18808. Bank of Petersburg (Petersburg, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
September 24, 1873
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini
Short Digest
871b446e68713e35

Response Measures

None

Description

Newspaper reports (Sept 24–27, 1873) state the directors of the Bank of Petersburg 'have decided to suspend to-day.' No mention of a depositor run. The articles do not report a later reopening or receivership explicitly; given only these items, I classify this as a suspension with no run reported. I flag cause as bank-specific adverse information because the suspension is mentioned in context with the failure/suspension of a large local commission house (McIlvaine & Co.) and local suspended banks.

Events (1)
1. September 24, 1873 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Mentioned alongside suspension of large local commission firm McIlvaine & Co. and other Petersburg suspended banks; directors decided to suspend due to local losses/exposures.
Newspaper Excerpt
The directors of the Bank of Petersburg have decided to suspend to-day.
Source
newspapers

Newspaper Articles (2)
1. September 25, 1873 The New York Herald New York, NY
Article from The New York Herald, September 25, 1873

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Article Text

Losses in Petersburg, Va. RICHMOND, Va., Sept. 24, 1873. The city of Petersburg had over $200,000 in the suspended banks there. McIlvaine & Co., of that city, one of the largest commission firms in the State, are reported to have suspended. The directors of the Bank of Petersburg have decided to suspend to-day.

2. September 27, 1873 Middletown Transcript Middletown, DE
Article from Middletown Transcript, September 27, 1873

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Article Text

Petersburg. Va., had over $200,000 in its suspended banks, and Wednesday Mollivaine & Co. and the bank of Peters. lurg were added to the number of sus. prusions. -