18816. Peoples Bank (Petersburg, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
April 10, 1924
Location
Petersburg, Virginia (37.205, -77.392)

Metadata

Model
gpt-5-mini
Short Digest
1cc2c3af3a23c855

Response Measures

None

Description

Newspaper articles report that the People's (Peoples) Bank of Petersburg was taken over and a receiver appointed April 10, 1924, at the request of the State Corporation Commission. No run or heavy withdrawals are mentioned. The bank name in the articles appears as People's Bank; the provided name is Peoples Bank (minor punctuation difference).

Events (2)
1. April 10, 1924 Receivership
Newspaper Excerpt
The affairs of the People's Bank of Petersburg, Va., ... were taken over today by Robert Gilliam, jr., appointed receiver yesterday by hustings court at the request of the state corporation commission. Gilliam's bond was fixed at $30,000.
Source
newspapers
2. April 10, 1924 Suspension
Cause
Government Action
Cause Details
State Corporation Commission requested court action; court appointed a receiver and took charge of the bank's affairs.
Newspaper Excerpt
The affairs of the People's Bank of Petersburg, Va., a negro institution, were taken over today by Robert Gilliam, jr., appointed receiver yesterday by hustings court at the request of the state corporation commission.
Source
newspapers

Newspaper Articles (2)
1. April 10, 1924 Evening Star Washington, DC
Article from Evening Star, April 10, 1924

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Article Text

RECEIVER TAKES BANK. Court Orders Supervision of Negro Institution. PETERSBURG, Va., April 10.-The affairs of the People's Bank of Petersburg, Va., a negro institution, were taken over today by Robert Gilliam, jr., appointed receiver yesterday by hustings court at the request of the state corporation commission. Gfiliam's bond was fixed at $30,000. The People's Bank of Petersburg was organized three years ago. It was capitalized at $25,000, and, according to Chief State Bank Examiner M. E. Bristow. who recently investigated its affairs. had total resource of $76,000 and $47,000 deposits. The officers and directors of the bank all are nogreec.

2. April 26, 1924 The Broad Ax Chicago, Salt Lake City, IL
Article from The Broad Ax, April 26, 1924

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Article Text

RECEIVER APPOINTED FOR VIRGINIA BANK (Lincoln News Service) Petersburg, Va.-The affairs of the People's Bank of Petersburg, a Negro institution, have been taken over by Robert Gilliam, Jr., appointed receiver by Hustings Court at the request of the State Corporation Commission. Gilliam's bond was fixed at $30,000. The People's Bank of Petersburg was organized three years ago. It was capitalized at $25,000 and, according to Chief State Bank Examiner M. E. Bristow, who recently investigated its affairs, had total resources of $76,000 and $47,000 deposits. The officers and directors of the bank are men of the race.