18743. Virginia State Bank (Hopewell, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 1, 1921*
Location
Hopewell, Virginia (37.291, -77.299)

Metadata

Model
gpt-5-mini
Short Digest
ee1dde99b7428096

Response Measures

None

Description

Newspaper articles state the Virginia State Bank of Hopewell 'closed its doors four months ago' (Dec 3, 1921 article), receivers were appointed and are selling bank property; this indicates a suspension that resulted in permanent closure with receivership. Articles mention diminished value of liberty loan bonds as a handicap to receivers, supporting bank-specific adverse losses as the underlying problem.

Events (3)
1. August 1, 1921* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank closed following losses/decline in value of collateral (liberty loan bonds) after the war; led to insolvency and suspension.
Newspaper Excerpt
the Virginia State Bank, which closed its doors four months ago
Source
newspapers
2. December 3, 1921 Receivership
Newspaper Excerpt
Attorneys J.O. Heflin and David Harrison, receivers for the Virginia State Bank, which closed its doors four months ago, have arranged ... to sell the property of the bank ... on December 9.
Source
newspapers
3. December 21, 1921 Other
Newspaper Excerpt
Depositors of the defunct Virginia State Bank of Hopewell, held a meeting last night, at which a subcommittee was named to examine the report of the bank's receivers.
Source
newspapers

Newspaper Articles (2)
1. December 4, 1921 Evening Star Washington, DC
Article from Evening Star, December 4, 1921

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Article Text

BANK PROPERTY TO GO ON THE AUCTION BLOCK Hopewell Court Orders Sale of $30,000 Property on December 9. Special Dispatch to The Star. HOPEWELL, Va., December 3.Attorneys J.O. Heflin and David Harrison, receivers for the Virginia State Bank, which closed its doors four months ago, have arranged, in pursuance of an order from the Hopewell circuit court, to sell the property of the bank, amounting to about $30,000. at public auction on December 9. The receivers, who were handicapped by the fact that the majority of the bank's collateral consisted of liberty loan bonds, which have decreased in value since the war, have. made exemplary progress in the handling of the bank's affairs and in bringing them to a speedy conclusion for the alleviation of the small depositors who suffered much when the bank went under. It is expected that the bank's affairs will be completely wound up within three more months.

2. December 22, 1921 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, December 22, 1921

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Article Text

To Examine Receivers' Report. HOPEWELL VA., Dec. 21.-Depositors of the defunct Virginia State aBuk. of Hopewell, held a meeting last night, at which a subcommittee was named to examine the report of the bank's receivers.