First & Merchants National Bank (Richmond, VA)

View Charter #1111 on SPMC View balance sheet

Episode Information

Episode UID
111101588
Episode Type
Suspension → Reopening
Bank Type
national
Bank ID
11110 national
Charter Number
1111
Start Date
April 12, 1932
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
33cda6926efe1f45

Response Measures

None

Events (5)
1. May 3, 1865 Chartered
Source
historical_nic
2. April 12, 1932 Receivership
Newspaper Excerpt
The First and Merchants National Bank of Richmond was appointed by Federal Judge Luther Way yesterday as substitute receiver for the Virginia Mortgage and Finance Corporation.
Source
newspapers
3. April 26, 1932 Other
Newspaper Excerpt
The National Surety Company, bondsmen of Robert H. Talley, ... paid $50,000 to the First and Merchants' National Bank, substitute receivers for the Virginia Mortgage and Finance Corporation for which Talley had been receiver.
Source
newspapers
4. April 27, 1932 Other
Newspaper Excerpt
Check is forwarded to Richmond bank... the National Surety bondsman forwarded the check ... for the substituted receiver; funds held by Mr. Talley in New York subsequently transferred.
Source
newspapers
5. March 4, 1933 Suspension
Cause
Government Action
Cause Details
State-declared banking holiday/moratorium closing all Richmond banks for two days.
Newspaper Excerpt
Virginia is to have a banking holiday Monday and Tuesday ... Attempted heavy runs here today caused it to be announced that all Richmond banks will be closed two days.
Source
newspapers

Newspaper Articles (4)
1. April 13, 1932 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, April 13, 1932

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Article Text

Bank Is Named As Receiver In Talley's Place Judge Way Appoints First and Merchants in Case of Finance Corporation The First and Merchants National Bank of Richmond was appointed by Federal Judge Luther Way yesterday as for the Virginia Mortgage and Finance Corporation and in the place of Robert H. Talley, who had acted as receiver June, 1927 The bank is expected to qualify today Impulse behind the court order for the change in receivership was from the finance corporation's representatives in the move to bring an accounting of the $82,584.52 claimed to be involved in the receivership case Mr Talley as receiver placed $33.662.08 on deposit in the Chemical Bank and Trust Company of New York and the remainder of the fund has yet to be adjusted in court He bonded by the National Surety Company for $50,000 The law firm of McGuire. Riely & Eggleston and Shewmake & Gary were appointed in the court order as counsel for the bank as receiver Mr. Talley, who resigned as United States district attorney for the Eastern District of Virginia last Thursday. and was succeeded by Paul W. Kear of Norfolk in temporary appointment, has since his resignation been under treatment for physical and nervous disorders at Tucker Sanatorium here.

2. April 26, 1932 Covington Virginian Covington, VA
Article from Covington Virginian, April 26, 1932

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Article Text

PAY $50,000 ON TALLEY BOND RICHMOND, Va., April 26.-The National Surety Company, bondsmen of Robert H. Talley, former attorney for the Eastern District of Virginia, today paid $50,000 to the First and Merchants' National Bank, substitute receivers for the Virginia Mortgage and Finance Corporation for which Talley had bene receiver.

3. April 27, 1932 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, April 27, 1932

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Article Text

Talley Surety Pays $50,000 To Receivers Check Is Forwarded to Richmond Bank: Motion For Judgment to Cease check for $50,000 was forwarded by the National Surety bondsman Robert H the and Bank receiver for the and Finance Mr. former United States attorney who now being in the City an resigned recently as when he found unable to settle his account The motion for judgment against bonding accordingly will withdrawn in United States Dis Court was yesterday by Shewmake Gary and McGuire Riely Eggleston attorneys for the substituted receiver The substituted contends that the amount due Talley excess of as against originally named of approximately cannot be unless the distribution of Mr. Talley's and bonding company claim against estate up to the amount of Oscar Shewmake said yesterday An order directing the First and National Bank to make the funds its receiver will be asked addition 000 paid by the over company there is held Mr. Talley in New York and subsequently transferred This total of approximately $84,000 less necessary expenses. will be tributed shortly to the former stock holders the Virginia Mortgage and Finance Corporation and the Keystone Credit 55 per cent going the former and 45 to The has kholders of whom two live B. H. Bratney general solicitor for the National Surety Company told counsel for the substituted receiver last week that his company would make full payment of all money due as the audit was completed forwarded the check as soon as the auditors had finished their work Robert Talley will face embezzle. ment charges the May term of Hustings Court continued until the June term. These charges amounts gating about $30,000 which hanfor and are in no way related to receivership in the United States District Court

4. March 5, 1933 The Washington Herald Washington, DC
Article from The Washington Herald, March 5, 1933

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Article Text

EVEN 'SPEAKS' FACE CLOSING New York Booze Purveyors Hit by Bank Holidays; Cities Take Drastic Steps NEW YORK, March 4. (U.P.) If extended over a sufficient period, the bank moratorium may close New York's speakeasies, Chief of Police Edward P. Mulrooney said hopefully today. "If we go on a scrip basis, the speakeasies will fade away. I never heard of a speakeasy that could survive on scrip. There isn't enough mutual con fidence in that game." Speakeasy proprietors h were hard hit by today's bank action. Most of them reported a falling off of 25 per cent of their normal Saturday business. CLEVELAND, March 4. (U.P.) Currency will be replaced by scrip in Cleveland next week. An announcement late today after a conference of bankers, said. certificates would be issued by the Cleveland Clearing House Association for use by employers in paying salaries and wages to employes. The certificates will be in denominations of $1, $2. $5 and $10. They will be acceptable by stores in exchange for goods needed. WILMINGTON, Del., March 4 clared a banking holiday until further notice from Governor C. D. Buck. Delaware was the last State to enter the nation-wide bank holiday. "We had to do it," said Otto Nowland, president of the Wilmington Clearing House Association. "Our banks are sound, but due to the national situation we had to come in. We are proud Delaware was the last State to declare the bank holiday." PITTSBURGH, March 4 (U.P.). Hard-pressed taxpayers of Allegheny county, facing sale of their properties for delinquent taxes Monday, were given a moratorium today in view of Pennsylvania's two-day banking holiday. Sheriff Frank I. Gollmar announced the sale would be postponed until Friday because many taxpayers. with money in banks, would be unable to secure the cash required to bid in their properties. RICHMOND, Va., March 4 (U.S.) Virginia is to have a banking holiday Monday and Tuesday Attempted heavy runs here today caused it to be announced that all Richmond banks will be closed two days. Governor Pollard previously had said he saw no necessity for the holiday The State Corporation Commission this afternoon issued the order limiting withdrawals from numerous banks in the Valley of Virginia. DETROIT. March 4 (U.P.). City officials, merchants and members of the Detroit Clearing House Association were considering plans tonight for the issuance of scrip to supplement the sharply curtailed supply of currency City Comptroller Charles E. Gightor announced he would call a meeting of merchants and business men on Monday to consider plans for the issuance of $20,000.000 in scrip against delinquent or future tax receipts. The Clearing House Association likewise was formulating plans for issuance of scrip as a lien against frozen bank deposits. NEW ORLEANS. March 4 ((U.P.) Mayor T. Semmes Walmsley today warned residents of New Orleans against overstocking their homes with food. declaring: "It may be difficult to get new stocks of foodstuffs into the city if the present supply becomes exhausted.' The mayor ordered a large chain grocery store to limit its sales. SACRAMENTO. Cal., March 4 (U.P. .-Governor Ralph tonight proclaimed an extension of the California bank holiday until Thursday, March 9. The new three-day period will begin Monday with general holiday similar to the one now in effect, the governor said. JACKSON, Miss., March 4 (U P.) -Mississippi banks remained open today. J. S. Love. State superintendent of banks, issued a mandatory to all banks to allow no depositors to withdraw more than 5 per cent of his total balance DAYTON. Ohio, March 4 (U.S.) Bankers and merchants agreed today on system of clearing house scrip to meet the shortage of currency during the bank holiday The scrip will be issued beginning Monday in denominations of $5 and $10. $2. -Buy and Be American- MEMORIAL SERVICE A memorial service for the late Grand Duke Alexander of Russia will be held at 12:30 o'clock at the Russian Church of St. Nicholas, 1814 Riggs Pl. N. W.