Marion Co TOC

       (Page 308) The first type of banking in this county was performed by the merchant or an individual who was able to loan money to someone to "carry them thru" until the crops were gathered. It was mostly done by merchants because no interest was charged but the cost of what was purchased was more and this would be what we would call today, "carrying charges."
       A farmer with an average-sized family could live through the summer on from fifty to one hundred dollars. The merchant kept a close watch on the borrower and would know immediately if he were spending too much or if some of the family were living too high. It was routine for the farmer and the merchant to go over the account perhaps once a month and talk about the crops and the prospects of what another year would be like. There was always the danger of floods, dry weather, boll weevils, army worms, sickness, accident, and the many other problems that have always troubled mankind.
       There was the old saying in earlier times that "a man's word was as good as his bond", but when you look into the old record books of merchants you will find the percentage about like it is today of those who pay and those who will not pay.
       The banking system that failed in the depression of 1930 was not a good system and we are thankful that it has been revised and improved. Many people were hurt by the bank failures of the thirties. Today many are being helped by the banks which have gained the confidence of our society.
       The following information is from the State Bank Department.

       BANK OF YELLVILLE, YELLVILLE, ARKANSAS
       -Date of Charter - May 25, 1903.
-First Annual Report, October 31, 1914, reflected statement as of December 31, 1914, showing Total Assets of $108,400, Total Deposits of $70,000, and $20,000 Capital.
-December 31, 1914 - Directors: W. E. Layton, President; L. A. Layton, Vice-President; and Mrs. A. S. Layton. Officers, not Directors: P. T. Glass, Cashier.
-March 7, 1916-Capital raised to $25,000 and Surplus $5,000.
-February 4, 1921- Assets of bank sold to Miners and Citizens Bank.
(Page 309 Top Photos: Bank of Yellville & Citizens Bank, Flippin)

       (Page 310 Top)
       MINERS AND CITIZENS BANK, YELLVILLE, ARKANSAS
       -Date of Charter - December 13, 1902.
-First Annual Report of December 31, 1914 reflected statement as of October 31, 1914, showing Total Assets of $98,540, Total Deposits of $65,000 and Capital of $20,000.
-December 31,1914 - Directors: W. R. Jones, President; J. L. McCarty, A. C. Seawel, T. L. Bond, Vice-President.
-February 19, 1918- Raised Capital to $25,000.
-February 4, 1921 - Bought assets of Bank of Yellville, Yellville, Arkansas.
-February 10, 1921 - Raised Capital to $30,000 and Surplus to $4,500.
-February 10, 1921 - Changed name from Miners and Citizens Bank to Citizens Bank, Yellville, Arkansas.
-December 17, 1930- Citizeui Bank was closed for liquidation.
-Statement as of June 30, 1930, showed Total Assets of $431,100, Total Deposits of $338,400, Capital of $30,000 and Surplus of $6,000.
-Directors: J. F. Carson, President; R. L. Berry, Vice-President, T. G. Angel, J. A. Black, Vice-Presidents; and Ebb Carson, Cashier.
-April 6, 1931 - The Citizens Bank, Yellville, was organized and took over Citizens Bank, advancing 50% to the creditors.

       THE CITIZENS BANK, YELLVILLE, ARKANSAS
       -Charter dated April 6, 1931; $25,000 Capital and No Surplus.
-June 30, 1931 - 17th Annual Report reflected Total Assets of $228,100, Total Deposits of $188,600, and Capital $25,000. Directors: H. A. Burnes, President, I. H. Black, Vice-President, and Roy Hudspeth, Cashier.
-September 30, 1931 - The Citizens Bank was closed. (After The Citizens Bank closed, Walter C. Maxey was appointed Special Deputy Bank Com missioner to liquidate the remaining assets of Citizens Bank and to liqui date The Citizens Bank. Bank paid 401/2% dividend after liquidation. In winding up the affairs of the Bank and closing the liquidation, all the remaining assets, including the real estate, were sold to Roy Milum.)
-November 23, 1934- Liquidation was closed.

       YELLVILLE BANKING EXCHANGE, YELLVILLE, ARKANSAS
       -Operated under Act 632- Approved March 29, 1921
-Incorporated October 15, 1934, Capital of $2,500
-November 11, 1938- Changed name to Yellville Exchange
-December 24, 1945- Went into voluntary liquidation. Statement of October 23, 1945 reflected Total Assets of $308,100, and Deposits of $298,800.
-(Information concerning organizers or Directors not located)

       THE BANK OF YELLVILLE, YELLVILLE, ARKANSAS
-Certificate of Incorporation issued December 13, 1945; Capital of $25,000, Surplus $5,000, (250 shares @ $100 Par Value)
- Original organizers and Directors: Bernice Berry, Vice-President and Director; Lon W. Berry, Vice-President and Director; H. A. Burnes, President and Director; R. T. Evans, Director; W. M. Keeter, Director; Paul McVey, Director; R. B. Risley, Director and Cashier.
-June 30, 1975, 61st Annual Report reflected Total Assets of $12,083,000, Capital Stock of $175,000 (1,750 shares @ $100 Par Value) and Surplus of $285,000. Directors: Bernice Berry, President and Cashier; Wyona Willingham, Fred A. Berry, H. A. Burns, Thelma G. Doshier, Karl King, (Page 311 Top John E. Linton.
-The Bank of Yellville operates one branch outside the city limits, located at Bull Shoals, Marion County, and was established December 10, 1974.

       CITIZENS BANK, FLIPPIN, ARKANSAS
       -Certificate of Incorporation issued April 3, 1973; opened for business July 23, 1973, in temporary facilities at northwest corner of 2nd and Main Streets.
-Capital of $202,500 (13,500 shares @ $15 Par Value) Surplus of $107,500
-Organizers and Proposed Directors on application: T. E. Daffron, L. A. Wood, Chris V. Wade, Jimmy Milligan, H. Guy Alexander, Glenn John son, L. G. McCracken, Steve Poynter, Jr., and Raymond E. Sanders.
-March 9, 1976, Total Assets of $8,175,878.78, Capital Stock of $274,230 (18,282 shares @ $15 Par Value) and Surplus of $150,000. Directors: Glenn Johnson, Chairman; Steve Poynter, Vice-Chairman; Chris V. Wade, Secretary; Raymond E. Sanders, L. A. Wood, Jimmy Milligan, H. Guy Alexander; James N. Patterson; and Frank B. Burge. Officers: James N. Patterson, President; Frank B. Burge, Vice-President; Sharon Patterson, Cashier; Luna Cornell, Sue Cunningham, and Mary Dennis, Assistant Cashiers.
-Location moved into new quarters at northwest corner of 4th and Main Streets on April 8, 1974.

       Information on other financial institutions operating in Marion County; past and present, that were not under the regulatory authority of the State Bank Department are not included.
       Other information found in our research of banking in Marion County is taken from the autobiography of James M. Keeter given to us by his grand daughter, Pauline Porter.
       "In the year 1906 W. R. Jones, T. L. Bond, myself and others, established a bank in Summit with $10,000 paid up Capital. T. L. Bond was cashier and I was assistant cashier. We had a side line, wholesale flour and feed store, and bought and sold cedar posts and telegraph poles and did a good business. In 1907 came the great money panic. I was warned in October by Mr. Wayland, editor of the Appeal to Reason, of its coming and he just missed it three days. I told Jones and Bond and prevailed on them to draw in our funds that we bad in correspondent banks so we could meet all our depositors' claims. They took my advice but cursed Wayland for telling the people to get their money where they could get it when the crash came. Therefore, we had the cash to meet all demands and was the only bank in the United States that ran wide open all through the panic. Easily explained-we had the depositors' money. When they came to draw their money and found we had it, very few of them drew their deposits and we did a good business all through that panic. No bank guarantee for any bank up to date; Therefore I never patronized a bank since the 1907 panic. In the year of 1908 W. R. Jones moved our little bank to Yellville and had John Cowdrey as a partner. I withdrew my stock of $1000 and quit the bank."
       Before the Depression of 1930 it seems there were no regulations concerning branch banking. In the early 20's we find the Citizens Bank of Yellville establishing a branch bank at Pyatt with Cam Milum as cashier until the banks failed in 1930.
       A branch bank was also established in Flippin with Leland (Jocky) Doshier as cashier in the building on the northwest corner of Second and Main, where the Citizens Bank of Flippin began operating July 23, 1973. Mrs. M. G. Stookey and Mrs. Joe McCracken were also cashiers while this branch was in operation. It closed with the failure of the Citizens Bank on December 17, 1930, but was re-opened as a part of the Hudspeth Bank Chain as The Flippin Branch Exchange of the Citizens Bank, Yellville, Arkansas, in April 1931 with a Mr. Timms of Harrison as cashier. It was closed with the closing of The Citizens Bank on September 30, 1931. Thus, for more than forty years Flippin had no banking services.