended by the public.
At this meeting, a movement was launched for the organization of the Citizens Bank & Trust Co., with $100,000 capital. Each of the stockholders of the Bank of Leflore readily subscribed for stock in the new bank. It is the purpose of the new bank to take over the holdings of the Bank of Leflore and liquidate its obligations as soon as practicable. In the meantime, Assistant Cashier Warner Wells and Bookkeeper Sam Montgomery are urging the prompt payment of all amounts due the Bank of Leflore.
We sympathize with the officers and stockholders of the Bank of Leflore in their misfortune and hope everything will work out in a manner to prevent anybody from losing a dollar.
From The Commonwealth, January 31, 1913
As was expected, it seems a new bank will be organized and open for business in the bank building of the Bank of Leflore.
Greenwood is a growing city-in fact, is the "Queen City of the Delta". Our cotton receipts this season will easily go to 120,000 bales. All the land in Greenwood's territory is rich and not menaced by floods or boll weevils. Our planters are progressive and the price of lands is skywards.
We need four big banks and we predict success for our new concern.
We understand $70,000 of the $100,000 was subscribed for at the meeting of the stockholders of the Bank of Leflore last Wednesday and the remaining $30,000 will be distributed among investors who will throw business to the new bank.
It seems from expressions we hear from the subscribers of the stock that Hon. G. A. Wilson will be president, Hon. A. F. Gardner, vice-president and Mr. G. A. Wilson, Jr., will be the cashier.
From The Commonwealth, January 31, 1913
