Louisiana closed a bank once controlled by Beebe.
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Banking officials closed Pelican State Bank in Mansfield because of a series of bad loans; its deposits and good loans will be assumed by People’s State Bank of Many, La. It was the fifth bank closing in Louisiana this year and the 92nd in the nation. Shreveport financier Herman K. Beebe, convicted in January, 1985, in a fraudulent loan conspiracy, is under indictment for misapplying bank funds, conspiracy, false statements for over evaluating property and a federal charge of bank robbery.
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