18780. Exchange Bank of Virginia (Norfolk, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 29, 1870
Location
Norfolk, Virginia (36.847, -76.285)

Metadata

Model
gpt-5-mini
Short Digest
75410070171e5100

Response Measures

None

Description

Newspapers report assets of the 'old Exchange Bank of Virginia' sold by Geo. W. Camp, receiver, indicating the bank had been placed in receivership and its assets liquidated. No run is mentioned; the sale took place the day before the Richmond Dispatch piece (Richmond Dispatch published 1870-12-30). Date of sale inferred as 1870-12-29.

Events (1)
1. December 29, 1870 Receivership
Newspaper Excerpt
The assets of the old Exchange Bank of Virginia were sold yesterday by Geo. W. Camp, of Norfolk, receiver.
Source
newspapers

Newspaper Articles (2)
1. December 30, 1870 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, December 30, 1870

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Article Text

SALE OF BANK EFFECTS.-The assets of the old Exchange Bank of Virginia were sold yesterday by Geo. W. Camp, of Norfolk, receiver. The sale was made by Messrs. Cook & Laughton. The articles sold consisted mainly of notes, and other evidences of debt, bonds, mostly Confederate, but some few Virginia and North Carolina bonds issued during the war. The sale was made for cash, or notes of the Exchange Bank at fifty cents in the dollar. The aggregate amount of sales was about $150,000, the largest purchasers being Gen. Bradley T. Johnson and Thos. Branch. the latter investing about $100,000. Among the articles sold was five millions of dollars in Confederate bonds, which brought $70 one million of dollars of Confederate notes sold for $30; thirteen thousand five hundred dollars in Virginia and North Carolina bonds, issued during the war, sold for $30. The banking-house and lot of the Clarksville branch sold for $3,500, and that at Weston, with nine acres of ground, on which there was a lein of $20,000, sold for $1,500. The individual bonds sold very low as a general thing, two of $25,000 each brought $250 apiece. The attendance was very good, and the bidding on some of the articles very spirited.

2. January 6, 1871 Wilmington Journal Wilmington, NC
Article from Wilmington Journal, January 6, 1871

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Article Text

# Sale of Bank Effects The assets of the old Exchange Bank of Virginia were sold yesterday by Geo. W. Camp, of Norfolk, receiver. The sale was made by Messrs. Cook & Laughton. The articles sold consisted mainly of notes and other evidences of debt, bonds, mostly Confederate, but some few Virginia and North Carolina bonds issued during the war. The sale was made for cash, or notes of the Exchange Bank at fifty cents in the dollar. The aggregate amount of sales was about $150,000, the largest purchasers being Gen. Bradley T. Johnson and Thos. Branch, the latter investing about $100,000. Among the articles sold was five millions of dollars in Confederate bonds, which brought $70; one million of dollars of Confederate notes sold for $30; thirteen thousand five hundred dollars in Virginia and North Carolina bonds, issued during the war, sold for $30. The banking-house and lot of the Clarksville branch sold for $3,500, and that at Weston, with nine acres of ground, on which there was a lein of $20,000, sold for $1,500. The individual bonds sold very low as a general thing; two of $25,000 each brought $250 apiece. The attendance was very good, and the bidding on some of the articles very spirited. - Richmond Dispatch.