18847. Bank of Commerce & Trusts (Richmond, VA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
trust
Start Date
June 1, 1933*
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
2fced0884c4c62b3

Response Measures

None

Description

Articles (June 1933 and Jan 1934) describe the Bank of Commerce & Trusts in Richmond under receivership with court-appointed receivers and receivership actions (collateral, claims, and contested fees). No article describes a depositor run or a reopening; the bank is in receivership/closed, so classify as suspension leading to closure. Dates are taken from article publication; receivership was active by 1933-06-12. OCR errors in the 1934 article (garbled lines) were corrected when extracting meaning.

Events (3)
1. June 1, 1933* Suspension
Cause
Government Action
Cause Details
Court-appointed receivership (bank placed in receivership and operations taken over by receivers).
Newspaper Excerpt
John T. Wilson, president of the Bank of Commerce and Trusts, which institution is receiver.
Source
newspapers
2. June 12, 1933 Receivership
Newspaper Excerpt
The receivers, Sherlock Bronson, Logan R. Ritchie and the Bank of Commerce and Trusts, will meet today to formulate their request that the Reconstruction Finance Corporation turn over to them for collection approximately $5,000,000 in collateral now held as security for a loan which been reduced to approximately $1,300,000.
Source
newspapers
3. January 4, 1934 Other
Newspaper Excerpt
Discussion of receivers' fees: Mr. Bronson and the Bank of each was awarded $20,000... and public protest led by Mayor Bright seeking review and legislation to curb receivership fees.
Source
newspapers

Newspaper Articles (3)
1. June 12, 1933 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, June 12, 1933

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Article Text

will retain only those who may prove has of value in the service of the receivership. No outsiders will be employed by the receivers in the conduct of the affairs of the bank. The receivers, Sherlock Bronson, Logan R. Ritchie and the Bank of Commerce and Trusts, will meet today to formulate their request that the Reconstruction Finance Corporation turn over to them for collection approximately $5,000,000 in collateral now held as security for a loan which been reduced to approximately $1,300,000. They desire to regain possession of this collateral for the reason that once the R. F. C. indebtedness is paid in full the receivers will then own the collateral outright and will be in position to permit deposit offsets against loans. The receivership can be expedited, they feel. by having all, or practically all, the bank's assets in the main bank at Tenth and Main streets.

2. January 4, 1934 Richmond Times-Dispatch Richmond, VA
Article from Richmond Times-Dispatch, January 4, 1934

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Article Text

Wilson Holds Out For High Figure Hughes and Layman Aid Fight for Law to Curb Court Power on Fees in Receivership Cases Two and counsel of the American Bank and Trust Company of Richmond bowing to public protest led by Mayor Bright yesterday informed the Mayor they are willing to have of their fees. which have been criticized as being exSherlock Bronson. receiver. and Andrew Christian, counsel, wrote Mayor Bright they would accept any compensation deemed by him be reasonable. covering their work since June last. Justin Moore, another told the Mayor he consented to review by Judge Julien Gunn of th fees awarded him by the judge. The Mayor today will request City Attorney Cannon to prepare the bill review for submission to Judge Gunn. John T. Wilson. president of the Bank of Commerce and Trusts, which institution is receiver. des clined act with his co-receivers His only last night was that he "on the sent by the court to Mayor Bright, in which Judge Gunn defended his allowances as not being excessive. Mr Bronson and the Bank of each was awarded $20.000. The third receiver, Mr. Moore, received $7,669, although depositors' protective committee. headed Harris Hart that Moore be allowed only $2,500 for two and services Moore Had Assigned Part Pay Mr president the Bar his was counsel for credit to the protective committee his except on Later Mr. Moore assured Mayor no objection to having the fees reviewed by the court, the Mayor said "They have done most mendable in keeping with traditions of Richmond the Mayor stated after public the by Mr. Bronson and Mr support of promised legislation the power courts receivership fees was pledged Charles president the Virginia State of Labor From State George the Committee and announced allowance the American Bank one the weak spots and corrected by the Legislature Letters Approve Review Mr. Bronson Mayor Bright receiver. delivered in to Mayor Bright in which he stated that gardless of the of the services do not desire receive excess of the amount which the beneficiaries of the trust

3. January 11, 1934 Orange County Review Orange, VA
Article from Orange County Review, January 11, 1934

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Article Text

SEEKS LEGISLATION ON CLOSED BANKS Richmond, Jan. 11.-Drafting of and Body a bill to be introduced in the General Assembly next week, designed to place closed banks in the and Frame hands of the State Banking de1 Lot of Harness partment and prevent large receivership fees, was intrusted to a committee of four State officials following a conference in Mayor J. Fulmer Bright's office today. The meeting climaxed the proest of Mayor Bright against the payment of what he described as "excessive" fees to receivers of the American Bank and Trust Company and their counsel. Two of the bank's three receivers have agreed to accept a compensation agreeable to the Mayor, who said he is still hopeful that the Bank of Commerce and Trusts will join the other receivers in scaling down the fees, which amounted to more than $60,000. Judge Julien Gunn, whose awards were criticized by Mayor Brightasked Gov. Pollard to de- Advertisin of your signate another judge to hear the bargains? suit filed by the bank's receivers against the bank directors for recovery of more than $600,000 in dividends alleged to have been paid illegally. Have you paid your subscription.