First National Bank (Louisa, VA)

View Charter #10968 on SPMC View balance sheet

Episode Information

Episode UID
1096801624
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
109680 national
Charter Number
10968
Start Date
April 24, 1935
Location
Louisa, Virginia (38.025, -78.004)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1d0eb1631344e19e

Response Measures

None

Receivership Details

Depositor recovery rate
74.2%
Date receivership started
1933-08-30
Date receivership terminated
1939-12-28
Share of assets assessed as good
52.0%
Share of assets assessed as doubtful
41.4%
Share of assets assessed as worthless
6.7%

Description

Articles report a receiver and civil suit but do not state the suspension/closing date.

Events (4)
1. March 30, 1917 Chartered
Source
historical_nic
2. August 30, 1933 Receivership
Source
historical_nic
3. April 24, 1935 Receivership
Newspaper Excerpt
W. B. Gilmer, receiver of the First National Bank of Louisa, brought a $22,000 suit
Source
newspapers
4. * Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank later became insolvent resulting in appointment of a receiver (article implies failure after 1930).
Newspaper Excerpt
W. B. Gilmer, receiver of the First National Bank of Louisa
Source
newspapers

Newspaper Articles (3)
1. April 24, 1935 Times Herald Washington, DC

Article Text

RICHMOND, Va., April 24. yesterday in Federal Court in a $22,000 suit brought by W. B. Gilmer, receiver of the First National Bank of Louisa, against C. L. Perkins, W. Worth Smith, jr., and several others The suit grew out of a transaction in bank stock. Receiver Gilmer charged that in September, 1930, when the bank was solvent, the defendants formed a buying pool for the specified purpose of buying stock of the bank for profit. The combine acquired 230 shares of stock with the proceeds of a note signed by all the group. The note was discounted at the American Bank and Trust Company, which later failed. Mr. Smith, a State senator of Louisa, was a candidate for governor in 1933. He was exempted from liability in the verdict today because he is in bankruptcy. He is a brother of Representative Howard W. Smith of the Eighth District.

2. April 24, 1935 The Washington Herald Washington, DC

Article Text

$22,000 BANK SUIT VERDICT TO GILMER RICHMOND, Va., April 23. Verdict for the full amount was directed by Judge Luther B. Way, today in Federal Court in a $22,000 suit brought by W. B. Gilmer, receiver of the First National Bank of Louisa, against C. L. Perkins, W. Worth Smith, jr., and several others. The suit grew out of a transaction in bank stock. Receiver Gilmer charged that in September, 1930, when the bank was solvent, the defendants formed a buying pool for the specified purpose of buying stock of the bank for profit. The combine acquired 230 shares of stock with the proceeds of a note signed by all the group. The note was discounted at the American Bank and Trust Company, which later failed. Mr. Smith, a State senator of Louisa, was a candidate for governor in 1933. He was exempted from liability in the verdict today because he is in bankruptcy. He is a brother of Representative Howard W. Smith of the Eighth District.

3. April 24, 1935 The Washington Times Washington, DC
Article from The Washington Times, April 24, 1935

Click image to open full size in new tab

Article Text

# RECEIVER WINS $22,000 RICHMOND, Va., April 24. yesterday in Federal Court in a $22,000 suit brought by W. B. Gilmer, receiver of the First National Bank of Louisa, against C. L. Perkins, W. Worth Smith, jr., and several others The suit grew out of a transaction in bank stock. Receiver Gilmer charged that in September, 1930, when the bank was solvent, the defendants formed a buying pool for the specified purpose of buying stock of the bank for profit. The combine acquired 230 shares of stock with the proceeds of a note signed by all the group. The note was discounted at the American Bank and Trust Company, which later failed. Mr. Smith, a State senator of Louisa, was a candidate for governor in 1933. He was exempted from liability in the verdict today because he is in bankruptcy. He is a brother of Representative Howard W. Smith of the Eighth District.