The
Real Estate Bank of Arkansas was created during the first session of
the Arkansas General Assembly in 1836 for the purpose of aiding farmers
in obtaining cash. Money for the operation of the bank was to come from
the sale of state bonds; mortgages on the real estate of the
stockholders and creditors would protect the state from loss. Arkansas's
state government had virtually no control over operation of the bank,
even though the credit of the state served as security for the bonds. A
principal bank opened in Little Rock in December of 1838 with branches
at Columbia, Washington, and Helena. Another branch at Van Buren was
added, with all of the branches open by the spring of 1839. The
principal bank and each branch had its own local board of directors, and
each operated separately and independently of the rest. A central board
had overall control and was made up of the president and two directors
from each of the five local boards. At the time of its origin, the bank
was hailed as a valuable institution for the people of the state, but
was surrounded by controversy soon after it began operations. Problems
of mismanagement and economic depression added to the bank's troubles.
The bank failed, in effect, within four years of active operation.
Finally, in 1855, the bank's trustees were divested of their assets.
Then, the assets were transferred to a state-appointed receiver. Legal
actions continued for several decades.
The State Bank of Arkansas was also created during Arkansas's first legislative session. It was truly a state bank, since the state had absolute control of the management. The principal bank was at Little Rock with branches in Fayetteville and Batesville. It, too, met with difficulty and failed.
This
collection includes ledgers and other financial records of the Real
Estate Bank of Arkansas at each of its locations. Four items from the
State Bank of Arkansas are included as well.The State Bank of Arkansas was also created during Arkansas's first legislative session. It was truly a state bank, since the state had absolute control of the management. The principal bank was at Little Rock with branches in Fayetteville and Batesville. It, too, met with difficulty and failed.
- Real Estate Bank
- Central Board
- 1. Letterbook of the Central Board, 1837 September-1842 April; of Trustees and Residuary Trustees, 1842 September-1848 February (Box 1)
- Central branch, Little Rock
- 2. Journal of Real Estate Bank at Little Rock, 1838 December-1842 August; of the Trustees, 1842 August-1847 September (Box 2)
- 3. Journal of Finance Committee, 1838 July-1840 March; and of Executive Board of Trustees and Residuary Trustees, 1842 August-1855 April (Box 3)
- Columbia branch
- 4. Ledger, 1839-1849 (Box 4)
- 5. Records of stock (blank forms)
- 6. Cotton shipments, 1839 (Box 5)
- 7. Signature book (Box 6)
- Helena branch
- 8. Journal, 1839 February-1844 January; record of business done by Committee of Trustees, 1842 May-1844 March; also transactions of Residuary Trustees, 1844 April-1855 March (Box 7)
- 9. Stock book
- 10. Letterbook, 1839 February-1842 April; of Trustees and Residuary Trustees, 1842 July-1848 November (Box 8)
- 11. General ledger, 1839 February-1846
- 12. Check list, 1839-1846 (Box 9)
- 13. Ledger, 1839-1847 (Box 9)
- 14. Record book containing mortgages, deeds, etc. (Box 10)
- 15. Cash deposit book, 1839-1852 (Box 11)
- 16. Invoice book, 1839 March-1841 July
- Van Buren branch (Western branch)
- 17. Schedule containing subscriptions for stocks, residence, description of land, and number of acres of each subscriber
- 18. Teller's cash book, 1840 February-1844 March (Box 12)
- 19. Discount and credit book, 1840-1842
- Washington branch
- 20. Journal, 1839 April-1844 February; also journal of Trustees, 1844 February-1847 August (Box 13)
- 21. Ledger, 1839-1840
- 22. Discount book, 1839-1847 (Box 14)
- 23. Minutes of the Trustees, 1842 April-1844 March; also, proceedings of Exchange Committee, 1840 January 30
- 24. Ledger, 1839-1847 (Box 15)
- Miscellaneous
- 25. Schedule of Board of Managers containing subscriptions for stocks, residence, description of land, and number of acres for each (Box 16)
- 26. Suit record, a record of all suits brought by the Real Estate Bank from its organization and all suits disposed of by the bank after Albert Pike became its attorney, 1841 November
- 27. Individual ledger, Real Estate Bank, 1838-1841 (Box 17)
- 28. Individual ledger, Real Estate Bank, 1840-1847 (Box 18)
- 29. Discount and credit book, Real Estate Bank, 1838-1852 (Box 19)
- 30. Discount and credit book, Real Estate Bank, 1838-1853 (Box 20)
- 31. Teller's cash book, Real Estate Bank, 1838-1839 (Box 21)
- 32. Cash/Account book, Real Estate Bank, 1839-1841
- 33. Teller's cash book, Real Estate Bank, 1841-1853 (Box 22)
- 34. Cash book/Ledger, Real Estate Bank, 1840-1847
- 35. Cash book, Real Estate Bank, 1839-1840
- 36. Daily ledger, Real Estate Bank, 1839-1842 (Box 23)
- 37. Cash book, Real Estate Bank, 1839-1850
- 38. Instruments of protest, Real Estate Bank, 1838-1841
- 39. Account index, Real Estate Bank, undated
- Central Board
- State Bank
- 40. Register of bank notes, 1837-1848 (Box 24)
- 41. Notes receivable, Fayetteville branch, 1838-1839
- 42. Proceedings, meetings of Fayetteville branch Board of Directors, 1840 January-1846 October (Box 25)
- 43. Check book, Fayetteville branch, 1838-1844
