Accommodated withdrawals, Fed/other loan, Public signal of financial health
Description
Newspapers (Jul 17–18, 1929) report a small run on Virginia National Bank in Petersburg driven by rumors; directors issued a statement that the bank was sound and an armored Federal Reserve truck from Richmond delivered large amounts of cash. No suspension or closure is mentioned.
Events (2)
1.April 25, 1905Chartered
Source
historical_nic
2.July 17, 1929Run
Cause
Rumor Or Misinformation
Cause Details
A slight run driven by rumors or uneasiness about the bank's condition; directors issued statement denying rumors.
Measures
Directors issued a public statement affirming solvency; an armored Federal Reserve truck from Richmond delivered and unloaded large sums of cash to the bank.
Newspaper Excerpt
The statement came the of what small run ... which number of depositors withdrew their [money].
Source
newspapers
Newspaper Articles (2)
1.July 18, 1929Bristol Herald CourierBristol, TN
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Article Text
PETERSBURG BANK REPORTED SOUND
Va. July (AP) issued today by the statement Virginia National directors the declared that the Bank this city thoroughly sound institution condition. The stateand solvent result of what ment came be termed slight run might the yesterday today number drew their money. statement said: "The bank sound solvent thoroughly there positively no justification for and the part of any rumor the contrary absolutely without Shortly issued this afternoon, an armored Richmond Federal truck Reserve Bank arrived the bank and unloaded large amount the exact sum not being money, made known.
2.July 18, 1929Richmond Times-DispatchRichmond, VA
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Article Text
Directors Say Petersburg Bank Solvent
Declare Virginia National At Cockade City In Entirely Sound Condition
[Special to The Times-Dispatch. PETERSBURG, July 17-Directors the Virginia National Bank of this today issued statement declaring that the institution in thoroughly sound and solvent condiThe statement came the of what small run bank and today which number of deposi withdrew their The statement issued said: The bank thoroughly solvent and there posttively no justification for any uneas' ness the part any and rumor the contrary lutely without The statement was the following directors Keeler, bach. Mark Paul Roper. Wallace M. Samuel Burwell, H. Poole Wills Shortly after the statement was early truck the Richmond serve arrived the bank and unloaded large amount money much money was taken was made Five ficials Richmond bank the truck More companied was deposited yesterday than was paid out. of the bank continued The Virginia National aBnk the largest oldest tersburg Its officers are among prominent and citizens Petersburg Wright prestdent, and B. Kinsey cashier
