On March 21, 1994, at 1820 central standard time, a Piper PA-12, N2966M, was substantially damaged while maneuvering near Rayville, Louisiana. The commercial pilot and the passenger sustained minor injuries. Visual meteorological conditions prevailed for the personal flight. In the Pilot/Operator report, the pilot stated that during the turn from base to final, he overshot the runway. He further stated that he initiated a "steeper bank" to align the aircraft with the runway. During the "steep turn the nose of the aircraft fell rapidly" and it began to spin. Just prior to ground impact the pilot felt that he regained control of the aircraft; however, he did not have enough altitude to prevent ground impact and slid on it's under carriage for 150 feet. An examination of the aircraft revealed no anomalies. The aircraft was released to the owner.