18833. Citizens Bank (Pulaski, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
August 17, 1914
Location
Pulaski, Virginia (37.048, -80.780)

Metadata

Model
gpt-5-mini
Short Digest
3bc879700002ba78

Response Measures

None

Description

Citizens' Bank (incorporated $25,000) opened Aug 1, 1914 and after 17 days surrendered its charter and discontinued business; funds and depositor list turned over to the People's Bank of Pulaski for refunding. This is a voluntary closure/surrender of charter rather than a documented regulatory receivership or an isolated rumor-driven run.

Events (1)
1. August 17, 1914 Suspension
Cause
Voluntary Liquidation
Cause Details
Bank announced surrender of charter and discontinuance after 17 days; officers cited withdrawal of deposits and lack of demand for additional banking facilities; funds turned over to People's Bank of Pulaski
Newspaper Excerpt
after having been open for seventeen days it would surrender its charter, and discontinue business. The funds received by the bank during its short career were turned over to the People's Bank of Pulaski with a list of the depositors, and the amounts will be refunded through this bank
Source
newspapers

Newspaper Articles (2)
1. August 19, 1914 The Times Dispatch Richmond, VA
Article from The Times Dispatch, August 19, 1914

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Article Text

BANK SURRENDERS CHARTER. Will Discontinue Business After Being Open for Seventeen Days. [Special to The Times-Dispatch.] PULASKI. VA., August 17 - The Citizens' Bank. Inc., announced to-day that after having been open for seventeen days it would surrender its charter, and discontinue business. The funds received by the bank during its short career were turned over to the People's Bank of Pulaski with a list of the depositors, and the amounts will be refunded through this bank The withdrawal of deposits and the failure of the people to appreciate the additional banking facilities offered are given by the officers as the reason for the suspension of business. D. A. L. Worrell, of Dublin, was president, and J. Walter Webb. recently of Carroll County, cash1er. The bank was Incorporated at $25,000, and was authorized to open for business on August 1.

2. August 21, 1914 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, August 21, 1914

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Article Text

BANK SURRENDERS CHARTER. Will Discontinue Business After Beiⁿg Open for Seventeen Days. Pulaski. Va., August 21.-The Citizens' Bank, Inc., announced Tuesday that after having been open for seventeen days it would surrender its charter, and discontinue business. The funds. received by the bank during its short career were turned over to the People's Bank of Pulaski with a list of the depositors, and the amounts will be refunded through this bank. The withdrawa] of depos_ its and the failure of the people to appreciate the additional banking facilities offered are given by the offirers as the reason for the suspension of business.