18830. Peoples Bank (Portsmouth, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
July 7, 1911
Location
Portsmouth, Virginia (36.835, -76.298)

Metadata

Model
gpt-5-mini
Short Digest
866b40c95ccf006b

Response Measures

None

Description

Articles (1911–1912) describe the People's/Peoples Bank of Portsmouth as defunct with a receiver appointed and subsequent settlement actions and dividend payments to creditors. No run is mentioned. The bank is in receivership and thus permanently closed. OCR corrected People's Bank spelling; provided bank name used as given. Cause inferred from insolvency/overdrafts noted in suits against directors.

Events (3)
1. July 7, 1911 Receivership
Newspaper Excerpt
Judge Bain in Portsmouth ... entered an order authorizing the receiver of the defunct People's Bank to accept $57,800 in settlement of all claims against the directors, who offered the sum mentioned as a compromise.
Source
newspapers
2. July 7, 1911 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was defunct and in receivership amid alleged overdrafts by directors and suits against them.
Newspaper Excerpt
An order entered by Judge Bain yesterday in Hustings Court directs that the receiver for the People's Bank accept a compromise of directors of the institution.
Source
newspapers
3. January 1, 1912 Other
Newspaper Excerpt
Another dividend of 10 per cent. is shortly to be paid to the creditors of the failed People's Bank of Portsmouth. Judge Bain ... entered an order directing Receiver John T. Griffin to go ahead with the payment of a 10 per cent. dividend.
Source
newspapers

Newspaper Articles (3)
1. July 8, 1911 The Richmond Virginian Richmond, VA
Article from The Richmond Virginian, July 8, 1911

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Article Text

BANK RECEIVERS TO ACCEPT COMPROMISE SUM PORTSMOUTH, VA., July 7.-An order entered by Judge Baih yesterday in Hustings Court directs that the receiver for the People's Bank accept a compromise of directors of the institution. The directors, with the exception of the administrator of the Eastwood estate, agreed on $57,800. Proceedings instituted by the receiver of the bank against John A. Cod, the King's Daughters' Hospital, and the trustees of the Trinity P. E. church will be tried at this term of court. The cases grew out of alleged overdrafts by the defendants, who claim they made deposits which were never entered on the bank's books. The cases have been set for trial July 14, 17 and 18.

2. July 13, 1911 The Mathews Journal Mathews, VA
Article from The Mathews Journal, July 13, 1911

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Article Text

VIRGINIA BRIEFS NORFOLK, VA.-Special. - Judge Bain, in Portsmouth, yesterday entered an order authorizing the receiver of the defunct People's Bank to accept $57,800 in settlement of all claims against the directors, who offered the sum mentioned as a compromise.

3. January 1, 1912 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, January 1, 1912

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Article Text

Another Dividend Declared. Norfolk, Jan. 1.-Another dividend of 10 per cent. is shortly to be paid to the creditors of the failed People's Bank of Portsmouth. Judge Bain in the court of Hustings Saturday entered an order directing Rcceiver John T. Griffin to go ahead with the payment of a 10 per cent. dividend, the receiver having on hand funds'sufficient to make a payment to the creditors upon that basis. The payment of this dividend will swell the total pay ments to.creditors since the receivership to 28iper cent.