18725. Bank of Riverheads (Greenville, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 7, 1931
Location
Greenville, Virginia

Metadata

Model
gpt-5-mini
Short Digest
df9aa93e6440d32b

Response Measures

None

Description

The Bank of Riverheads (Greenville, Augusta County, VA) voluntarily suspended operations in early October 1931; state banking authorities took charge and planned to ask the circuit court to appoint a receiver. Articles cite 'frozen assets' as responsible. There is no mention of a depositor run prior to suspension, and the bank was being prepared for receivership, so this fits 'suspension_closure'. OCR errors in articles corrected (e.g., R. F. B. Steele).

Events (2)
1. October 7, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Directors cited 'frozen assets' (illiquid/frozen investments) as responsible for the bank's difficulties; voluntary closing to liquidate before further impairment.
Newspaper Excerpt
This bank has suspended by our order we believe the bank is solvent, and have closed same in order that liquidation might proceed before such impairment of its assets as might cause serious loss to depositors.
Source
newspapers
2. * Other
Newspaper Excerpt
R. F. B. Steele, of the State Banking Department, took charge of the bank and was to ask the Augusta circuit court today or tomorrow to appoint receiver.
Source
newspapers

Newspaper Articles (3)
1. October 7, 1931 The Daily News Leader Staunton, VA
Article from The Daily News Leader, October 7, 1931

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Article Text

CLOSES FOR PROTECTION OF DEPOSITORS The Bank of Riverheads, Greenville, did not open this morning. board directors' notice, on door, read; "This bank suspended order the bank solvent, and have closed same order that proceed before such impairment its assets might cause serloss depositors. Steele, the state banking department, took charge today, will ask Augusta cuit court today tomorrow to appoint receiver. In its June statement the bank announced its capital ten thousand, surplus ten thousand, and deposits of approximately sixtyfive thousand. Frozen assets are described responsible the bank's difficulties. Closing was voluntary, directors such yesterday, Mr. Steele The bank open yesterday.

2. October 8, 1931 The Daily News Leader Staunton, VA
Article from The Daily News Leader, October 8, 1931

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Article Text

Bank Closed For Protection of Depositors The Bank of Riverheads at Greenville, did not open day morning board of directors notice, posted on door. read: "This bank has suspended by our order we believe the bank is solvent, and have closed same in order that liquidation might proceed before such impairment of its assets as might cause serloss to depositors R B Steele, the state banking department, took charge during day, and will ask Augusta circuit court today or toto appoint receiver In its the bank its capital ten thousand. surplus ten thousand. and deposits of approximately sixtyfive Frozen assets are described HS responsible for the bank's dim culties Closing was voluntary, directors voting step late Tuesday Mr Steele The bank was open for business Tuesday ANOTHER PARTY The Margaret Carter mentioned In connection with circuit court case in yesterday's paper is not Miss Margaret Thompson street

3. October 8, 1931 The Roanoke Times Roanoke, VA
Article from The Roanoke Times, October 8, 1931

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Article Text

RURAL BANK CLOSES IN AUGUSTA COUNTY Greenville. Va., Oct. -The Bank of Riverheads, Augusta county, failed to open this morning. board of directors notice posted on the door said: "This bank has suspended by our order as we believe the bank is solvent and have closed same in order that liquidation may proceed before such impairment of its assets as might serious loss to depositors. R. F. B. Steele, of the State Banking Department. took charge of the bank and was to ask the Augusta circuit court today or teorrow to appoint receiver In its June statement the bank announced capital of $10,000. surplus of $10,000. deposits of approximately $65,000. Frozen assets were declared responsible for the bank's difficulties The closing was voluntary. the directors voting the step yesterday, Dteele said.