18922. Planters National Bank (Richmond, VA)

View Charter #1628 on SPMC

Bank Information

Episode Type
Run Only
Bank Type
national
Bank ID
1628
Charter Number
1628
Start Date
September 12, 1882
Location
Richmond, Virginia (37.554, -77.460)

Metadata

Model
gpt-5-mini
Short Digest
3caecf9eacdd9121

Response Measures

Accommodated withdrawals, Public signal of financial health, Capital injected, Books examined

Description

The articles report that the Richmond Banking and Insurance Company suspended (Sept 12, 1882) and that this caused a slight run on the Planters' National Bank the same morning. Planters did not suspend; directors met, new officers were elected, depositors were reassured and the run subsided the same day. Dating taken from newspaper publication dates (Sept 12–13, 1882).

Events (4)
1. January 15, 1866 Chartered
Source
historical_nic
2. September 12, 1882 Run
Cause
Local Banks
Cause Details
Run was triggered by the suspension of the Richmond Banking and Insurance Company (same president), which created uneasiness among small depositors who withdrew funds.
Measures
Directors met overnight, wealthy local men elected as directors, president resigned and replaced by Chas. E. Whitlock; officers publicly assured depositors funds were plentiful, which calmed the run.
Newspaper Excerpt
The slight run on the Planters' National Bank, which began immediately upon the fact of the suspension being made public, continued till about one o'clock, when everything quieted down
Source
newspapers
3. September 12, 1882 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Suspension attributed to large depositors recently withdrawing funds which materially contracted and embarrassed the bank's business.
Newspaper Excerpt
The Richmond Banking and Insurance Company have this morning posted at their counter the following notice: The president and board of directors are compelled to suspend business for the present.
Source
newspapers
4. February 27, 1926 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (14)
1. September 12, 1882 Evening Star Washington, DC
Article from Evening Star, September 12, 1882

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Article Text

Bank Suspension in Richmond. RICHMOND, VA., Sept. 12.-The Richmond Bank. ing and Insurance company have this morning posted at their counter the following notice: The president and board or directors are compelled to suspend business for the present. Trustees will be appointed and it is confidently believed that de. positors will receive dollar for dollar. (Signed,) JOHN B. Davis, President. The bank officers state that the cause of the sus. pension is due to large depositors recently with. drawing their funds. The intimate relations be. tween this bank and the Planters' National Bank (Mr. Davis being president of both) has created uneasy feeling among the depositors in the latter, causing small depositors to withdraw their funds. Business men having large deposits are rallying to its aid. -The directors of the Planters' National Bank were in session all last night examining its condition, and at five o'clock this morning Chas. E. Whitlock and James B. Pace, two of the wealthiest men in the city, were elected directors. John B. Davis then resigned the presidency and Chas. E. Whitlock was elected president.

2. September 12, 1882 Alexandria Gazette Alexandria, VA
Article from Alexandria Gazette, September 12, 1882

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TO-DAY'S TELEGRAPHIC DISPATCHES. Suspension of the Richmond Banking and Insurance Company. RICHMOND, Sept. 12.-The Richmond Banking and Insurance Company have this morning posted at their counter the following notice: The president and board of directors are compelled to suspend business for the present. Trustees will be appointed and it is confidently believed that depositors will receive dollar for dollar. (Signed.) JOHN B. DAVIS, President. The Bank officers state that the cause of the suspension is due to large depositors recently withdrawing their funds, which action so materially contracted and embarrassed their business that they were forced to the step taken. The intimate relations between this and the Planters National Bank (Mr. Davis being president of both) has created uneasy feeling among the depositors in the latter, causing small depositors to withdraw their funds. Business men having large deposits are rallying to its aid. The directors of the Planters National Bank were in session all last night examining its condition and at five o'colck this morning Chas. E. Whitlock and James B. Pace, two of the wealthiest men in thecity, were elected directors. John B. Davis then resigned the Presidency and Chas E. Whitlock was elected President.

3. September 12, 1882 The Daily Gazette Wilmington, DE
Article from The Daily Gazette, September 12, 1882

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A Banking House Suspends. RICHMOND, Sept. 12.-The Richml Banking and Insurance Company has pended. Fears are entertained for the vency of the Planters' Bank, whose preside John B. Davis, is also president of the B pended institution. Davis resigned presidency of the Planters' this morn and its heavy depositors are rallying to support.

4. September 13, 1882 Savannah Morning News Savannah, GA
Article from Savannah Morning News, September 13, 1882

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CLOSED ITS DOORS. One Richmond Bank Suspends and Another Expected to Follow Suit. RICHMOND, VA, September 12-The Richmond Banking and Insurance Company have this morning posted at their counter the following notice: "The President and Board of Directors are compelled to suspend business for the present. Trustees will be appointed, and it is confidently believed that the depositors will receive dollar for dollar. "JOHN B. Davis, President." The bank officers state that the suspension is due to large depositors recently withdrawing their funds, which action so materially contracted and embarrassed their business that they were forced to the step taken. The intimate relations between this bank and the Planters National Bank, Mr. Davis of created an uneasy the in being fe President eling among both, has depositors the latter, causing the small depositors to withtheir men are to its Claw large deposits funds. Business rallying having aid, and the Directors of the Planters National Bank were in session all last night, examining its condition, and, at 5 o'clock this morning, Chas. E. Whitlock and Jas. B. Pacetino, the wealthiest men in the city, were elected directors. John B. Davis then resigned the Presidency, and Chas. E. Whitlock was elected President. The statement of the condition of the affairs of the Richmond Banking and Insurance Company could not be obtained today. The amount of deposits is stated at about $600,000, which include $300,000 belonging to the State of Virginia, the bank being a State depository. The latter amount is secured by bond with good sureties. The actual liabilities are put down at $607,000. Charles E. Whitlock has been appointed trustee for the Banking and Insurance Company, and it is probable that in a day or two a definite statement will be made. Mr. Whitlock believes that the depositors will not lose anything except from delay. John B. Davis, late President of the suspended bank and of the Planters' National Bank, is a brother of United States Senator Henry G. Davis, of West Virginia. He has displayed a great deal of public spirit since the war, and much sympathy is expressed for him. The slight run on the Planters' National Bank-which begun immediately upon the fact of the suspension being made public-continued till about one o'clock, when everything quieted down under the assurance that there was plenty of money to pay all depositors, and that there was not the slightest cause of alarm.

5. September 13, 1882 The Dallas Daily Herald Dallas, TX
Article from The Dallas Daily Herald, September 13, 1882

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GENERAL INTELLIGENCE A Bank Suspension. RICHMOND, VA., September 12.- The Richmond Banking and Insurance company have this morning posted at their counter, the following notice: The president and board of directors are compelled to suspend business for the pres ent. Trustee es will be appointed and it is confidently believed that depositors will receive dollar for dollar. JNO. B. Davis, President. The bank officers state that the suspension is due to large depositors recently drawing their funds, which action so materially contracted and embarrassed their to the business. step that taken. they The were intimate forced relation between this bank and the Planters' National bank, Mr. Davis being president of both, has created an uneasy feeling among the depositors in the latter, causing small depositors to withdraw their funds. Business men having large are to its deposits tors of the Planters' rallying National aid. bank The were direc- in session all last night examining its condition, and at 5 this morning Charles E. Whitlock and James B, Pace, two of the wealthiest men in the city, were elected directors, John B. Davis then resigned the presidency and Charles E. Whitlock was elected president. LATER.-No statement of the condition of the affairs of the Richmond Banking and Insurance company could be obtained to-day. The amount of deposits is stated at about $600,000, which includes $300,000 belonging to the state of Virginia, the bank being a state depositary. The latter amount is secured by bond with good securities. The actual liabilities are put down at $607,000. Charles E. Whitlock has been appointed trustee for the banking and insurance company, and it is probable that in a day or two a definite statement will be made. Whitlock believes that the depositors will not lose anything except from late of delay. the suspended John B. bank Davis, and the Planters' president National bank, is a brother of United States Senator Berry G. Davis, of West Virginia. He has displayed a great deal of public spirit since the war, and much sympathy is expressed for him. A slight run on the Planter's National bank began immediately on the fact of the suspension being made public and continued until about 1 o'elock, when everything quieted down, under the assurance that there was plenty of money to pay all depositors and that there was not the slightest cause for plarm.

6. September 13, 1882 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 13, 1882

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DOLLAR FOR DOLLAR. RICHMOND BANKING AND INSURANCE COMPANY SUSPENDS. The Causes of the Failure and How it Was Met-Deed - of Trust Made-No Preferred Claims-Planters National Bank Reorganized: C. E. Whitlock, President; J. B. Pace, Director.

7. September 13, 1882 The Daily Dispatch Richmond, VA
Article from The Daily Dispatch, September 13, 1882

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a meeting of the Board of Directors was called. Mr. Whitlock is not interested in the bank except that he owns thirty shares of stock. He had no discount there, and was actuated only by a desire to protect stockholders and do the public a service. He was not responsible for the Planters or any other bank, but in order to speak of his OWN PERSONAL KNOWLEDGE of the exact condition of the bank he counted every dollar and examined every bill-receivable and every collateral there. He was at the meeting of the directors, and remained at work IN THE BANK ALL NIGHT. At this meeting Mr. Whitlock was elected director and president of the bank vice John B. Davis, resigned, and Mr. James B. Pace was elected director vice Joseph B. Davis, resigned. Early yesterday morning an announce. ment of this fact was posted on the outer door of the bank building, corner of Twelfth and Main streets. The work of the directors did not come a minute too soon, for early in the morning excited people began to talk, and a small run on the Planters Bank was commenced. Mr. James B. Pace sat in the front office of the bank, the representative of a million of dollars, if no more, and as the crowd came in assured everybody that there was not the slightest cause for alarm. Mr. Whitlock was soon reported as saying that the bank had one million dollars on hand, and was ready to meet every demand, and pretty soon the anxiety abated, the fears changed to confidence, and the common expression heard on all sides was that THE PLANTERS BANK IS STRONGER THAN EVER." If every depositor had appeared yesterday the amount due him would have been paid promptly without a particle of trouble. To-day the bank stands on the safest basis, and under the management of Mr. Whitlock and the present Board ef Directors will continue on the road to prosperity. INCIDENTS. While some were drawing out money from the Planters Bank yesterday a tobacco-manufacturer walked in and deposited $4,850. Others soon followed his example, and many that had taken away their money in the morning brought it back again before the bank closed, and went to bed last night and slept sweetly. It is hard to find out who has money until a fright occurs about a bank. The you are astouished. An Italian cobbler had secured by hard licks $200. and had this in bank. An old woman. thinly and poorly clad. had her hundreds at iterest, and even a Bobemian was heard to express grave concern for the safety of half a thousand dollars. The cares of riches are never more apparent and the blessedness of poverty never more appreciated by the poor than when a bank breaks.

8. September 13, 1882 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, September 13, 1882

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BRIEF TELEGRAMS. Six hundred and forty Mormons arrived at New York yesterday, from Liverpool. The Court House, of Clarion, Pa., was destroyed by fire yesterday. Loss, $60,000. The Crescent mills and elevator at Denr ver, Col., burned yesterday. Lore, $225,000. Mrs. Lucretia Garfield yesterday bought 8 for $50,000 cash the Ralph Worthington residence on Prospect street, Cleveland. 0 The betting on the race between the Hillsdale crew and the crew of the Thames if rowing club, is 2 to 1 against the former. An unsuccessful attempt was made, yesterday, to rob the north bound Pácific train in Indian Territory. One of the robbers was killed. James A. Arnett, a prominent farmer of Lewiston, Illinois, quarrelled with his wife and son Jacob, yesterday, about his (Arnett's) scandatous relations with a young C widow, and as the scuflle was proceeding a younger son, Cyrus, rushed in with a revolver and shot Arnett fatally. 1 Yesterday afternoon Frank Levok, ene gincer of the Co-operative Stoye Works, at Cleveland, Ohio, was "caught in the machinery while adjusting a belt and instantly killed. His neck was broken and both legs wrenched off at the knees, and both arins pulled off at the elbows. A special from Independence, Mo., says: Mrs. H. M. Vaile, wife of the defendant in o the Star route trial, left to join her husband in Washington. A deed conveying the residence of Vaile to his wife was recorded to:day. The consideration was $22,000, about one-fourth of its real value. The Richmond (Va.) Banking and Ind surance Company suspended business yeso terday. The depositors will receive dollar S for dollar. The bank was crippled by e several large depositors withdrawing funds. d The Planter's National Bank was slightly affected owing to John B. Davis being 1 President of both banks. The Directors of of the Planter's National Bank held a proIs longed meeting and Davis resigned and h was succeeded by Chas. E. Whetlock. d Mr. Davis is a brother of Senator Henry G. y Davis, of West Virginia.

9. September 13, 1882 Knoxville Daily Chronicle Knoxville, TN
Article from Knoxville Daily Chronicle, September 13, 1882

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Suspended Bank. RICHMOND, VA., September 12.The Richmond Banking and Insurance Company have this morning posted at their counter the following notice: The president and board of directors are compelled to suspend business for the present. Trustees will be appointed. and it is confident ly believed that the depositors will receive dollar for dollar. JOHN B. Davis, (Signed) President. The bank officers state that the suspension is due tolarge depositors recently withdrawing their funds, which action so materially contracted and embarrassed their business that they were forced to the step taken by the intimate relations be tween this bank and the Planters National Bank. Mr. Davis being president of both has created an uneasy feeling among the depositors in the latter, causing the small depositors to withdraw their funds. Business men having large deposits are rallying to its aid. The directors of the Planters' National Bank were in session all last night, examining its condition, and at five o'clock this morning Chas. E. Whitlock and James B. Pace, two of the wealthiest men in the city, were elected directors. John B. Davis then resigned the presidency, and Chas. E. Whitlock was elected president. No statement of the condition of the affairs of the R chmond Banking and Insurance Company C uld beob tained to-day. The amount of des posits are stated at about $600,000, which includes $300,000 belonging to the Sate of Virginia, said bank being the State depository. The latter amount is secured by bond with good sureties. The actual diable are put down at $607,000 Chas. E. Whitlock has been appointed trus tee for the B taking and Insurance Company, and it IS probable that in a day or two a defiuite statement will be made. Wuitlock believes that the depositors will not lose anything except delay. John B. Davis, late president of the suspended bank and Planters' National Bank, is a brother of United States Senator Henry G. Davis, of West Virginia, has displayed a great deal of public spirit since the war, and much sympathy is expressed for him. The slight run on the Planters National Bank, which began ims mediately upon the fact of the suspension being made public, con tinued until about 1 o'clock, when everything quieted down, under the assurance that there was plenty of money to pay all of the depositors, and that there was not the slightest cause for alarm.

10. September 13, 1882 Wheeling Register Wheeling, WV
Article from Wheeling Register, September 13, 1882

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A BANK FAILS. Sudden Collapse of a Richmond Depositoly. RICHMOND, VA., September 12.-The Richmond Banking and Insurance Company, this morning, posted at their counter the following notice: "The President and Board of Directors are compelled to suspend business for the present. Trustees will be appointed, and it is believed depositors will receive dollar for dollar. JOHN B. DAVIS, Pres't. [Signed.] The bank officers state that the cause of the suspension is due to a large depositor recently withdrawing funds, which action so materially contracted and embarrassed business, that they were forced to the step taken. The intimate relations betwen this bank and the Planters' National Bank (Davis being President of both) has created an uneasy feeling among depositors in the latter, causing small depositors to withdraw their funds. Business men having large deposits are rallying to its aid. The directors of the Planters' National Bank were in session all last night, examining its condition, and at five o'clock this morning Chas. E. Whitlock and James B. Pace, two of the wealthiest men in the city, were elected directors. John B. Davis then resigned the presidency and Chas. E. Whitlock was elected President.

11. September 13, 1882 Memphis Daily Appeal Memphis, Hernando, Grenada, Jackson, Vicksburg, Atlanta, Griffin, Macon, Montgomery, Selma, TN
Article from Memphis Daily Appeal, September 13, 1882

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Bank Complications at Richmond. RICHMOND, September 12.-The Richmond Banking and Insurance Company this morning posted at the counter the following notice: "The president and Board of Directors are compelled to suspend business for the present. Trustees will be appointed, and it is believed depositors will receive dollar for dollar. "JOHN B. DAVIS, President." The bank officers state that the cause of the suspension is due to large depositors recently withdrawing funds, which action 80 materially contracted and embarrassed business that they were forced to the step taken. The intimate relations between this bank and the Planters' National Bank, Davis being president of both, has created an uneasy feeling among depositors in the latter, causing emall depositors to withdraw their funds. The business men having large deposits are rallying to its aid. The directors of the Planters' National Bank were in session all last night, and at 5 o'clock this morning Charles E. Whitlock and James B. Pace, two of the wealthiest men in the city, were elected directors. John B. Davis then resigned the presidency, and Charles E. Whitlock was lected president. No statement of the condition of the affairs of the company could be obtained today. The amount of deposits is stated at about $600,000, which includes $300,000 belonging to the State of Virginia, this bank being the State depository. This amount is secured by bond, with good security. The actual liabilities are put down at $607,000. Charles E. Whitlock was appointed trustee for the Banking and Insurance Company, and it is probable that in a day or two a definite statement will be made. Whitlock believes the depositors will not lose anything from the delay. John B. Davis, late president of the suspended bank and the Planters' National Bank, is a brother of United States Senator Henry G. Davis, of West Virginia. Much sympathy is expressed for him. A slight run on the Planters' National Bank, which began on Monday upon the fact of the suspension being made public, continued until about 1 o'clock, when matters quieted down, under the assurance that there was plenty of money to pay all depositors, and not the slightest cause for alarm.

12. September 13, 1882 The Semi-Weekly Miner Butte, MT
Article from The Semi-Weekly Miner, September 13, 1882

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Bank Suspension. RICHMOND, Vil., Signing 1:..-The Richmond Banking and Insurance Company this morning posted at its wall 111.. following file of directors are comp iled 100 $11.00.00 business fir the III. Trustees will : . m ii is lue!i vert will re "wire Hollar for dollar. Signed Jolix B. DAVIS President. The bank still the of i. du :10 large depositors withdrawing their funds. whil's illitions ⑉00 and emara bossiness they were to the step. taken. Intimaie relations this invi i Davis i, ing President " both his erent 8.11 un feeling it's differences 1. withdraw unit. Busi. 11fev 088t11. Daving larg.. ill' rollying 100 its aid. Directors of 11se Planter's National Bank were in -ion lille. last night examining its condition and :11 live the mernin. Chass. 1: Whitlock and Jas. B Pare. 1wo 101 the weather electioni directors. Join B. Date withing the President's : illis E Whitlook II elected Pre-icien:.

13. September 14, 1882 The Emporia Weekly News Emporia, KS
Article from The Emporia Weekly News, September 14, 1882

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Bank Busted. RICHMOND, Va., Sept. 12.-The Richmond banking and insurance company this morning had posted at their counter the following notice: The president and board of directors are compelled to suspend business for the present. Trustees will be appointed and it is believed that depositors will receive dollar for dollar. Signed: John B. Davis, president. The bank officers state that the cause of suspension is due to large depositors recently withdrawing their funds, which action so materially contracted and embarrassed business that they were forced to stop. The intimate relations bet veen this bank and the Plantera national bank, Davis being president of both, has created an uneasy feeling among depositors in the latter, causing small depositors to with. draw their funds. Business men hav. ing large deposits are rallying to its aid. The directors of the Blanters' national bank were in session all last night PT: amining its condition, and at late o'clock this morning Charles E Whitlock and Jas. B. Face, two of the wealthiest men in the city were elected directors. John B. Davis then resigned the presidency and Chas. E. Whitlock was elected pres. idept.

14. September 21, 1882 Phillipsburg Herald Phillipsburg, KS
Article from Phillipsburg Herald, September 21, 1882

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THE Richmond (Virginia) Banking and Insurance Company suspended business the other morning, with liabilities reported at $607,000. Charles E. Whitlock has been appointed trustee. The amount of deposits is $600,000, one-half of which belongs to the State of Virginia. John B. Davis, President of the defunct concern, was also at the head of the Planters' National Bank, which fact caused a run during the forenoon on the latter institution. Davis resigned the presidency of the Planters' Bank and Charles E. Whitlock was elected his successor.